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19 November 2015

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

  Banking
 
 
ECB concludes comprehensive assessment for nine banks
None of the nine banks fell below the threshold ratio of 8% CET1 after the AQR, while the effect of the combined AQR and stress test resulted in five banks falling below the threshold ratio of 5.5% CET1 in the adverse scenario.  View Article
BCBS: Finalising post-crisis reforms and Basel III implementation - Basel Committee reports to G20 Leaders
The Basel Committee on Banking Supervision published two reports for the G20 Summit: Finalising Post-crisis Reforms and an update on the implementation of Basel III standards.  View Article
EBA consults on criteria for a preferential treatment in cross-border intragroup financial support under LCR
The purpose of these RTS is to specify the additional objective criteria listed in the delegated act, for the application of a preferential treatment in the calculation of the liquidity coverage requirement (LCR) for cross-border intragroup liquidity flows.  View Article
EBA publishes benchmarking report on the use of higher ratios for variable remuneration
The EBA published a report benchmarking the institutions' remuneration practices concerning the use of the possibility to increase the maximum ratio between variable and fixed remuneration up to 200%.   View Article
EBA consults on draft guidelines on the treatment of CVA risk under SREP
These EBA's guidelines aim to provide a common European approach to the assessment of Credit Value Adjustment risk under SREP, including adequacy of capital to cover for this risk, and the determination of any potential additional own funds requirements.   View Article
Council adopts updated rules on electronic payment services
The directive aimed at further developing an EU-wide market for electronic payments incorporates and repeals directive 2007/64/EC.   View Article
Reuters: Apple and banks spoil for electronic-payment fight
Apple and some of America’s largest banks are spoiling for an electronic-payments fight. Capital One, JPMorgan, U.S. Bancorp and Wells Fargo are among those in talks to let customers send money over the iPhone maker’s network.   View Article
EBA updates on remuneration practices and the use of allowances across the EU
The EBA published a follow-up report on the actions taken to ensure that by 31 December 2014 those institutions using the so called ‘role-based allowances' adjust their remuneration policies in line with the criteria set out in the Opinion.   View Article
City A.M.:Andrew Tyrie tells regulators "not give in to special pleading from banks" over post-crisis regulations
In a speech at the City, the Treasury Select Committee Chair Tyrie endorsed ring-fencing reforms and said “there is a lot more work to do” to make sure Britain’s biggest banks are in a position to be “resolved”, or fail without a public bailout.  View Article
Financial Times: Beyond Banking - Lenders face mortgages challenge from P2Ps
House-hunters will soon be arranging more mortgages through online peer-to-peer platforms as the new breed of marketplace lender branches out from unsecured consumer credit into areas such as car and home loans.  View Article
Financial Times: Why banks come back to return on equity
Credit Suisse’s new chief executive Tidjane Thiam is trying to upend decades of received wisdom about how bank performance should be measured. He set out a number of new targets last month, and return on equity was conspicuous by its absence.   View Article
 
  Securities
 
 
Council adopts transparency rules on securities financing transactions
The regulation is intended to counter the risk of trading activities developing outside the regulated banking system, or otherwise without proper oversight.   View Article
Insurance Europe publishes its response to the Commission’s proposals on STS securitisation
Insurance Europe is favourable to the Commission’s approach to reforming the regulations around securitisation through the STS definition. In common with most other voices in this debate, including PCS, it believes the proposed STS definition is broadly correct and workable.  View Article
EU Commission adopts equivalence decisions for CCPs in Canada, Switzerland, South Africa, Mexico and the Republic of Korea
The European Commission determines that five countries (Canada, Switzerland, South Africa, Mexico and the Republic of Korea) have the equivalent regulatory regimes for central counterparties as the European Union.  View Article
ICMA announces publication of 2015 Universal Resolution Stay Protocol with Securities Financing Transaction Annex
The Protocol builds on the version developed in 2014 in close co-ordination with the Financial Stability Board which focused on amending ISDA Master Agreements for OTC bilateral derivatives to improve the effectiveness of cross-border bank resolution actions.  View Article
FSB welcomes extension of industry initiative to promote orderly cross-border resolution of G-SIBs
Under the protocol, counterparties agree to the cross-border enforceability of existing statutory stays on resolution-related early termination and other default rights in OTC bilateral derivatives contracts and securities financing agreements.  View Article
FSB publishes reports on transforming shadow banking into resilient market-based finance
The reports mark further progress in the FSB’s strategy in the three ways that are in accordance with the actions and deadlines set out in the roadmap towards strengthened oversight and regulation of shadow banking endorsed by the G20 Leaders at the Brisbane Summit in November 2014.  View Article
ESMA consults on the validation and review of CRAs’ methodologies
The Discussion Paper provides background on validation practices in the credit rating industry, shares good practice observed by ESMA in its recent supervisory investigation in validation and seeks stakeholders’ views on the validation and review of CRAs’ methodologies.   View Article
ICMA: Post crisis regulation is driving radical change in the European repo market
The European Repo Council of ICMA launched a new study: ‘Perspectives from the eye of the storm: the current state and future evolution of the European repo market’, which explains how the repo market in Europe is changing in response to regulatory pressures.  View Article
ESMA updates EMIR standards on data reporting
EMIR requires counterparties to report their derivative trades to trade repositories following a defined data format.  View Article
ESMA makes available pan-EU data on suspensions and removals from trading
ESMA launched a new database which makes available information on suspensions and removals from trading including restoration details that national supervisory authorities have to notify under the Markets in Financial Instruments Directive.  View Article
FSB publishes Standards and Processes for Global Securities Financing Data Collection and Aggregation
Securities financing transactions such as securities lending and repos play a crucial role in supporting price discovery and secondary market liquidity for a variety of securities. However, such transactions can also be used to take on leverage as well as maturity and liquidity mismatched exposures.  View Article
ESMA Chair and ED give statements to ECON on leading ESMA for a further 5 years
Mr Maijoor and Ms Ross were invited by the ECON for an exchange of views following the decision of ESMA’s Board of Supervisors to extend their terms of office for a further five years.   View Article
 
