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19 February 2015

This week in "Brussels"
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Articles from 12 February 2015 - 19 February 2015

Banking

EBA advises on the definition of eligible capital
On the basis of information gathered during the first year of application of the Capital Requirements Regulation, the EBA provides its preliminary views which are relevant for the large exposures framework, as well as for investment firms and qualifying holdings.  View Article
EBF response to EBA’s consultation paper on draft guidelines on arrears and foreclosure
The EBF welcomes the EU Institutions’ decision regarding the Mortgage Credit Directive to adopt a high-level principles-based approach to allow National Competent Authorities to implement the guidelines according to their national specificities.  View Article
EBF response to EBA’s consultation paper on draft guidelines on creditworthiness assessment
The EBF supports the introduction of guidelines to ensure consistency in the implementation of the Mortgage Credit Directive across EU Member States.  View Article
EBF response to EBA consultation on "Draft Guidelines on methods for calculating contributions to Deposit Guarantee Schemes"
EBF advocates an evolutionary approach to harmonising the risk based methodology over time.   View Article
EBF: Interest rate risk in the banking book – FAQs
This publication has been prepared in response to the questions raised during outreach meetings.   View Article
FCA to investigate competition in investment and corporate banking services following review of wholesale markets
Its review into competition in the wholesale sector found that limited clarity over price and quality of services may make it difficult for clients to assess whether they are getting value for money, and that the bundling and cross selling of services could make it difficult for new entrants.  View Article
BoE: Estimating the extent of the ‘too-big-to-fail’ problem
A review of existing approaches.  View Article

Securities

European Commission consults on Capital Markets Union - Green Paper
The Commission launched a three-month consultation round, known as a Green Paper, the outcome of which will shape an Action Plan to help unlock non-bank funding so that start-ups can thrive and larger companies can expand further.   View Article
European Commission: Consultation on the review of the Prospectus Directive
The aim is to make it easier for companies (including SMEs) to raise capital throughout the EU while ensuring effective investor protection.  View Article
European Commission: Public consultation on securitisation
An EU-wide initiative on 'high-quality' securitisation would need to ensure high standards of process, legal certainty and comparability across securitisation instruments through a higher degree of standardisation of products.  View Article
EU Council backs European Commission proposal to fight against the manipulation of financial benchmarks
The EU has taken a further step towards restoring public trust in financial benchmarks in the wake of recent scandals over the manipulation of the LIBOR and EURIBOR benchmarks.  View Article
ESMA published Addendum Consultation Paper to implementing rules for MiFID II/MiFIR
The paper complements the transparency section of the Consultation Paper on MiFID II/MiFIR published on 19 December 2014.  View Article
ESMA published annual report and supervisory focus for CRAs and TRs
The report summarises the key actions taken during 2014 and outlines ESMA’s supervisory work plans for 2015.  View Article
Reuters: Big Three ratings agencies defy new curbs to regain pre-crisis clout-watchdog
Lawmakers on both sides of the Atlantic passed a raft of rules to better supervise the agencies, and the United States even banned the use of ratings in some instances. Yet ESMA said as demand for rating securitized debt fell, ratings for high-yield corporate debt filled the gap.  View Article
Reuters: Britain will apply EU rules on dealing commission as proposed
At present, brokers supply research to investment firms for no upfront cost, and instead expect to be rewarded with orders to execute market trades.  View Article
Wall Street Journal: New rules on bank capital, swaps clearing set to clash
A new rule requiring banks to hold extra capital against all the assets on their books may have the unintended effect of undermining a central plank of the 2010 Dodd-Frank law aimed at boosting the safety of the multitrillion-dollar swaps market, CFTC warned.  View Article
EFAMA’s position on the ESMA consultation on RTS on reporting under Article 9 of EMIR
EFAMA highlights important issues that are not covered in the consultation but that they believe ESMA should consider in its proposed Implementing Technical Standards.  View Article
EFAMA comments on criteria for identifying simple, transparent and comparable securitisations
EFAMA believes that BCBS/IOSCO’s proposed criteria are not sufficient to restore confidence and invest into securitised instruments.   View Article
EBF response to BCBS/IOSCO consultation on criteria for identifying simple, transparent and comparable securitisations
"The proposal presented by the EBA is a framework of reference for the EU securitisation market."   View Article
GFMA responds to BCBS/IOSCO on criteria for identifying simple, transparent and comparable securitisations
Response from the Joint Associations of AFME, ASIFMA, SIFMA, ICMA, IIF and ISDA.  View Article
IOSCO continues work to strengthen global securities markets as drivers of economic growth
The Board of the IOSCO met in Seoul this week to push forward IOSCO’s work on securing strong, safe and efficient securities markets, which are drivers of global economic growth.   View Article
AMF supports listed companies in meeting their new disclosure obligations
AMF also published a recommendation on interim and quarterly financial reporting.  View Article
Traders Magazine: What's causing the delays in new OTC derivatives rules?
The 18-month stalemate between regulators in the US and EU continues to hobble clearing operations in the OTC derivatives market, raising costs and risk for buyside firms and increasing concentration levels among remaining CCPs.   View Article

