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20 March 2014

This week in "Brussels"
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Asset ManagementCorporate Governance/AccountingFinancial Services Policy
International/G20Graham Bishop’s Articles and Speeches About this email

Articles from 13 March 2014 - 20 March 2014

Banking

ECON Committee: Parliament negotiators rescue seriously damaged bank resolution system
EP negotiators have reached a deal with their Member State counterparts on the SRM to deal with failing banks. The elements agreed will help to ensure that the system cannot become a hostage to political power games, and can deliver swift and credible decisions. (Includes Barroso, Barnier and EP group comments.)  View Article
Commissioner Barnier: Reaching an agreement on the SRM is our top priority
At the exchange of views with the ECON Committee, Barnier said that agreements on the SRM, access to a basic bank account and information on packaged investment products could still be reached within the present Parliament's mandate.  View Article
Greens/Giegold: Germany is hindering progression on SRM
In an interview with Zeit, Giegold was asked who should pay in future if a bank goes bankrupt in Europe. "The banks, and not the state", he replied. "But the Federal Government is preventing this from becoming reality."  View Article
FT: France and Germany in dispute over who pays for EU Banking Union
France and Germany disagree over who should foot the bill for Europe's Banking Union, with Paris fearing its banks will pay the biggest share towards a €55 billion rescue fund.  View Article
Huertas & Nieto: How much is enough? The case of the Resolution Fund in Europe
By placing a lid on the Resolution Fund, the BRRD and SRM may in fact be reinforcing the need to develop a blueprint that will ensure that investors, not taxpayers, bear the cost of bank failures.  View Article
Wolfgang Münchau: Europe should say no to a flawed Banking Union
To sacrifice important principles and hope for the best is not a sensible idea, comments Münchau in his FT column.  View Article
ECON Committee: Barnier and Nouy talk Banking Union and bank bonuses with MEPs
Work on setting up the EU's bank supervisor and undertaking the planned asset quality review is "well on track", ECB bank supervisor chair Nouy told the ECON Committee. She also said she was keen to encourage non-eurozone states to opt-in to the SSM.  View Article
ECB publishes letter from supervisory board chair Nouy to ECON/Bowles
Prior to her hearing at the ECON Committee, Nouy answered questions relating i.a. to the implementation of the Interinstitutional Agreement, the AQR/balance sheet assessment, micro-prudential supervision and systemic risk.  View Article
ECB/Cœuré: Monetary policy transmission and bank deleveraging
Deleveraging is not a process that policy-makers should seek to avoid; rather, it needs to take place and be properly managed, said Cœuré. He elaborated on the comprehensive assessment, and stressed the importance of establishing the SRM and the SRF promptly to avoid financial fragmentation.  View Article
VoxEU: Macro-prudential stress tests should not rely on regulatory risk weights
This column argues that macro stress tests would be more effective if capital requirements were measured differently from the current regulatory risk weight-based approach, and in particular, were based on total assets and on market risks.  View Article
ECB/Eurosystem: Public note on security of payment account access services
E-commerce is a rapidly growing and globally expanding industry and has the potential to spur overall economic growth. The security of payments when buying and selling goods or services offered through the internet or other communication networks has become a matter of concern for central banks.   View Article
BoE/Cunliffe: Is the world financial system safer now?
Cunliffe urged the EP to give national regulators authority to wind down troubled financial institutions, saying major banks remained "too big to fail".   View Article
Bank of England launches 15-point strategic plan
BoE governor Mark Carney has devised a wide-ranging overhaul of the Bank's management and organisation. His strategic plan is designed to sweep away barriers between the Bank's various activities in pursuit of what he has dubbed "One Bank". (Includes comment from Simon Nixon.)  View Article

Securities

ESMA publishes list of authorised CCPs and OTC derivatives
Following the authorisation of NASDAQ OMX as the first EU-based CCP, ESMA has published information about NASDAQ OMX and the contracts it is authorised to clear.  View Article
FN: National interests threaten EMIR progress
Fears are growing that national interests could be obstructing the approval of the first European clearing houses trying to comply with new swaps rules, especially concerning reforms to OTC derivatives trading enacted under EMIR.   View Article
Reuters: Global regulators to intensify efforts to revive securitisation
Global regulators will intensify their efforts to revive a securitisation market tarnished by the financial crisis and now seen by policymakers as a key source of funds for the economy, said IOSCO Secretary General David Wright.  View Article
FCA and BoE agree MoU for supervision of markets and market infrastructure
The FCA and the Bank of England, including the PRA, have agreed a Memorandum of Understanding that sets out their mutual cooperation in relation to the supervision of markets and market infrastructure, which includes financial market infrastructures.  View Article

