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17 April 2014

This week in "Brussels"
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Articles from 10 April 2014 - 17 April 2014

Banking

EP approves key elements of Banking Union
MEPs approved the Single Resolution Mechanism (SRM) for eurozone banks, EU-wide rules for the winding down of failed banks – the Bank Recovery and Resolution Directive (BRRD) – and upgraded rules to protect deposits up to €100,000 (DGS). (Includes comments by Barnier, Schulz, Bowles, EBF.)  View Article
EBA updates its work programme for 2014
The EBA informs on an addendum to its work plan for 2014 following a series of calls for advice from the European Commission. The additional work will mostly consist of technical advice on a number of topics related to provisions in the CRR/CRD.   View Article
EBA technical standards on supervisory reporting endorsed with amended calendar
In accordance with an Opinion issued by the EBA, the remittance dates of the first set of supervisory reports will be postponed from April/May 2014 to end June 2014, but there is no change to reference dates.   View Article
EBA publishes list of incorrect ITS validation rules
The EBA issued a list of incorrect validation rules found in its ITS on supervisory reporting. The Authority informed that as a consequence, data submitted in accordance with these ITS should not be validated against the published set of incorrect rules.  View Article
Reuters: Europe's banks prepare for ECB tests with new provisions
The tens of billions of euros eurozone banks set aside for loan losses in their latest annual accounts may have substantially reduced the chance of institutions failing ECB stress tests in the next few months.  View Article
BCBS: Supervisory framework for measuring and controlling large exposures - final standard
The Basel Committee sets out a supervisory framework for measuring and controlling large exposures. It is scheduled to take effect from 1 January 2019 and will supersede the Committee's 1991 standard on this topic.   View Article
EBF responds to Basel III consultation on NSFR
The EBF submitted comments to the BIS' consultation on the NSFR. The EBF appreciates the potential of the NSFR to contribute to enhancing the resilience of the banking sector by limiting the risks associated with excessive maturity mismatches on banks’ balance sheets.  View Article
BCBS: FAQs on Basel III's January 2013 Liquidity Coverage Ratio
The Basel Committee issued frequently asked questions on Basel III's liquidity coverage ratio (LCR).   View Article
EPC Blog: Commission's PSD2 risks undermining consumers' refund right under SEPA
The PSD2 article 67, "refunds for payment transactions initiated by or through a payee", proposed by the EC, risks undermining consumers' unconditional refund right for direct debits included with SEPA Direct Debit Core Scheme.   View Article

Securities

EP approves revised Markets in Financial Instruments Directive
The European Parliament approved new rules on the trading of financial instruments that aim to curb speculative trading and offer better protection to investors. Regulators must now put the MiFID II rules into practice.  View Article
EP votes on CSD regulation
The European Parliament has adopted in plenary session a Regulation on securities settlement and central securities depositories.  View Article
ESAs consult on draft technical standards under EMIR
The European Supervisory Authorities launched a joint consultation on draft Regulatory Technical Standards outlining the framework of the European Market Infrastructure Regulation (EMIR).  View Article
Risk.net: EMIR reporting launch was satisfactory
Thousands of companies were stuck in queues when EMIR took effect, some TRs were overwhelmed, and over half of the one-sided trade reports filed so far cannot be matched up with the second side of the transaction. For ESMA official Petrenko, however, EMIR's start was satisfactory.  View Article
BoE/ECB: The impaired EU securitisation market - causes, roadblocks and how to deal with them
This joint paper, written for the G20/IMF spring meetings, states that the shrinking market is a concern because securitisation, if appropriately structured and regulated, can complement other long-term wholesale funding sources for the real economy. (Includes comment by AFME.)  View Article
Reuters: EU law to 'revolutionise' securities settlement
The ECB's new platform for settling trillions of euros of stock and bond trades will trigger a shake-up in the business, the head of one of Europe's biggest settlement houses said. He expects only three or four big settlement houses offering cross-border services will be left standing.  View Article
Risk.net: Small corporates not reporting derivatives trades says Bafin
Many non-financial corporates in Europe are still not ready to report their derivatives trades, according to Stefan Pankoke, deputy director of over-the-counter derivatives markets at Bafin.   View Article
Bafin: Action plan to reduce references to external ratings
Together with the Federal Ministry of Finance and the Deutsche Bundesbank, BaFin has published a German action plan to reduce over-reliance on external ratings in legal provisions, laws and regulations.  View Article
IFR: ICE to clear European sovereign CDS
The IntercontinentalExchange will begin clearing Western European sovereign credit default swaps at the end of April, after receiving a green light from regulators.  View Article
Bloomberg: Global financial regulators revised derivative rules
In a victory for banks, global financial regulators revised rules governing how much money must be set aside to cover losses by swaps traders, backing away from guidelines that firms warned would destabilise the $693 trillion derivatives market.  View Article
FSB Chair's letter to G20 ministers and governors on financial reforms
Mark Carney highlighted three areas where the support of G20 ministers and governors will be essential in the coming months: ending too-big-to-fail; transforming shadow banking to resilient market-based financing; and making derivatives markets safer.  View Article

