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05 February 2015

This week in "Brussels"

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Banking Securities Insurance
Asset Management Corporate Governance/Accounting Financial Services Policy
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  Articles from 29 January 2015 - 05 February 2015

Reuters: EU's Hill sticks by bank trading reform, hopes for compromise
There are no plans to scrap a draft European Union law on reining in trading risks at big banks but some of the proposed rules could be softened, the bloc's financial services chief said.  View Article
EBA adds BRRD to its online Interactive Single Rulebook and Q&A tools
Users will now be able to review on the EBA website all the EBA's Technical Standards and Guidelines associated with the BRRD by navigating through the Directive on an article by article basis.   View Article
BCBS: Range of practice in the regulation and supervision of institutions relevant to financial inclusion
This report reveals the extent to which supervisory and regulatory practices are evolving in response to the emergence of new institutions, financial products and intermediation channels that service poor and low-income customers in different jurisdictions.   View Article
BCBS: The interplay of accounting and regulation and its impact on bank behaviour
A review of academic literature on the interplay of accounting and regulatory frameworks, how these two regimes affect bank behaviour and whether regulatory and accounting requirements can be used to counter unintended outcomes and/or reinforce prudential objectives.  View Article
BCBS: Guidance on accounting for expected credit losses
The consultative document outlines supervisory expectations regarding sound credit risk practices associated with implementing and applying an expected credit loss accounting framework.  View Article
EPC Newsletter: The future of payments
What developments are expected to shape the future of European payments in 2015 and beyond?  View Article
The Independent: 'Idiosyncratic' new stress tests to challenge weaker banks in the UK
Watchdogs have told banks that they will demand tough new stress tests that could lead to many more failures from next year, The Independent has learnt.  View Article
ESMA advised Commission on implementation of new market abuse regime
Compared to the current Market Abuse Directive, the Market Abuse Regulation extends the scope of market manipulation to cover new trading tactics and market realities and provides non-exhaustive lists of indicators for market manipulation.  View Article
ESMA launched Call for evidence on competition, choice and conflicts of interest in the CRA industry
It was published as part of the development of Technical Advice for the European Commission on the functioning of the credit rating industry and the evolution of the markets for structured finance instruments.  View Article
IOSCO seeks better understanding of other CRA products and services
Market participants may use other CRA products to help assess the creditworthiness of an entity or obligation or for different purposes.  View Article
ESMA published opinion on draft RTS on the clearing obligation for interest rate swaps
ESMA considers that the tool proposed by the Commission related to the non-EU intra group transactions is not appropriate from a legal perspective.  View Article
ESMA issued feedback statement on the central clearing of non-deliverable forwards
ESMA believes that more time is needed to appropriately address the main concerns raised during the consultation.   View Article
Tabb Forum: CCPs - Risky is as risky does
Has mandatory clearing for swaps concentrated risk in the CCPs and made them too big to fail? Two recent industry papers bring into sharper focus the debate that has been raging under the surface of the markets.  View Article
AFME briefing note: Securities Financing Transaction Regulation
Whilst AFME supports the objectives of the SFTR, it is of vital importance that the regulation strikes the right balance between increasing transparency and preserving the important function of SFTs.  View Article
ISDA OTC derivatives market analysis: Industry meeting clearing and compression goals
"These two practices can make it difficult to get a clear picture of the underlying market. Our research shows activity in interest rate derivatives before clearing and compression has been growing,” said ISDA's Chief Executive Officer.  View Article
Reuters: Fed to propose margin rule aimed at shadow banking
The Federal Reserve plans to propose a rule that applies minimum margin requirements to certain forms of securities financing deals, in a move aimed at reining in the shadow banking industry.  View Article
EIOPA explains implications of its budget cuts for 2015
In order to ensure delivery of high quality work, EIOPA has undertaken a severe strategy-driven reprioritisation exercise, including not only extensive reallocation of human resources and rationalisation of funds, but also postponement and cancellation of ongoing projects.  View Article
EIOPA published symmetric adjustment of the equity capital charge for Solvency II
The publication aims to help insurers calculate their solvency position as of 31 December 2014 and 31 January 2015, and to deliver reporting templates for the Solvency II preparatory phase.  View Article
EIOPA published the outcome of the public consultation related to the Guidelines on the System of Governance and the ORSA
The guidelines set out the requirements for the sound and prudent management of undertakings.  View Article
EIOPA issued its first Solvency II Guidelines in official EU languages
Their aim is to ensure common, uniform and consistent application of Union law as well as to establish consistent, efficient and effective supervisory practices.  View Article
EIOPA provided advice to the European Commission on conflicts of interest
