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17 October 2013

This week in "Brussels"
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Articles from 10 October 2013 - 17 October 2013

Banking

ECOFIN Council approves single supervisory mechanism for banking
The Council adopted regulations creating a single supervisory mechanism for the oversight of banks and other credit institutions, thus establishing one of the main elements of Europe's Banking Union. (Includes statements by President Barroso, Commissioner Barnier and ECOFIN chair Šadžius.)  View Article
Responses to Council's adoption of the SSM: EBF, BaFin
EBF chief executive Guido Ravoet said it was "a true milestone in the Banking Union project". BaFin president Dr Elke König called it a 'starting signal' for improvement in many areas.  View Article
Sorting out troubled banks: Economic and Monetary Committee starts work on rules
Rapporteur for rules on dealing with struggling banks Elisa Ferreira backed the key tenets of the Commission's proposal, including placing the EU executive at the heart of the system.   View Article
Remarks by VP Rehn at the Eurogroup press conference
"The guiding principles behind our approach to bank restructuring and resolution are that taxpayers should be protected and financial stability be maintained. In this context, there is a clear pecking order to be followed in case next year's balance sheet assessments reveal capital holes."  View Article
VP Rehn: Letter to EU Finance Ministers on treatment of public capital injections under EDP rules in balance sheet assessment/stress tests
Rehn said that any bank recapitalisations needed after next year's AQR and the EBA's stress test will, in general terms, be seen as one-off or temporary measures and therefore will not be counted against the Member State in the context of the EDP.  View Article
ECB/Mersch: "A cascade of backstops"
In an interview with the FAZ, Mersch laid out the benchmark for the balance sheet assessment, and elaborated on the different stages of bail-in and bail-out in the event of a shortfall.   View Article
FT: Brussels warns on bank bailout loophole
Brussels has warned EU states that they will not be able to circumvent competition rules and shield all creditors from losses in failed banks, even if provisions allowing taxpayer bailouts are included in law.  View Article
Germany hardens stance on common eurozone safety net for banks
Germany has dug its heels in on how to deal with failing banks, with Berlin underlining its resistance to using the ESM as the ultimate backstop for the stress test next year.  View Article
Commissioner Barnier: UK banks and the EU single market - what now?
Speaking at the BBA's annual international banking conference, Barnier looked at the changes already effected, the necessity of completing the Banking Union, and the eventual shift of focus to long-term financing.   View Article
BdB: Press ahead with Banking Union to strengthen the eurozone
BdB president Jürgen Fitschen encouraged the introduction of a single European resolution fund but argued that a single European deposit guarantee scheme would be premature at the present stage.  View Article
Updated methodology for assessing compliance with capital standards published by the Basel Committee
BCBS has published an updated methodology for its jurisdiction-specific Regulatory Consistency Assessment Programme (RCAP).   View Article
EBF publishes response to EBA consultation on prudent valuation under article 105(14) of CRR
The EBF notes many areas of positive developments, but calls for clarification of the scope and would argue that it would make more sense that the scope of prudential valuation be limited to the trading book.  View Article
EPC: Next generation SEPA SCT & SDD Rulebooks to be published in November 2014; comments invited
The SEPA payment schemes, as set out in the SEPA Credit Transfer and SEPA Direct Debit Rulebooks, evolve based on a transparent change management process adhered to by the EPC. Suggestions for changes should be submitted by 28 February, 2014.  View Article
BoE/Tucker: Solving too big to fail - Where do things stand on resolution?
Speaking in Washington, Tucker said: "It is absolutely essential that the TBTF problem is cracked. Nothing is more important to the success of the international reform agenda."  View Article

