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We are focussed on the big themes for the next legislative period and 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. Naturally, these factors include ESG and Fin Tech. Details of these services are here
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Articles 28 November 2019 - 5 December 2019
Banking Union
EBA confirms progress in banks’ balance-sheet repair but points to a bleak outlook for their profitability : The EBA published its annual Report on risks and vulnerabilities in the EU banking sector. The Report is accompanied by the publication of the 2019 EU-wide transparency exercise. Overall, EU banks’ solvency ratios remained stable, while the NPL ratio further contracted. Amidst low profitability, a proactive management of operating expenses is essential. View Article
Basel Committee publishes consultation paper on revisions to the credit valuation adjustment risk framework : The Basel Committee on Banking Supervision has published a consultative document on revisions to the credit valuation adjustment (CVA) risk framework. It seeks the views of stakeholders on a set of limited adjustments to the CVA risk framework published in December 2017. View Article
European Commission study: Analysis of the individual and collective loan enforcement laws in the EU Member States : The European Commission welcomes the publication of the results of an independent analysis of the effectiveness of Member States’ loan enforcement laws. View Article
European Commission: Study on the differences between bank insolvency laws and on their potential harmonisation : The study aims to describe and compare the national bank insolvency frameworks of Member States, as well as to assess the potential benefits of a more harmonised insolvency regime for banks. View Article
European Parliament: Impediments to resolvability of banks : This paper gives an overview of the seven aspects of resolvability defined in 2019 by the Single Resolution Board, and then assesses progress in two key areas, based on evidence gathered from public disclosures made by the 20 largest euro-area banks. View Article
European Commission: Options and national discretions under the DGS Directive and their treatment in the context of EDIS : The purpose of this study is to assess the respective national implementations of the national options and discretions (NODs), including their practical impact on depositor protection, and to propose policy recommendations regarding their possible treatment under the European Deposit Insurance Scheme, under the assumption that the latter would take the form of a full insurance scheme. View Article
EFAMA’s comments to ESMA’s consultation paper on the MAR review report : EFAMA acknowledges the legislative requirement to review MAR, following MAR art. 38. EFAMA nevertheless disagrees with the aspects of the consultation paper related to the application of the regulation to funds and asset managers as well as to FX spots. View Article
ECB: Report on the results of the Survey on the Access to Finance of Enterprises in the euro area – April to September 2019 : The survey results are consistent with expectations of subdued growth. SMEs’ financing conditions and access to finance remain favourable despite a deterioration in the general economic outlook. View Article
ECB will directly supervise 117 banks in 2020 : The number of banks that will be directly supervised by the European Central Bank (ECB) from 1 January 2020 has decreased to 117 from 119 a year earlier following the annual review of significance and ad hoc assessments. The changes are the result of new group structures, a licence withdrawal, business relocations in view of Brexit, regulatory changes and other developments. View Article
EBA publishes guidelines on ICT and security risk management : These Guidelines establish requirements for credit institutions, investment firms and payment service providers (PSPs) on the mitigation and management of their information and communication technology (ICT) and security risks and aim to ensure a consistent and robust approach across the Single market. These Guidelines will enter into force on 30 June 2020. View Article
EBA raises awareness on key steps consumers should consider when choosing online or mobile banking services : The EBA published a factsheet addressed to European consumers to raise awareness on key steps they should consider when choosing financial services through digital means. This document will help consumers make better and more informed choices. View Article
EPC: The Mobile initiated SEPA (Instant) Credit Transfer interoperability guidance is published : Developed by the ad-hoc multi-stakeholder group (MSG) on Mobile Initiated SEPA Credit Transfers (MSCT), including SEPA Instant Credit transfers (SCT Inst) (MSG MSCT), the draft MSCT Interoperability Implementation Guidelines (IIGs) (including SCT Inst) went through the public consultation until the end of September 2019. View Article
Capital Markets Union
