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18 September 2014

Financial Services Regulation:This week in "Brussels"
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  Articles from 11 September 2014 - 18 September 2014

  Banking
 
 
European Banking Authority publishes results of the Basel III monitoring exercise as of 31 December 2013
The EBA published its sixth report of the Basel III monitoring exercise on the European banking system. This exercise allows the gathering of aggregate results on capital, liquidity (liquidity coverage ratio (LCR) and net stable funding ratio (NSFR)) and leverage ratios for banks in the EU.  View Article
City AM: Europe’s banks hit their capital buffer targets
Europe's biggest banks were closing in on their capital targets at the end of last year, global regulators at the Basel Committee said  View Article
Reuters: EU bank tests may miss trillion dollar risk – study
Some European banks being checked by regulators for signs of capital weakness may be sitting on up to a trillion dollars of potentially unsafe assets because their holdings of sovereign bonds are not being fully risk assessed, a new study has found.  View Article
Reuters: France and Germany oppose guarantees for ECB debt-buy plan: document
France and Germany oppose granting government guarantees to support the market for repackaged debt, a document seen by Reuters shows, dealing a set-back to the European Central Bank's plans to rejuvenate it.  View Article
Derivatives Risk Solutions: Is Brussels setting the table for a move away from LIBOR?
The Council has published its first compromise proposal for regulation on benchmarks. Although some changes result in a lighter bite for certain benchmark administrators, Brussels is sharpening the knives with regards to critical benchmarks such as LIBOR, argues DRS.  View Article
BIS: Sabine Lautenschläger of ECB speech on Banking supervision
Lautenschläger ranged widely over the topic. 'It is very important - particularly in times of crisis - to make a clear distinction between sound banks that are solvent but suffering from liquidity shortages and insolvent banks that will not be able to survive in the long run.'  View Article
RiskNet: New UK rules clear the way for more prosecutions
New management oversight rules for UK banks could make prosecuting managers far easier for supervision failures and will shift the onus onto managers to show they took proper precautions – a dramatic shift from the state of play at present, lawyers say.  View Article
EBF response to two EBA consulation on Operational Risk and guidelines on materiality, proprietary and confidentiality.
The EBF has responded to two EBA consultations. It strongly chllenges the EBA's legal mandate in some areas.  View Article
 
  Securities
 
 
Bloomberg News: Draghi’s ABS-market revival set for boost from regulators
Mario Draghi is trying to rebuild the market for asset-backed securities in Europe. Global regulators are set to lend him a hand. IOSCO will present criteria for marketable ABS to finance ministers from the Group of 20 nations.  View Article
Bloomberg News: Barnier seeking US swaps deal before December
The EU’s top financial-services official said he’s seeking a deal with US regulators on rules for swaps clearinghouses before a Dec. 15 deadline for EU banks to face tougher capital rules.   View Article
Markets Media: OTC industry to aid bank resolutions
The rights of holders of OTC derivatives to terminate contracts during the course of a bank resolution are likely to be trimmed back. The Financial Stability Board is working to mitigate the risks caused by early termination by lengthening the time required to suspend such contracts.  View Article
ISDA extends date for adhering to the ISDA 2014 Credit Derivatives Definitions Protocol
ISDA announced that it is extending the adherence period for the ISDA 2014 Credit Derivatives Definitions Protocol until September 17, to provide additional time to adhere and to evaluate the addition of Caesars, which is a complex and evolving credit situation.   View Article
ESMA : list of registered CCPs, which now includes BME Clearing
ESMA added BME Clearing to its list of authorised central counterparties (CCPs) under the European Markets Infrastructure Regulation (EMIR).  View Article
ESMA announces open hearing on CRAs - periodic information to be submitted to ESMA
ESMA will hold an open hearing on the issues raised in the recently published Consultation paper on periodic information to be submitted to ESMA by Credit Rating Agencies.  View Article
IOSCO consults on risk mitigation standards for non-centrally cleared OTC derivatives
IOSCO's report 'Risk Mitigation Standards for Non-centrally Cleared OTC Derivatives' which proposes nine standards aimed at mitigating the risks in the non-centrally cleared OTC derivatives markets, has been published and is open for consultation.  View Article
 
