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14 May 2015

This week in "Brussels"

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  Articles from 07 May 2015 - 14 May 2015

ECB: Reinforcing financial stability in the euro area
The main highlights of the speech by Vítor Constâncio included the benefits of the current monetary policy, the risks that should be addressed by supervision and macroprudential policy, and the associated elements which are still incomplete for safeguarding financial stability.  View Article
EBA consults on the valuation of derivatives in resolution
European Banking Authority (EBA): This RTS provide EU resolution authorities with a methodology for the valuation of derivative liabilities of credit institutions and ensure that the discipline brought in by the new bail-in tool can effectively be extended to these liabilities.  View Article
EBA consults on technical standards on specialised lending exposures
The European Banking Authority (EBA) launched a consultation on Regulatory Technical Standards (RTS) which aims to specify how institutions should take into account several factors when assigning risk weights to specialised lending exposures and how they should treat these factors.   View Article
EBA publishes its final Guidelines on triggers for the use of early intervention measures
These European Banking Authority (EBA) Guidelines aim at promoting convergence of supervisory practices in relation to the application of early intervention measures as provided for in the Bank Recovery and Resolution Directive (BRRD).   View Article
EBA publishes updated DPM and XBRL taxonomy for remittance of supervisory reporting of funding plans and supervisory benchmarking
The European Banking Authority (EBA) published an update to the XBRL taxonomy that Competent Authorities shall use for the remittance of data under the EBA Implementing Technical Standards (ITS) on supervisory reporting.   View Article
EBF: Banks ready for pivotal role in new growth ecosystem under CMU
The European Banking Federation (EBF) responded to the European Commission’s consultation on Capital Markets Union (CMU), a project that can help unlock the latent growth potential of European capital markets and that may broaden the financing options for companies in the European single market.  View Article
BBA: Model Risk Management - Quantitative and Qualitative Aspects
British Bankers’ Association (BBA): As growing levels of regulatory focus are cast upon the topic of model risk, financial institutions are being encouraged to take a more holistic approach to defining their risk capabilities in this area.  View Article
ESMA’s Maijoor delivers keynote address on Capital Markets Union at the Luxembourg Stock Exchange Day
Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA), delivered a keynote speech at the Luxembourg Stock Exchange Day this evening on the topic of Capital Markets Union.  View Article
BoE: Bank’s Response to EC Green Paper: Building a Capital Markets Union
The Bank of England strongly supports the initiative, whose aim is to maximise the benefits of capital markets and non-bank financial institutions for the real economy.  View Article
The Investment Association: Capital Markets Union can make investment better
The Investment Association’s responses to the EU Commission’s consultations on Capital Markets Union (CMU), securitisation and the Prospectus Directive focus on Europe’s need for increased investment capital to drive sustainable economic growth.   View Article
PensionsEurope: Pension funds vital to the success of Capital Markets Union
PensionsEurope has used its response to the Capital Markets Union (CMU) consultation to urge the EU to work together with pension funds in delivering the CMU.  View Article
EVCA: Private equity industry puts forward plan to help unlock €12 trillion of investor capital for Europe’s businesses
Recommendations submitted as part of the Capital Markets Union consultation by EVCA should help €12 trillion of capital held by institutional investors to flow into European businesses, providing investment for millions of new jobs and economic growth across the EU.  View Article
IASB: IFRS Foundation responds to the EC’s public consultation on Building a Capital Markets Union
IFRS Foundation has provided its perspective on the financial reporting implications of the European Commission’s Green Paper Building a Capital Markets Union.  View Article
Joint Statement by Jonathan Hill and Timothy Massad on CCP equivalence
The European Commissioner for Financial Stability, Financial Services and Capital Markets Union, and the Chairman of the US Commodity Futures Trading Commission (CFTC) agreed to continue their discussions with the aim of finalising an approach by the summer.  View Article
Joint Committee of ESAs publishes its recommendations on securitisation
The Joint Committee of ESAs published a report detailing its findings and recommendations regarding the disclosure requirements and obligations relating to due diligence, supervisory reporting and retention rules in existing EU law on Structured Finance Instruments (SFIs)  View Article
