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28 July 2016

This week in "Brussels"


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EBA, MREL, stress tests, resolution financing arrangements, HBOS failure, ESMA, MAR, UCITS, G20, Brexit and more.


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Asset Management Corporate Governance/Accounting Financial Services Policy
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  Articles from 21 July 2016 - 28 July 2016

  Banking
 
 
EBA consults on the minimum requirement for own funds and eligible liabilities (MREL)
The interim report is addressed to the European Commission, and it will inform a future legislative proposal on the implementation of the Financial Stability Board's "total loss-absorbing capacity" (TLAC) standard in the EU and the review of MREL.   View Article
EBA consults on credit risk management practices and accounting for expected credit losses
These Guidelines aim at ensuring sound credit risk management practices associated with the implementation and on-going application of the accounting for expected credit losses.  View Article
Financial Times: Stress tests add pressure on European banks
A new European banks research paper from analysts at Credit Suisse predicts that more than a quarter of the lenders it has studied will fall below minimum capital requirements in the stress test’s “adverse scenario”.  View Article
EBA consults on the treatment of connected clients for large exposures
These draft Guidelines focus exclusively on the issue of connected clients as defined in the Capital Requirements Regulation (CRR) and they reflect the developments in the area of shadow banking and large exposures both at EU and international level.  View Article
EBA consults on the appropriate basis for the target level of resolution financing arrangements
The EBA launched a consultation on its report on the reference point for the target level of national resolution financing arrangements. The appropriateness of the basis for the target level is assessed on the basis of a number of qualitative criteria and historical data.   View Article
EBA publishes final draft technical standards on assessment methodology
The EBA published the final draft RTS specifying the assessment methodology competent authorities shall follow in assessing the compliance of an institution with the requirements for the use of the IRB Approach.   View Article
Financial Times: Bank regulators, be careful what you wish for
The Bank of England’s announcement that UK banks can reduce the “rainy day” capital they had previously been asked to hold — as a countercyclical buffer — is a welcome piece of regulatory dexterity in a Britain that may be entering recession.   View Article
House of Commons: HBOS failure: lessons for the regulators
The Treasury Committee published 'Review of the reports into the failure of HBOS, which draws together the findings of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority's (PRA) review into the failure of HBOS.  View Article
BBA reveals a consumer-led revolution in digital banking
The Way We Bank Now report shows a dramatic increase in consumers using digital banking and new technologies to manage their money. The use of phone, internet and mobile banking have all increased in recent years, with customers now having more contact with their banks than ever before.  View Article
Financial Times: Draghi backs public bailout of Italy’s ailing banks
ECB's Mario Draghi backed a public bailout of Italy’s troubled banks “in exceptional circumstances”, even as he hailed the eurozone for its resilience in the aftermath of Britain’s decision to quit the EU and left interest rates on hold.  View Article
British Banker’s Association: Setting the gold standard for lending practices
The launch of the new Standards of Lending Practice demonstrates the continued commitment of banks to ensure personal customers are fully supported when they apply for unsecured credit.  View Article
 
  Securities
 
 
ESMA finalises standards on sanctions and measures under MAR
ESMA issued final implementing technical standards regarding sanctions and measures which will implement the Market Abuse Regulation.  View Article
 
  Insurance
 
 
Commercial Risk Europe: Insurance Europe raises concerns as global insurance capital standard moves a step closer
Moves to create a global risk-based global insurance capital standard came a step closer this week as the International Association of Insurance Supervisors (IAIS) published its Insurance Capital Standard (ICS) document.  View Article
Commercial Risk Europe: Insurance Act implementation marred by inconsistency
With implementation just weeks away, aspects of the UK’s new Insurance Act are likely being overlooked, while the insurance market has been criticised for a lack of consistency.  View Article
Insurance Europe: Proposed format for standardised consumer and digital friendly IPID developed
Insurance Europe has developed its own proposed format for the standardised insurance product information document (IPID) for non-life insurance products, to support work by the EIOPA and the European Commission in developing a standardised IPID.  View Article
 
  Asset Management
 
 
ESMA publishes updated UCITS Q&A
ESMA published an updated questions and answers document on the application of the Undertakings for the Collective Investment in Transferable Securities Directive.  View Article
EFAMA’s Report on ESMA’s supervisory work on potential closet index tracking
ESMA’s work on closet indexing raises legitimate questions about the quality of information given by funds that are not actively managed but claim to be actively managed.   View Article
 
  Corporate Governance/Accounting
 
 
EBA publishes guidelines on communication between supervisors and statutory auditors
Effective communication between the competent authorities and auditors should contribute to fostering financial stability and safety and soundness of the banking system by facilitating the task of supervision of credit institutions.   View Article
 
  Financial Services Policy
 
 
FSB Chair updates G20 Finance Ministers and Central Bank Governors on progress in advancing the FSB’s 2016 priorities
The Financial Stability Board published a letter from Mark Carney, Chair of the FSB, which was sent to G20 Finance Ministers and Central Bank Governors ahead of their meeting in Chengdu on 23-24 July.  View Article
 
  International/G20
 
 
G20 Finance Ministers and Central Bank Governors Communiqué
The G20 stated that global economic recovery continues but remains weaker than desirable, and warned that "the outcome of the referendum on the UK’s membership of the EU adds to the uncertainty in the global economy."  View Article
ACCA: Brexit uncertainty is a key threat to fragile global business confidence
Latest quarterly global survey from ACCA and IMA reveals a subdued sentiment, with many more firms scaling back investment. Dip in confidence across the OECD linked to Brexit uncertainty, which is set to continue as the UK commences a complex multi-year process to extricate itself from the EU.   View Article
 
  Grahams Articles, Comments & Speeches
 
 
Brexit and CMU
The CMU project should – and must – survive Commissioner Hill and Brexit because it was a major plank in Commission President Juncker’s “Political Guidelines” – effectively his manifesto for his term of office.   View Article
 

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