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16 October 2014

This week in "Brussels"


Headlines include: European Central Bank to disclose final results of comprehensive assessment; European Banking Authority announces 2014 EU-wide stress test publication date

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  Articles from 09 October 2014 - 16 October 2014

  Banking
 
 
European Central Bank to disclose final results of comprehensive assessment
Comprehensive results are to be published on 26 October 2014. Individual bank results will distinguish between capital shortfalls identified in the AQR and those identified under the baseline and adverse scenarios of the stress test.
European Banking Authority announces 2014 EU-wide stress test publication date
The EBA will publish the 2014 EU-wide stress test results on Sunday 26 October. The stress test, which assesses the resilience of EU banks to a hypothetical adverse macroeconomic scenario, uses a common methodology developed by the EBA and applies it consistently across all participating banks.
Reuters: Insight - European bank mergers still face hurdles post-stress tests
Health checks on Europe's banks may reveal takeover targets, but because protectionist regulation across the region has yet to be addressed, any post-"stress test" tie-ups are likely to be along national lines and could make a splintered industry more so.
Reuters: European banks raise more capital before ECB stress test: report
Euro zone banks have raised 35 percent more capital ahead of the European Central Bank's latest stress test than they had set aside before the 2011 review, according to a report published by law firm Linklaters.
ECOFIN meeting, 14 October 2014.
Press release of the ECOFIN meeting. (Provisional version)
European Central Bank report details structural changes in the euro area banking sector
The European Central Bank published the Banking Structures Report 2014, which reviews the main structural developments in the euro area banking sector to the end of 2013.
EBA: The Joint Committee of the ESAs publishes 2015 Work Programme
The Joint Committee of the European Supervisory Authorities (EBA, ESMA and EIOPA) has published its Work Programme for the upcoming year.
EBA consults on securitisations and potential regulatory recognition
The work is the initial response of the Authority to the European Commission's call for advice on identifying a prudentially sound securitisation market and its regulatory treatment, aimed at widening long-term funding opportunities for the European economy.
EBA discloses probe into EU bankers allowances
The European Banking Authority published (October 15) the findings of its investigation regarding discretionary remuneration practices across the EU banking sector.
Bloomberg/ISDA: Banks back swap contracts that could help unwind too-big-to-fail
Eighteen global banks have agreed to swaps contract changes designed to work with government rules for unwinding failed firms, a step that may help end the view that some financial companies are “too big to fail.”
Duisenberg School of Finance: The new European Banking Union landscape
The countries participating in the new European Banking Union have relatively closed banking markets. With the advance to Banking Union, these markets may open up creating a truly integrated Banking Union.
Risk.net: Supervisors push banks to rethink booking models
Supervisors in some countries – including the UK's Prudential Regulation Authority (PRA) – are said to be pressing banks to reduce the amount of risk they book locally, prompting some to complain they are being pulled in different directions.
Bank for International Settlements: Consultation on Corporate governance principles for banks
The Basel Committee's revised principles on corporate governance at banks build on the Committee's 2010 document 'Principles for enhancing corporate governance.'
 
  Securities
 
 
ESMA publishes updated data on performance of the Credit Rating Agencies
ESMA published its latest set of semi-annual statistical data on the performance of credit ratings, including transition matrices and default rates.
ESMA’s Steven Maijoor delivers keynote speech
Steven Maijoor, ESMA Chair, delivered a keynote speech focused on the ESAs role in financial consumer protection.
Financial News: Out-of-step regulators are walking swaps market into trouble
The cost of European banks’ exposures to swaps in foreign jurisdictions could soar in mid-December because of a failure by European and US regulators to formally recognise each other’s post-crisis rulebooks.
ICMA ERC report on the successful migration of the European bond markets to T+2
The ICMA European Repo Council reports that the initial feedback from its members and operations' working groups is that the transition to T+2 for the European fixed income markets has been largely successful with few issues.
FSB publishes regulatory framework for haircuts on non-centrally cleared securities financing transactions
The Regulatory Framework for Haircuts on Non-centrally Cleared Securities Financing Transactions is a key part of the Financial Stability Board's (FSB) policy recommendations to address shadow banking risks in relation to securities financing transactions.
CPMI and IOSCO issue report on the recovery of financial market infrastructures
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report entitled Recovery of financial market infrastructures.
 
