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28 May 2015

This week in "Brussels"
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  Articles from 21 May 2015 - 28 May 2015

  Banking
 
 
The Business Times: EU push for bank-structure rules falters as lawmakers split
The European Union's push for common standards on bank structure faltered as European Parliament lawmakers rejected a version of the draft law put forward by lead legislator Gunnar Hoekmark.  View Article
FSB publishes thematic review on supervisory frameworks and approaches for SIBs
The Financial Stability Board’s (FSB) review assesses progress towards enhancing supervisory frameworks and approaches for SIBs since the financial crisis, in particular for global systemically important banks (G-SIBs).   View Article
EBA issues guidance on the implementation of resolution tools
These Guidelines, which stem from the EU Bank Recovery and Resolution Directive (BRRD), foster convergence on resolution matters by giving detailed guidance to EU Resolution Authorities on the circumstances they should assess when taking their resolution decisions.  View Article
EBA publishes guidelines on triggers for resolution
The European Banking Authority's (EBA) Guidelines on the circumstances under which an institution shall be considered as ‘failing or likely to fail' (triggers for resolution), aim at promoting convergence of EU supervisory and resolution practices in relation to how resolution should be triggered.  View Article
EBA updates guidelines on interest rate risk arising from non-trading activities
The European Banking Authority published an updated version of the CEBS guidelines on technical aspects of the management of interest rate risk arising from non-trading activities under the supervisory review process.   View Article
BIS: Andreas Dombret: Six months of European banking supervision - what does this mean for "less significant institutions"?
Bank for International Settlements: Speech by Dr Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank, at the "Verbandstag der Sparda-Banken", related to impact of Single Supervisory Mechanism (SSM) on smaller institution.  View Article
EBA outlines its upcoming initiatives for the regulation of retail payments
The European Banking Authority announced that it is getting ready to develop requirements that will harmonise regulatory and supervisory practices to ensure secure, easy and efficient payment services across the EU. It has also issued final Guidelines for the security of internet payments.  View Article
BBA response to the CMA’s updated issues statement
British Bankers’ Association (BBA) argues that there are already substantial changes underway across the banking industry to strengthen competition, which improves choice and service for customers.  View Article
SNL: Leverage ratio a constant conundrum for European and US banks
JPMorgan Chase & Co. and Deutsche Bank AG have underlined the ongoing issues and challenges created by leverage and capital rules.  View Article
Bank of England Consultation Paper: The BoE’s power to direct institutions to address impediments to resolvability
The Bank of England launched consultation on approach to exercising its statutory power to direct institutions to address impediments to their resolvability. This paper describes the context of this new power and consults on a proposed Statement of Policy regarding it.  View Article
Bank of England: Corporate governance - Board responsibilities
This consultation paper seeks views on a draft supervisory statement which draws on the Prudential Regulation Authority’s (PRA) regulatory experience to identify some key issues for boards to consider, and to which the PRA pays close attention in the conduct of its supervision.   View Article
Bank of England: The implementation of ring-fencing - legal structure, governance and the continuity of services and facilities
This policy statement will be of interest to banks which will be required to ring-fence their core activities, what includes banking groups with core deposits greater than £25 billion.  View Article
Bank of England: Contractual stays in financial contracts governed by third-country law
This consultation paper proposes a new rule for the PRA Rulebook requiring the contractual adoption of UK resolution stays in certain financial contracts governed by the law of a jurisdiction outside the European Economic Area (EEA) (a ‘third country’).  View Article
 
