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04 June 2015

This week in "Brussels"
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  Articles from 28 May 2015 - 04 June 2015

  Banking
 
 
EBA publishes final version of its updated report on the monitoring of Additional Tier 1 capital instruments
The EBA’s report is based on the review of new AT1 issuances and includes some final EBA conclusions on issues previously flagged as being under investigation. The EBA expects to gather further insight on the basis of future issuances.   View Article
EBA publishes interactive ITS on reporting
The European Banking Authority published an interactive version of its Implementing Technical Standards (ITS) on supervisory reporting, which were adopted by the European Commission and published in the Official Journal as Implementing Regulation EU 680/2014.  View Article
EBA assesses regulatory equivalence of third countries
The EBA published a questionnaire to guide its assessment of non-EU countries' equivalence with the EU prudential supervision and regulatory requirements specified in the Capital Requirements Regulation (CRR) and Directive (CRD).   View Article
EBA publishes guidelines on contributions and payment commitments to deposit guarantee scheme
The EBA Guidelines will help ensure consistent application of the new funding mechanisms provided for in the new Deposit Guarantee Schemes Directive (DGSD).  View Article
EBA issues final guidelines and its opinion on mortgage creditworthiness assessments and arrears and foreclosure
The EBA Guidelines support the national implementation by Member States of the forthcoming Mortgage Credit Directive (MCD). They will ensure that consumers are protected consistently across the European Union when interacting with creditors.   View Article
BoE: Depositor and policyholder protection – technical amendments
This consultation paper (CP) sets out proposed changes to the Depositor Protection Part in the Prudential Regulation Authority (PRA) Rulebook and to the FEES transitional provisions and schedules in the PRA Handbook.   View Article
ECB: TARGET2 turnover stable in 2014, according to annual report
TARGET2, the Eurosystem’s real-time interbank payment system, confirmed its leading position in the European landscape in 2014, processing 91% of the total value settled by large-value euro payment systems.   View Article
BoE Working Paper: Banks are not intermediaries of loanable funds - and why this matters
This paper contrasts simple intermediation and financing models of banking. Compared to other identical intermediation models, and following identical shocks, financing models predict changes in bank lending that are far larger, happen much faster, and have much greater effects on the real economy.  View Article
Reuters: Global regulators concerned over banks' own capital risk models
Banks should not depend on internal models for assessing the size of their capital buffers. "Supervisors should be cautious against over-reliance on internal models for credit risk management and regulatory capital," the Joint Forum said in a statement.  View Article
 
  Securities
 
 
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
TheCityUK submits its response to the Capital Markets Union Consultation
The response highlighted five key priorities that TheCityUK believe to be the most important for the Commission to deliver a single market for capital that benefits the whole of the EU, and demands no further empowerment of the ESAs.  View Article
Joint Forum releases report on credit risk management across sectors
The report provides insight into the current supervisory framework around credit risk, the state of credit risk management at firms and implications for the supervisory and regulatory treatments of credit risk.  View Article
ESMA fosters derivatives market transparency
The EU’s derivatives markets are becoming more transparent through the public availability of harmonised aggregate data reported to the six trade repositories (TRs) registered with ESMA under EMIR.  View Article
ESMA updates list of authorised trade repositories
ESMA’s latest update of its list of authorised trade repositories, which are authorised under EMIR, concerns ICE Trade Vault Europe Ltd.  View Article
AFME responds to Discussion Paper on “Developing our approach to implementing MiFID II conduct of business and organisational requirements”
AFME welcomed FCA’s willingness to engage with the industry on its own thinking at an early stage of its implementation and planning process. AFME notes that in a number of areas, the FCA’s proposals go beyond the MiFID II requirements but no clear cost-benefit assessment has been provided.  View Article
 