Insurance

EIOPA/Bernardino on consumer protection
In a speech and an interview, Bernardino said consumer protection was now central to regulatory thinking. He emphasised the promotion of supervisory convergence and the establishment of a common supervisory culture.  View Article
CRE: Revision of European insurance contract law on the cards but large risks may dodge change
An expert group set up by the Commission to examine barriers to cross-border trade in insurance law across Member States has delivered a report that could ultimately lead to the harmonisation of European insurance contract law.  View Article
Risk.net: Solvency II asset data formatting will breed 'inconsistencies'
Insurers and asset managers warn of difficulties generating coherent data codes for alternative assets, foreseeing difficulties sourcing and assigning the required asset data for their Solvency II Pillar III reporting.  View Article
BoE: Solvency II - Calculation of technical provisions and the use of internal models for general insurers
This consultation seeks views from general insurers on a draft supervisory statement which sets out the PRA's expectations in relation to the calculation of technical provisions and the use of internal models. The consultation closes on 14 April, 2014.  View Article

Asset Management

Council confirms agreement with EP on investment funds
The Perm Reps Committee approved, on behalf of the Council, an agreement reached with the EP on a proposal to amend EU rules on investment funds. The proposal amends the UCITS Directive as concerns depositary functions, remuneration policies and sanctions.  View Article
IPE: PensionsEurope warns of 'back door' tactics with IORP II Directive
PensionsEurope has warned of potential "back door" tactics with the revised IORP II Directive, as a lack of clarity on certain articles leaves gaps for solvency requirements to be forced onto schemes.  View Article
FESE: New industry task force to propose solutions for Europe's IPO revival
EuropeanIssuers, EVCA and FESE are setting up a new industry task force to offer the next Commission and Parliament solutions to Europe's long-term IPO challenges. The task force will contribute to the legislative planning for long-term investment. AMF has also launched an IPO working group.  View Article

Corporate Governance/Accounting

ACCA: EU's continued funding is vital support for global standards
ACCA welcomed the endorsement by the EP of the proposed regulation for a Union programme in the field of financial reporting and auditing 2014-2020.  View Article
Comments on IASB's ED Annual Improvements to IFRSs 2012 – 2014 Cycle: EFRAG, ESMA
EFRAG and ESMA have published their comment letters on the IASB's ED/2013/11 Annual Improvements to IFRSs 2012-2014 Cycle. Generally, both organisations agree with most proposals in the ED. (Includes ESMA's comment letter to EFRAG.)  View Article
ACCA: New transparency rules for big undertakings
ACCA welcomed the endorsement by the JURI Committee of the agreed text on disclosure of non-financial and diversity information.  View Article

Financial Services Policy

FTT: German-French plan may tax derivatives from start; EU legal opinion opens door on forex
Germany and France are moving towards a joint proposal on a European financial transaction levy and are considering taxing derivatives from the start, German lawmakers have said. A legal opinion from EU lawyers says that, in principle, the FTT could include foreign exchange deals.   View Article

International/G20

European Commission: TTIP - Fourth round of talks ends in Brussels
EU and US negotiating teams discussed the three pillars of a future agreement - market access, the regulatory cluster and the 'rules' issues. However, in a potential stumbling block, Germany is insisting that any pact must exclude a contentious dispute settlement provision. (Includes S&D/AmCham comments.)  View Article
IMF: The regulatory responses to the global financial crisis - Some uncomfortable questions
This paper identifies current challenges for creating stable yet efficient financial systems using lessons from recent and past crises. Given the likely inability to prevent all future financial crises, there is a need to enhance crisis management and resolution as part of the ongoing reform agenda.  View Article
Z/Yen: Latest Global Financial Centres Index
The latest Z/Yen report indicates that London has been knocked off the top spot and is now ranked 2nd in the International Financial Centres league table. TheCityUK's Chris Cummings says this should be 'a strong wake-up call for Europe's policymakers', as London is Europe's financial centre.  View Article

Graham Bishop’s Articles and Speeches

Graham Bishop: SRM – Deal cobbled together?
The SRM decision is coming about in a very unsatisfactory way for a matter that is said by all concerned to be crucial to the continuing stability of the euro. What is all the sound and fury actually about?  View Article
Graham Bishop: Europe: Miliband + Soros + Merkel = Impenetrable Fog in Channel and Clarity unlikely in Budget
The British political class seems determined to avoid recognising that the euro area will expand and deepen in the next few years – cementing the range of common interests and thus political integration. The arithmetic of voting weights will shift the balance of power away from Britain.   View Article





© Graham Bishop

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