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08 November 2018

This week in "Brussels"
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  Articles from 01 November 2018 - 08 November 2018

  Banking Union
 
 
EBA publishes 2018 EU-wide stress test results
The European Banking Authority published the results of the 2018 EU-wide stress test, which involved 48 banks from 15 EU and EEA countries, covering broadly 70% of total EU banking sector assets.  View Article
ECB nominates Andrea Enria as Chair of Supervisory Board
The Governing Council of the European Central Bank nominated Andrea Enria as the new Chair of the Supervisory Board. He was selected from a shortlist of candidates compiled by the Governing Council on 26 September.  View Article
ECB: AnaCredit Validation Checks: Selected validation checks performed in AnaCredit datasets
This document supplements the AnaCredit Reporting Manual by explaining the main set of validation checks that will be performed in order to ensure that the quality of the data is satisfactory.   View Article
BIS: Euro area unconventional monetary policy and bank resilience
This paper examines whether euro area unconventional monetary policies have affected the loss-absorbing buffers (that is the resilience) of the banking industry. Authors employ various measures to capture the effect of the broad array of programmes used by the ECB to implement balance sheet policies, while they control for the effect of conventional and negative (or very low) interest rate policy.  View Article
BIS: Elisa Ferreira: From repair to vision - conceptions for a common beneficial and resilient fin. architecture and institutional framework
The Vice-Governor of the Bank of Portugal points out that Europe must address pressing questions on what is still missing to safeguard financial stability. Absent a fully-fledged EDIS in the medium term, a plan is urgently needed for the interim period (until a banking union can be completed).  View Article
Financial Times: US regulator fears ‘homogeneity’ of large banks
One of the top US financial regulators has signalled a concern that new systemic risks are being created by the growing homogeneity of the country’s big banks.  View Article
Financial Times: Why deregulation ahead of a downturn is dumb
As banks have become heavily regulated in recent years — prompting more of their edgier activities to flee to the less controlled non-bank financial system — bankers have been successful in their defence when challenged on systemic riskiness. But recent developments are undermining that stance.  View Article
 
  Capital Markets Union
 
 
Remarks by Vice-President Valdis Dombrovskis at the ECOFIN press conference
Mr Dombrovskis discussed the ongoing legislative files as regards financial services and the commitment to reach a deal on the digital services tax.  View Article
ESMA provides overview of NCAs’ declared compliance status with Guidelines
ESMA published an overview of the compliance status declared by national competent authorities as regards the application of ESMA guidelines in their respective jurisdictions.  View Article
ESMA updates its Q&As regarding the Benchmark Regulation
The purpose of these Q&As is to promote common supervisory approaches and practices in the application of BMR.  View Article
ESMA publishes the responses to its Consultation on Revised Guidelines on Periodic Reporting by CRAs
ESMA has published the responses received to the Consultation Paper on Guidelines on the submission of periodic information to ESMA by Credit Rating Agencies.  View Article
SEC adopts rules that increase information brokers must provide to investors on order handling
The Securities and Exchange Commission announced that it has voted to adopt amendments that will require broker-dealers to disclose to investors new and enhanced information about the way they handle investors’ orders.  View Article
ESMA appoints new chairs to four Standing Committees
The Board of Supervisors of the European Securities and Markets Authority has appointed four individuals to serve as chairs of its standing committees.  View Article
 
  Clients Union
 
 
EU to strengthen sharing of public sector data - Council agrees its position
Member states' ambassadors agreed on the Council's negotiating position on reforms which are part of wider EU efforts to increase the supply of data to support the economy and to make sure that more data is used for the benefit of everyone.   View Article
 
  Insurance
 
 
Insurance Europe: ComFrame: European insurers call for clarity and proportionality
Europe’s insurers have welcomed changes made by the International Association of Insurance Supervisors (IAIS) to its proposals for a Common Framework (ComFrame) for the supervision of Internationally Active Insurance Groups (IAIGs).  View Article
Insurance Europe: More work needed to make global Insurance Capital Standard ready for testing
Significant improvements are still required for the global Insurance Capital Standard (ICS) version 2.0 to properly reflect insurers’ business models, and for it to correctly identify and measure the risks that insurers face.  View Article
G20 engagement and much more in the latest GFIA Annual Report
The Global Federation of Insurance Associations has published its Annual Report for 2017-18, which provides an overview of the federation’s activities over the past 12 months, along with positions and opinion pieces on the issues facing insurers worldwide.  View Article
 
  Asset Management
 
 
Investment & Pensions Europe: MEPs stick with IORP II delegated acts in vote on sustainability proposal
Members of the European Parliament have decided to allow delegated acts under IORP II in a vote on one of the Commission’s sustainable finance proposals, despite pension fund opposition.  View Article
EIOPA publishes pensions information taxonomy
The European Insurance and Occupational Pensions Authority published the XBRL taxonomy applicable for reporting of information on IORPs as of Q3/2019.  View Article
FCA statement on the launch of the Cost Transparency Initiative (CTI)
The FCA is pleased to note announcement which launches a new body to deliver a template for the disclosure of costs and charges to institutional investors. This will lead to improvements in the ability of institutional investors to access and assess critical information on costs.   View Article
Investment Association calls for increased transparency in the fixed income market
The Investment Association is calling for increased transparency in the fixed income market by proposing measures to increase the availability of data on bond trades in a paper titled ‘Fixed Income Best Execution: Not Just a Number’.   View Article
Invest Europe: Innovation boosts Europe's lead as global investment destination
Europe’s attractiveness as an investment destination is on the rise compared to 2017, as the majority of global investors are more likely to invest in both the EU and the UK after Brexit, according to new survey findings.  View Article
 