Securities

EPP: MEPs pave the way towards non-bank recovery and resolution
The ECON Committee adopted an own-initiative Report on the recovery and resolution of non-bank financial institutions. The Report emphasises the need for contingency plans for adverse market circumstances for CCPs and CSDs.  View Article
CPSS/IOSCO: Public quantitative disclosure standards for central counterparties - Consultative report
CPSS and IOSCO have published for public comment a consultative document on the 'Public quantitative disclosure standards for central counterparties'. Comments are requested by 13 December, 2013.  View Article
ECB survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets
The ECB published a report on the results of the September 2013 qualitative survey on credit terms and conditions in euro-denominated securities financing and over-the-counter (OTC) derivatives markets (SESFOD).  View Article
IOSCO launches its first Securities Markets Risk Outlook
The report highlights important trends, vulnerabilities and risks in securities markets that may be of concern from a systemic perspective.  View Article
Reuters: Dark pool stock trading picks up as Europe debates new curbs
Fund managers are trading more assets on private exchanges known as dark pools, a growing trend that clashes with regulators' mission to improve financial market transparency.  View Article
FESE/Hardt: Interview by Börsen-Zeitung
FESE director general Judith Hardt was interviewed by the German newspaper Börsen-Zeitung in the context of FESE's lobbying campaign on MiFID.  View Article
FN: EU firms forced to take action to avoid US clearing rules
Some European buyside firms are not prepared to clear their swap trades, leading them either to switch to US banks' European entities or stop trading with them altogether.  View Article
Banking Technology: BATS Chi-X Europe will bring down the cost of European ETFs
According to chief executive Mark Hemsley, BATS Chi-X Europe's upcoming move into the European listings space will help bring a much-needed reduction in costs that could help to make the European ETFs market stronger.  View Article
Responses to the CPSS-IOSCO consultative report 'Recovery of financial market infrastructures': EACB, EBF, ESBG, IIF, ISDA, TCH
Overall, the organisations support the initiative and generally endorse the approach of CPSS and IOSCO in defining guidelines for the recovery of financial market infrastructures (FMIs).  View Article
WSJ: BOE's Tucker flags gap in stability panel's toolkit
Paul Tucker, deputy governor for financial stability, said that so-called "shadow banks" could pose a future risk to financial stability and needed to be better policed.  View Article

Insurance

EIOPA publishes its Work Programme 2014
EIOPA's Work Programme is the vehicle used by the authority to map, prioritise, and monitor its goals and deliverables. It is linked to the long-term strategy of the institution, its current development stage and its budget.  View Article
EIOPA/Bernardino: Interview with the Irish Broker (Ireland)
Bernardino discussed i.a. EIOPA's achievements, the role of national supervisors, the European elections and the ensuing impact of the new EP/Commission on EIOPA.  View Article
Insurance Europe publishes position paper on key regulatory and market access issues
This briefing provides a high level summary of the key issues faced by the European insurance industry when trading with the US, Canada, Brazil, Japan, India, Russia, China and Argentina.  View Article
European insurers experience improved environment but challenges remain - AM Best
European non-life and life insurers are benefiting from a more stable economic environment, although they continue to adjust product offerings and adapt reinsurance purchasing in response to the low-yield environment as they increase their focus on risk management.  View Article
FT: Reinsurers fight 'too big to fail' label
The world's biggest reinsurance companies are battling harder to convince watchdogs that they are not too big to fail, in a push to avoid the tougher regulations facing several of their primary insurance peers.  View Article

Asset Management

European regulation could trigger fund manager consolidation - study
New regulatory frameworks in Europe could cost the fund management industry €221-370 million per annum over the next three years and will inevitably lead to increased consolidation, according to a new study by EY/BNY Mellon.  View Article
AIMA: Some key EU markets gold-plating AIFMD
Some key European markets are "gold-plating" the marketing requirements for legacy national private placement regimes over and above those required by the AIFMD, according to a joint AIMA/EY survey: 'AIFMD: The Road to Implementation'.  View Article
AIMA publishes updated Guide to Sound Practices for Hedge Fund Valuation
The new edition of the guide takes account of recent regulatory reforms, including a summary of valuation requirements under the AIFMD.  View Article
The Pensions Regulator: 'Master trust' draft assurance framework published
A new assurance framework has been published to help trustees of DC 'master trusts' demonstrate to potential and existing customers that their scheme is being run to a high standard. The consultation closes on 16 December, 2013.  View Article
NAPF urges radical overhaul of workplace pension schemes regulation
Chief executive Joanne Segars said: "A well-run master trust combines robust and independent trustee governance, offers the scale required to deliver good value investments and administration and has the long-term interests of members at its heart".  View Article
IPE: France's Chamber of Deputies set to embrace pensions reform
The new reform – part of president François Hollande's plan to tackle the budget deficit, which could reach up to €20.7 billon by 2020 according to official data – is to be adopted by the Chamber of Deputies before the pension act is sent to the Senate for final approval.  View Article
IPE: Poland places further restrictions on second-pillar pension funds
The Polish government has published the draft bill radically changing the second-pillar pension system.  View Article

