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03 July 2014

This week in "Brussels"
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Asset ManagementCorporate Governance/AccountingFinancial Services Policy
European Council/ParliamentGraham's Articles, Comments & SpeechesThink Tanks/EP groups
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Articles from 26 June 2014 - 03 July 2014

Banking

EBA supports capital treatment of covered bonds, but calls for additional eligibility criteria
The EBA expressed support for the current approach laid down in the CRR and recommends additional criteria to qualify for preferential treatment. It also calls for clarifications on current disclosure requirements and provides advice on the preferential treatment of some specific cover assets. 
EBA publishes guidelines on funding plans of credit institutions
The European Banking Authority published its final Guidelines on harmonised definitions and templates for funding plans of credit institutions. These Guidelines aim to harmonise reporting of funding plans across the EU. 
EBA: Consultation on technical standards on countercyclical buffer disclosure
The EBA launched a consultation on its draft RTS on disclosure of information related to the countercyclical capital buffer. These RTS will be part of the EU Single Rulebook aimed at enhancing regulatory harmonisation in the banking sector. 
EBA publishes guidelines on disclosure of encumbered and unencumbered assets
The EBA published its final Guidelines on disclosure of encumbered and unencumbered assets. They are the first step towards a harmonised disclosure framework of asset encumbrance in the EU and have been drafted in accordance with Recommendation D of the European Systemic Risk Board (ESRB). 
EPC new poll on Regulation
The European Payments Council has launched a new poll on the regulatory initiatives with the greatest impact on the European payments market  

Securities

ESMA publishes retail investor guide to MiFID II
The European Securities and Markets Authority published a short guide for retail investors explaining the impact of the changes to be made in investor protection under the MiFID II reform. 
AIMA launches OTC derivatives clearing guidelines
The Alternative Investment Management Association, the global hedge fund industry association, has launched OTC derivatives clearing guidelines for asset managers. 
FCA: EMIR reporting advice for Clearing Member firms
Authorised or recognised CCPs under European Market Infrastructure Regulation (EMIR) are required to calculate hypothetical capital information. This information must be supplied by CCPs to their clearing members as well as to the competent authority of the clearing member. 
AMF: Consultation on new shorter transaction settlement deadline
AMF has launched a consultation on amendments to Books III and V of its General Regulation. This is to allow the Paris marketplace to shorten the settlement cycle of securities to two business days after trading in anticipation of a European-level harmonisation. 
Financial Times: Europe calls on US to recognise overseas clearing rules
European markets authorities have called on their US counterparts to recognise equivalent standards for overseas clearing houses and head off a transatlantic regulatory turf war that threatens to fragment the derivatives market. 

Insurance

EIOPA: Consultation on the use of the Legal Entity Identifier
The European Insurance and Occupational Pensions Authority has invited market participants and all the other interested parties to provide their feedback on its draft Guidelines related to the use of the Legal Entity Identifier (LEI). 

Asset Management

EIOPA: new report on occupational pensions issues
EIOPA has published a new report on occupational pension schemes and how it can protect members. It identifies four areas for action: Governance of schemes; European convergence; Information to pension scheme members; and Financial literacy of members. 
Consob and Banca d’Italia: Consultation on hedge-fund directive
Consob and Banca d’Italia have submitted for public consultation a document on changes to their regulations to enact AIFMD. 
Hedgeweek: Jersey sees strong private placement uptake in run up to end of AIFMD transition
With less than one month to go until the transitional phase of the EU Alternative Investment Fund Managers Directive (AIFMD) comes to an end, Jersey is seeing a strong take-up in its private placement route into Europe. 

Corporate Governance/Accounting

IASB/Patricia McConnell: New hedge accounting model will improve investor understanding of risk management
Patricia McConnell, a member of the IASB, provides her perspectives on the new hedge accounting requirements. Banks and similar financial institutions will be more affected by the outcome of the IASB’s dynamic risk management (macro-hedging) project which is currently underway. 
Deloitte: Fourth Global IFRS Banking Survey of 54 major banking groups
Deloitte has issued its 'Fourth Global IFRS Banking Survey — Ready to Land'. The report has feedback on recent accounting and regulatory changes from major banking groups (including 14 global systemically important financial institutions). 
FEE: Briefing Papers on the audit reform
FEE has prepared the two Briefing Papers relevant to the new European audit legislation: Public Oversight of the Audit Profession: Enhancing Credibility and Supporting Cooperation; and Provision of Non-Audit-Services to Public Interest Entity statutory audit clients. 
EFRAG and the National Standard Setters invitation to public consultation on lessee accounting
EFRAG and the National Standard Setters are consulting constituents on the two approaches for lessees. They are also interested in examples of contracts or transactions that would qualify as leases under the proposals.  
EFRAG’s draft comment letter to the IASB on a portfolio revaluation approach to macro hedging
EFRAG has published its draft comment letter in response to the IASB Discussion Paper on Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging. EFRAG would welcome additional contact with constituents in advance of receiving formal responses to its comment letter. 

Financial Services Policy

BIS Annual Report, 2013/2014
A new policy compass is needed to help the global economy step out of the shadow of the Great Financial Crisis, the new BIS Annual Report states. This will involve adjustments to the current policy mix and to policy frameworks with the aim of restoring sustainable and balanced economic growth. 

European Council/Parliament

European Council June 26/27: Extracts from the Conclusions
These extracts cover statements relevant to economic matters and financial markets 
European Council June 26/27: Summary of Conclusions
The Conclusions include: the nomination of Jean Claude Juncker for Commission presidency; a strategic policy direction for the EU (annex I); and addressing the 'British question'/ position of eurozone-out countries 
European Council: Priorities of the upcoming Presidencies (IT, LV, LU)
The primary objective of the Italian, Latvian and Luxembourgish Presidencies will be the same: to overcome the current economic and financial crisis in Europe and the eurozone. 

Grahams Articles, Comments & Speeches

Financial World: Prepare to be MiFID (Graham Bishop article)
In his July article, Graham Bishop discusses EU moves to change the way investment research is bought. 

Think Tanks/EP groups

ECFR/Dullien: How to complete Europe’s Banking Union
The current form of the proposed banking agreement is not sufficient to provide a proper framework to deal with new systemic crisis, nor will it level the playing field between banks in different eurozone countries, argues Sebastian Dullien.  





© Graham Bishop

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