  Insurance
 
 
EIOPA updates on the major risks to financial stability
EIOPA observes that the risks identified in the previous Report remain broadly unchanged: a weak macroeconomic environment, protracted low interest rates and increased credit risks continue to affect the (re)insurance and occupational pension sectors of the European Economic Area.   View Article
BoE: Solvency II: internal model reporting codes and components and life product codes
This consultation paper (CP) seeks views on two draft supervisory statements: internal model reporting codes and components; and life product codes. The CP is of interest to all UK insurance firms and groups within the scope of Solvency II and to the Society of Lloyd’s.  View Article
EurActiv: Brexit could hit London insurance market
A British exit from the European Union could hit London insurers' ability to sell policies in Europe and may deter overseas players from opening London offices, according to a trade body.  View Article
 
  Asset Management
 
 
EFAMA argues against the perceived systemic nature of the asset management industry
EFAMA published a response to the second FSB/IOSCO consultation on the assessment methodologies for identifying non-bank, non-insurer (NBNI) globally systemically important financial institutions (G-SIFIs).  View Article
ICMA AMIC’s Market Finance Working Group responds to FSB/IOSCO consultation
AMIC welcomed the FSB/IOSCO’s willingness to refine its approach following the first consultation, but cautioned against including asset management companies as potentially systemically risky entities alongside investment funds.  View Article
ALFI response to FSB/IOSCO consultation on NBNI G-SIFIs
ALFI is of the view that highly regulated funds such as UCITS or regulated Alternative Investment Funds, as well as asset managers do not cause systemic risk. ALFI considers it more appropriate to focus on market activities.  View Article
PensionsEurope responds to NBNI G-SIFI's consultation
The members of PensionsEurope agree with IOSCO rationale that pension funds should be excluded from the scope of the NBNI G-SIFI methodologies.  View Article
IPE Views: European Parliament debates risks of IORP inaction
The usual warning shots were exchanged as the EP discussed changes to the EU’s occupational pensions legislation, with some speakers warning that parliamentarians should take care when implementing change.  View Article
IPE: European pension funds shrug off risk of asset bubble
The risk of an asset bubble bursting and stalling European economic recovery has been shrugged off by pension funds, despite concerns remaining about the impact of quantitative easing (QE) and the lack of structural reforms.  View Article
 
  Corporate Governance/Accounting
 
 
IAASB-FEE: Discussion on auditor quality and auditor reporting
The objective of the IAASB-FEE lunch debate was to discuss the latest developments in more transparent auditor reporting and in enhancing audit quality.   View Article
IASB: Proposed enhancements to the conceptual underpinning of financial reporting
The IASB published for public consultation proposals to improve the Conceptual Framework for Financial Reporting. The Conceptual Framework helps the IASB to develop IFRSs that bring transparency, accountability and efficiency to financial markets.   View Article
GRI: Sustainability and reporting trends in 2025
The Global Reporting Initiative published a first Analysis Paper resulting from its Reporting 2025 Project that is designed to promote an international discussion about the purpose of sustainability reporting and disclosures looking ahead to 2025.  View Article
 
  Financial Services Policy
 
 
ESMA’s Maijoor delivers opening address at ESAs Consumer Protection Day in Frankfurt
The address focused on conduct risk, the next decade in financial services and their growing digitalisation.  View Article
Financial Times: Will share buyback craze spread to Europe?
The article analyses whether share buybacks’ popularity will spread across the Atlantic — and whether that would be good or bad news for Europe’s capital markets, beyond short-term share price increases.  View Article
 
  International/G20
 
 
European Parliament: TTIP - more US market access, reform investment protection, retain EU standards
An EU-US trade deal should deepen EU access to the US market, but must not undermine EU standards or the right to regulate in the public interest, say Trade Committee MEPs in draft recommendations voted.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
Greek politics: would a referendum cut the Gordian knot?
(Should 6% of the electorate be able to devastate the other 94 %?)  View Article
City of London opinion hardens to support Britain remaining a member of the EU
27 May 2015: Deutsche Boerse “Exchange of ideas - Blueprint for CMU”. The question "Should Britain stay in the EU?": The result was was truly remarkable.  View Article
Deepening EMU – Round-up of Key Events – May 2015
UK elections and Brexit were the main topics, also discussed in the 110th Brussels for Breakfast. CMU plays a greater and greater role in EU, and many EU institutions, associations and banks responded to the European Commission’s Green Paper.  View Article
 

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