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15 November 2018

This week in "Brussels"
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  Articles from 08 November 2018 - 15 November 2018

  Banking Union
 
 
ECB Guide to the internal liquidity adequacy assessment process (ILAAP)
The purpose of this ECB Guide to the ILAAP is to provide transparency by making public the ECB’s understanding of the liquidity risk requirements following from Article 86 CRD IV.  View Article
EBA updates Recommendation on the equivalence of third country confidentiality regimes
The EBA's equivalence assessment, which is based on the relevant provisions of the Capital Requirements Directive (CRD IV), has considered other third country authorities as equivalent.  View Article
FSB publishes progress report on reforming major interest rate benchmarks
The report sets out the progress made on the development of overnight nearly risk-free rates (RFRs), and markets based on these rates, and on further reforms to interbank offered rates (IBORs). The FSB has recently intensified its monitoring and coordination efforts given the importance of effective implementation of the reforms.  View Article
The Deutsche Bundesbank publishes its 2018 Financial Stability Review
The Deutsche Bundesbank's 2018 Financial Stability Review finds that economic downside risks have risen and highlights vulnerabilities in Germany’s financial system.  View Article
ECB publishes final guides for banks on their capital and liquidity management
The ECB published its expectations regarding institutions’ internal capital and liquidity adequacy assessment processes (ICAAPs and ILAAPs). They aim to assist banks in strengthening their ICAAPs and ILAAPs, and to encourage the adoption of best practices.  View Article
ECB's Lautenschläger: Four years of Banking Union: where do we stand?
Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, reflects on the state of the banking union and the Single Supervisory Mechanism, or SSM.   View Article
EPC: Public consultation on its White paper covering non-NFC based Mobile SEPA Card Proximity Payments
The multi-stakeholder group on mobile contactless SEPA card payments (MSG MCP), facilitated by the EPC, has developed a white paper to create awareness on the use by mobile card payment solutions of non-NFC (Near Field Communication) proximity technologies (e.g. QR-codes, Bluetooth-Low-Energy (BLE)).   View Article
BIS: Distributed ledger technology and large value payments: a global game approach
Presentation by Mr Hyun Song Shin, Economic Adviser and Head of Research of the BIS, at the conference on "Cryptocurrencies and Blockchains", regarding distributed ledger technology and large value payments.  View Article
ECB: Government debt and banking fragility: the spreading of strategic uncertainty
This paper examines the conditions for the existence of the diabolic loop between banks and sovereigns. The analysis identifies three key components. First, the valuation of government debt reflects the probability of sovereign default. Second, banks hold government debt and their operations are affected by fluctuations in the price of this asset. Third, the government has an incentive to bailout banks which get into solvency problems.  View Article
BIS Board of Directors elects new member
The Board of Directors of the Bank for International Settlements announced the election of Bank of Korea Governor Juyeol Lee to the Board.   View Article
 
  Capital Markets Union
 
 
ESMA proposes a regulatory change to support the Brexit preparations of counterparties to uncleared OTC derivatives
The draft RTS propose, in the context of UK withdrawal from the EU, to introduce a limited exemption in order to facilitate the novation of certain non-centrally cleared OTC derivative contracts to EU counterparties during a specific time-window.  View Article
ESMA asks clients of credit rating agencies and trade repositories to prepare for a no-deal Brexit
ESMA issued a public statement in order to raise market participants’ awareness on the readiness of CRAs and TRs for the possibility of no agreement being reached in the context of the United Kingdom withdrawing from the European Union.  View Article
ISDA: A predictable regulatory framework
The global regulatory reform initiative developed over the past 10 years to make derivatives markets more robust and resilient is now mostly in place, but there are a number of challenges on the horizon, including Brexit, which must be overcome before all the pieces fall into place.  View Article
ESMA updates its Q&As on MiFID II and MiFIR market structure and transparency topics
The European Securities and Markets Authority has updated its Questions and Answers regarding market structures and transparency issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).  View Article
ESMA publishes MiFID II Supervisory Briefing on Suitability
This publication is an updated version of ESMA’s 2012 supervisory briefing and takes into account the content of ESMA’s guidelines on certain aspects of the MIFID II suitability requirements published on 28 May 2018.  View Article
MiFID II: ESMA issues latest double volume cap data
ESMA updated its public register with the latest set of double volume cap (DVC) data under the Markets in Financial Instruments Directive.  View Article
ESMA launches call for evidence on periodic auctions for equity instruments
ESMA, following the first suspensions under the double volume cap (DVC) mechanism, has been approached by stakeholders raising concerns that frequent batch auctions may be used to circumvent the DVC.  View Article
ESMA provides standards and guidance for securitisation repositories under the Securitisation Regulation
ESMA issued a set of items which aim to implement the new European regulatory framework for securitisations and help promote simple, transparent and standardised (STS) securitisations.  View Article
ESMA updates Q&A on short-selling regulation
The European Securities and Markets Authority (ESMA) has updated its Questions and Answers (Q&As) on the Short-Selling Regulation (SSR). The purpose of this Q&A is to promote common supervisory approaches and practices in the application of SSR.   View Article
ESMA updates its CSDR Q&As
The updated Q&As provide answers to questions regarding practical issues on the implementation of the new CSDR regime.  View Article
ESMA updates Questions and Answers on ESMA’s temporary product intervention measures
The purpose of this document is to promote common, uniform and consistent supervisory approaches and practices in the day-to-day application of ESMA’s temporary product intervention measures on the marketing, distribution or sale of CFDs and binary options to retail clients.  View Article
 
