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30 October 2014

This week in "Brussels"

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  Articles from 23 October 2014 - 30 October 2014

ECB’s in-depth review shows banks need to take further action
The comprehensive assessment found a capital shortfall of €25 billion at 25 banks. Article includes reactions from EBF, AFME, ABBL, Vox EU and Reuters.
EBA published 2014 EU-wide stress test results of 123 banks
The aim is to assess the resilience of EU banks to adverse economic developments to understand remaining vulnerabilities, complete the repair of the EU banking sector and increase confidence.
BIS: Andreas Dombret: The marathon has only just begun - what will come after the stress test?
The comprehensive assessment was an extremely thorough check-up, including a demanding "cardiac stress test". The outcome: Germany's large banks are robust enough to withstand even severe stress.
Bloomberg: ECB review marks end of Europe banking crisis, Dijsselbloem says
Dijsselbloem is “quite confident” the banks that failed will be successful in bringing in more capital. “The numbers are manageable. It is very important to get that done so that everyone can be rest assured that European banks are once again solid.”
Bank of England statement on EBA stress test publication
The 2014 UK stress testing exercise will build on the EU-wide stress test by exploring particular vulnerabilities facing the UK banking system.
Bloomberg: ECB list of failing banks shrinks if you read small print
Most of the lenders that failed the ECB’s balance-sheet test have been let off for good behavior.
Financial Times: Europe’s banks are too feeble to spur growth
One doubts whether the capital in eurozone institutions is enough to drive the economy forward, writes Martin Wolf.
Wall Street Journal: Despite good news from ECB tests, German banks still face challenges
“The low interest rate environment is taking an especially high toll on German banks” that depend more on interest income and less on fees than many other banks, said Andreas Dombret in an interview with The Wall Street Journal.
ECB publishes Regulation on supervisory fees
The Regulation sets out how the ECB recovers its expenditures for supervising the banking sector covered by the Single Supervisory Mechanism.
Bank of England: Responses to CP12/14 - PS10/14
This policy statement includes feedback, final rules and supervisory statements to implement proposals in the PRA’s consultation paper for CRDIV updates for credit risk mitigation, credit risk, governance and market risk.
Bloomberg: EU transaction tax bid falters on revenue disagreement
National officials are due to discuss the tax plan this week, ahead of a Nov. 7 finance ministers’ meeting in Brussels.
ECB: Danièle Nouy, interview with Hospodárske noviny
Questions tackle the Single Supervisory Mechanism, banking supervision, asset quality review and banking regulation.
Wall Street Journal: Will Banking Union finally deliver for the eurozone economy?
For the moment, Banking Union looks like something that only exists on paper. Companies and households across the currency area are still very much judged by nationality rather than the content of their credit quality.
Bloomberg: Bank union appeal grows for Denmark as stress tests ease anxiety
The most thorough examination of European bank health in the bloc’s history showed “there’s a reasonable degree of financial stability,” Danish Economy Minister Morten Oestergaard said.
Financial Times: UK banks seek to offload old mortgage books
For banks, the chance to sell out of closed or “toxic” mortgage books is a way to boost capital buffers and clean up their balance sheets.
Financial Times: IOSCO warns on data challenge to risk oversight
Due to the proliferation of data collection systems in the $700tn derivatives markets, regulators will be unable to spot risks in the financial system unless data are aggregated properly.
IOSCO updated information repository for central clearing requirements for OTC derivatives
Requirements and exemptions are set out on a product-by-product level.
ESMA published updated EMIR Q&A
The document includes further guidance on the trade reporting to trade repositories including a validation table.
ESMA agreed to short-selling measures introduced by Italian CONSOB
The emergency measure consists of a ban on the creation and increase of net short positions on shares issued by Banca MPS spa and Banca Carige spa.
Financial News: Challenges arise as rules reshape the landscape
Regulation has fundamentally reshaped the sales and trading landscape in the six years since the financial crisis. Regulation ranked as the top concern among sellside respondents across asset classes, according to Financial News’ Volatility and Trading Survey.
ESA's Joint Committee published 2014 list of identified financial conglomerates
The latest version of the list shows 71 financial conglomerates with the head of group in an EU/EEA country.
Financial News: One regulator, different fines
The European Market Infrastructure Regulation leaves it to each national regulator to set penalties for reporting misdemeanours related to transparency in the swaps market.
EIOPA: Consultation paper on the proposal for Guidelines on product oversight & governance arrangements by insurance undertakings
These arrangements refer to internal processes, functions and strategies aimed at designing and bringing products to the market, monitoring and reviewing them over their life cycle.
EIOPA: EU-U.S. Insurance project reports on increased transatlantic cooperation
Important initiatives related to group supervision and the use of ORSA have been promoted at the Forum.
  Asset Management
Hedgeweek: Luxembourg leads in AIFMD stakes
Luxembourg has become the premier jurisdiction for domiciling alternative investment funds. It sets exacting requirements and demands high standards of skills and experience, substance and reporting transparency.
ESMA published responses to Consultation on delegated acts required by the UCITS V Directive
Responses by AFG, EFAMA, EACB and ALFI.
IPE: Revised IORP II Directive ‘at odds’ with proposed Capital Markets Union
The latest revisions showed EU member states clawing back regulatory power from EIOPA, after wording amendments in the Directive.
EIOPA’s vision on private pensions: Enhanced sustainability, strong governance and full transparency
“EIOPA is now preparing a pensions stress test. We are taking a two-stage approach: preparatory work in 2014 and running the stress test in 2015," EIOPA's Chairman said.
  Corporate Governance/Accounting
IFRS Foundation response to the EC on the effects of using IFRS in the EU
The objectives of the IAS Regulation remain valid today and the adoption of IFRS has brought benefits to the EU.
ESMA: Enforcement priorities for listed companies’ financial statements
“The aim of the priorities is to achieve a high level of harmonisation in enforcement and to contribute to consistency in the application of IFRS across the EU," Steven Maijoor, ESMA Chair, said.
EFRAG's draft comment letter on reporting of the financial effects of rate regulation
EFRAG supports the IASB’s decision to focus the debate initially on accounting for a particular type of rate regulation. However, the discussion paper is only a starting point.
  Financial Services Policy
FCA: Innovation - the regulatory opportunity
Chief Executive of FCA: "We have identified some priority areas that we want to tackle. The most cross-cutting, immediate problem facing a range of innovators is a basic one; getting a bank account."
  Grahams Articles, Comments & Speeches
Cameron’s `EU surcharge’ fiasco: the political tectonic plates are on the move
Ever since it emerged that the the UK’s contribution to the EU has to increase, the issue has assumed a life of its own.


© Graham Bishop

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