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02 April 2015

This week in "Brussels"

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  Articles from 26 March 2015 - 02 April 2015

Reuters: EU presidency wants to ditch ban on proprietary trading at banks
The European Commission proposed the draft law to ban proprietary trading at banks and force lenders to isolate other forms of risky trading to help keep the financial system stable.  View Article
ECB: Annual Report on supervisory activities 2014
The report reviews the key achievements in setting up the Single Supervisory Mechanism and the start of ECB Banking Supervision. It further outlines the supervisory priorities for 2015 and the main challenges ahead.   View Article
Reuters: Banks call for rethink of global plans for capital "floors"
The world's top banks and other market participants want regulators to rethink plans that would set a new minimum level of capital requirements even when risks from high quality loans are low.  View Article
EBA issued recommendation on equivalence of non-EU authorities for participation in supervisory colleges
The paper looks at the conditions that need to be met in terms of confidentiality requirements and gives an overview of equivalence to EU standards.   View Article
BoE published details of 2015 stress test for largest UK banks and building societies
The purpose of the test is to ensure that the UK banking system can withstand a severe shock and continue to provide financial services to the real economy.   View Article
BoE: Global Preamble - Codes of best market practice and shared global principles
This publication reflects eight foreign exchange committees’ shared commitment to developing and promoting clear, robust, and implementable best practice guidance, which is critically important to a well-functioning global foreign exchange market.  View Article
Financial Times: New payments watchdog takes aim at high street banks
The Payment Systems Regulator, which launches on April 8, will open up access to the infrastructure underpinning financial transactions, from mobile payments to house purchases.  View Article
European Parliament: Economic affairs MEPs target conflicts of interest in benchmark setting
A draft EU law to make the benchmarks used to price EU citizens’ mortgages, loans and bonds more trustworthy was backed by the Economic and Monetary Affairs Committee on March 31.   View Article
ECB and BoE announce measures to enhance financial stability in relation to centrally cleared markets
The ECB and the BoE have agreed enhanced arrangements for information exchange and cooperation regarding UK Central Counterparties with significant euro-denominated business.  View Article
BoE and ECB response to the EU Consultation on securitisation
A uniform set of criteria for simple, transparent and standardised securitisation to underpin EU legislation could play an essential role in attracting a broader investor base and in de-stigmatising European securitisations.  View Article
Financial Times: Mifid II needs to uphold spirit of reform
The clock is ticking on the implementation of Mifid II and reforms to transform the European financial landscape. Reforms that will not only deliver new competition, transparency and clarity, but also form the foundation for CMU in Europe, write Michael Spencer, Xavier Rolet and Hans-Ole Jochumsen.  View Article
ESMA launches centralised data projects for MiFIR and EMIR
The projects are currently being developed by ESMA. The Instrument Reference Data Project is expected to go live in early 2017, and the Trade Repositories Project in 2016.  View Article
FCA asks firms for views on MiFID II implementation
The discussion covers certain aspects of the revised MiFID II, ahead of formal consultation later in 2015.   View Article
ESMA published updated EMIR Q&A - No 12
The Q&A provides answers and guidance regarding the implementation of EMIR.   View Article
ESMA updated list of authorised CCP and Public Register
The update concerns LCH. Clearnet Ltd which has extended its activities and services, a fact which under EMIR requires a new authorisation by the competent authority.  View Article
AFME response to ESMA consultation on competition, choice and conflicts of interests in the CRA Industry
AFME does not believe that alternative models or new regulatory standards are necessary. Existing standards are supported by international consensus in the form of the IOSCO code and already reflect best practice for conflicts management.  View Article
ISDA outlines path forward for centralized execution of swaps
The set of principles is aimed at promoting regulatory consistency in the development and application of centralized trading rules for derivatives.  View Article
BIS: Central bank operating frameworks and collateral markets
This report explores whether and how the design of central banks' operational frameworks influences private collateral markets, including collateral availability, pricing, related market practices, and market performance under stress.   View Article
EIOPA advice on recovery plan, finance scheme and supervisory powers in deteriorating financial conditions under Solvency II
EIOPA identifies a list of supervisory measures that can be taken in case of deteriorating financial conditions of companies.   View Article
