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02 October 2014

This week in "Brussels"


European Central Bank: Guide to banking supervision; EBF: Financial integration report highlights EU fragmentation

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  Articles from 25 September 2014 - 02 October 2014

  Banking
 
 
European Central Bank: Guide to banking supervision
This guide is an important milestone in the implementation of the SSM, the new system of financial supervision comprising, as at October 2014, the ECB and the NCAs of euro area countries. It explains how the SSM will function and gives guidance on the SSM’s supervisory practices.
EBF: Financial integration report highlights EU fragmentation
The report reveals that in the glare of economic crisis, the previous integration was not sustained by an appropriate institutional framework. Financial markets still remain significantly fragmented in the euro area.
European Banking Authority consults on recovery and resolution planning regarding simplified obligations
The EBA launched two consultations, one on its draft Guidelines and the other its Implementing Technical Standards (ITS) related to recovery planning, resolution planning and resolvability assessments under the BRRD.
EBA publishes indicators from global systemically important institutions (G-SIIs)
The European Banking Authority published indicators from global systemically important institutions (G-SIIs) as provided for in the Implementing Technical Standards (ITS) and Guidelines on disclosure rules applicable to large institutions.
Financial Times: EU in danger of lifting bankers’ salaries by blocking variable pay
The EU’s bonus cap, considered the world’s toughest, already restricts performance-based variable pay to no more than twice salary. But the UK is challenging the rule in court and, in the meantime, regulators in London have taken a fairly lenient stand on enforcing it.
Reuters Breakingviews: Bonus cap clampdown
The EU's banking regulator plans to take a stricter approach on pay policies. Banks who try to sidestep the high profile incoming bonus cap will face a stricter stance.
Reuters: Sovereign doom loop haunts EU bank stress tests
The euro zone’s nascent banking union was supposed to unpick the “sovereign doom loop” by which ropey banks endangered weak countries, and vice versa. Yet the new single banking supervisor’s exercise could tighten, rather than loosen, the state/bank co-dependency.
 
  Securities
 
 
FSB: Jurisdictions' ability to defer to each other's OTC derivatives market regulatory regime
The FSB has reported to G20 Finance Ministers and Central Bank Governors on approaches and authority to defer to another jurisdiction’s supervision and oversight of OTC derivatives market participants and infrastructure providers.
FSB publishes feasibility study on aggregation of OTC derivatives trade repository data and announces next steps
The FSB published a study of the feasibility of various options for a mechanism to produce and share global aggregated data.
Financial Times: ISDA seeks green light on margin model
Derivatives markets participants are expecting to receive the green light from regulators to develop an industry initiative designed to head off potential pricing confusion as new rules come into force.
ESMA consults on guidelines clarifying derivatives under MiFID
ESMA published a consultation paper on future guidelines clarifying the definition of derivatives as financial instruments under the current Markets in Financial Instruments Directive (MiFID I).
ESMA consults on proposed list of main indices and recognised exchanges under the CRR
The European Securities and Markets Authority has opened a public consultation regarding the Captial Requirements Regulation (CRR). The CRR tasks ESMA with defining “main indices” and “recognised exchanges”, concepts that are used –inter alia - in the specification of “eligible collateral”.
ESMA consults on prospectus related issues
ESMA has launched a consultation on draft Regulatory Technical Standards (RTS) on prospectus related issues under the Omnibus II Directive.
 
  Insurance
 
 
Risk.net: Firms to shun early disclosure of Solvency II numbers
Two of the largest insurers in Europe have presented estimated Solvency II metrics to investors this year, leading other firms to question whether they should follow suit.
Reuters: Regulatory threat drives insurers into sub bond market
Europe's insurers are charging into the subordinated bond markets, keen to boost capital at rock-bottom yields before regulators force them to sell more aggressive structures.
 
