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We have revised our approach to focus on the big themes for the next legislative period. We are targeting the interaction of the driving forces of politics and economics as they force the required changes in over-arching financial regulation, thus promoting greatar financial integration in Europe. Details of these services are here

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Articles 17 October 2019 - 23 October 2019

General Policy

FCA: Regulation in a changing world : Christopher Woolard, Executive Director of Strategy and Competition at the FCA, outlined the three factors at play on the future of regulation: taking stock of the first wave of post-crisis regulation, a change in consumer needs and attitudes, and the fact that innovation has gathered pace. View Article

Banking Union

ISDA: Global Interest Rate Derivatives Markets: Insights into the 2019 BIS Triennial Central Bank Survey : This paper highlights changes in the size and structure of global over-the-counter interest rate derivatives (IRD) markets from 2007 to 2019, using data from the Bank for International Settlements (BIS) Triennial Central Bank Surveys. View Article

EBA publishes Opinion on the regulatory treatment of non-performing exposure securitisations : This Opinion recommends various amendments to the Capital Requirements Regulation (CRR) as well as to the Securitisation Regulation to remove the identified constraints. The Opinion is addressed at the European Commission and contributes to the objectives of the Council of the EU’s “Action plan to tackle non-performing loans in Europe”. View Article

ECB: Working group on euro risk-free rates issues recommendations to address impact of euro risk-free rates transition on risk management : The report highlights types of risk financial institutions face and issues recommendations in four key areas. Its main focus is on the overall implications for interest rate risk management.  View Article

BIS: Investigating the impact of global stablecoins : This report lays out initial recommendations for both private sector stablecoin developers and public sector authorities to address the challenges and risks. Finally, the report suggests that authorities could develop road maps for improving the efficiency and lowering the cost of payments and financial services. View Article

Felix Hufeld. Source: Bloomberg

Financial Times: German banks supervisor warns of new cycle of deregulation : Germany’s most senior financial regulator has warned of the grave dangers to the “public good” if politicians loosen post-crisis rules to boost growth.  View Article

Capital Markets Union

ISDA publishes report summarizing results of benchmark fallbacks consultation on pre-cessation issues : ISDA published a report that summarizes responses to a consultation on pre-cessation issues for LIBOR and certain other interbank offered rates (IBORs). View Article

ESMA sees significant room for improvement in national regulators’ supervision of derivatives data : ESMA published the results of a peer review it conducted into supervisory actions of six National Competent Authorities (NCAs) regarding their approaches at enhancing the quality of derivative data reported under the European Market Infrastructure Regulation (EMIR).  View Article

GFIA: Benefits of insurers’ big data use deserves more recognition by IAIS : GFIA has published its response to a consultation by the International Association of Insurance Supervisors (IAIS) on insurers’ use of big data analytics (BDA).  View Article

Insurers oppose EU wide initiative on insurance guarantee schemes : Insurance Europe has said it opposes an EU initiative on insurance guarantee schemes (IGS), in response to a consultation by the European Insurance and Occupational Pensions Authority (EIOPA) on the topic. View Article

EIOPA launches call for research proposals : The European Insurance and Occupational Pensions Authority (EIOPA) is launching a call for research proposals aiming at addressing open questions related to some specific topics with a special emphasis on the policy angles. View Article

Environmental, Social, Governance (ESG)

ECB environmental statement 2019 : This environmental statement is a summary of the ECB's focused efforts over the previous year and offers a glimpse into the innovative work of numerous dedicated teams and individuals across the ECB who strive to bring positive change for the future. View Article

Remarks of Vice-President Valdis Dombrovskis at the launch of the International Platform on Sustainable Finance : Mr Dombrovskis said that countries should link their sustainable financing requirements to global financial markets - to scale up green investment at the level that the world needs. View Article

ESMA: EU enforcers must monitor closely new reporting standards : ESMA publishes the priorities that European enforcers will consider when examining the 2019 annual financial reports of listed companies. The 2019 enforcement priorities reflect the changes introduced in recent financial reporting standards and consider issues identified by national competent authorities (NCAs) through their enforcement activities in 2019. View Article

Accountancy Europe: Sustainable finance call to action : Although companies are increasingly reporting on ESG matters, relevance, quality and comparability of the reported information needs to improve in order to meet the stakeholder expectations.  View Article

UNEP Finance Initiative: Taking stock of energy efficiency finance and investment by the G20 : Innovation in business models, financing practices, data management, digitalization and technology is enabling the optimization of transport, buildings and industry as whole systems. As digitalization is disrupting energy efficiency technologies, the financial system needs to move in tandem with these real economy innovations. View Article

FRC: Investors seek clearer reporting on climate-related issues : Companies are falling short of investors’ expectations for clearer reporting on climate-related issues according to a new report Climate-related corporate reporting from the FRC Financial Reporting Lab. View Article

FRC: Future of corporate reporting survey : The FRC is undertaking a major project to inspire the future of corporate reporting and, as part of this project, is seeking stakeholders’ views to help shape and improve information for all users of corporate reports. View Article

IAASB Chair Tom Seidenstein speech on the future of international standard setting : Seidenstein said that the IAASB will help to innovate the processes to make standard-setting much more agile and it will play its part to increase the level of engagement among the various components in the financial reporting ecosystem. View Article

Fin Tech Regulation

Bloomberg: BOE’s Ramsden says central bank digital currency worth a thought : Developing some form of synthetic central bank digital currency is “worth looking at,” according to Bank of England Deputy Governor Dave Ramsden.  View Article

Financial Times: Why Facebook´s Libra might be a good thing : Richard Waters writes that it would be a shame if early mis-steps cut short further deliberation. There are plenty of substantive issues that need to be aired — even if Libra proves to be a dead end. View Article