  Insurance
 
 
EIOPA publishes its 2013 Annual Report
Much of EIOPA’s work on developing regulations focuses on the application of Solvency II. In 2013, EIOPA supported the trilogue discussions that ultimately concluded in an agreement on the date of its application (1 January 2016).  View Article
IAIS: Report on supervisory colleges for financial conglomerates
The International Association of Insurers Supervisors' Joint Forum has released its report on supervisory colleges for financial conglomerates.   View Article
Commercial Risk Europe: Rising regulation causes higher costs and reputational damage for all says CEO of Zurich Global Corporate
Regulatory regimes around the world are increasingly inconsistent, leading to higher costs and a growing threat of reputational damage, said Thomas Hürlimann. "Prior to the financial crisis, we hoped for more consistency but now there is only one trend, which is fragmentation and protectionism."  View Article
Commercial Risk Europe: EC consults on future of Insurance Block Exemption Regulation (IBER)
The EC has launched a consultation on the IBER that aims to facilitate co-insurance and allow insurers to share information in order to more accurately price risks. The EC will use the consultation to help decide whether to retain, amend or abandon the regulation when it expires in March 2017.  View Article
 
  Asset Management
 
 
RiskNet: Barnier hints at longer pensions clearing exemption
Michel Barnier hinted that the EC will extend the temporary exemption pension funds have from mandatory clearing of their over-the-counter derivatives trades beyond 2015.  View Article
IPE: Brussels to limit prescription in Shareholder Rights Directive
The Shareholder Rights Directive will not result in an endless list of disclosures with which to comply but rather seek to limit the amount of prescription required, according to a senior European Commission figure.  View Article
IPE: Pension funds must be more transparent on ownership rights – DNB
The individual ownership rights of pension fund participants must be more transparent if the Netherlands is to build a truly sustainable system, according to Klaas Knot, president of Dutch regulator De Nederlandsche Bank (DNB).  View Article
 
  Corporate Governance/Accounting
 
 
IASB: Discussion Paper on reporting the financial effects of rate regulation
The IASB published for public comment the Discussion Paper 'Reporting the Financial Effects of Rate Regulation.'  View Article
IASB: Proposals for measuring quoted investments in subsidiaries, joint ventures and associates at fair value
The IASB published for public comment an ED detailing proposals concerning the measurement of investments in subsidiaries, joint ventures and associates at fair value when those investments are quoted in an active market.   View Article
IASB: Amendments to IFRS 10 and IAS 28
The IASB issued narrow-scope amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures (2011). The amendments will be effective annually on or after 1 January 2016.   View Article
EFRAG: Draft comment letter to the IASB on proposed amendments to IAS 12
EFRAG has published its draft comment letter in response to the ED/2014/3 Recognition of Deferred Tax Assets for Unrealised Losses (Proposed Amendments to IAS 12). Responses to EFRAG's comments are welcomed until the end of November.  View Article
EFRAG: Short Discussion Series paper on presentation of reversal of acquistion step-ups
EFRAG has published a new Short Discussion Series paper that discusses presentation and disclosure of information on the reversal of step-ups recognised in a business combination. Constituents are invited to provide their views by 31 December 2014.  View Article
ECA: Improving accountability for EU policies requires greater cooperation between EU Member States, parliaments and auditors
The ECA called upon the EU to improve its financial accountability towards citizens. In the ECA’s view, the EU should strengthen the links between public financial managers, parliaments and public auditors both at the EU and in the Member States.  View Article
 
  Financial Services Policy
 
 
ECB: Draghi's 3 Pillars approach (Eurofi Speech)
"We are facing a set of conditions – low growth and low inflation, high debt and high unemployment – that can only be addressed by concerted action on both the demand and supply sides of the economy."  View Article
ECB: Interview with Benoît Cœuré, Member of the Executive Board of the ECB
In an interview with Jean Paul Betbèze of the Robert Schuman Foundation, Mr Cœuré comments upon the crisis, policy and a way forward. 'We have to support growth and lending to the economy' he reiterated.  View Article
Eurogroup September Summit: Eurogroup moves ahead with structural reform agenda
At the Eurogroup meeting on 12 September in Milan the ministers reaffirmed their commitment to reduce the tax burden on labour. The objective is to make euro area economies more competitive and boost economic activity and employment.  View Article
Bank for International Settlements, September 2014 Quarterly Review: Volatility stirs, markets unshaken
Volatility has settled back to exceptional lows after spiking briefly in early August. International banking activity stopped contracting in the first quarter of 2014. Corporate borrowers from emerging markets have lengthened their debt maturities.  View Article
 
  European Council/Parliament
 
 
European Voice: Leaked draft of confirmation hearing dates for Commissioners/ Timetable
EV has obtained a draft schedule of the hearings for the candidate Commissioners. Hearings will begin on Monday 29 September. Jonathan Hill is pencilled in for 1 October.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
European Court of Justice: The United Kingdom versus ECB on CCPs
The ECJ may soon pronounce judgment on three cases brought by the UK Government against the ECB on the location of CCPs. What on earth is it all about? Does it matter?  View Article
 

 


© Graham Bishop

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