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16 April 2015

This week in "Brussels"

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Asset Management Corporate Governance/Accounting Graham's Articles, Comments & Speeches
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  Articles from 09 April 2015 - 16 April 2015

ECB: Results of the April 2015 euro area bank lending survey
The survey showed that euro area banks reported a further net easing of credit standards on loans to enterprises in the first quarter of 2015 (a net percentage of -9%, after -5% in the previous quarter). Euro zone banks see loan demand rising sharply after ECB boost, Reuters reports.  View Article
EBA: Ongoing progress on supervisory convergence is vital for the single market
Supervisory authorities across the EU have made significant progress towards improving the convergence of their practices since 2011. Nonetheless, some differences remain in methodologies, practices and supervisory measures.  View Article
FSB launched second peer review on resolution regimes
The FSB's objective is to examine the range and nature of resolution powers for the banking sector, and to take stock of any requirements for recovery and resolution planning for domestically incorporated banks that could be systemically significant or critical in failure  View Article
EBF concerns regarding the Analytical Credit Datasets Project
AnaCredit aims to collect and centralise granular data on credit exposures and credit risk at ECB level to use it as a primary source of information.   View Article
EBF response to EBA consultation paper on draft ITS on procedures, forms and templates for the provision of information for resolution plans
EBF acknowledges that the resolution authority will have flexibility to adapt the scope and the level of detail required. However, it is worth emphasising the need to clarify the scope of subsidiaries outside the EU required to report information.  View Article
City A.M.: The death of cash: Brits pay by card and mobile instead
Cash makes up just £18.33 of every £100 spent in the UK, as card and digital payments take over. The rise of digital payments is starkly outlined in new figures from the bank, which show how quickly Britons have adopted cutting-edge technologies.  View Article
ESMA updated data on performance of Credit Rating Agencies
The data includes transition matrices and default rates. It covers the period from 1 July to 31 December 2014 and is available in the Central Rating Repository.  View Article
ECB: Ensuring an adequate loss-absorbing capacity of central counterparties
Cœuré: "Because of their growing systemic importance, CCPs need to be exceptionally robust, and that means being able to cope with even extreme losses. And to achieve this, it may well be necessary to increase their existing loss-absorbing capacity."  View Article
ECB: Results of the March 2015 SESFOD survey
The survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets shows less favourable credit terms being offered to counterparties, across the entire spectrum of transaction types, primarily by non-euro area banks.   View Article
Euractiv: Regulators warn over-the-counter derivatives are out of control
OTC trading is done between two parties, without supervision of a stock exchange. These facilitate liquidity, help mitigate risk, provide transparency and maintain a current market price. In an OTC trade, the price is not necessarily available to the public.  View Article
Tabb Forum: Regulatory fragmentation breeds uncertainty, opportunity
The implementation of MIFID II allows for direct comparisons on the swap trading environment on both sides of the pond. In the absence of any defined cross-border recognition between the US and Europe, market participants are forced to navigate an increasingly fragmented and uncertain environment.  View Article
ISDA Derivatives: Trading rules need to work together
To avoid cross-border fragmentation, it’s vital that regulators develop and implement each set of rules based on a common set of principles. A split in global liquidity pools means lower trading liquidity, regulatory arbitrage, duplicative compliance requirements and higher costs for end users.  View Article
EDHEC-Risk: Comparing different regulatory measures to control stock market volatility
The regulatory measures studied are the Tobin tax, shortsale constraints and leverage constraints.   View Article
Hedgeweek: Intraday auctions provide alternative to dark pools
A new white paper from Neonet Securities and LiquidMetrix analyses the likely impacts and opportunities surrounding the introduction of intraday auctions and the proposed MiFID II restrictions on dark pools.  View Article
EIOPA: Update of the Technical Information on the relevant risk free interest rate term structures
While the publication of this information is not compulsory until 2016, EIOPA has advanced its disclosure in order to help EU insurance and reinsurance undertakings to prepare for the implementation of Solvency II.  View Article
EIOPA: Monthly update of the symmetric adjustment of the equity capital charge for Solvency II
The update includes the calculation of the symmetric adjustment based on the behaviour of an equity index built by EIOPA exclusively for that purpose.  View Article
EIOPA published Opinion providing practical recommendations on internal models
EIOPA will continue monitoring the approval processes of internal models and working on their convergence to ensure a common supervisory culture and consistent supervisory practices.  View Article
Insurance Europe: Risk of information overload as EU disclosure requirements set to double
Transparency is crucial for consumer protection, as it helps consumers compare products and make informed decisions. However, the disclosure of too much information is counterproductive and risks distracting and confusing consumers.  View Article
A.M. Best: Insurers must consider risks of UK exit from the European Union
One potential consequence of the UK exiting or renegotiating its position within the EU could see European competitors taking advantage of the uncertainties in the next few years to attract business away from UK insurers.  View Article
BoE: Consistency of UK Generally Accepted Accounting Principles with the Solvency II Directive
This consultation paper seeks feedback on a draft supervisory statement which sets out the Prudential Regulation Authority’s expectations of firms that may apply the Solvency II Regulation.  View Article
  Asset Management
PensionsEurope responds to EIOPA consultation on Good Practices on individual transfers of supplementary occupational pension rights
Transferring supplementary pensions is a very complex operation and should not put members of adequately functioning pension systems at risk.  View Article
  Corporate Governance/Accounting
EFRAG: Feedback statement on the classification and measurement of share-based payment transactions
All respondents supported EFRAG’s assessment of the three proposed amendments, including the recommendation to undertake a more fundamental review of IFRS 2.  View Article
IASB: IFRS Foundation's updated guide to IFRS use around the world
The guide provides a summary of the use of IFRS in 138 countries around the world, representing over 97 per cent of the world’s GDP.  View Article
IFAC: Changes to the code addressing certain non-assurance services provisions for audit and assurance clients
The changes enhance independence provisions in the code by no longer permitting auditors to provide prohibited non-assurance services to public interest entity audit clients in emergency situations, and ensuring they do not assume management responsibility when providing non-assurance services.  View Article
IFAC: IAASB’s revised standard on auditor focus and investor focus on qualitative disclosures
The revisions aim to clarify and increase an auditor’s involvement with information included in entities’ annual reports other than audited financial statements.  View Article
  Grahams Articles, Comments & Speeches
109th Brussels for Breakfast
Topics covered included Greece, Brexit, BIS on Achilles Heel of financial system, Commissioner Hill speeches, Eurogroup President succession, Commission management re-shuffle, ESA budgets, bank break-up and CCPs (ECB speech, BoE/ECB agreement), among others.   View Article


© Graham Bishop

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