The advice covers the identification, prevention, management and disclosure of conflicts of interest which may arise in the course of the distribution of insurance-based investment products.   View Article
EIOPA issued an Opinion on sales via the Internet of insurance and pension products
A substantial percentage of customers already use digital and remote channels, and their number will only increase.  View Article
Commercial Risk Europe: IUA concerned by lack of insurance expertise at UK regulator as new insurance supervisor named
Applying 'inappropriate' banking regulatory methods to the UK insurance industry places London market's competitiveness at risk.  View Article
  Asset Management
European Commission: Pension funds should benefit from a further two year exemption from central clearing requirements
The report concludes that central counterparties need this time to find solutions for pension funds.  View Article
PensionsEurope welcomes the extension of the clearing obligation exemption for pension funds
"Thanks to this, for at least two more years, we will avoid adding the excessive costs that mandatory clearing of OTC derivatives would impose on pension schemes and their beneficiaries," the Chair of PensionsEurope said.  View Article
ALFI: Let asset management industry concentrate exclusively on investors
The fund industry plays a key role in economic growth and, after a period of focusing on regulation, 2015 should be a year for asset management companies to also grow their businesses and focus exclusively on serving investor needs.  View Article
EFAMA responded to consultation on asset segregation under the AIFMD
EFAMA would like to draw ESMA’s attention to the specificity of the record-keeping obligation related to the implementation measures of the MiFID.   View Article
ALFI responded to consultation on asset segregation under the AIFMD
Segregation between AIF and non-AIF assets by way of separate accounts does not provide greater protection of investor’s assets.  View Article
EIOPA published report on investment options for occupational DC scheme members
The report maps out the available choices that members have regarding investment in their retirement plans.   View Article
AIMA reception at UK Parliament discusses how hedge funds can help to close the 'pensions gap'
The 'pensions gap' is considered a particularly acute problem in the UK, with roughly one in three of the UK’s working population thought to be affected.   View Article
  Corporate Governance/Accounting
EFRAG: Final endorsement advice on the Annual Improvements to IFRSs 2012-2014 Cycle
EFRAG supports the adoption of the Amendments and recommends their endorsement.  View Article
EFRAG, OIC, ASBJ: Feedback statement on paper about accounting and disclosure for goodwill
Most respondents agreed with the main conclusion that the impairment-only model for acquired goodwill did not provide the most appropriate solution for subsequent measurement of goodwill.   View Article
IFAC: IPSASB released IPSASs on Accounting for Interests in Other Entities
“Accrual-based accounting practices provide a comprehensive picture of the financial performance and position of public sector entities. Appropriate accounting for interests in other entities is an important aspect of this comprehensive picture,” said IPSASB Chair.   View Article
IFAC: IPSASB´s new standard on first-time adoption of accrual basis IPSASs
IPSAS 33 grants transitional exemptions to entities adopting accrual basis IPSASs for the first time, providing a major tool to help entities along their journey to implement IPSASs.   View Article
IASB/Hans Hoogervorst: 'Switzerland and IFRS'
Hoogervorst discussed the causes of complexity and disclosure overload in financial reporting.  View Article
  Financial Services Policy
Euractiv: European Commission mulls super-regulator for capital markets
The Commission is set to test the waters on creating a new super-regulator for capital markets, despite opposition from the larger member states when it publishes a green paper later this month.  View Article
European Commission: Finance at your service – capital markets union as an instrument of sustainable growth
Jonathan Hill: "My ambition is to help unlock the capital around Europe that is currently frozen and put it to work in support of Europe's businesses, particularly SMEs. I'd like to explain to you briefly what capital markets union is intended to be. And, perhaps equally, what it is not."  View Article
EU financial regulatory framework: An impressive achievement, but weaknesses remain
A House of Lords report concludes that the EU financial regulatory framework has been radically transformed in the wake of the financial crisis.  View Article
EBF joins united call on EU, US leaders to pursue ambitious TTIP agreement
Business organisations with cross-sector representation, and financial services and related professional trade associations based in both the United States and the EU, issued the statement ahead of the 8th round of TTIP negotiations.  View Article
ACCA: MEPs and EU stakeholders discuss “Ethics in Finance” at the European Parliament
The main conclusions of the conference, hosted by MEPs Karas and Swinburne, call for a much needed shift in culture to bring integrity, morality and ethical behaviour back in the financial world, and reinstate trust.  View Article
  Grahams Articles, Comments & Speeches
Tsipras looks over the brink – and seems to draw back: Phew!
But “there is no alternative” if he wants to retain the confidence of bank depositors and avoid economic collapse.  View Article
`Deepening EMU' - Round-up of Key Events - January 2015
The new Greek government was sworn in. The eurozone economy slipped into deflation in December. The Council decided to clamp down on corporate tax avoidance. BCBS will examine whether it should rewrite rules governing how sovereign debt affects banks’ capital positions.  View Article


© Graham Bishop

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