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20 November 2014

This week in "Brussels"


Headlines include: European Parliament: Reforming the structure of the EU banking sector, ECJ: EU legislation limiting the ratio of bankers bonuses compared to their basic salary is valid

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Banking Securities Insurance
Asset Management Corporate Governance/Accounting Financial Services Policy
Graham's Articles, Comments & Speeches Think Tanks/EP groups About this email

  Articles from 13 November 2014 - 20 November 2014

  Banking
 
 
European Parliament: Reforming the structure of the EU banking sector
According to economic research, the too-big-to-fail problem has led to implicit subsidies and a distortion of competition in banking markets.
ECJ: EU legislation limiting the ratio of bankers bonuses compared to their basic salary is valid
Imposing a fixed ratio for bonuses in relation to the basic salary does not limit the total amount of pay, considers Advocate General Jääskinen.
Reuters: ECB says it will be 'intrusive' in bank business model checks
A top ECB regulator said the euro zone’s new financial regulator would venture into the biggest and most risky banks first with its model checks before moving to potentially less threatening banks.
BIS: Andreas Dombret: Big Bang banking union - what can we expect?
What exactly can be expected from the new European banking supervision? And more importantly: what is it that cannot be expected from it?
BIS: Debt trouble comes in threes
Debt can serve many essential economic functions, but in practice it is often not put to the most productive use - or is even used in potentially destabilising ways.
BIS: The leverage ratio over the cycle
This analysis proposes a setup for the cyclical properties of bank capital ratios, taking into account structural shifts in banks' behaviour during the global financial crisis and its aftermath.
BIS: What kind of regulation for the (European) shadow banking system?
Calls for regulation are justified, but the shadow banking system should not be regulated in the same way as the regular banking sector.
BIS: Challenges of the Basel framework for emerging market, developing and small economies
This paper assesses the potential impact and implementation challenges and outlines practical steps that can be taken by authorities to implement global standards.
Bank of England: Central bank psychology - speech by Andrew Haldane
Haldane discussed how psychological biases can affect policy making, and how the institutional design of policy making committees at the Bank of England have been designed to counteract those effects.
ESFRC Statement on Single Resolution Mechanism
ESFRC points to weaknesses in the complexity and credibility of the SRM.
ECB: Guide for the assessment of credit transfer schemes against oversight standards
Oversight standards for credit transfer schemes focus on the security and efficiency of credit transfer payments. This guide supports a comprehensive and efficient assessment against these standards.
ECB: Guide for the assessment of direct debit schemes against the oversight standards
Oversight standards for direct debit schemes focus on the security and efficiency of direct debit payments. This guide supports a comprehensive and efficient assessment against these standards.
 
  Securities
 
 
IOSCO consults on post-trade transparency in the credit default swaps market
Data does not suggest that the introduction of mandatory post-trade transparency had a substantial effect on market risk exposure or market activity for CDS products.
Reuters: US regulator says swaps rules need tweaks to preserve global market
Several shallower pools of trading are emerging as brokers outside the USA seek to avoid compliance with sometimes conflicting US and home country rules.
Reuters: Europe eyes longer respite for US swaps clearers
The EU will soon push back a deadline by which US clearing houses need to comply with its rules, a source familiar with the matter said, taking the sting out of a dispute with America over how to regulate swaps.
Financial News: Clearing deadlines seem like endless hurdles
As regulators start another lap of their race to move the trading of derivatives into clearing houses, they probably think only of the finish line – a market in which transparency reduces risk.
 
  Insurance
 
 
Reuters: EU's finance chief wants more competition in retail financial services
"The EU's legitimacy depends on the continued provision of tangible benefits to the public. Retail financial services and consumer policy is, I believe, an area where we can do exactly that," Commissioner Hill said.
Insurance Europe: IMD 2 must benefit policyholders and be workable for insurers
Following the Council of the European Union’s adoption of its general approach on IMD 2 last week, the Directive will now likely enter into trialogue discussions between the European institutions towards the end of this month.
 
  Asset Management
 
 
EIOPA strategic priorities going forward
The development of a single rule book of harmonised regulation is a huge step forward for the single market, but good regulation is just a first step.
IPE: EIOPA warns against DB-sponsor dependence
It is important not to be diverted from the serious discussion of ensuring schemes are able to pay benefits.
Topical developments on pensions: an EIOPA perspective
Building a robust and proportionate EU regulatory framework capable of regaining the trust of EU citizens in private complementary pension savings is the right strategy.
IPE: G20 pledges pipeline of infrastructure assets to lure institutional investors
G20 members also committed to lowering barriers to investment, boosting the pipeline of projects ready for investment and helping pair up investors and projects.
ESAs shared initial views on consumer-friendly Key Information Documents on investment products across the EU
The discussion paper aims to help retail investors in the EU better understand and compare packaged retail and insurance-based investment products.
ESMA issued financial markets risk dashboard for third quarter of 2014
The Dashboard assesses the risks associated to European financial markets looking into liquidity, market, contagion and credit risks.
Hedgeweek: Battle for retail alternatives to intensify for investment managers in 2015, says Fitch
Mohak Rao: “Investment managers could face headwinds if interest rates rise sharply or unexpectedly. However, the low rate environment has also contributed to new trends, including increasing overlap between the traditional and alternative investment managers.”
 
  Corporate Governance/Accounting
 
 
ACCA and IMA: The accountancy profession needs a clear vision for the future
A focused research programme is needed to shape the direction of the profession, take advantage of new opportunities and respond to threats effectively.
IASB/Michel Prada: 'Accounting, markets and global economic growth'
The move to global accounting standards has as much to do with sound economic policies as it does with accounting.
ESMA: 16th extract of EECS' enforcement decisions
The aim is to provide issuers and users of financial statements with relevant information on the appropriate application of IFRS.
 
  Financial Services Policy
 
 
FCA: Regulating in a recovery
FCA Chairman: "Principles are here to stay. The question is how many rules do we need as well?"
 
  Grahams Articles, Comments & Speeches
 
 
Where will #TeamJuncker EU find €300 billion by Xmas for the new investment fund?
Graham Bishop answers the question about who has the deepest pockets to make a contribution.
 
  Think Tanks/EP groups
 
 
Bruegel: Vicious circle(s) 2.0
While trying to sever the sovereign-banking link, we may be disregarding vulnerabilities from banks’ mutual interconnectedness.
Bruegel: Defining Europe's Capital Markets Union
The aim in the short term is to unlock credit provision as banks are deleveraging, and in the longer term, to favour a more diverse, competitive and resilient financial system.
 

 


© Graham Bishop

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