IOSCO consults on sound practices at large intermediaries for assessing credit risk
The International Organization of Securities Commissions published the consultation report on Sound Practices at Large Intermediaries: Alternatives to the Use of Credit Ratings to Assess Creditworthiness.  View Article
ESMA consults on technical standard No 4 on central clearing of IRS
The European Securities and Markets Authority (ESMA) has opened a consultation seeking stakeholders’ views on proposed regulatory technical standards on the clearing obligation under Regulation (EU) No 648/2012.  View Article
European Parliament: Give shareholders more say on directors’ pay
A draft law empowering shareholders to vote on directors’ remuneration, so as to ensure proper transparency and tie their pay more closely to their performance, was backed by Legal Affairs Committee MEPs.  View Article
BIS, ECB and IMF publish the Handbook on Securities Statistics
The Bank for International Settlements (BIS), the European Central Bank (ECB) and the International Monetary Fund (IMF) today jointly released the Handbook on Securities Statistics.   View Article
Update of the Technical Information on the relevant risk free interest rate term structures and on the symmetric adjustment for Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) has published the Technical Information on the relevant risk free interest rate term structures and on the symmetric adjustment of the equity capital charge for Solvency II.  View Article
EIOPA estimates its needs for fulfilling its duties for Solvency II implementation
European Insurance and Occupational pensions Authority (EIOPA) published a report on staffing and resources needed to accomplish tasks in accordance with article 310a of the Solvency II Directive.  View Article
BaFin President: Insurers may need one-on-one defence coverage
"Adjusting to Solvency II is definitely going to be an uphill battle for German insurers even though transitional provisions and volatility adjustments are now provided for in the regulatory framework." This was the message from BaFin President Felix Hufeld   View Article
  Asset Management
EIOPA launches pensions stress test and quantitative assessment on solvency for occupational pension funds
EIOPA launched its first stress test for IORPs, and a quantitative assessment of further work on solvency of IORPs. They will be conducted in parallel to minimise the burden on IORPs. Both exercises will run until 10 August 2015.  View Article
IPE: NAPF regrets EIOPA decision to press ahead with stress tests
The UK National Association of Pension Funds (NAPF) has met EIOPA’s decision to push ahead with controversial stress tests with “regret”.  View Article
IPE: German companies reluctant to provide data to EIOPA
EIOPA’s controversial stress tests for IORPs not only “lack legitimacy”, according to Heribert Karch, chairman of German pension association aba, but will also spread “unease” among German companies.  View Article
Hedgeweek: Asset managers in battle to improve client service amidst governance and regulatory burdens
Data management is no longer simply an internal challenge for asset managers as they face increasing pressure from clients to respond to growing demands for data.  View Article
  Corporate Governance/Accounting
ACCA takes note of JURI vote on long-term shareholders engagement
ACCA takes note of the adoption by the JURI of the report on a legislative proposal to enhance shareholders' rights and long-term engagement, as well as corporate transparency prepared by MEP Cofferati.  View Article
ACCA: Creating value through governance
ecoDa and ACCA are committed to taking a lead on improving corporate governance, and believe it is a dynamic and ongoing process. They organised the conference, hosted by MEP van Nieuwenhuizen, to brainstorm possible ways to create value through governance, now and in the future.  View Article
EFRAG commented on the IASB´s ED/2014/6 Disclosure Initiative
EFRAG has published its comment letter in response to the IASB´s Exposure Draft Disclosure Initiative (Proposed amendments to IAS 7).  View Article
  Financial Services Policy
ESAs publish responses to consultation on Guidelines for cross-selling practices
These Guidelines developed by the Joint Committee of the ESAs further develop how EU firms engaged in cross-selling practices in the financial sector should comply with the general conduct of business standards expected towards customers.  View Article
BIS: Economic Consultative Committee statement on FX market best practices
"The BIS Governors welcome current initiatives of the foreign exchange committees to strengthen code of conduct standards and principles in foreign exchange markets."  View Article
  Grahams Articles, Comments & Speeches
After the UK election: what chance of Brexit?
Superficially, the UK election results bode ill for the chances of the UK remaining inside the EU. But a deeper examination makes the picture look rather different.  View Article

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