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19 June 2014

This week in "Brussels"

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Articles from 12 June 2014 - 19 June 2014


Wall Street Journal: EU lobbies Yellen on bank debt rule
WSJ reports Commissioner Barnier telling Federal Reserve Chairwoman Janet Yellen that he will push for an in-depth study before moving forward with a pending rule on bank debt, suggesting it may be difficult for U.S. officials to forge an international consensus on the rule this year.  View Article
Reuters: EU legal opinion says exemption for UK bank rules from EU curbs 'illegal'
Exempting Britain's banks from planned EU rules to curb risky trading would be illegal, argued EU lawyers (focussing on Article 21 of Draft Regulation.)  View Article
Bloomberg: ECB likely to refrain from new measures for next months
The European Central Bank is likely to refrain from any new stimulus package in coming months as it reviews lenders’ balance sheets, according to two euro-area central-bank officials familiar with current policy discussions.  View Article
EBA consults on methodologies for operational risk
The European Banking Authority launched a consultation on draft RTS assessing the criteria that competent authorities need to consider before granting institutions permission to use advanced measurement approaches (AMA) for calculating their capital requirements for operational risk.   View Article
EBA consults on draft guidelines related to disclosure requirements for the EU banking sector
The European Banking Authority launches a consultation on three Guidelines related to the Capital Requirements Regulation - CRR. This work will enhance consistency in disclosure practices and aims to ensure transparency in the EU banking sector.  View Article
EBA publishes report on benchmarking of remuneration practices in the EU
The European Banking Authority report benchmarks different aspects of remuneration policies and provides additional insight into the previously published data on high earners.   View Article


EC: New framework on Market Abuse published in the Official Journal
Regulation No 596/2014 on market abuse (Market Abuse Regulation) and Directive 2014/57/EU on criminal sanctions for market abuse (Market Abuse Directive) have been published in the EU Official Journal.  View Article
EC: New legislative framework for MiFID published in the OJ
The Directive on Markets in Financial Instruments and the Regulation on Markets in Financial Instruments (MiFIR) have been published in the EU Official Journal. Member States have 2 years to transpose the new rules, applicable starting January 2017.  View Article
ESMA and EBA publish harmonised guidelines for handling consumer complaints across the EU
The European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) published their Joint Committee final Report on guidelines for handling consumer complaints in the securities and banking sectors.  View Article
Europe's exchange traded fund providers, users and industry participants sent a letter to ESMA
The letter to ESMA’s Chair, Steven Maijoor, is concerned with developing Europe’s market structure for exchange traded funds; the key principles for MiFID ‘Level 2’ and the Central Securities Depositary Regulation.  View Article
Bloomberg News: Banks to get EU approval to use wider range of ABS debt
The European Commission is advocating that securitisations of loans to small businesses and consumers including car buyers should be allowed to count for as much as 15 per cent of the buffers banks will be required to hold under the easy-to-sell assets rule.  View Article
FT: Differences on derivatives between EU and US authorities
Eleven months on and the accord between the EU and US over jointly overseeing the derivatives market across the North Atlantic is being severely tested. The heads of both the CFTC and the EC have both regularly committed to last July’s “Common Path Forward”.  View Article
Financial News: BoE adds to stress of clearing houses
Procyclicality may not be a word that’s often used in polite conversation – but it is a bad thing. It is a term used by the Bank of England in its review of clearing houses and it refers to the tendency of players in a stressed market to behave in ways that make the stress worse.  View Article
The Trade: Clock ticking to resolve third country CCP rules
Regulators are running out of time to agree on cross-border rules for listed and OTC derivatives clearing and risk damaging Europe’s financial markets.  View Article
IOSCO intensifies work on Market-Based Finance
The Board of the International Organization of Securities Commissions met in Madrid to drive forward IOSCO’s work on market-based finance.  View Article
FT: Too soon to celebrate EU loan parcel revival
The recent fortunes of Europe’s asset-backed securities market can be said to broadly track its annual conference venues.  View Article
FSMA: Risk label for financial products in Belgium
Financial products marketed in Belgium to retail clients will, as of June 12, 2015, be assigned a standardized risk label. The technical requirements for the label are laid down in a Regulation by the FSMA. The Regulation has been approved by a Royal Decree published in the Belgian Official Gazette.  View Article
ESMA publishes its 2013 Annual Report
The European Securities and Markets Authority has published its Annual Report for 2013. The report provides an overview of ESMA’s activities in 2013 as the European Union’s securities market regulator, focusing on its tasks and achievements; and setting out its Work Programme for 2014.  View Article