  Clients Union
 
 
Free flow of data: EU adopts new rules
The Council signed off on the reform that will bring down barriers to the free movement of non-personal data within the EU.  View Article
 
  Insurance
 
 
IAIS: Public consultation on holistic framework for systemic risk in the insurance sector
The IAIS has launched a public consultation on a draft Holistic Framework for Systemic Risk in the Insurance Sector.  View Article
EIOPA publishes monthly technical information for Solvency II RFR – end-October 2018
The EIOPA published technical information on the relevant risk free interest rate term structures (RFR) with reference to the end of October 2018 and an updated version of the source code used for the monthly risk-free interest rate term structures (RFR) calculation.   View Article
FSB welcomes IAIS proposed insurance systemic risk framework and decides not to engage in an identification of G-SIIs in 2018
It sets out the Activities-Based Approach for sector-wide risk monitoring and management, as a key component of the framework, and tools for dealing with the build-up of risk within individual insurers. The FSB notes that a new holistic framework, appropriately implemented, would provide an enhanced basis for mitigating systemic risk in the insurance sector.  View Article
IAIS concludes annual conference and AGM
The International Association of Insurance Supervisors (IAIS) has concluded its 25th annual conference preceded by the Annual General Meeting of Members and three days of committee meetings. It has been a week marked by key achievements.  View Article
Insurance Europe: G20 engagement and much more in the latest GFIA Annual Report
The Global Federation of Insurance Associations (GFIA) 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
EU and U.S. insurance regulators continue the dialogue on cyber security, cyber insurance, the use of big data and intra-group transactions
The EIOPA, NAIC and FIO hosted the sixth EU- U.S. Forum in which participants discussed challenges and opportunities related to cyber risks, the use of big data, artificial intelligence and intra-group transactions in multi-national insurance groups.   View Article
GFIA names Recaredo Arias president, makes new appointments to executive committee
The Global Federation of Insurance Associations (GFIA) has announced the election of Recaredo Arias as its new president, as well as new appointments to its executive committee (ExCo), following a vote at its annual general assembly.   View Article
 
  Asset Management
 
 
Bloomberg: ECB's Guindos calls for tighter oversight of asset managers
The European Central Bank’s vice president warned asset managers that they’ll face tighter scrutiny as regulators try to steer against future financial crises.  View Article
ESAs consult on proposed changes to the key information document for PRIIPs
The ESAs have issued a consultation paper on targeted amendments to the Delegated Regulation covering the rules for the Key Information Document (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs).  View Article
EIOPA outlines the principles and guidance for the pension benefit statement
The European Insurance and Occupational Pensions Authority published its Report on the "Implementation of IORP II in relation to the Pension Benefit Statement: Guidance and Principles based on Current Practices".   View Article
Investment & Pensions Europe: EC urged to exempt all pension plans from ‘unnecessary’ VAT burden
The European Commission must act to ensure all pension funds are exempt from having to “unnecessarily” pay value-added tax on contracted management services, according to two major pan-European advocacy organisations.  View Article
ESMA consults on future guidelines for money market funds’ disclosure
Starting from the end of the first quarter of 2020, European money market funds will have to disclose certain information under the Money Market Fund Regulation (MMFR) to their National Competent Authorities.  View Article
 
