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26 February 2015

This week in "Brussels"

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  Articles from 19 February 2015 - 26 February 2015

Financial Times: Europe’s big banks will need to raise capital warns ECB
Danièle Nouy said that banks would have to raise more and better quality capital as a result of her new agency’s drive to harmonise more than 150 national variances in capital rules. Fresh legislation from Brussels is also likely to be needed, she added.  View Article
Reuters: Bank regulation takes back seat to kick-starting economy
As the banking crisis fades in memory, only to be replaced by a lingering economic slowdown, governments are losing interest in financial reform despite warnings that dangers still lurk.  View Article
ECB: Ninth survey on correspondent banking in euro
The report also provides a trend analysis of developments in the correspondent banking business.  View Article
ECB: Guide for the assessment of card payment schemes against the oversight standards
This assessment guide is intended both for the CPSs’ governance authorities responsible for ensuring compliance, and for the overseers conducting the oversight of both national and international CPSs based on the Eurosystem oversight standards for CPSs.  View Article
Financial Times: A ‘big bang’ to expand Europe’s economy
The fortification of banks has been the signal accomplishment of European economic policy. Yet the economic recovery remains weak and policy makers are looking for new ways to unlock the continent’s potential. A capital markets union is needed, writes Michael Sherwood and Richard Gnodde.  View Article
BIS: Financial reform and the role of regulators
Evolving markets, evolving risks, evolving regulation.  View Article
BIS: A dynamic network model of the unsecured interbank lending market
This model allows banks to lend and borrow funds in an over-the counter market to smooth liquidity shocks or resort to the central bank standing facilities.   View Article
Reuters: Shrinking liquidity tops financial market concerns in BoE review
Concern is growing among banks and investment funds that heavier regulation has led to a number of key financial markets becoming too thin to soak up sharp price swings or bouts of volatility, laying the groundwork for another financial crisis.  View Article
Bank of England: One Bank research agenda launched
The One Bank Research Agenda is an ambitious and wide-ranging framework to transform the way research is done at the Bank.   View Article
Reuters: Visa Europe plans new security that could pave way for Apple Pay
Visa Europe said it would introduce to member banks by mid-April a "tokenisation" service which substitutes random numbers for a user's credit card details when a merchant transmits transaction data, reducing the risk of online theft.  View Article
ESMA publishes peer review on best execution under MiFID
ESMA found that the level of implementation of best execution provisions, as well as the level of convergence of supervisory practices by NCAs, is relatively low.  View Article
ESMA published revised 2015 Work Programme
ESMA will lack sufficient resources to execute all the tasks that were initially planned for 2015. The Work Programme explains the areas where reprioritisation had to take place.  View Article
ESMA and JFSA conclude an MoC regarding CCPs
The MoC applies to CCPs that are established in Japan, are licensed or approved by the JFSA, and have applied for recognition under EMIR.  View Article
IOSCO report compares, analyses prudential standards in the securities sector
The report makes a high level comparative analysis of the key prudential/capital frameworks for securities firms.   View Article
IOSCO reviews implementation of financial benchmark principles
The report sets out the findings of IOSCO ́s review by a sample of administrators of financial benchmarks across a range of geographical areas and asset classes.  View Article
ICMA: response to ESMA CSD regulation Level 2 Consultation Papers
ICMA provided a number of recommendations to support the successful implementation of Settlement Discipline measures, as well as suggested enhancements to the draft RTS text.   View Article
Reuters: EU's top court to rule on ECB challenge to UK clearing on March 4
The ECB says clearing houses that process more than 5 percent of any euro-denominated security should be based in the single currency area. Includes quote from Graham Bishop.  View Article
Financial Times: Assessing Solvency II’s 'look-through' approach
The European insurance sector is the largest institutional investor in Europe. With the life sector accounting for more than 80 per cent of assets, objectives such as meeting policyholder liabilities and maximising investment returns are foremost in shaping insurers’ long-term investment strategies.  View Article
Financial Services: Regulation & Risk - The Insurance Distribution Directive (IMD2)
Identifying and managing conflicts of interest.  View Article
  Asset Management
EIOPA published its Year-end Report on Functioning of Colleges and Accomplishments of the Action Plan 2014
Colleges of supervisors in most countries have developed in line with targets.  View Article
AIMA: Activist hedge funds driving improvements in company performance
AIMA CEO: "We regard activist hedge funds as the keys that are unlocking value in public and private enterprises, delivering gains to their investors, the companies in which they invest, and ultimately, the broader economy."  View Article
ALFI response to IOSCO’s consultation on cross-border regulation
The consultation report described three cross-border regulatory tools, outlined challenges from a regulator’s and stakeholders’ perspective, and listed suggestions on IOSCO’s role regarding cross-border issues.  View Article
ALFI response to ESA discussion paper on KIDs for PRIIPs
The aim of the KIDs is to provide EU retail investors with consumer-friendly information about investment products with the ultimate aim of improving transparency in the investment market.   View Article
Hedgeweek: Understanding the AIFMD distribution landscape
Platforms, just as in the UCITS world, are seen as an important solution for alternative fund managers who want to piggyback on a third party AIFM’s license, launch a sub-fund, and freely avail of the passport.  View Article
Hedgeweek: Setting up a hedge fund under AIFMD
The AIFM Directive may not be universally welcome but with greater focus being applied to compliance and operational risk oversight within the fund management industry, it is at least ensuring a new breed of higher quality fund manager; which for investors is good news.  View Article
Hedgeweek: How to access Europe using third party AIFMs
Alternative fund managers wishing to continue to market their funds into Europe have to navigate uncharted territory. The AIFMD only really kicked in last July at the end of the grandfathering period, since when both EU and non-EU AIFMs have started to treat the directive more seriously.  View Article
The AMF launched consultation on major asset disposals of listed companies
The focus group advocated the prior consultation of the General Shareholders' Meeting for major asset disposals of listed companies, a concept for which it proposes a definition.  View Article
  Corporate Governance/Accounting
IASB: Leases project update
The document explains how a lease would be defined in the new Leases Standard based on the IASB’s decisions in redeliberations.  View Article
FEE: Recent developments in auditor communication
The publication provides an overview of the recent changes to the EU legislative requirements on auditor communication.   View Article
  Financial Services Policy
AFME’s report "Bridging the growth gap"
A shortage of risk capital and under-developed capital markets are holding back growth in Europe.  View Article
New York Times: Uniting Europe’s financial markets
The leaders who created the European Union hoped that binding together their economies would increase prosperity and reduce the chance of conflict. But the union is far from complete, especially in the financial sector.  View Article
  Grahams Articles, Comments & Speeches
Greece: the good news appears to continue
The Eurogroup has announced its analysis of the surprisingly lengthy and detailed list of policy proposals received from the Greek government.  View Article
Eurogroup statement: Greece gets breathing space
But every move will be monitored before cash is disbursed.  View Article
Greek tragedy or bright future?
Will the Greek Fiat 500 insist on crashing head-on into the 50-ton tank – losing the game of chicken?  View Article
  Think Tanks/EP groups
Brookings: Capital markets union in Europe: Initial impressions
One of the major current projects of the European Union is to create a “Capital Markets Union” to complement its new “Banking Union.” The core idea is to build up the role of financial markets in Europe and to diversify away from a financial system that remains very bank-centric.   View Article
CEPS: Closing financial institutions on both sides of the Atlantic: Are there differences in approach?
In the aftermath of the Great Financial Crisis both the EU and the US have implemented resolution procedures for their largest and most systemic financial institutions. This Commentary examines the main differences between the two frameworks.  View Article


© Graham Bishop

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