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12 March 2015

This week in "Brussels"

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  Articles from 05 March 2015 - 12 March 2015

ECB/Yves Mersch: The Future of Banking – a Central Banker’s view
"We need a balanced approach – supporting the healthy forces of creative destruction, while at the same time protecting consumers and the essential functions of banks in servicing the economy."  View Article
Financial Times: The ECB’s policy mix is poison for banks
Deeper negative rates on reserves, while probably inevitable because of the lack of a “lower bound” in bond markets, could cause serious difficulties for some banks. Allowing banks to convert to physical cash may be the only thing that saves them, writes Frances Coppola.  View Article
European Parliament: MEPs put an end to opaque card payment fees
The fees that banks charge retailers to process shoppers’ payments will be capped, under uniform EU-wide rules, further to a vote in Parliament on March 10.   View Article
Reuters: EU parliament report casts doubt over bank trading curbs
Rules forcing banks to isolate risky trading activities must be fully evaluated to gauge their impact on economic growth and the ability of banks to bear the extra costs, a study by the European Parliament said March 11.  View Article
EBA advises on resolution procedures for EU banks
The advice covers the definition of critical functions and core business lines, as well as rules for the exclusion of liabilities from the application of the bail-in tool.   View Article
EBA consults on records of financial contracts
These standards aim to guarantee appropriate convergence in record keeping across the EU, whilst also ensuring that differences in institutions are taken into account.  View Article
EBA defines requirements for business reorganisation plans
When resolution authorities use the bail-in tool to recapitalise an institution, the BRRD requires the resolved institution to draw up a plan with the measures to restore its long-term viability. EBA calls for credible resolution plans.  View Article
EBA finds Swedish waiver on covered bonds justified
The application of the Credit Quality Step (CQS) 1 requirement may create a potential significant concentration problem in Sweden.  View Article
EPC and Cards Stakeholders Group consult on version 7.05 of the SEPA Cards Standardisation Volume
The volume defines a standard set of requirements to enable an interoperable and scalable card and terminal infrastructure across SEPA, based on open international card standards.  View Article
Bank of England: Investment banking: linkages to the real economy and the financial system
All of the largest global investment banks have operations in London. This article explains what investment banks do – and attempts to help the reader understand some of the jargon used in relation to investment banking.   View Article
ESMA sees continued tense securities market conditions
ESMA published its report on Trends, Risks and Vulnerabilities the EU securities markets, covering market developments from July to December 2014.   View Article
ESAs consult on draft technical standards on the credit quality steps for ECAIs’ credit assessments
The ITS contains a table assigning the appropriate Credit Quality Steps to the rating categories of ECAIs. This mapping serves the calculation of the Solvency II capital requirements under the Standard Formula and contributes to improving risk management of EU insurers.  View Article
CPMI-IOSCO begin review of stress testing by CCPs
CPMI and IOSCO believe that a review of CCP stress testing is timely in order to identify how the relevant PFMI standards are being implemented and whether additional guidance in this area is needed.  View Article
ESMA published responses received to consultation on MiFID II/MiFIR
Responses from ISLA, AFG, SIFMA, EBF, EACT, EVCA and FESE.  View Article
ESMA clarifies its interest rate swaps clearing standards
Besides incorporating practical issues raised by the European Commission, the revised opinion does not introduce material changes compared to the original opinion, nor were the actual draft IRS RTS modified.  View Article
ESMA and MAS conclude MoU on CCPs
The MoU establishes cooperation arrangements between the signatory authorities regarding CCPs established in Singapore that are authorised by the Monetary Authority of Singapore and have applied for recognition under EMIR.  View Article
ESMA and RBA conclude MoU on access to data held in trade repositories
The Memorandum of Understanding will allow RBA to have access to data held in European Trade repositories according to its mandate.  View Article
Banking Technology: ESMA trade reporting standards could decide future of markets
ESMA is consulting financial institutions on which messaging protocol and data formats would be best for trade reporting under MiFIR. As the timeframe for reporting comes ever closer to real-time, the consequences could be serious.  View Article
Insurance Europe: Response to EIOPA consultation on second set of ITS and guidelines
Deputy Director General of Insurance Europe: "Given the extremely short time allowed to implement the very extensive reporting requirements, Insurance Europe requests that EIOPA and supervisors allow simplifications and limited gaps in reporting during the first year of implementation."  View Article
Insurance Europe: EU regulation should encourage, not discourage, people to protect themselves with insurance
European policymakers can create a more financially resilient society by enabling a greater amount of people to access insurance cover, according to a publication released by Insurance Europe.  View Article
Insurance Europe: Concerns expressed to EFRAG on staggered IFRS implementation
Insurance Europe and the CFO Forum's letter noted that, due to insurers’ business model, it is important that accounting requirements for financial instruments and insurance liabilities are considered together as a package.  View Article
EIOPA publishes the Final Reports on full equivalence assessments of Bermuda, Japan and Switzerland
The reports will allow the European Commission to take fully-informed decisions in 2015 in relation to these third countries' regimes.  View Article
  Asset Management
European Parliament: MEPs vote to channel funds towards long term European investment
ELTIFs are designed to benefit the real economy and society by channelling non-bank funds into long-term projects to deliver infrastructure, intellectual property or research results.  View Article
IPE: Approval of ELTIF framework 'essential for sustained recovery'
The European Parliament’s approval of the European Long-Term Investment Fund framework has been welcomed by the industry and parliamentarians as the first step towards building the Capital Markets Union.  View Article
IPE: Pension funds set to escape 'too-big-to-fail' regulation
Pension funds are not to be classed as systemically important financial institutions but could still be subject to increased regulatory burdens proposed for ‘too-big-to-fail’ asset managers.  View Article
IPE: IORP rapporteur urges Brussels to back pensions working group
A Dutch MEP has suggested the revised IORP Directive should be used to encourage the growth of occupational pensions rather than simply focus on matters of governance and risk management.  View Article
  Corporate Governance/Accounting
IFAC/IAASB/Arnold Schilder: Bilancio del Libro – The Importance of Balance in Auditing and Standard-Setting
The speech covers ISA adoption/adaptation, endorsement of ISAs in Europe and the IAASB's work.  View Article
  Financial Services Policy
Reuters: EU capital markets plan falls short on investor protection - FCA
The European Union's plans to boost market-based financing for its flagging economy risks harming consumers unless there is more emphasis on investor protection, the FCA said.  View Article
  Think Tanks/EP groups
Bruegel: ECB quantitative easing - the detailed manual
The European quantitative easing programme, the Public Sector Purchase Programme, will last at least until September 2016. Purchases will be composed of sovereign bonds and securities from European institutions and national agencies.  View Article
Bruegel: Not SIFIs but PIFIs - a bank bailout lesson from Austria
The EU bank resolution framework deals in principle with risks from SIFIs, or systemically important financial institutions, but might have overlooked PIFIs -- politically important financial institutions.  View Article


© Graham Bishop

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