Insurance

Council approves amending rules for the insurance industry
The Council approved amendments to EU rules for the insurance industry in respectof the powers of two EU-level supervisory authorities ESMA/EIOPA.  View Article
Risk.net: Insurers to repackage assets for matching adjustment
Repackaging assets that fail to meet the criteria for Solvency II’s matching adjustment could be one way for insurers to secure capital relief and hold on to attractive yields. This article reports on the structures being considered and the alternative options available.  View Article
Risk.net: Progressive insurers revise approach to sovereign risk
Insurers have said repeatedly that capital charges under Solvency II’s standard formula are too high. There is one asset class, though, which both the more conservative firms and supervisors agree is treated too leniently: sovereign bonds.  View Article
Commercial Risk Europe: Reinsurance buyers can expect long-term benefits
As traditional reinsurers look to match the lower pricing supplied by the abundant alternative capital in the market buyers can now realistically hope for a future without heavy margin loading for peak zones, Aon Benfield said this week.  View Article

Asset Management

EP adopts amended UCITS V directive
MEPS adopted in plenary the amended Directive on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities as regards depositary functions, remuneration policies and sanctions (UCITS V).  View Article
EIOPA: third-pillar harmonisation not undermining occupational schemes
Plans to create a single market for personal pensions should not be seen as undermining the second-pillar system, according to Gabriel Bernardino, chairman of EIOPA.  View Article
EIOPA and National Bank of Slovakia hold a conference on personal pensions
EIOPA and the National Bank of Slovakia (NBS) held a conference dedicated to the creation of a single market for personal pensions in the EU.  View Article
PensionsEurope: Updated impact assessment on requirements of IORP II
PensionsEurope published an updated impact analysis of the administrative burden of a new IORP II proposal on the European IORPs. The report includes remarks about difficulties or shortcomings faced in the process by five European countries.  View Article
Reuters: States say draft EU rules could undermine market benchmarks
Draft EU law to regulate financial instruments could undermine major market benchmarks such as Brent crude unless the same rules apply to non-EU countries, Britain and four other EU nations warned.  View Article
IOSCO research publishes paper on corporate bond markets
IOSCO's Staff Working Paper "Corporate Bond Markets: A Global Perspective": findings from an in-depth study on the development and functioning of corporate bond markets globally.  View Article
Hedgeweek: Governance and risk management for Alternative Investment Funds
Vincent Reilly, Head of Alternative Investments and Jorge Fernandez Revilla, Director of KPMG Ireland analyse the re-shaping effects of the Alternative Investment Fund Managers Directive (AIFMD) on the AIF industry in Europe and beyond.   View Article

Corporate Governance/Accounting

EP adopts rules on corporate governance
The plenary of the European Parliament adopted the directive on disclosure on non-financial and diversity information by certain large companies and groups. (Includes comment by ACCA.)  View Article
FEE's comments on a better framework for EFRAG
FEE issued its comment letter to EFRAG on "Getting a Better Framework - Complexity Bulletin". FEE supports EFRAG's initiative to stimulate debate on key issues related to the IASB Conceptual Framework.  View Article
EFRAG: Report on the findings on the proposed simplifications to IASB ED Leases
The report summarises the findings from a limited survey on the proposed simplifications to the accounting for lessees under IASB’s ED Leases. The limited survey was carried out by EFRAG in association with ANC, ASCG, FRC and OIC.  View Article
EFRAG: Draft comment letter on the IASB's disclosure initiative
EFRAG published its draft comment letter on the IASB's ED/2014/1 disclosure initiative (Amendments to IAS 1). Comments are requested by 12 May 2014.  View Article
IASB/Hoogervorst: Accounting and moral hazard
Hans Hoogervorst, Chairman of the IASB, said in a recent speech that moral hazard was the root cause of the global financial crisis and eliminating information asymmetry was the key to minimising it.  View Article

Financial Services Policy

EP adopts directive on payment accounts
The European Parliament has adopted in plenary session the Directive on the transparency and comparability of payment account fees, payment account switching and access to a basic payment account.  View Article
EP endorses trilogue on pre-contractual information documents
The European Parliament endorsed the outcome of the inter-institutional trilogue and voted in a new pre-contractual information document for retail consumers, a Key Information Document (KID).  View Article

Graham Bishop’s Articles and Speeches

Brussels for Breakfast (98) with Graham Bishop and Nickolas Reinhardt (Afore Consulting)
The April B4B meeting was dominated by discussion of the imminent European elections, the composition and structure of the next EP and new Commission. Also mentioned was the rethink about securitisation from Barnier, BoE, ECB, et al..   View Article
Graham Bishop's Blog: Greece - This is NOT the moment to default
Greece has just made a major step forward in its recovery by obtaining a modest amount of funding from the international capital markets. Achieving durable primary and current account surpluses have always been the prerequisite for Greece to contemplate default. But doing it now/soon?  View Article





© Graham Bishop

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