Project Syndicate: The IMF should take over Libra : Former Greek finance minister Yanis Varoufakis writes that the authorities that are now strangling Libra should hand Libra, or its core concept, over to the IMF so that it can be used to reduce global trade imbalances and rebalance financial flows.  View Article

FSB sets out work to consider regulatory issues of stablecoins : The FSB published an issues note on regulatory issues of stablecoins. The paper responds to the G20 Leaders’ Osaka Declaration, which noted the importance of monitoring developments in crypto-assets and remaining vigilant to existing and emerging risks, and asked the FSB and other standard setting bodies to advise on additional multilateral responses as needed. View Article

BIS: Regulating fintech: what is going on, and where are the challenges? : Fernando Restoy, Chairman, Financial Stability Institute, BIS described current developments in the fintech domain and related policy challenges. He drew on ongoing work at the BIS and, in particular, an FSI study they are now conducting on national and global policy initiatives to adjust existing financial regulation to new activities and players. View Article

BIS: The suptech generations : This paper analyses suptech initiatives in 39 financial authorities globally. Most of these financial authorities responded to a survey on suptech strategies and use cases conducted jointly by the BIS’s Financial Stability Institute (FSI) and the Regtech for Regulators Accelerator (R2A).  View Article

ROBECO: Next in fintech: ecosystem enablers : The boom in fintech and digital payments continues unabated. Emerging markets are in the lead where adoption of brand new payment forms is concerned – be it payments based on biometrics or facial recognition. Developed economies are also going through a transition to digital payments but have different drivers than emerging markets. View Article

Christine Lagarde. Source: 1tv.ge

Economic Policies Impacting EU Finance

Christine Lagarde appointed President of the European Central Bank : The European Council appointed Christine Lagarde to be the President of the European Central Bank for a non-renewable term of 8 years. View Article

LSE: A new take on ‘whatever it takes’? : Outgoing ECB President Mario Draghi recently expressed support for a closer fiscal union in the Eurozone, including cross-border fiscal transfers. As Iain Begg writes, these statements have reinvigorated the debate between advocates for risk sharing and proponents of risk reduction. View Article

François Villeroy de Galhau: Causes of and answers to the European slowdown : De Galhau said that the causes of the European slowdown are mainly outside the euro area, but its effects are very acute on Germany; that the recent monetary policy controversy is of no interest for the future; and that the euro area has policy room in the non-monetary domain, but under-uses it. View Article

Commercial Risk Europe: China drops restrictions on foreign investment in insurance and banking firms, moves closer to deal with EU : The international risk management and insurance community appears to be one of the potential beneficiaries of the recent slight thawing in the China-US trade war and improving relations with the EU, as the Chinese State Council confirmed that it has decided to further open up its insurance and banking sectors to foreign investors by revising related regulations. View Article

European Parliament: EU investment budget for 2020: A boost for the climate : MEPs adopted their position on the 2020 EU budget on Wednesday, saying it must provide a “solid starting point to launch the new generation of EU programmes”. View Article

EU27 Politics

MEPs assess Juncker Commission : In a debate with Jean-Claude Juncker, MEPs took stock of the work and achievements of the outgoing Commission. View Article

European Council conclusions : The European Council on 17 and 18 October 2019 adopted conclusions on the MFF, the next institutional cycle, climate change, enlargement, Turkey, illegal drilling activities and MH17. View Article

Graham Bishop #FBPE retweeted
	Bloomberg Brexit @Brexit
Boris Johnson spoke to Angela Merkel to reiterate his view that Brexit should not be delayed bloom.bg/2Jvmnv1 pic.twitter.com/BY9jMyz8YH
Graham Bishop #FBPE retweeted
	Bloomberg Brexit @Brexit
Boris Johnson looks set to call an election after Parliament blocks his plan to rush his Brexit deal into law bloom.bg/2W4Z6VH
Graham Bishop #FBPE retweeted
	Jennifer Rankin @JenniferMerode
Jean-Claude Juncker: Brexit has been "a waste of time and energy" for his European commission. He will always regret UK decision to leave, adding that his commission can say "we did everything we could" to ensure orderly withdrawal.
	Graham Bishop #FBPE @GrahamBishopcom
STOP THE PRESS - It has been announced that Sir David Liddington MP will be an additional speaker on Brussels for Breakfast on November 5th. As a Friend at GrahamBishop.com, you can apply for a place at the event. Make sure you don't miss it!
Graham Bishop #FBPE retweeted
	Reuters @Reuters
UK parliament after #Brexit deal vote is ruled out on Monday pscp.tv/w/cH2-0TF4a2pE…
Graham Bishop #FBPE retweeted
	Bloomberg Brexit @Brexit
Scottish judges hold off on ruling on a case brought by opponents of a no-deal Brexit bloom.bg/31zMOWu
Graham Bishop #FBPE retweeted
	Lionel Barber @lionelbarber
Jonathan Powell spot on: Obsession over parliamentary manoeuvring has obscured whether Boris Johnson’s Brexit agreement is a good deal or not and what its long-term consequences are ft.com/content/08ae76…
Graham Bishop #FBPE retweeted
	The Guardian @guardian
EU will wait until MPs debate Brexit deal before extension decision theguardian.com/politics/2019/…
Graham Bishop #FBPE retweeted
	Bloomberg Brexit @Brexit
Brexit's impact on Europe or the world economy will be minimal, ex-Bank of England governor Mervyn King says bloom.bg/2MtZ728
Graham Bishop #FBPE retweeted
	Sebastian Payne @SebastianEPayne
The most important thing to happen yesterday: a window into how the Brexit deal could pass Parliament ?? twitter.com/sebastianepayn…