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23 October 2014

This week in "Brussels"


Headlines include: Reuters: Europe's banks face moment of truth from ECB review; Bloomberg: EU’s top banker warns of rule fixation ‘going beyond reason’

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Asset Management Corporate Governance/Accounting About this email

  Articles from 16 October 2014 - 23 October 2014

  Banking
 
 
Reuters: Europe's banks face moment of truth from ECB review
Most banks already have a good idea of how they have fared in the region's bank tests, after getting "partial and preliminary" results from the ECB in recent weeks. But the final numbers were only agreed by senior regulators and supervisors late on Wednesday October 22.
Bloomberg: EU’s top banker warns of rule fixation ‘going beyond reason’
Bankers across Europe are trying to anticipate what regulatory changes might follow the results of stress tests by the European Central Bank and the European Banking Authority.
EFE: At least 11 banks to fail European stress tests
At least 11 banks from six European countries are set to fail a region-wide financial health check this weekend, Spanish news agency Efe reported, citing several unidentified financial sources.
Reuters: Credibility meets compromise in Europe's bank stress test
A series of Reuters interviews with officials, bankers and others involved in the ECBs financial inspection of the euro zone's biggest banks shows that in the seven months since it began, the ECB has had to shoot down countless pleas from banks and national supervisors for special treatment.
European Banking Authority: All you need to know about the 2014 EU-wide stress test
What is a stress test? Why do we need an EU-wide stress test? What is the role of the EBA in the exercise? The new EBA infographics are the perfect tool to discover more about the EU-wide stress test, including how to read key figures and findings, ahead of the release of the 2014 results.
Financial Times: Stakes high for Europe’s bank stress tests
Good news on key issue of assisting capital-raising, writes Huw van Steenis.
Wall Street Journal: European Central Bank stress tests could shake bank ratings, S&P says
It’s not the credit rating firm’s “baseline” scenario. But in a new report, Standard & Poor’s warns that if the European Central Bank’s upcoming bank stress tests reveal new fragilities in certain European financial institutions, ratings downgrades could follow.
Journal of Banking Regulation: Special Issue - Who Wants Big Banks?
It contains papers presented at the third event of the Banking Law Symposium.
European Commission adopts detailed rules on contributions of banks to resolution funds
The European Commission adopted a delegated act and a draft proposal for a Council implementing act to calculate the contributions of banks to the national resolution funds and to the Single Resolution Fund respectively.
Wall Street Journal: Europe should regulate shadow banking, says European Central Bank’s Vitor Constancio
Europe should consider following the U.S. in regulating some activities that take place in the so-called shadow banking system, European Central Bank Vice President Vitor Constancio said Monday.
Bank of England: Chatham House conference – Regulatory reform and returns in banking
Sir Jon Cunliffe, Deputy Governor, Financial Stability, provides an overview of three major developments in the regulatory landscape since the financial crisis.
AFME responds to EBA consultation on guidelines for common procedures and methodologies for SREP
AFME published its response to the supervisory review and evaluation process (SREP) guidelines. AFME believes the draft guidelines to be too general when it comes to the key decisions of setting of capital and liquidity add-ons in excess of the CRD IV minima.
European Banking Authority and ECB step up cooperation to make retail payments safer
SecuRe Pay forum to provide input for the development of EBA regulatory and supervisory requirements, as well as ECB oversight standards for retail payments. EBA meanwhile published a consultation paper on the security of internet payments - based on the SecuRe Pay recommendations.
Prudential requirements for banks and investment firms: Commission asks Cyprus, Italy, Lithuania, Poland, Portugal and Slovenia to comply
They must fully implement the Directive on credit institutions, as well as that on prudential supervision of credit institutions and investment firms
EPC publishes ‘Guidance for SDD B2B scheme mandate confirmations’
European Payments Council has published ‘Guidance for SEPA Direct Debit Business to Business (SDD B2B) scheme mandate confirmations’ - addressed to payment service providers participating in and creditors collecting payments under the Scheme.
 
  Securities
 
 
ESMA published responses to Consultation Paper on Draft Technical Standards on the Market Abuse Regulation - Response I
Summary of answers from AIMA, IMA, BBA, Nasdaq, Deutsche Börse Group and Deutsche Bank.
ESMA published responses to Consultation Paper on Draft Technical Standards on the Market Abuse Regulation - Response II
Summary of answers from AIMA, IMA, AFME, EuropeanIssuers, EACB, Nasdaq, Euronext and ISDA.
ESMA publishes updated Q&A on Prospectus issues
The Q&A is aimed at competent authorities who carry supervisory responsibility under the Prospectus Directive and aims at ensuring convergence in supervisory activities across the EU.
EFAMA position paper on proposal for a Regulation on reporting and transparency of securities financing transactions
EFAMA fully supports initiatives that aim at enhancing safety and transparency in capital markets activities. However, it also believes there should be no overlapping or inconsistent reporting obligations.
EFAMA response to IOSCO consultation report on policy proposals on Risk Mitigation Standards for Non-centrally Cleared OTC derivatives
EFAMA believes that IOSCO’s proposed standards to establish risk calculation methods and risk mitigation standards in a number of financial sectors and financial activities should not have a binding nature.
 
  Insurance
 
 
Vox EU: How insurers differ from banks: Implications for systemic regulation
The contrasting business models and balance sheet structures of insurers and banks mean that the banking model of capital cannot be applied to insurance, writes Christian Thimann.
Insurance Europe: European data protection rules could hinder fight against fraud
EU institutions should consider caveats that allow insurers to retain and process the data in certain circumstances.
Commercial Risk Europe: Insurers must view alternative capital as an opportunity to meet client demands say industry big hitters
Two leading insurers this week urged their industry to view the influx of alternative capital into the risk transfer market as an opportunity to meet client demands as opposed to a threat to business.
EIOPA issues Guidelines on the use of the Legal Entity Identifier
The Guidelines on the use of the Legal Entity Identifier require national competent authorities to ensure that all supervised institutions obtain a LEI code.
 
  Asset Management
 
 
IMA proposes quality standards for pension investment governance to help ensure positive outcomes for consumer
The IMA proposed a set of quality standards for investment governance processes that can be applied to default investment strategies of defined contribution pensions schemes.
EDHEC-RISK: The role of hedge funds in institutional portfolios
The EDHEC-RISK article builds off the summary of research provided by Edwards and Gaon.
 
  Corporate Governance/Accounting
 
 
FEE's Briefing Paper on European Public Sector Accounting Standards (EPSAS)
FEE has shared the latest developments following the publication of a study by the European Commission on the potential costs and benefits of implementing EPSAS in Member States, and on the suitability of IPSAS for developing EPSAS.
Responses to IASB DP Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging
Deloitte, EBA, EBF and FEE have commented on the DP.
ECIIA and FERMA: Joint guidance for risk and audit committees
ECIIA and FERMA have launched a joint best practices guide to aid risk and audit committees to cope with recent revisions to the 8th Company Law Directive, affecting areas such as gender diversity and remuneration.
 

 


© Graham Bishop

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