Insurance EIOPA's Bernardino calls for balance on long-term investments
Insurers are clamouring for changes to capital charges under Solvency II for long-term investments. But supervisors must be careful to avoid market distortions, says EIOPA chairman.  View Article Insurers ask for clarity on global capital standards
Insurance groups and national supervisors have criticised global standard-setters for a lack of clarity on the purpose and calibration of proposed international capital requirements.  View Article
EIOPA: Risk Dashboard June 2014 – Q1 2014 data
The risk environment facing the insurance sector remains broadly unchanged since the last Risk Dashboard. Recent data and survey indicators suggest that the ongoing moderate recovery continued in Q1 2014.  View Article
EIOPA: Smarter regulation will benefit consumers
Speech by Gabriel Bernardino, AMICE Congress 2014, linked to smart regulation - proper regulation and supervision add credibility to the market and can be a catalyst for a healthy market development.  View Article
EIOPA publishes its Annual Report 2013
The Report 2013 sets out the Authority’s main achievements of meeting its strategic objectives of: enhanced consumer protection; the development of sound regulation; improved supervision; and timely identification and management of risks to financial stability.  View Article

Asset Management

EFAMA underlines industry challenges and achievements at AGM in Bucharest
The asset management industry enjoyed its fastest growth last year since the economic crisis and recorded its second consecutive year of expansion. Across the investment landscape, major upheavals are reshaping the industry, driven by sector developments and regulatory change, EFAMA president said.  View Article
Hedgeweek: Countdown approaches for UCITS V implementation
The approval of the UCITS V directive by the EP shortly before its dissolution for elections ensured that the latest iteration of the European legislative framework for the cross-border marketing and distribution of retail investment funds will not depend on the assembly’s new membership.  View Article

Corporate Governance/Accounting

EC: New EU rules on statutory audit come into force
New rules to strengthen statutory audit quality across the EU have entered into force following publication in the OJ.  View Article
ESMA's report on the application of accounting requirements for business combinations in IFRS financial statements
ESMA has published the report based on a review of the annual IFRS financial statements of 56 issuers in the EU.  View Article
IASB's ED on Investment Entities – Applying the Consolidation Exception
The IASB published for public comment the Exposure Draft Investment Entities–Applying the Consolidation Exception (Proposed amendments to IFRS 10 and IAS 28).  View Article
EFRAG requests comments on its draft study on amendments to IAS 16 and IAS 38
EFRAG has issued an invitation to comment relating to the endorsement for use in the EU of Clarification of Acceptable Methods of Depreciation and Amortisation - Amendments to IAS 16 and IAS 38 (the Amendments.)  View Article
IIRC: Corporate Reporting Dialogue launched
The International Integrated Reporting Council introduced the Corporate Reporting Dialogue (CRD), bringing together organizations that have significant international influence on the corporate reporting landscape including the IASB and the FASB.  View Article
EFRAG: Accounting for acquisitions of interests in joint operations
EFRAG has issued an invitation to comment relating to the endorsement for use in the EU of the amendments to IFRS 11: Accounting for Acquisitions of Interests in Joint Operations.   View Article


EurActiv/FT: Financial services off negotiating table for next round of TTIP
EurActiv reports that financial services will remain off the negotiating table in the next round of TTIP. The FT reports on the American perspective.   View Article
Barnier: The EU and US - Leading partners in financial reform
Commissioner for Internal Market and Services, Michel Barnier, argued that financial services regulation should be included in TTIP negotiations and that the informal Financial Markets Regulatory Dialogue wasn't enough to achieve regulatory cooperation.  View Article

Graham Bishop’s Articles and Speeches

Graham Bishop's Blog: Juncker well on the way to Presidency but… not there yet!
Today’s lunch between Italian Prime Minster Renzi and Council President van Rompuy will mark another major step towards the European Council’s nomination of Jean-Claude Juncker. However, there is a critical policy issue that must be resolved before he will get the support of the S&D Group in the EP.  View Article

© Graham Bishop

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