  Insurance
 
 
European Commission adopts delegated acts under the Solvency II Directive
The Commission adopted a Delegated Act containing implementing rules for Solvency II.
AFME comments on the Delegated Act for Solvency II
Sidika Ulker commented on the adoption by the European Commission of a Delegated Act containing implementing rules for Solvency II.
Insurance Europe: Concerns over Shareholder’s Rights Directive proposals
Insurance Europe has published a position paper to express its concerns regarding the European Commission’s proposed revisions to the Shareholder’s Rights Directive.
 
  Asset Management
 
 
FESE publishes a Blueprint for European Capital Markets
FESE’s latest publication, 'A Blueprint for European Capital Markets' analyses what is needed from industry and policy experts to secure a robust economic landscape for the future and how European capital markets can finance Europe’s future growth and development.
DRS: AIFMD Q&A – Latest Update
ESMA published an updated Q&A document on the application of the Alternative Investment Managers Directive (AIFMD).
ESMA announces open hearing on implementation of EuSEF regulation
ESMA is organising an open hearing, following the publication of the consultation on the Technical Advice to the European Commission on the implementing measures of the European Social Entrepreneurship Funds Regulation and the European Venture Capital Fund Regulation.
Bruegel: The ECB’s ABC of ABS is missing a few letters
After the ECB announced a programme of private sector assets purchases, all eyes were directed at Frankfurt. As expected, the ECB unveiled further details of its new ABS and covered bond purchase programmes, revealing that important issues remain unresolved.
FSB publishes guidance on resolution of non-bank financial institutions
The Financial Stability Board reissued the Key Attributes of Effective Resolution Regimes for Financial Institutions ('the Key Attributes') incorporating guidance on their application to non-bank financial institutions and on arrangements for information sharing.
IOSCO consults on principles regarding the custody of CIS assets
IOSCO has published a consultation report on Principles regarding the Custody of Collective Investment Schemes’ Assets, aimed at gathering views of investment managers, custodians, institutional investors and interested parties on the development of a set of principles for the custody of CIS assets.
IPE: EIOPA balance sheet proposals 'in conflict' with UK approach to protection schemes
EIOPA attempts to account for pension protection vehicles in its new holistic balance sheet (HBS) puts it at odds with current UK law, Eversheds has warned.
EIOPA publishes consultation paper on further work on solvency of IORPs
EIOPA published a consultation paper on further technical work on the holistic balance sheet to gather input from stakeholders. The paper constitutes a further step in EIOPA’s work on a risk-based framework for occupational pension funds.
 
  Corporate Governance/Accounting
 
 
IFAC's recommendations to G-20
The International Federation of Accountants has submitted eight recommendations to support global economic growth and resilience for consideration at the forthcoming G-20 Leader’s Summit in Brisbane, Australia, November 15-16.
Federation of European Accountants comments on EFRAG's draft letter about IASB 's paper on macro hedging
FEE has commented on EFRAG's draft letter about IASB's Discussion Paper: Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to macro hedging.
EFRAG's invitation to comment on draft endorsement advice and effects study report on IFRS 15
EFRAG has issued an Invitation to Comment relating to the endorsement for use in the EU of IFRS 15 Revenue from Contracts with Customers.
EFRAG commented to the IOSCO on proposed statement on non-GAAP financial measures
EFRAG published its comment letter on IOSCO's Proposed Statement on non-GAAP Financial Measures.
 
  Grahams Articles, Comments & Speeches
 
 
Observations on recent political discussions
Some bullet point comments on recent discussion with German and British MPs, as well as discussions on Eurobills.
 

 


© Graham Bishop

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