  Insurance
 
 
The IFSB and IAIS release joint paper on issues in regulation and supervision of Microtakāful (Islamic Microinsurance) sector
The main objective of this paper is to highlight and identify regulatory issues prevailing in the Microtakāful sector and outline the role this sector can play in enhancing financial inclusion.  View Article
EIOPA and supervisory convergence – The beginning of a new journey
EIOPA Chair Bernardino addresses the following three strategic priorities for EIOPA going forward: supervisory convergence; reinforcing preventive consumer protection; and preserving financial stability.  View Article
 
  Asset Management
 
 
EFAMA: Sharp fall in net sales of UCITS In August 2015 triggered by volatile markets
UCITS experienced a sharp decline in net sales registering €9 billion, compared to the net inflows of €63 billion in July. This can be attributed to outflows from equity and bond funds, as well to a reduction of net inflows into balanced funds and money market funds.   View Article
IPE: Dutch government rejects EIOPA's pan-European pensions product
The Dutch Cabinet has rejected the standardised pan-European pensions product (PEPP) proposed by the European Insurance and Occupational Pensions Authority.  View Article
IPE: Bernardino champions Europe-wide occupational DC framework
Gabriel Bernardino has suggested that there should be a Europe-wide framework governing occupational defined contribution pension funds.  View Article
Hedge fund diversification highlighted by AIMA, CAIA Association report
Hedge fund diversification and the particular benefits that hedge funds offer to a variety of investors are highlighted in a new report by AIMA, and the CAIA Association.  View Article
Financial Times: Pressure mounts on fund managers to disclose hidden fees
New draft European rules are piling pressure on fund managers to come clean about hidden fees that can reduce dramatically the value of individuals’ retirement pots.  View Article
 
  Corporate Governance/Accounting
 
 
ESMA's response to EFRAG on the IASB’s EDs concerning Conceptual Framework for Financial Reporting
ESMA has published its comment letter to EFRAG in response to the IASB’s Exposure Drafts Conceptual Framework for Financial Reporting and Updating References to the Conceptual Framework: Proposed amendments to IFRS 2, IFRS 3, IFRS 4, IFRS 6, lAS 1, lAS 8, lAS 34, SIC-27 and SIC-32.  View Article
ESMA's response to the IASB’s EDs on Conceptual Framework for Financial Reporting
ESMA has published its comment letter in response to the IASB’s Exposure Drafts Conceptual Framework for Financial Reporting and Updating References to the Conceptual Framework: Proposed amendments to IFRS 2, IFRS 3, IFRS 4, IFRS 6, lAS 1, lAS 8, lAS 34, SIC-27 and SIC-32.  View Article
EFRAG: Feedback statement to IFRS 10 and IAS 28
EFRAG has published a feedback statement following the publication of its final comment letter on the IASB's ED Effective Date of Amendments to IFRS 10 and IAS 28.  View Article
EFRAG: Draft comment letter on the draft IFRIC Interpretation DI/2015/1 Uncertainty over Income Tax Treatments
EFRAG has published its draft comment letter in response to the draft IFRIC Interpretation DI/2015/1 Uncertainty over Income Tax Treatments and seeks constituents’ views on the proposals. Comments on the draft comment letter are requested by 13 January 2016.  View Article
EFRAG: draft comment letter on the foreign currency transactions and advance consideration
EFRAG has issued its draft comment letter on the IASB's draft interpretation Foreign Currency Transactions and Advance Consideration. EFRAG requests comments by 13 January 2016.  View Article
 
  International/G20
 
 
Bloomberg: G-20 Says Inequality Causes Instability as It Urges Tax Action
The Group of 20 is set to list inequality as a threat to both global stability and economic growth, as it urges more action against cross-border tax-dodging.  View Article
AFME and ICMA welcome G20 Infrastructure recommendations
Both associations have said that the recommendations "encourage infrastructure investment from governments to stimulate growth" and that they address "the market inefficiencies and legislative and regulatory disincentives which challenge infrastructure projects."  View Article
European Commission: EU finalises proposal for investment protection and Court System for TTIP
The EU has formally presented to the US its proposal for a reformed approach on investment protection and a new and more transparent system for resolving disputes between investors and states: the Investment Court System.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
Reforming the EU and Completing the Economic and Monetary Union
News headlines about the EU are dominated by the migration crisis but it cannot detract from the importance of securing the economic and financial stability of the Eurozone, and thus the EU as a whole.   View Article
115th Brussels for Breakfast
Hosted by the BBA and organised by the CSFI – with Graham Bishop and Raoul Ruparel of Open Europe. Topics included: Cameron speech on Brexit; Completing EMU and deepening the Single Market; TLAC; DGS; ECOFIN Conclusions on CMU (equivalence and securitisation); and MiFID II.  View Article
Heading for Spanish general election
Rajoy unveiled the seven pillars of his electoral programme as the latest polls show the PP would achieve a narrow victory on 20th December; still he would probably need C’s to pass legislation. But Catalan secession challenge and downgraded economic forecasts loom large in the electoral campaign.  View Article
 

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