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09 February 2017

This week in "Brussels"
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  Articles from 02 February 2017 - 09 February 2017

  Banking
 
 
ECFIN: Bank Lending Constraints in the Euro Area
This paper assesses the lending constraints faced by the banking sectors of euro area Member States arising from a combination of low profitability, adverse bank equity markets and the phase in of new capital requirements.  View Article
Financial Times: Trump prepares to take axe to Wall St regulation
Donald Trump has fired the starting gun on his efforts to take the post-crisis shackles off Wall Street by ordering the review of Dodd-Frank financial reform law, a move that triggered warnings from the left, as well as the EU’s financial regulation chief, of a new crash in the making.  View Article
Sky News: Draghi backs bank rules as Trump seeks deregulation
The president of the European Central Bank said a relaxation of banking rules is the "last thing we need" as Donald Trump takes aim at post-crisis regulation in the US.  View Article
Financial Times: Banks study loopholes to enable UK branches to sell to EU clients
Banks are looking for loopholes that could allow their UK operations to keep selling corporate and investment banking products to EU clients even after a hard Brexit.  View Article
Financial Times: Central bankers face off over impact of a disorderly Brexit
Europe’s leading central bankers are at loggerheads over one of the biggest economic judgments facing the continent: does a disorderly Brexit pose a financial stability risk?  View Article
EBA observes a significant increase of high earners in EU banks
The EBA published its annual Report on high earners in EU banks, which shows a significant increase in their number in 2015. The Report contains data covering all staff of institutions in the EU and EU branches of third country institutions receiving a total remuneration of 1m euro or above.  View Article
Euromoney: Seven-bank consortium to deliver trade finance on blockchain this year
In January, seven European banks signed a collaboration agreement to put into production later this year a new platform called Digital Trade Chain (DTC). This will be built on the back of a prototype designed by the Belgian bank KBC that has already been tested to the proof-of-concept stage.  View Article
 
  Securities
 
 
ESMA assesses DLT’s potential and interactions with EU rules
ESMA report sets out its view on DLT, its possible applications, benefits, risks and how it maps to existing EU regulation. ESMA’s position is that regulatory action is premature at this stage, considering that the technology is still at an early stage.  View Article
Financial Times: Plan to boost EU securitisation market stalls over Brexit
A Brussels project to “turbo-charge” Europe’s securitisation market risks becoming a casualty of the UK’s Brexit vote amid political clashes over how far financial centres from outside the bloc should be allowed to take part.  View Article
IOSCO report shows progress made in implementation of Benchmark Principles
The report found that the administrator had made very significant progress, with most of the recommendations from an earlier review having been implemented. However, some room exists to improve and refine recently implemented policies and practices.  View Article
ECB: Extended publication of Securities Holdings Statistics
In addition to the current breakdown by instrument type and selected issuer countries, holdings by the euro area broken down by holder sectors and issuer sectors are made available.  View Article
Financial Times: Derivatives Big Bang catches market off guard
A global deadline for reform of the $544tn derivatives market has triggered a last-minute scramble by hundreds of small banks, insurers and pension funds.  View Article
ESMA publishes 2017 supervision plan for CRAs, trade repositories and 3rd country CCPs
ESMA published its Annual Report and Supervision Work Programmes setting out its main areas of supervisory focus for CRAs, TRs and third country CCPs in the European Union. The Report also details the actions ESMA has taken in 2016 in carrying out its supervisory role.  View Article
ESMA's Maijoor's address to ALDE Seminar on the Review of the European Supervisory Authorities
Maijoor's speech focused on improvements ESMA has identified to assist it in its role, supervisory convergence and the 3rd country regime.  View Article
ESMA publishes 2017 risk assessment work programme
This Risk Assessment Work Programme provides an overview of the analytical, research, data and statistical activities by ESMA.  View Article
ESMA updates Q&A on MiFID II implementation
ESMA published the updated Questions and Answers document regarding the implementation of the Market in Financial Instruments Directive and Regulation.  View Article
ESMA updates its EMIR Q&A
ESMA issued an update of its Q&A on practical questions regarding the European Markets Infrastructure Regulation.  View Article
IOSCO analyzes potential of tech-driven change in the securities market industry
The report highlights the increasingly important intersection between financial technology (Fintech) and securities market regulation, and describes the impact it has on investors and financial services.  View Article
 
  Insurance
 
 
EIOPA’s New Insurance Product Information Document is a major step forward for consumers
The European Insurance and Occupational Pensions Authority published its draft Implementing Technical Standards on the Insurance Product Information Document (IPID), as part of EIOPA’s work on the detailed rules for the Insurance Distribution Directive (IDD).   View Article
Commercial Risk Europe: Lloyd’s sees Brexit as opportunity in France
Lloyd’s believes that Brexit will create opportunities to expand its business in France, according to Guy-Antoine de la Rochefoucauld, the market’s representative in the country.  View Article
 
  Asset Management
 
 
ALFI response to EBA discussion paper on a new prudential regime for investment firms
The Association of the Luxembourg Fund Industry responded to the European Banking Authority discussion paper entitled “Designing a new prudential regime for investment firms”.  View Article
Investment & Pensions Europe: European firms pay more into UK DB schemes
European-headquartered companies are on track to close the deficits of their UK pension funds sooner than their British counterparts, according to Barnett Waddingham.  View Article
Financial Times: TCW dumps ‘excessively risky’ eurozone bank debt
TCW, the US asset manager that runs the world’s largest actively managed bond fund, has eliminated its exposure to eurozone bank debt over fears these lenders are “excessively risky”. The company began to reduce its exposure following the UK’s vote to leave the EU.  View Article
Investment & Pensions Europe: Germany's corporate pension funds oppose latest reform proposal
The German association of corporate pension funds (VFPK) has rejected a recommendation that the government’s pension reforms be amended to allow direct insurance pension providers to offer guaranteed benefits.  View Article
 
  Corporate Governance/Accounting
 
 
EFRAG: Draft comment letter on the IASB's Exposure Draft Annual Improvements to IFRS Standards 2015-2017 Cycle
EFRAG has published its draft comment letter in response to the IASB's ED/2017/1 Annual Improvements to IFRS Standards 2015-2017 Cycle and seeks constituents' views on the proposals.   View Article
Accountancy Europe: Comment letter on IAASB Discussion paper: Supporting Credibility and Trust in Emerging Forms of External Reporting
Accountancy Europe provided its comments on the Discussion Paper Supporting Credibility and Trust in Emerging Forms of External Reporting (EER): Ten Key Challenges for Assurance Engagements.  View Article
City A.M.: Fund managers plan executive pay crackdown to avert need for government intervention
A group of fund manager giants have agreed to club together to combat excessive executive pay.   View Article
FRC: Audit tendering helps improve audit confidence
The FRC notes on best practice published yesterday highlight how audit committees can approach the process to get the best outcome and is based on experiences of audit tenders since the requirement was first introduced into the UK Corporate Governance Code in 2012.  View Article
 
  Financial Services Policy
 
 
Bruegel: Making the best of Brexit for the EU27 financial system
The EU27 needs to upgrade its financial surveillance architecture to minimise the financial market fragmentation resulting from Brexit and the corresponding increase in borrowing costs for firms. Up to 30,000 UK jobs and 17% of bank assets would move to the EU as a direct consequence of Brexit.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
The Brexit White Paper
The UK Government released its White Paper on what it wants to achieve during the negotiations for exiting the European Union - Graham Bishop comments on the specific objectives for financial services.  View Article
 

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