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09 April 2015

This week in "Brussels"

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  Articles from 02 April 2015 - 09 April 2015

Financial Times: EU considers probe into unfair state aid for south European banks
The EU is collecting evidence to determine if Greece, Portugal, Spain and Italy should face an investigation into whether they are illegally underwriting banks that have bolstered their capital with assets considered low-grade in the rest of the eurozone.  View Article
EBA published revised version of its 2015 Work Programme
This review was carried out following the receipt of some additional mandates and a reduction to the EBA budget, which took place since the adoption of the EBA's 2015 Work Programme in September 2014.  View Article
ECB: Interview with Sabine Lautenschläger
Interview with Wirtschaftswoche covering bank lending, capital requirements, stress test and QE.  View Article
Financial Times: German bank files suit to avoid ECB monitors
A regional German bank has filed a suit to avoid being supervised by the ECB, becoming the first lender to take issue publicly with the central bank’s expanded powers.  View Article
Wall Street Journal: IMF warns (again) of growing shadow-banking risks
Fearful that turmoil is brewing in opaque areas of the global financial system, the IMF is renewing its call for greater oversight of the so-called shadow-banking industry.  View Article
BoE: The PRA Rulebook: Part 2 - PS7/15
This policy statement includes final rules, supervisory statements and a statement of policy. It is the second in a series of publications that will redraft the Handbook inherited from the Financial Services Authority to create the PRA Rulebook.  View Article
EPC: Amendment to SEPA SMIRs and SCT, and SDD Rulebooks
The SEPA Credit Transfer and SEPA Direct Debit Rulebooks have been updated to include the new SMIRs. This update of the rulebooks has no operational impact.  View Article
IOSCO consults on business continuity plans for trading venues and intermediaries
IOSCO published two consultation reports aimed at further enhancing the ability of financial markets and intermediaries to manage risks, withstand catastrophic events, and swiftly resume their services in the event of disruption.   View Article
Markets Media: Future of CSAs in Europe in doubt
The use of commission sharing arrangements under MiFID II is in doubt as the UK’s Financial Conduct Authority presses its view that CSAs fail to adequately separate commissions paid for execution from commissions paid for research.  View Article
ISDA outlines path forward for centralized execution of swaps
ISDA published a set of principles aimed at promoting regulatory consistency in the development and application of centralized trading rules for derivatives.  View Article
Markets Media: Europe urged to open up trade reporting
Trade repositories in Europe should publish more data that is useful to market participants in order to improve quality, says Chief Executive of Clarus Financial Technology.  View Article
Tabb Forum: Collateral for clearing – A race to the bottom?
With mandatory clearing approaching, a global collateral shortfall ranging anywhere from $500 billion to as much as $8 trillion is widely anticipated. And since CCPs are competitive entities, there is a fear that they will lower their collateral standards in order to facilitate client clearing and win new business.  View Article
EIOPA re-prioritises its 2015 Work Programme to align it with the budget
As a result of a reduction of EIOPA's budget by 7,6%, 31 products were reduced in scope, 12 downgraded and 27 were cut entirely from the Work Programme.  View Article
BoE: Statement of Policy - The Prudential Regulation Authority’s approach to insurance business transfers
The Prudential Regulation Authority sets out its expectations in relation to transfers of insurance business under the Financial Services and Markets Act 2000, some insurance business transfers outside the UK and friendly society transfer of engagements and amalgamations.   View Article
  Asset Management
Hedgeweek: The resurgence of the European hedge fund industry
Marianne Scordel envisaged what the transformed hedge-fund industry may look like in the post-AIFMD world.  View Article
Money market funds: Impact assessment of substantive European Parliament amendments
Europe Economics was asked to assess the feasibility and impact of potential changes contained in a number of substantive amendments to the proposed regulation on Money Market Funds being considered by the Committee on Economic and Monetary Affairs.  View Article
IPE: IFRS rejects ESMA demand on asset-ceiling measurement for pensions
Among the jurisdictions potentially affected by the discussion are the UK – which ESMA referred to in its submission to the IFRS IC – Ireland and Canada.  View Article
Hedgeweek: How is more regulation impacting fund distribution?
AIFMD is just one piece of regulation which has come down the pipeline and there are plenty of more on their way. However, of the new regulation, it is AIFMD which is most directly impacting fund distribution. Dominic Wheatley discusses Guernsey's solution.  View Article
  Corporate Governance/Accounting
EFRAG commented on the classification and measurement of share-based payment transactions
In its comment letter, EFRAG generally agrees with the IASB’s assessment of the issues and with its proposed amendments to address them as it believes that they provide practical solutions that would reduce divergences in application.  View Article
EFRAG´s feedback statement on reporting the financial effects of rate regulation
The feedback statement describes the main comments received and how these were considered by EFRAG in its comment letter to the IASB.  View Article
IFAC: IPSASB published recommended practice guideline on reporting service performance information
RPG 3 provides good practice guidelines on reporting service performance information. Development of this RPG reflects the IPSASB’s commitment to addressing public sector-specific reporting issues, including those that relate to information additional to the financial statements.  View Article
ECIIA: Corporate governance when implementing the new European Directive on Non- financial Reporting
According to new guidance published by ECIIA, internal audit can help organisations build trust with key stakeholders by assuring the quality of the information in their non-financial reports.  View Article


© Graham Bishop

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