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12 February 2015

This week in "Brussels"


More: EBF response to EBA consultation on draft guidelines on product oversight and governance arrangements for retail banking products

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  Articles from 05 February 2015 - 12 February 2015

  Banking
 
 
EBF response to EBA consultation on draft guidelines on product oversight and governance arrangements for retail banking products
The Guidelines aim at strengthening market confidence - an objective EBF considers a priority.
EBF response to EBA consultation on draft ITS amending ITS on supervisory reporting on LCR
The EBF noticed several inconsistencies and informed and communicated them to the European Commission, with recommendations to fix them.
EBF response to EBA consultation on draft RTS on valuation
The valuation exercise proposed in the document is an attempt to set objective values which EBF believes of difficult practical application.
EBF response to consultation on draft RTS on contractual recognition of bail-in
The EBF strongly supports the implementation of the BRRD and recognises the importance of the bail-in power to achieving the objectives of resolution.
EBF response to EBA consultation paper on draft guidelines on the rate of conversion of debt to equity in bail-in
Determining conversion rates is closely related to valuation and the treatment of shareholders in bail-in. Conversion rates therefore cannot be treated in isolation.
EBF response to the FSB’s consultative document on Total Loss Absorbing Capacity
EBF is supportive of a common standard to ensure that sufficient resources exist to safely resolve all covered banks, without impacting critical functions or using taxpayer funds.
European Payments Council 2.0
The EPC has adapted its structure to further enhance governance and stakeholder involvement.
BIS published indicators of global liquidity and analysis of oil market developments
The updated set of indicators of global liquidity are intended as measures of the ease of financing in global financial markets.
 
  Securities
 
 
Reuters: Securitisation to get a kick out of European Commission's market proposal
Commission's green paper may lead to securitisation proposal after summer.
Joint Forum released report on credit risk management across sectors
The Joint Forum surveyed supervisors and firms in the banking, securities and insurance sectors globally in order to understand the current state of credit risk management, given the significant market and regulatory changes since the 2008 financial crisis.
AFME published “Post Trade explained: The role of post-trade services in the financial sector”
The report argues that further reform of post trade regulations is necessary to achieve integrated and efficient European capital markets.
ALFI’s response to the ESMA consultation paper on EMIR
The response covers contracts in which the notional varies over time, the improvement of data quality and the definition of "seller".
 
  Insurance
 
 
Commercial Risk Europe: Solvency II at risk from EIOPA budget cut
EIOPA's budget cut could threaten the delivery of Solvency II and other regulatory projects. According to EIOPA's executive director, it will also challenge EIOPA's ability to ensure strong and consistent insurance supervision in Europe.
Insurance Europe comments on the OECD’s discussion draft : BEPS action point 4
Insurance Europe supports the aims of the OECD Base Erosion and Profit Shifting (BEPS) Action Plan to address weaknesses in the international tax environment and supports the objectives of the discussion draft to address BEPS practices using interest and economically equivalent payments.
 
  Asset Management
 
 
ICMA: Trade bodies launch guide to best practice for EU corporate private placement market
The guide sets out a voluntary framework for common market standards and best practices which are essential for the development of a Pan-European Private Placement market aimed at providing medium to long term finance to European mid-sized companies.
EIOPA published a report on costs and charges of IORPs
Costs and charges are a key issue when considering the value for money or affordability that IORPs deliver, since these may have an important, and potentially detrimental, impact on the accrued benefits or calculated contributions.
EIOPA starts working on infrastructure investments
To produce the best possible outcomes on this challenging task, EIOPA plans to actively engage with stakeholders.
AFME responds to IOSCO Consultation Report: Principles regarding the Custody of Collective Investment Schemes’ Assets
The response covers segregation of CIS assets and liability of a custodian.
SEI: Six trends shaping the next generation of exchange-traded funds
Industry analysts expect ETFs to gain even greater momentum in the years ahead, with some projecting a rise to USD5 trillion in total assets by 2020.
 
  Corporate Governance/Accounting
 
 
EFRAG: Draft comment letter on disclosure Initiative (proposed amendments to IAS 7)
EFRAG has not reached a consensus on whether the proposals are appropriate. Therefore, its Draft Comment Letter sets out different views and seeks input from constituents.
EFRAG: Feedback statement to 'Presentation of the reversal of acquisition step-ups'
The paper addressed if specific information should be provided about the reversal of step-ups in the post-acquisition financial statements of the acquirer.
EFRAG: Feedback statement to 'Levies: What would have to be changed in IFRS for a different accounting outcome'
The paper revisited the main changes proposed in the IAS 37 amendment project to assess whether to modify the consensus in IFRIC 21 to address concerns expressed by European constituents.
IASB: New proposals to clarify the classification of liabilities in IAS 1
The proposed amendments are designed to improve presentation in financial statements by clarifying the criteria for the classification of a liability as either current or non-current.
ECIIA: Internal audit with “voice” for banking industry
The newly-formed banking committee of the ECIIA aims to provide a unified voice for internal auditors to speak on the sweeping regulatory changes affecting the banking industry.
 
  Financial Services Policy
 
 
FSB Chair's letter to G20 on financial reforms – Finishing the post-crisis agenda and moving forward
The letter from the FSB Chair to G20 Finance Ministers and Central Bank Governors sets out the FSB’s work programme to advance these goals during the Turkish G20 Presidency in 2015.
Financial Times: If Britain goes - City divided on UK relationship with EU
Investment banks are pushing for Britain to stay in the EU while some hedge funds are campaigning for an exit in a fiercely contested debate ahead of the general election in May.
 

 


© Graham Bishop

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