Financial supervision: Council adopts a review of the supervisory framework for financial institutions : The EU will have an improved supervisory framework for European financial institutions in place by the end of the year. The Council adopted a first fundamental review of the functioning of the European system of financial supervision (ESFS). View Article
Clearing houses: Council adopts position on recovery and resolution : EU ambassadors approved the Council's position on a proposed framework for clearing houses and their authorities to prepare for and deal with financial difficulties. They invited the presidency to start negotiations with the European Parliament as soon as possible. View Article
EFAMA reply to ESMA's consultation on the draft technical advice on commercial terms for providing clearing services under EMIR (FRANDT) : EFAMA agrees with the approach and, more generally, with the findings highlighted by ESMA in its report on the implementation of the conditions under which the commercial terms are to be fair, reasonable, non-discriminatory and transparent (FRANDT) when providing CCP clearing services to clients. View Article
ESMA sees continued high market risk amid deteriorating economic fundamentals : According to the dashboard, the market risks remain very high, against the background of a deteriorating growth outlook, continued uncertainty around Brexit, US-China trade tensions and geopolitical risk. View Article
Steven Maijoor - ObservatorioBlockchain
ESMA's Maijoor: Assessing the role of IFRS in building stronger European Capital Markets : ESMA Chair Steven Maijoor stressed that the strong capital market orientation of IFRS can be an important factor in building a stronger Capital Markets Union. View Article
IPE: New pan-European project targets sharing of asset allocation insights : A pan-European research initiative has been launched to allow European institutional asset owners to share intelligence about asset allocation activity and their future investment intentions. View Article
EBF: Paris hears call for urgent action to develop EU capital markets : The Markets4Europe campaign marks the first in its series of EU-wide conferences in Paris, bringing together private and public sectors leaders who are united in their call for urgent European Union action to build up capital markets as a matter of economic sovereignty and dynamic growth. View Article
EIOPA publicly consults on its approaches for regulating key aspects of the Pan-European Personal Pension Product (PEPP) : The EIOPA launched the public consultation of its approach to the regulatory and implementing standards, and technical advice to the European Commission on delegated acts, as mandated by the Pan-European Personal Pension Product (PEPP) Regulation. View Article
The AMF publishes a review of its thematic inspections on securities financing transactions : In the second half of 2018, the Autorité des Marchés Financiers conducted a series of five SPOT (operational and thematic supervision of practices) inspections concerning securities financing transactions. It has now prepared a list of best practices and issues reminders of the rules to be applied. View Article
ESMA publishes 2019 CRA Market Share calculation in the EU : ESMA published its annual market share calculation for European Union registered credit rating agencies for 2019. View Article
Commercial Risk Europe: Europe’s mutual insurers press for mandatory application of proportionality under Solvency II : The European risk and insurance management community has found an important ally in its efforts to ensure captives are granted more appropriate treatment under the proportionality principle within Solvency II, in the form of the Association of Mutual Insurers and Insurance Cooperatives in Europe (Amice). View Article
Insurance Europe: New paper: Making EU insurance regulation that works and benefits consumers : Insurance Europe has published a new paper on how EU policymakers can ensure rules for insurers work properly and benefit consumers. View Article
European Parliament - France 24
Environmental, Social, Governance (ESG)
The European Parliament declares climate emergency : EU should commit to net-zero greenhouse gas emissions by 2050 at the UN Conference, says Parliament. Ahead of the UN COP25 Climate Change Conference, the Parliament approved a resolution declaring a climate and environmental emergency in Europe and globally. View Article
Updated bioeconomy strategy : Council adopts conclusions : The Council adopted conclusions on the Commission communication "A sustainable bioeconomy for Europe: strengthening the connection between economy, society and environment". View Article
European Parliament: Climate change should be Parliament’s first priority, according to citizens : Combating climate change should be Parliament’s top priority, new Eurobarometer reveals, highlighting youth-led climate protests as great influencers. View Article
POLITICO: Mark Carney named UN envoy for climate action : The United Nations has appointed Mark Carney, the governor of the Bank of England, as its Special Envoy for Climate Action and Finance. View Article