Insurance

Insurance Europe's response to the IAIS consultation on a risk-based global Insurance Capital Standard
"The currently envisaged IAIS timeline for the ICS is very ambitious."  View Article
Insurance Europe: Retail investor information should be tailored to the product
Insurance Europe has responded to ESAs discussion paper on key information documents for packaged retail and insurance-based investment products.   View Article
Commercial Risk Europe: FERMA pledges to focus on EU regs in 2015 with captives, SII and ELD top targets
Ferma said the promises will help the federation to meet its strategic objectives: to be a significant stakeholder at European Union level, coordinate and support the development of risk management and ensure sustainability.  View Article

Asset Management

Hedgeweek: Impact of the AIFMD on private equity activity in the EU
Recent research by the Institutional Limited Partners Association highlights growing discontent with the implementation of the AIFMD within the EU.  View Article
Hedgeweek: Managers continue to use Guernsey’s AIFMD private placement regime
As at 31 January 2015, 46 Guernsey Alternative Investment Fund Managers have used the National Private Placement regime to market Alternative Investment Funds into Europe.  View Article
ESMA published technical advice on implementing measures on Social Entrepreneurship and Venture Capital Funds
The report covers types of goods, conflicts of interest, the measurement of social impact and the information managers should provide to investors.  View Article
PensionsEurope published Position Paper on EIOPA plans for further work on solvency of IORPs
PensionsEurope reaffirmed its opposition to EIOPA’s Holistic Balance Sheet project and called on EIOPA to divert its energies to tackling more pressing pension challenges.   View Article
OECD warns over ‘aggressive interpretation’ of bond covenants
The report analyses trends in secondary bond markets, including market liquidity, the role of market makers and the relatively slow introduction of electronic trading systems.   View Article
The Investment Association published paper on comprehensive disclosure of costs and charges
The paper outlines the trade body’s contributions to this area over the last three years and provides new proposals for discussion with regulators, government, the industry, and investors and their representatives.  View Article

Corporate Governance/Accounting

EFRAG: Amendments to IFRS 10 and IAS 28
EFRAG has recommended to the European Commission to postpone the endorsement process on the amendments.  View Article
EFRAG: Feedback statement on the IASB’s paper Reporting the Financial Effects of Rate Regulation
The feedback statement summarises the views expressed by European users during outreach activities.  View Article
FEE´s comment letter on the IESBA consultation Improving the Structure of the Code of Ethics for Professional Accountants
FEE agrees with the consultation's emphasis on the importance of the principles-based conceptual framework.  View Article
OECD: Corporate governance, value creation and growth
This report provides a comprehensive global overview of all corporate bond issues since 2000 and experiences of governance engagement by bondholders.  View Article

Financial Services Policy

Unlocking Funding for Europe's Growth - European Commission consults on Capital Markets Union
The European Commission launched its landmark project to unlock funding for Europe’s businesses and to boost growth in the EU’s 28 Member States with the creation of a true single market for capital.  View Article
EBF and Insurance Europe commented on Green Paper on Capital Markets Union
“Capital Markets Union must unlock the latent potential of EU financial markets."  View Article
AFME commented on launch of Green Paper on capital markets union
"Capital markets union is an essential reform project to revive the EU economy, and the financial industry can and will make an important contribution."  View Article
FRC, IASB: Statements in response to the EC’s Green Paper on a Capital Markets Union
FRC and IASB support the goal of the proposed Capital Markets Union.  View Article
ACCA welcomes the publication of the Green Paper on CMU
ACCA shares the view that to create a supportive environment - especially for small businesses - it is crucial to both remove cross-border investment obstacles and to lower the cost of capital in order to have it flowing again and put to productive use.  View Article
ECB: Peter Praet - Interview with Jornal de Negócios
Interview covering Troika, quantitative easing and its impacts.  View Article

Grahams Articles, Comments & Speeches

107th Brussels for Breakfast
Main topics included: Grexit, Brexit, CMU and FSB/BCBS.  View Article
Time for Greece to take the olive branches
TINA – the game of chicken is between a Fiat 500 and a 50-ton main battle tank  View Article

Think Tanks/EP groups

CEPS: Which union for Europe’s capital markets?
Despite years of harmonising regulation and a single currency, Europe’s capital markets remain fragmented.  View Article





© Graham Bishop

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