  Asset Management
 
 
PensionsEurope Position Paper on the proposal for a Shareholder Rights Directive
PensionsEurope are concerned that the current proposals may create a system where intermediaries may charge excessive prices.
ESMA publishes draft RTS on major shareholder disclosures
ESMA published its draft Regulatory Technical Standards (RTS) under the revised Transparency Directive relating to the notification of major shareholdings.
ESMA consults on implementing measures for European Regulations on Social Entrepreneurship and Venture Capital Funds
ESMA issued a consultation on future technical advice it has to provide to the European Commission on the implementing measures of the Regulations on European Social Entrepreneurship Funds (EuSEF) and on European Venture Capital Funds (EuVECA).
ESMA issues updated Q&A on the application of the Alternative Investment Managers Directive (AIFMD)
ESMA published an update of its Questions & Answers (Q&A) document on the application of the Alternative Investment Managers Directive (AIFMD).
ESMA consults on depositary requirements under UCITS V
ESMA issued a consultation paper on draft technical advice to the European Commission under the revised Undertakings for Collective Investments in Transferable Securities Directive (UCITS V). ESMA is consulting on draft implementing measures regarding the depositary role of UCITS funds.
IPE: Growth trumps regulation at the European Commission
The resulting development of the Capital Markets Union, one of Juncker’s stated aims delegated to Hill, is likely to strengthen the hand of the pensions industry in Europe.
IPE: IORP II draft offers further detail on risk-evaluation requirements
New Europe-wide risk-evaluation rules for pensions must be drafted before a revised IORP Directive passes into law, after EU member states rejected the idea of their later insertion by EIOPA.
 
  Corporate Governance/Accounting
 
 
ACCA: Evaluating the impact of IFRS in the EU
ACCA has responded to stakeholders´ discussion at the EP on the impact of global accounting standards in Europe, covering the quality of IFRS, their costs and benefits, enforcement and whether there should be changes to the IAS Regulation.
EFRAG: Call for public fatal flaw reviews
EFRAG has issued its letter calling on the IASB to enhance its quality control procedures prior to finalisation of a standard or a major amendment to a standard.
FEE comments on the EC consultation on the potential effects of the Country by Country Reporting
FEE issued a comment letter to the EC on the potential effects of the Country by Country Reporting (CBCR) under the Capital Requirements Directive IV (CRD IV).
FSB welcomes Second Implementation Progress Report by the EDTF
The FSB welcomes the publication of the second progress report by the EDTF which assesses the implementation in major banks' 2013 annual reports of the recommendations made in the EDTF's 2012 report 'Enhancing the Risk Disclosures of Banks'.
 
  Financial Services Policy
 
 
European Central Bank: One more step towards a better Europe: building banking supervision
Opinion piece by Danièle Nouy, Chair of the Supervisory Board of the Single Supervisory Mechanism (SSM), linked to banking supervision.
IIF: “Too big to fail” coming to an end
The Institute of International Finance today released a paper arguing that, in the relatively near future, regulators and the industry will be able to say without reservation that no financial institution is “too big to fail.”
ECB: Benoît Cœuré on credit and investment in the European recovery
'We need to focus on the quality of credit, not only the quantity. To create an environment where credit flows to productive investment requires a coherent and comprehensive approach. It requires managing the bank deleveraging process and finding workable solutions to reduce the debt overhang.'
Reuters: EU's Barnier tells UK it has key role in markets union
The European Union is not trying to weaken the City of London, which will be in pole position to shape a new EU capital markets union, according to Commissioner Barnier.
ICMB and CEPR: The Geneva Report on the world economy
The International Center for Monetary and Banking Studies and the Center for Economic Policy Research report: the world has not yet begun to deleverage its crisis-linked borrowing. Global debt-to-GDP is breaking new highs, hindering recovery.
 
  European Council/Parliament
 
 
European Voice: Hill leaves questions unanswered
Hill's good-humoured and earnest approach appeared to dispel concerns about his lobbying past, but left some MEPs feeling that he was weak on details. Video of hearing included.
 
  Grahams Articles, Comments & Speeches
 
 
Hill at ECON: what next?
ECON faces its own test of the logic of these Hearings. There can still be a very good outcome for Europe.
 

 


© Graham Bishop

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