EIOPA published discussion paper on infrastructure investments by insurers
EIOPA has started a new work stream on infrastructure investments by insurers concentrating on a more granular treatment of infrastructure investments within the regulatory framework of Solvency II.  View Article
EIOPA consults on the ITS on information exchange between supervisors
Market participants and (re)insurance stakeholders can provide feedback on the draft ITS on the procedures and templates for the submission of information to the group supervisor, as well as the exchange of information between supervisory authorities, especially within colleges of supervisors.  View Article
BoE: Solvency II - treatment of sovereign debt in internal models
This consultation paper seeks feedback on a draft supervisory statement which sets out the Prudential Regulation Authority’s expectations of firms in relation to treatment of sovereign debt in internal models.  View Article
BoE: PRA provides feedback on Solvency II matching adjustment pre-application process
The matching adjustment is an adjustment to the risk-free interest rate term structure used to calculate the best estimate of a portfolio of eligible insurance obligations under Solvency II. Its use is subject to prior supervisory approval where certain eligibility criteria are met.  View Article
BoE: Senior Insurance Managers Regime - a streamlined approach for non-Solvency II firms
Those who run regulated firms should have clearly defined responsibilities and behave with integrity, honesty, and skill. The SIMR is being introduced to facilitate this. On 23 March, the PRA set out final rules, following consultation, in respect of how the SIMR will apply to Solvency II firms.  View Article
BoE: Changes to the Approved Persons Regime for Solvency II firms: forms, consequential changes and transitional arrangements
In this consultation paper, the Prudential Regulation Authority and Financial Conduct Authority provide further detail on the implementation of the proposals set out in previous consultations.  View Article
  Asset Management
ESMA published updates to Q&As on the AIFMD application
The Alternative Investment Fund Managers Directive puts in place a comprehensive framework for the regulation of alternative investment fund managers within Europe.   View Article
ESMA published updates to Q&As on the KIID
The revised UCITS-Directive puts in place a comprehensive framework for the regulation of harmonised investment funds within Europe.   View Article
EFAMA response to ESMA’s Discussion Paper on share classes of UCITS
EFAMA welcomed ESMA’s initiative to consider the development of a common understanding across the European Union of what constitutes a share class under the UCITS Directive.   View Article
ALFI response to ESMA’s discussion paper on UCITS share classes
Issues addressed in the discussion paper relate to the definition of a share class, the different types of existing share classes in the various Member States of the EU and the possible approaches to developing a common understanding on the share classes that should be permitted.  View Article
IPE: IORP Directive must not 'unpick' pension systems
The European lawmaker appointed as rapporteur for the IORP Directive warned that the law must not damage existing pension systems and insisted he would take time to engage with stakeholders as he drafted his report on the legislation.  View Article
European Commission asks Italy and Estonia to enact EU rules on Alternative Investment Funds
The Directive has been partially transposed by both Member States.  View Article
IPE: UK, EU pension-tracker incompatibility would be short-sighted
"The costs of tracking members if a system were not put in place would be significant."  View Article
  Corporate Governance/Accounting
EFRAG: A feedback statement of the responses to the Discussion Paper 'Classification of Claims'
The paper discussed the credit side of the balance sheet and the classification of the claims on an entity.  View Article
IASB/Hans Hoogervorst: 'Mind the gap (between non-GAAP and GAAP)'
This speech highlights the potential challenges linked to companies’ reporting of alternative performance measures, also known as non-GAAP measures.  View Article
FRC commented on proposed amendments to IAS 7
The FRC broadly supports the IASB’s proposals for the introduction of disclosures around debt and liquidity.  View Article
  Financial Services Policy
The Parliament Magazine: Competitiveness must be 'focal point' of EU cohesion policy
The capital markets union could benefit SMEs who often find themselves at a disadvantage when seeking out financial assistance, writes Tadeusz Truskolaski.  View Article
  Grahams Articles, Comments & Speeches
UK current account deficit 2014: biggest since 1948 - very frightening!
"In 2014, the UK’s current account deficit was £97.9 billion, up from a deficit of £76.7 billion in 2013. The deficit in 2014 equated to 5.5% of GDP at current market prices."  View Article
  Friends Services
'Deepening EMU' - Round-up of Key Events - March 2015
Highlights included the future of banking, EBA publications, Capital Markets Union, ECJ's decision on CCPs, insurance contracts, EU reform, Grexit, Brexit, tax avoidance initiatives and the ECB's asset purchase programme.  View Article


© Graham Bishop

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