  Corporate Governance/Accounting
 
 
FRC´s thematic review findings of IFRS 9 and IFRS 15 company disclosures
The FRC has published two thematic reviews to help companies improve the quality of their corporate reporting in relation to the new accounting standards IFRS 9 ‘Financial Instruments’ and IFRS 15 'Revenue from Contracts with Customers’.  View Article
EFRAG: A clearer picture on financial instruments with characteristics of equity
EFRAG has issued two bulletins to help constituents better understand the IASB’s Discussion Paper Financial Instruments with Characteristics of Equity and participate in the debate on it.  View Article
Accountancy Europe: IAASB’s ED ISA 315 (revised) on identifying and assessing the risks of material misstatement
Accountancy Europe has responded to the IAASB’s consultation paper Exposure Draft, ISA 315 (revised) (ED-315) on identifying and assessing the risks of material misstatement.  View Article
FRC: Performance metrics – how to improve reporting
The Financial Reporting Lab (The Lab) has published guidance for companies on the presentation of performance metrics in their reporting following calls for clarity from investors.  View Article
IFAC and CIPFA: 65% of governments globally will report on an accrual basis by 2023
Within five years, 65% of governments will report on an accrual basis, according to a report by IFAC and CIPFA. It was drawn from the International Public Sector Financial Accountability Index, which captures current and future use of public financial reporting bases and frameworks by governments.  View Article
FRC highlights where reporting by smaller companies needs to improve
Smaller companies should provide more specific disclosures of significant accounting judgements and more quantitative information on key sources of estimation uncertainty according to a new report by the FRC, Reporting By Smaller Listed and AIM Quoted Companies.  View Article
IASB: The IFRS Foundation Technology Initiative
The technology initiative announced by the IFRS Foundation will consider how changes in technology may affect the work done by the IASB in certain areas.  View Article
 
  Financial Services Policy
 
 
BIS: FSI-GPFI conference discusses implications of fintech and other regulatory and supervisory developments for financial inclusion
A primary objective of the conference was to foster coordination and collaboration among SSBs on issues of cross-cutting relevance to financial inclusion. In this context, the conference explored lessons learnt from the ongoing coordinated action among SSBs on de-risking as well as the new collaboration imperatives that accompany possible fintech breakthroughs of financial inclusion relevance.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
Boosting the international role of the euro
Not having a single European bill market similar to the US' Treasury bill market may be the biggest single problem for the euro in any quest to boost its international role – and its resolution would also help the deepening of banking union by providing a safe asset for banks.   View Article
 
  Political
 
 
Fondation Robert Schuman: European Elections 2019: what will the new Parliament's composition be?
The departure of the British MEPs and the weakening of the main parties will lead to a new situation in the European Parliament after next May's elections, a crucial time for the Union, writes Pascale Joannin.  View Article
Paul N. Goldschmidt: The stakes of the forthcoming European Parliamentary elections
Goldschmidt writes that, if the campaign is conducted properly, a significant majority would endorse further accelerated European integration. But failing to take a brave step ensures in the long run the complete capitulation of the Europhiles leading inevitably to the dismantling of the Union.  View Article
Vox EU: The future of pro-EU sentiment in the UK
The existence of large nationwide swings in sentiment that have little to do with either seasoning or cohort effects suggests that demographic trends are unlikely to be the decisive determinants of future changes in European sentiment.  View Article
Bertelsmann Stiftung: Make Europe great again? Europeans are longing for the past
The latest issue of eupinions has studied how receptive Europeans are overall to the siren song of the "good old days".  View Article
Reuters: French far-right overtakes Macron in EU parliament election poll
France’s far-right Rassemblement National party has moved ahead of President Emmanuel Macron’s Republique En Marche party for the first time in a poll of voting intentions for the May 2019 European Parliament elections.  View Article
Guy Verhofstadt: The Brexitization of European Politics
Support for or opposition to Brexit is increasingly supplanting party affiliation as the defining factor in British political identities. Beyond the UK, Brexit and the future it represents are forcing all Europeans to make clear what they believe in, writes the Parliament's Brexit Coordinator .  View Article
 
  Economic
 
 
Verfassungsblog: Playing the chicken game: The conflict over Italy’s draft budget reveals a construction flaw in the EMU
Italy and the European Commission are now playing the chicken game. Basic game theory teaches us that the matter will be resolved at a last-minute meeting – just like most other greater problems of the Economic and Monetary Union (EMU) in recent years.   View Article
Bloomberg: EU revises plan to fix WTO in bid to get US on board
The European Union is revamping its plan to reform the World Trade Organization in an effort to win support from the US, according to two people briefed on the process.  View Article
Main results - Economic and Financial Affairs Council
Ministers discussed the state of play of negotiations on the digital services tax, adopted conclusions on climate finance and discussed the implementation of the 2017 EU budget.  View Article
OMFIF: Country risk from credit derivatives
Giancarlo Sallier De La Tour warns that countries swapping their foreign currency debt back into their own currency or their domestic debt are as much at risk from credit derivatives as investment banks were 10 years ago. Consequences of default could be on par with 2008 financial crisis.  View Article
Main results - Eurogroup
The Eurogroup looked into the status of the ongoing assessment of the eurozone member states' draft budgetary plans for 2019. Ministers also continued their work on deepening EMU.  View Article
Volume of retail trade unchanged in euro area
In September 2018 compared with August 2018, the seasonally adjusted volume of retail trade remained unchanged in the euro area (EA19) and decreased by 0.1% in the EU28, according to estimates from Eurostat.  View Article
 

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