  Corporate Governance/Accounting
 
 
ECA: Audit gaps in EU banking supervision must be closed
In view of efforts at EU level to complete the Banking Union, the heads of the 29 SAIs of the EU and its Member States have called on governments and parliaments to address deficiencies in the accountability and audit arrangements for EU banking supervision.  View Article
IASB to propose one-year deferral of IFRS 17 Insurance Contracts
The IASB has voted to propose a one-year deferral of the effective date for IFRS 17, the new insurance contracts standard, to 2022.  View Article
FRC´s consultation document on Actuarial Statement of Recommended Practice 1
The FRC published revised Technical Actuarial Standards in December 2016, with an effective date of 1 July 2017. During the review supporting the revision, the FRC identified that technical actuarial work related to Social Security Pensions represents a high level of risk to the public interest.  View Article
Accountancy Europe's response to the Commission’s consultation on Better Regulation
Accountancy Europe has published its feedback to the European Commission on the Better Regulation programme. Accountancy Europe recognises the efforts undertaken by the EC under its Better Regulation initiative.   View Article
SASB codifies first-ever industry-specific sustainability accounting standards
The SASB has published the world’s first set of industry-specific sustainability accounting standards covering financially material issues.   View Article
IIRC: Leading corporate reporting bodies launch two-year project for better alignment
The Corporate Reporting Dialogue has announced a ground-breaking two-year project focused on driving better alignment in the corporate reporting landscape, to make it easier for companies to prepare effective and coherent disclosures that meet the information needs of capital markets and society.  View Article
 
  Market Abuse
 
 
ESMA updates market abuse Q&A
The purpose of this MAR Q&A is to promote common supervisory approaches and practices in the application of MAR and its implementing measures.  View Article
 
  Anti-Money Laundering
 
 
ESAs consult on guidelines on cooperation and information exchange for AML/CFT supervision purposes
The Guidelines propose the creation of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) colleges of supervisors and set out the rules governing their establishment and operation.   View Article
 
  Financial Services Policy
 
 
EBF response to the EC proposal on a European Cybersecurity Competence Centre
Cybersecurity is of paramount importance for the banking sector in order to ensure the effective delivery of the Digital Single Market and safeguard the trust of both citizens and companies in digital services.  View Article
ESMA renews binary options prohibition for a further three months from 2 January 2019
ESMA agreed to renew the prohibition of the marketing, distribution or sale of binary options to retail clients, in effect since 2 July, for a further three-month period.   View Article
 
  Grahams Articles, Comments & Speeches
 
 
Future Relationship Declaration: disaster for the City of London
The Political Declaration on the Future Relationship is particularly vague on financial services – but is likely to be devastating for the City of London over time, writes Graham Bishop on is assessment of the Brexit deal agreed by Brussels and the UK Government and backed by PM May's cabinet.  View Article
100 Years on – the End of Part One of the Thirty Years War
As Members of Parliament pay tribute to the dead of the Thirty Years War, surely they cannot fail to see the connection with the Sixty Years of Peace and Prosperity that have ensued.   View Article
 
  Political
 
 
EurActiv: EU progressives sow seeds to ‘save’ Europe
EU social democrats, leftist politicians and ecologists urge the need for a common strategy to halt the rise of far-right populism in Europe, before and after the 2019 EU elections.   View Article
100 Years on – the End of Part One of the Thirty Years War
Today, Europe commemorates the end of the First World War with the signing of the Armistice in the woods of Compiegne. But the flawed peace Treaty of Versailles the following year did not end the war – tragically, it merely set the stage for Part Two to start in 1939.  View Article
 
  Economic
 
 
POLITICO: Italy refuses to bow to Brussels’ budget demands
The Italian government put the ball back in the European Commission’s court by deciding not to change its budgetary targets despite the possibility of the EU’s sanctions action against it.  View Article
Autumn 2018 Economic Forecast: sustained but less dynamic growth amid high uncertainty
Growth in the euro area is forecast to ease from a 10-year high of 2.4% in 2017 to 2.1% in 2018 before moderating further to 1.9% in 2019 and 1.7% in 2020. The same pattern is expected for the EU27, with growth forecast at 2.1% in 2018, 2.0% in 2019 and 1.9% in 2020.  View Article
GDP up by 0.2% in the euro area and by 0.3% the EU28
Seasonally adjusted GDP rose by 0.2% in the euro area (EA19) and by 0.3% in the EU28 during the third quarter of 2018, compared with the previous quarter, according to a flash estimate published by Eurostat.  View Article
Employment up by 0.2% in both the euro area and the EU28
The number of persons employed increased by 0.2% in both the euro area (EA19) and the EU28 in the third quarter of 2018 compared with the previous quarter, according to a flash estimate published by Eurostat.  View Article
 

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