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19 March 2015

This week in "Brussels"

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  Articles from 12 March 2015 - 19 March 2015

EBA updated its risk dashboard for EU banking sector
The risk dashboard summarises the main risks and vulnerabilities in the EU banking sector on the basis of the evolution of Key Risk Indicators (KRI) from 55 banks for the third quarter of 2014.  View Article
EBF response to the EBA consultation on IRB requirements
This RTS when finalised, will be a critical document setting out the direction and role of rating systems within banks’ risk management and capital management frameworks. Its importance and impact should not be underestimated. For that purpose, the EBF provides extensive comments in this response.  View Article
EBF: Expert group recommends soft landing for tax information exchange
The EBF draws attention to publication of the first report of the European Commission’s Expert Group on Automatic Exchange of Financial Account Information for Direct Taxation Purposes. The report recommends that governments start exchanging information with a soft landing period of two years.  View Article
Basel III implementation assessments by the Basel Committee
The reports cover Hong Kong SAR and Mexico. In addition the Committee also published overviews of post-assessment follow-up actions by Brazil, China, Japan, Singapore and Switzerland.   View Article
Bank of England: Strengthening accountability in banking - UK branches of foreign banks
This consultation sets out the PRA and Financial Conduct Authority’s proposals for extending and tailoring the Senior Managers Regime, and the Certification Regime and Conduct Rules to UK branches of overseas banks and PRA designated investment firms (‘incoming branches’).  View Article
BIS Quarterly Review, March 2015
The review covers international banking and financial market developments: a wave of further easing, highlights of global financing flows, plus special features.  View Article
ESMA sees increased convergence in automated trading supervision
ESMA reviewed how the 30 national competent authorities implemented ESMA guidelines on automated trading into their day-to-day supervision of trading platforms.  View Article
Basel Committee/IOSCO: Revisions to implementation of margin requirements for non-centrally cleared derivatives
The framework was originally published in September 2013, after two public consultations.   View Article
Reuters: Regulators must remain vigilant in supervising clearinghouses
It is appropriate at this stage of the overall financial-reform effort for regulators to take stock of what has been done so far to ensure the safety of CCPs, and consider what, if any, additional measures should be taken.   View Article
Insurance Europe: Comments on the proposal for a European Fund for Strategic Investments
In the context of the Investment Plan, the EFSI will be important in attracting investment to particular types of projects in need of public support. But, beyond the EFSI, the insurance sector strongly supports a pipeline of viable and attractive infrastructure investments.  View Article
Commercial Risk Europe: Problems with SII compliance deadline 'inevitable', says Van Hulle
Not all insurers in Europe will be sufficiently prepared for the implementation of Solvency II in ten months’ time, according to its main architect.   View Article
Fitch: Insurers Begin to Unlock Power of Big Data
The report says that big data will be increasingly important to insurers' profitability, competitiveness and - in the long term - credit ratings. With bond yields low and competition high, management of profitability is key for insurers.  View Article
  Asset Management
IPE: EIOPA promises 'simplified' stress tests for European pension funds
Gabriel Bernardino said there would only be two “baseline scenarios”. Last year stress tests included 18 different scenarios.   View Article
Hedgeweek: How is more regulation impacting fund distribution?
Since the global financial crisis there has been a plethora of new regulation and legislation coming down the pipeline which, to a greater or lesser degree, is impacting international asset management, writes Dominic Wheatley, Chief Executive of Guernsey Finance.  View Article
IPE: German pension fund association vows to keep fighting HBS
The German pensions industry has issued a clear rejection of any attempt to standardise solvency requirements across European pension funds.  View Article
IPE: Germany postpones discussion on 'Dutch-style' pensions
Further debate on the German government’s proposal to introduce industry-wide pension plans has been postponed until 2016 after opposition from social partners.   View Article
AIMA: Hedge fund managers eagerly adapt to changing markets, investors and products
The hedge fund industry is transforming, with managers increasingly focused on customised products and solutions, new investors, and emerging markets. This is the conclusion of the latest report by KPMG International, the Managed Funds Association (MFA), and AIMA.  View Article
  Corporate Governance/Accounting
EFRAG: Endorsement Advice on IFRS 15 Revenue from Contracts with Customers
The objective of the Standard is to provide a single, comprehensive revenue recognition model for all contracts with customers.   View Article
EBF response on proposed amendments to IAS 7 Statement of Cash Flows
The EBF does not consider that the consolidated cash flow statement of a bank provides useful information.  View Article
ACCA: Towards a fairer and more transparent approach to taxation in the EU?
ACCA takes note of the publication of the first of two tax transparency packages promised by the European Commission and welcomes, in principle, the proposal to extend the automatic exchange of information on tax rulings with some reservations  View Article
IASB/Hoogervorst: 'Bad accounting breeds bad policies'
"Both investors and managers are best served by accounting standards that reflect the economic reality, not by standards that create fake stability by smoothing out problems over the years.”  View Article
IASB outlines practical effects of bringing leases onto the balance sheet
The IASB is in the process of finalising a new IFRS that will require companies to bring leases onto the balance sheet.  View Article
IASB's update on insurance contracts project
The IASB has published an overview of the tentative decisions on the general model that would apply to insurance contracts without participation features, and the IASB’s reasons for reaching those decisions.  View Article
  Financial Services Policy
IPE: European Commission to back market solutions for Capital Markets Union
Capital Markets Union will not be created through legislation, but with the market’s help to deliver solutions, Jonathan Hill said.  View Article
ECB: What is the goal of the Capital Markets Union?
Cœuré: "Capital markets are starting again to show some signs of de-fragmentation. Looking forward, the objective of CMU should be to support qualitative integration, rather than quantitative convergence."  View Article
FCA: Bringing additional benchmarks into the regulatory and supervisory regime
Seven benchmarks are being brought into regulatory scope. Currently, the London Inter-bank Offered Rate (LIBOR) is the only benchmark the FCA regulates.   View Article
FCA’s Wheatley: Nothing to fear from high standards
"There’s now a genuine desire at the highest levels of banking to reform corporate culture. In fact, boards are spending anything up to 80pc of their time debating regulatory issues and implications. The challenge is one of practical implementation."  View Article
ESMA’s Maijoor speaks at the NAPF Investment Conference
His speech focused on the questions of how to increase capital availability and support economic growth in the EU.  View Article
  Grahams Articles, Comments & Speeches
A spring in the step at the Lib Dem conference
My personal 'red line' for coalition negotiations about Brexit after May 7th. Voters must be offered three options in an early referendum.  View Article
  Think Tanks/EP groups
Bruegel: European Monetary Union
The European Commission President published an analytic note together with the European Council, ECB, euro area Presidents raising a number of questions on euro area governance. Europolitics asked Guntram Wolff to provide short answers to difficult questions.  View Article


© Graham Bishop

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