EurActiv: German central banker pushes back on calls for ECB to fight climate change : Bundesbank chief Jens Weidmann batted back calls for the European Central Bank to take a bigger role in protecting the environment, saying it was up to governments and not the ECB to fight climate change. View Article
ACCA’s chief executive joins CSR Europe’s Call to Action for a Sustainable Europe by 2030 : Helen Brand OBE, chief executive of ACCA is now part of the widest group of CEOs ever mobilised in Europe for sustainability, calling on businesses, policymakers, and civil society organisations to join forces in a series of actions. View Article
IFAC: Key messages to the UN's COP 25 from the accountancy profession : As the UN Climate Change Conference (COP) meets this week, IFAC urges decisive action to put the world on a path to a sustainable future. To clearly articulate the role of the global accounting profession in addressing the climate emergency, IFAC published its Point of View on climate action. View Article
EIB: Scaling up ambition: The EU bank presents new policies and targets at #COP25 : EIB Group financing will support EUR 1 trillion of climate action and environmental sustainable investment in the decade to 2030. The EIB will increase its financing activities dedicated to climate action and environmental sustainability to reach 50% of its operations in 2025. View Article
IMF: A new climate economy : This issue of Finance & Development looks at the economic and financial impact of climate policy choices. It points to concrete solutions that offer growth opportunities, driven by technological innovation, sustainable investment, and a dynamic private sector. View Article
FSB publishes final SME financing evaluation report : The FSB published its final report on the Evaluation of the effects of financial regulatory reforms on small and medium-sized enterprise (SME) financing. The evaluation is motivated by the need to better understand the effects of the reforms on the financing of real economic activity and their contribution to the G20 objective of strong, sustainable, balanced and inclusive economic growth. View Article
IASB: IFRS Standards and climate-related disclosures : Nick Anderson, member of the IASB, explains how existing requirements within IFRS Standards relate to climate change risks and other emerging risks. The article shows how the principle-based approach of IFRS Standards means that climate change and other emerging risks are addressed by existing requirements, even though such risks are not explicitly referenced. View Article
Accountancy Europe: Corporate Governance: driving a sustainable economy : The way the economy operates must fundamentally change to survive. Businesses need to make money in a different manner than ever-increasing sales and fuelling overconsumption. Revamping corporate governance is instrumental to move to a circular economy and responsible value creation. View Article
IIRC: Changes to corporate reporting are essential - the question is how quickly can we move to international standards to solve the problem : With many possible ways forward, enhancing corporate reporting in a globally-uniform and coordinated way will be vital to a transition. Working closely with investors, directors, sustainability professionals, and the accountancy profession, the IIRC can be a catalyst for systems change. But it will need to move quickly to shape the system and standards toward achieving the aims of integrated reporting. View Article
ECGI: Addressing the auditor independence puzzle - regulatory models and proposal for reform : Authors of the paper argue that all of the regulatory responses previously suggested in the literature do not effectively reduce the auditor’s conflict of interests or they do so at a very high cost for the profession. Their paper suggests new strategies to solve the auditors’ independence puzzle. View Article
Protecting Customers
EU closer to enabling consumers to defend their rights collectively : The Council reached agreement on a draft directive on representative actions for the protection of the collective interests of consumers. View Article
Fin Tech Regulation
Bruegel: The next generation of digital currencies - in search of stability : Recent developments have re-opened the debate on the future of money. This Policy Contribution discusses two aspects: the implications of the rise of global private stablecoins, such as Facebook's Libra, and the role that public central bank digital currencies could play. View Article
Ed Sibley: Innovation in financial services - a regulator's perspective : Mr Ed Sibley, Deputy Governor of the Central Bank of Ireland, discussed innovation in financial services, its capacity to bring many benefits for consumers, the economy and society in general and the need to do innovations well by regulators and supervisors . View Article
