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23 April 2015

This week in "Brussels"

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  Articles from 16 April 2015 - 23 April 2015

ECB: Annual Report 2014
This annual report describes the ECB’s tasks and activities through 2014 and paints the wider macroeconomic picture. Compared with previous years, ECB has streamlined and enhanced the content in order to give the best possible overview.  View Article
Reuters: ECB risks freezing repo market, ICMA official says
The ECB risks secured-lending or repo markets grinding to a halt unless it works more closely with national central banks to improve liquidity, a senior trade association official told Reuters.  View Article
European Council approves strengthened rules on money laundering
The directive and regulation will strengthen EU rules against money laundering and ensure consistency with the approach followed at international level. The regulation deals more specifically with information accompanying transfers of funds.   View Article
Basel Committee removes selected national discretions and replies to FAQ on funding valuation adjustment
National discretion allows countries to adapt the Basel standards to reflect differences in local financial systems. However, the use of national discretions can also impair comparability across jurisdictions and increase variability in risk-weighted assets.  View Article
BBA comments on the FCA/PRA Whistleblowing Consultation
The FCA and the PRA published a joint consultation paper on whistleblowing in deposit-takers, PRA-designated investment firms and insurers. This blog considers the key proposals in the CP.  View Article
The Telegraph: HSBC chairman warns Britain's biggest bank could leave for Asia as taxes bite
Britain's biggest bank could leave London amid concerns from investors that regulators are pushing the sector too hard, the lender’s chairman has warned.  View Article
ICMA: Economic Importance of the Corporate Bond Markets
ICMA reports on why corporate bond markets are so important for economic growth, for investors, for companies, and for governments; and why it is therefore essential that laws and regulations that affect them avoid any unintended adverse consequences that could inhibit those markets.  View Article
Financial Times: Clearing houses hit back at European plans
A group of seven European derivatives exchanges operators have hit back at regulators’ plans to give investors greater choice to trading futures and options, saying law drafts underplay risks to financial stability.  View Article
ISDA study shows continued fragmentation of global liquidity pools
Global derivatives markets are continuing to fragment along geographic lines as a result of divergent regulations across jurisdictions, according to new research published at ISDA’s 30th Annual General Meeting in Montreal.  View Article
EU-US agreement on reinsurance: Council agrees to negotiations
In a fresh bid to persuade the United States to free up the billions of euros in collateral it requires foreign re-insurers to set aside against policies, the Council issued a mandate to the Commission to negotiate an agreement with the United States on reinsurance.   View Article
Insurance Europe: EU and US insurers continue to support TTIP and call for full inclusion of financial services
Insurance Europe, the American Insurance Association (AIA), and the American Council of Life Insurers (ACLI) continue to support the Transatlantic Trade and Investment Partnership (TTIP) and reiterate their call for the inclusion of financial services in the agreement.  View Article
3rd Joint ESAs Consumer Protection Day
The 3rd Joint Committee of the European Supervisory Authorities (ESAs) Consumer Protection Day will focus on conduct risk, the next decade in finance, and the growing digitalisation of financial services.  View Article
  Asset Management
Council of the European Union: Long-term investment funds - Council adopts new rules
The Council of the EU adopted a regulation aimed at increasing the pool of capital available for long-term investment in the EU economy by creating a new form of fund vehicle.   View Article
Bernardino gives speech on enhancing occupational pensions
The EIOPA chairman delivered a speech entitled “Enhancing occupational pensions: Germany could lead the way” at the Handelsblatt Conference on occupational pension plan management in Berlin.  View Article
Hedgeweek: Private equity liquidity pool is deepening via secondary market
Private equity has never been synonymous with the word liquidity when it comes to investing in alternative assets, but a new report by SEI’s Investment Manager Services division suggests that this may be changing.  View Article
IPE: German government presents plan to implement Portability Directive
The German government has presented its draft proposals for the implementation of the EU’s Portability Directive. If the law passes Parliament, it will come into effect from 1 January, 2018.  View Article
  Corporate Governance/Accounting
IASB/Hoogervorst: Financial reporting standards for the world economy
The IASB Chairman presented the IFRS Foundation’s and the IASB’s newly developed mission statement and provided an update on the progress of IFRS adoption around the world.  View Article
IASB/Danjou: 'Financial Reporting and Financial Markets'
Danjou spoke about mega-trends shaping the IASB's technical work and global adoption of IFRS.  View Article
FEE: European countries increasingly move towards ISAs
FEE's new publication, "Overview of the ISA adoption in the EU", demonstrates to what extent the 28 European Union Member States have chosen to apply ISAs for all audits. Based on information gathered from FEE Member Bodies, significantly more countries voluntarily adopted ISAs than in 2013.  View Article
FEE comment letter on IESBA consultation on changes to part C of the ethics code for professional accountants
FEE published its comment letter on the IESBA ED 'Proposed Changes to Part C of the Code Addressing Presentation of Information and Pressure to Breach the Fundamental Principles..  View Article
FEE comment letter to the IAASB consultation on ISA 800 and 805
FEE commented on IAASB ED ISA 800, 'Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks', and ISA 805, 'Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement'.  View Article
FEE Information Paper on Horizon 2020
FEE has issued an Information Paper to help get professional accountants involved in certification services for the new EU research and innovation programme Horizon 2020.  View Article
  Financial Services Policy
Reuters: EU finance ministers asked to set capital markets union priorities
Setting clear priorities would generate momentum for the EU's "capital markets union" plan to lift growth, EU president Latvia proposed. The CMU project aims to increase the amount of funds raised by stock, bond and other markets for companies to grow.  View Article
FSB Chair's Letter to G20 on Financial Reforms – Progress on the Work Plan for the Antalya Summit
The letter from the FSB chair to G20 Finance Ministers and Central Bank Governors ahead of their meeting in Washington in April 2015 provides an update on progress at last month’s FSB Plenary meeting in Frankfurt.  View Article
Financial Times: Volcker urges UK-style regulatory reforms
Paul Volcker, former head of the Federal Reserve, issued a radical call for the US to follow the UK’s lead by streamlining its mishmash of financial watchdogs in order to close worrisome gaps in regulation.  View Article
  Think Tanks/EP groups
Bruegel: Will natural gas cooperation with Russia save the Greek economy?
Following last week's meeting between Alexis Tsipras and Vladimir Putin, the authors wonder wether there is any evidence that a strong natural gas cooperation with Russia would have a considerable impact on the Greek economy.  View Article


© Graham Bishop

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