Corporate Governance/Accounting

Lithuanian Presidency: Challenges of corporate governance discussed at 13th European Corporate Governance Conference
The conference focused on the active participation of shareholders in corporate governance. Minister of Economy Evaldas Gustas said he saw 'significant positive changes' coming from the EU and the OECD.  View Article
ECIIA: European Commission strikes right balance on governance reform
The Commission is striking a healthy balance between flexibility and hard rules in its reforms to the region's corporate governance regime, according to key organisations affected by the changes.  View Article
Council approves transparency requirements for issuers of securities
The Council adopted a Directive updating transparency requirements introduced in 2004 for issuers of securities on regulated markets.  View Article
EBF comments on ESMA Guidelines on Enforcement of Financial Information
The EBF urged ESMA to ensure that a clear dividing line between standard-setters and enforcers is put in force and effectively respected, in order to avoid misinterpretations.  View Article
IASB/Prada: The bumpy path towards global accounting standards
Speaking in Frankfurt, Prada discussed three points that he believes are important when discussing international financial reporting.  View Article
Reuters: IASB rejects EP's funding conditions
The IASB said the EP was threatening its independence by calling for a fundamental change to the way it sets standards, and linking it to future funding. The spat is a further sign of policymaker frustration at the speed of reform in accounting rules for banks.  View Article
IASB: Summary of ASAF September meeting
The ASAF discussed the IASB's Disclosure Initiative, including proposed amendments to IAS 1. It considered an approach to rethinking a disclosure and presentation framework developed by the AASB, and discussed insurance contracts, leases and financial instruments.  View Article
Responses to the joint IASB-FASB ED on leases: Deloitte, EBA, EFRAG
The ED on leases deals with the right-of-use (ROU) asset approach that appropriately depicts the rights and obligations for lessees and should serve as the foundation for changes to the recognition and measurement requirements in the current lease standards.   View Article
IFAC's policy position paper on enhancing organisational reporting
The IFAC issued Policy Position Paper 8, Enhancing Organisational Reporting, to emphasise the importance and usefulness of reporting broad-based information beyond that which is provided in traditional financial reporting.  View Article
UK Competition Commission finalises measures to open up audit market
The Competition Commission has published changes that will open up the UK audit market to greater competition and ensure that audits better serve the needs of shareholders in future. (Includes FRC comment.)  View Article

Financial Services Policy

DG MARKT/Faull: Preventing downfall - The EU's role in bank capitalisation after the crisis
Speaking in Washington, Faull listed the extensive reform agenda the EU had pushed through over the last five years, and said there was still a lot that could be done in close cooperation with the US.  View Article

International/G20

EP President Schulz: TTIP - let us use this window of opportunity wisely
Speaking at AmChamEU, Schulz said that cooperation was needed more than ever to defend our model of society. It was time to upgrade the transatlantic partnership, making it fit for the challenges in the 21st century.  View Article
2013 IMF-World Bank Annual Meetings: Policy action needed to spur faster, more balanced recovery / No more business as usual
Lagarde said that policymakers could energise a global economic recovery that is too slow and unbalanced by strengthening policy action on a broad front. WBG President Kim announced a new initiative to provide universal financial access to all working-age adults by 2020. (Includes IMFC statements.)  View Article
IIF: Meeting of the Group of Trustees of the Principles for Stable Capital Flows and Fair Debt Restructuring
Members meet once a year to review the progress being made on the implementation of the Principles within the framework of the international financial architecture.  View Article





© Graham Bishop

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