VoxEU: Stabilising stablecoins - a pragmatic regulatory approach : Policymakers are concerned about the stability of private digital currencies and protecting the consumers who use them. This column proposes locking stablecoins into an ETF-like structure with restrictions on basket composition. Stablecoin providers would be functionally similar to ETF sponsors, and stablecoins would become a new vehicle for traditional fiat currencies. View Article
Economic Policies Impacting EU Finance
European Commission: Quarterly Report on the Euro Area : The report discusses some weaknesses in the EMU’s initial construct, the important reforms undertaken since the European debt crisis, and the challenges still to be addressed in various policy domains directly affecting the functioning of the EMU. View Article
City AM: EU and UK feel the pain as global trade contracts : The European Union has been hit hard by the slowdown in international trade, OECD data showed , with the UK suffering more than most. View Article
BBC: Trump warns of another year of trade tension : US President Donald Trump has set off a new bout of trade worries, firing tariff threats and hinting that a China deal may not happen for another year. View Article
ECB's Cœuré: The single currency: an unfinished agenda : Benoît Cœuré, Member of the Executive Board of the ECB, argues that lawmakers need to both strengthen the institutional framework to make the currency union more resilient and implement the right policies to boost the growth potential of European economies. View Article
Bloomberg: What Lagarde’s ECB review can tackle, from inflation to climate : A strategic review of the institution’s mission could be announced within weeks, and Lagarde has signalled that it will almost certainly include climate change alongside the standard central-bank topics of inflation, financial stability and communication. View Article
Eurogroup statement on the Draft Budgetary Plans for 2020 : The Eurogroup welcomes that all 19 Member States have submitted Draft Budgetary Plans (DBPs) for 2020. View Article
POLITICO: Luxembourg leads charge against EU tax transparency : Luxembourg has successfully spearheaded an effort to block a draft bill that would force multinational companies to publish where they pay taxes and make profits. View Article
Broadening the International Role of the Euro
European Commission: Europeans show record support for the euro : More than three in four citizens think that the single currency is good for the European Union, according to the latest Eurobarometer results. This is the highest support since surveys began in 2002. View Article
Basic Enconomic Indicators
November 2019: Economic Sentiment slightly up in both the euro area and the EU : In November 2019, the Economic Sentiment Indicator (ESI) increased slightly in both the euro area (by 0.5 points to 101.3) and the EU (by 0.9 points to 100.0). View Article
Euro area unemployment at 7.5% : The euro area (EA19) seasonally-adjusted unemployment rate was 7.5% in October 2019, down from 7.6% in September 2019 and from 8.0% in October 2018. This is the lowest rate recorded in the euro area since July 2008. View Article
EU27 Politics
The renewed front EU guard: Christine Lagarde, Ursula Von der Leyen,
Charles Michel and David Sassoli - POLITICO
POLITICO: 4 presidents kick off EU’s new leadership cycle : Ursula von der Leyen and Charles Michel marked the inauguration of their terms by joining the presidents of the European Parliament and European Central Bank for a celebration of the 10th anniversary of the Lisbon Treaty. View Article
New Europe: Franco-German drive for EU institutional overhaul by 2022 : Paris and Berlin jointly called for a “Conference on the Future of Europe” by 2022; the proposal echoes a European Commission proposal for a 2020-2022 conference. View Article
Fondation Robert Schuman: With Ursula von der Leyen, the Commission of “new opportunity” : In 2014, Jean-Claude Juncker started his term in office qualifying his Commission as being the “last chance”. Five years later the new Commission might be defined as that of “new opportunity” for the revival of the community project with ideas and ambition for the future. View Article
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Andy Bruce
@BruceReuters
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??ICM/Reuters poll?? Con: 42% (+1) Lab: 35% (+1) Lib Dem: 13% (-) Brexit Party: 3% (-1) Green: 2% (-1) SNP: 3% (-) Entirety of poll conducted *after* Friday's attack.
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Bloomberg Brexit
@Brexit
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For investors in U.K. banks, the stakes couldn't be much higher ahead of this month's general election bloom.bg/2OGci16
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Federal Trust
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Michel Barnier
@MichelBarnier
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Bloomberg Brexit
@Brexit
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YouGov's latest poll shows the Conservative Party on track to win its biggest majority in more than 30 years bloom.bg/2R1ZVhp
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