  Securities
 
 
ECB: Building a Capital Markets Union – Eurosystem contribution to the European Commission’s Green Paper
European Central Bank (ECB) says CMU should aim to enable EU economic actors to access the best-suited financing options possible, while safeguarding financial stability.  View Article
ESMA publishes response to Capital Markets Union Green Paper
Increasing the role of the non-banking sector and diversifying sources of funding, will not only help in accessing the much needed capital for investments, it should also help in making a shift from debt to more equity funding.  View Article
ACCA: Maximising the Capital Market opportunity for SMEs and Start-ups
Capital markets will provide not only the supply but more importantly the type of capital with risk return characteristics best suited to financing growth companies and innovation.  View Article
25 Investing and Financing recommendations for the forthcoming Capital Markets Union
The report calls for creating a CMU able to structurally channel investments where innovation emerges, companies grow and new jobs are created. CMU should favor an EU wide liquid and integrated domestic market.  View Article
Bridging the financial gap for European SMEs
The signatories of the joint declaration on the Capital Market Union (CMU), including AFME, BAE, EBAN, EBF, EBN, ECN, EUROCHAMBRES, and EuropeanIssuers spoke with one voice to support the European Commission’s initiative.  View Article
EurActiv: France wants EU's Capital Markets Union to back 'European champions'
European Union plans to make its capital markets more efficient at raising funds for the economy could also help deepen eurozone monetary integration and create a new breed of European industrial champions, France has said.  View Article
EC offers public consultation on OTC derivatives, CCPs and trade repositories
Commission asks for input on the implementation of and first experience with the European Market Infrastructure Regulation (EMIR).  View Article
PensionsEurope calls on the EC to ensure EMIR rules do not jeopardise long-term investment in the EU
The EC launched consultation on the Regulation on OTC derivatives, central counterparties and trade repositories (EMIR). PensionsEurope stands ready to work with EU decision-makers and other stakeholders to ensure that the EMIR regulation boosts growth and promotes long-term investment.   View Article
ESMA published its opinion on the composition of the CCP Colleges
ESMA aims at clarifying which authorities qualify as a college member under Article 18(2)(c) of EMIR following the establishment of the SSM and to resulting voting rights.  View Article
Tabb Forum: A new era for OTC derivatives
Buy-side users of OTC derivatives face uncertainties as they prepare for mandatory central clearing, and they are turning to their dealers and clearing houses for help. The widening range of instruments offered by trading venues is drawing in new market participants.  View Article
AMF publishes reform proposals for the market abuse enforcement system
A working group set up by the AMF published the results of a report, in which the AMF working group reviewed market abuse cases, i.e. involving insider dealing, price manipulation and false information, handled in France over the last ten years.   View Article
 
  Insurance
 
 
Reuters: EU executive calls for review of bloc's insurance rules
The European Union's financial services chief said he has asked the bloc's insurance watchdog to look at ways to change EU insurance rules to help encourage investment.  View Article
Commercial Risk Europe: UK Insurance Act could disadvantage European buyers warns consultancy
European companies buying their insurance in the London insurance market could be at a disadvantage when a major overhaul of insurance contract law is implemented in the UK next year, insurance governance consultancy Mactavish warns.  View Article
Commercial Risk Europe: Business hungry reinsurers more willing to tailor cover for corporates
As competition intensifies, reinsurers and alternative capital providers are becoming more open to providing bespoke solutions to large corporates, including weather hedges and previously hard to insure risks.  View Article
 
  Asset Management
 
 
ESMA calls for modification of UCITS Directive
ESMA published an Opinion to the EU institutions on the impact of EMIR on UCITS, calling for a modification of the UCITS Directive to take into account the clearing obligations for certain types of over-the-counter(OTC) financial derivative transactions under EMIR.  View Article
IPE: No support for solvency agenda in IORP II
The MEP steering the updated IORP Directive through the European Parliament has said there is no support for reviving solvency requirements within the legislation.  View Article
PEGCC: Buyouts - Want to market in Europe? Here’s what you need to know about AIFMD
The AIMFD may force US GPs who want to raise money in Europe to establish a regulated financial institution in each host country. Or GPs may need to set up a European entity under AIFMD to benefit from a fundraising program that’s still taking shape. Neither option is particularly easy or cheap.  View Article
 
  Corporate Governance/Accounting
 
 
European Parliament: Insolvency - throwing a lifeline to struggling companies
Struggling companies will be given a second chance to improve their financial situation under new rules on insolvency approved by MEPs. The plans also include measures to help firms before they go bust.  View Article
FEE: Implementation of the audit reform and cross border issues
FEE published a letter to Jonathan Hill, Commissioner for Financial Stability, Financial Services and Capital Markets Union drawing attention to some concerns heard from businesses operating throughout the EU about the implementation of the audit reform and potential cross-border issues.  View Article
FEE: Comment letter on IESBA ED 'Proposed Changes to the Code Addressing the Long Association of Personnel with an Audit or Assurance Client
FEE commented on the IESBA ongoing project on the proposed changes to certain provisions of the Code addressing the long association of personnel with an audit or assurance client. FEE urges IESBA to take the recent European developments into account in its efforts to strive for global convergence.  View Article
 
  Financial Services Policy
 
 
European Parliament: Tougher rules on money laundering to fight tax evasion and terrorist financing
The ultimate owners of companies will have to be listed in central registers in EU countries, open both to the authorities and to people with a "legitimate interest", such as investigative journalists.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
Cameron’s mask slips: He really wants to leave the EU - if The Times revelation of his key negotiating ploy is correct
The re-elected Prime Minister of the UK wants the rest of the EU to radically change its economic policy structure, so probably losing the referendum and splitting the UK.  View Article
 

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