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27 November 2014

This week in "Brussels"


Headlines include: Vítor Constâncio: The role of the banking union in achieving financial stability, BIS: Mario Draghi: Stronger together in Europe - the contribution of banking supervision

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Graham's Articles, Comments & Speeches   About this email

  Articles from 20 November 2014 - 27 November 2014

  Banking
 
 
Vítor Constâncio: The role of the banking union in achieving financial stability
The banking union can be seen as the biggest European reform after the inception of the euro, with vast implications that go well beyond the problem of the sovereign-bank loop.
BIS: Mario Draghi: Stronger together in Europe - the contribution of banking supervision
In this speech, Mario Draghi reflects on the creation of the SSM and on the reasons that lead the Council and the Parliament to entrust the ECB with supervisory tasks.
BIS: Jens Weidmann: Banking union and regulatory reforms - mission accomplished?
It is essential to consider the interplay between the various measures that have already been implemented.
BIS: Andreas Dombret: The SSM - a supervisory level playing field for Europe
What are the SSM's consequences for the third parties framework?
Reuters: Lending to euro zone private sector shrinks again in October - ECB
Euro zone banks, especially in crisis-stricken countries, have tightened their purse strings in response to tougher capital requirements and an uncertain environment, while companies have held off investments.
Reuters: Basel to toughen ABS stance before it eases it
The Basel Committee on Banking Supervision is set to post final guidance on how to calculate capital charges for banks holding securitisation.
Financial Times: Bank reforms will help lift Europe’s struggling economy
Well capitalised, separated commercial banks would be less risky and would benefit from cheaper funding than existing megabanks, writes Benoît Lallemand.
Financial Times: Banking groups push Brussels to ditch overhaul of big lenders
Since the European Commission unveiled its blueprint to reduce the complexity of big banks in January, the proposal has made little headway in the Brussels legislative pipeline and is facing resistance from France, Germany and the UK.
Reuters: Cost pressure rising on German banks - Moody's
German banks remain some of Europe's least efficient due to high fixed costs and weak IT infrastructure.
Reuters: EBRD head decries national targets for bank sector ownership
The head of EBRD attacked the idea of national targets for ownership of banks, after Hungary signalled that it may take a more protectionist stance against foreign lenders.
Bank of England: The PRA Rulebook - Part 2
This consultation paper sets out proposals to redraft certain modules of the PRA Handbook.
BIS: Central banks and the global debt overhang
Debt has reached record levels in many countries and it is still rising.
EPC published updated version of the document ‘Clarification Paper: SEPA Credit Transfer and SEPA Direct Debit’
The paper seeks consistent implementation of the SCT and SDD Rulebooks by payment service providers participating in the schemes.
EPC published updated versions of the SEPA Credit Transfer and SEPA Direct Debit Rulebooks
These rulebooks explain how to move funds between payment accounts within SEPA.
 
  Securities
 
 
Commissioner Jonathan Hill hails Parliament and Council agreement on Commission proposal for a new long term fund framework
"This agreement gives us another tool in our fight to boost investment and growth in Europe."
Maijoor's keynote speech at the event "Regulatory measures to prevent another crisis?"
“We have to assess on an on-going basis whether there are still unknown areas in the financial system that would provide further regulatory insight and bridge remaining data gaps."
ESMA approved Moody’s Investors Service EMEA Limited as a credit rating agency
By registering as a CRA, Moody's credit ratings can be used for regulatory purposes under EU legislation.
IOSCO consults on cross-border regulation
The report identifies and describes cross-border regulatory tools and challenges.
ISDA launches principles on CCP recovery
With the volume of cleared trades increasing rapidly and certain to grow further, these entities have become systemically important.
Financial Times: Clearing houses may face new capital rules
The risk management houses that underpin derivatives markets may need to hold more capital to prevent a taxpayer bailout if one of them fails, a senior regulator from the Bank of England has warned.
 
  Insurance
 
 
4th annual conference of EIOPA
Participants shared views on prospects for the long-term financing of the economy, the role of the new EU Pensions Directive, the challenges of the Solvency II implementation and other regulatory and supervisory developments.
Bank of England: Solvency II: further measures for implementation
This consultation paper should be read alongside the relevant European legislation, previous consultations on Solvency II and relevant parts of the PRA Rulebook.
Commercial Risk Europe: Solvency II to bolster not hinder captives says Nordic expert
Far from the planned European capital adequacy regime being the death of captives, Solvency II will place the self-insurance vehicles at the centre of board-level risk discussions.
Bank of England: Prudential Regulation Authority consults on proposals to improve responsibility and accountability in the insurance sector
The PRA believes that there should be a regulatory framework which reinforces standards of fitness and propriety, conduct, and accountability for individuals in positions of responsibility at both insurers and banks.
 
  Asset Management
 
 
Hedgeweek: Commission pool for European equities remains challenged while electronic trading continues to grow
The amount of commissions paid by institutional investors to brokers on trades of European equities is 46% lower than it was in 2008.
Reuters: US under pressure to match EU rules on market benchmarks
The European Parliament and EU states are scrutinising the draft EU law on benchmarks.
ALFI: AIFMD fuels strong growth in European fund domiciles
The number of alternative investment funds has increased by 10% since 2010. Assets under management have increased by 13%.
IPE: IORP II Directive in doubt as Juncker puts proposals 'under review'
The decision was announced in connection with the Commission’s new Work Programme for 2015.
IPE: IORP II impact assessment lacking evidence
The European Commission’s impact assessment of the revised IORP Directive has been slammed for failing to identify all “reasonable” options for reforming Europe’s pensions sector.
 
  Corporate Governance/Accounting
 
 
ECIIA: European Commission shake-up threatens to restrict the value of corporate governance to European business
President Juncker unveiled in September a plan to move the unit responsible for company law, corporate governance and corporate social responsibility (MARKT 2) from the Directorate-General for Internal Market and Services to the Directorate-General for Justice (JUST).
IFAC: Proposed strengthened guidance for professional accountants in business
The proposals aim to help professional accountants deal with their responsibility to produce financial reports that are faithful representations of the economics of transactions, and also with the pressure to breach fundamental ethical principles.
IASB published amendments to IFRS 2 Share-based Payment
The Exposure Draft brings together a collection of three proposed amendments to IFRS 2
ACCA: Upskilling public sector and government finance professionals essential for economic development and public accountability
Given the pace of change and size of expenditure in the public sector, it is critical that finance professionals are equipped with the right skills and competencies to deal with challenges ahead.
 
  Financial Services Policy
 
 
Tabb Forum: Overwhelmed by Regulation? You’re not alone
Financial regulators worldwide are developing rules that often conflict with rules in other jurisdictions. This new regulatory culture is changing the way that banks think about their businesses.
Griffith-Jones: The vital relationship between the regulator and the advisory industry
"The industry is turning itself into a profession, and we want to support and encourage this transformation."
 
  Grahams Articles, Comments & Speeches
 
 
The 'Cameron' EU policy: Progressive meltdown epitomised by ECJ rejection of 'bankers’ bonus' case
The pace of collapse seems to be accelerating – and the commercial consequences for the UK may well intensify correspondingly, especially for the City of London.
 

 


© Graham Bishop

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