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18 June 2015

This week in "Brussels"
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  Articles from 11 June 2015 - 18 June 2015

  Banking
 
 
EBA publishes its 2014 Annual Report
The European Banking Authority published its 2014 Annual Report, which provides a detailed account of all the work the Authority achieved in the past year and anticipates the key areas of focus in the coming years.  View Article
EBA issues amended technical standards on leverage ratio disclosure and reporting
The European Banking Authority’s ITS include changes to templates and instructions to update the leverage ratio disclosure and reporting framework following the Commission's adoption of the Delegated Act on the Leverage Ratio on 10 October 2014.   View Article
BCBS: Basel III implementation assessments of India and South Africa published by Basel Committee
Overall, the assessment outcomes for both India and South Africa are highly positive and reflect various amendments to the risk-based capital and LCR rules undertaken by the authorities during the assessment.  View Article
 
  Securities
 
 
European Parliament: CMU - more investment across the EU and more funds for SMEs
The Capital Markets Union should boost the efficient allocation of savings to fund businesses, protect cross-border investors and create a new channel to finance the real economy, said economic and monetary MEPs in a resolution.  View Article
ECB Yves Mersch: CMU - Optimising investment and financing conditions, increasing resilience
Mersch outlines the governance principles that are most conducive to achieving the two main benefits of CMU: more diversified and better functioning capital markets to finance growth, and enhanced private risk sharing to increase the shock-absorbing capacity of the whole system.  View Article
ECB’s Mersch delivers introductory statement on TARGET2-Securities before ECON
Mersch highlighted in his speech that T2S is the largest market infrastructure project undertaken by the Eurosytem to date.  View Article
ESMA launches new strategy and publishes 2014 annual report
ESMA published its strategy for 2016-2020. As ESMA is moving from its formative years to the next phase, a strategic review was conducted to set the new direction and priorities of ESMA within this changing environment.   View Article
ESMA's Maijoor delivers opening remarks to ECON hearing on MiFID II
His speech focuses on non-equity transparency, commodity derivatives and the ancillary activity test for non-financial entities.  View Article
EC welcomes agreement on improving transparency of certain financial transactions in the shadow banking sector
The EC welcomes the political agreement on the proposal for a regulation on reporting and transparency of securities financing transactions. It should increase the transparency of certain transactions in the shadow banking sector.  View Article
CLBF: CMU - Covered bond label issuers to adopt a common harmonised transparency template across jurisdictions
The Covered Bond Label Committee and the ECBC Steering Committee have decided to implement a Common Harmonised Template across jurisdictions for all covered bond issuers which hold the Covered Bond Label.  View Article
Reuters: ECB's Noyer warns regulations triggering retreat from market making
Increased financial regulation would have spurred a retreat from market making, hitting the ability of companies and households to access funds.  View Article
IOSCO publishes report on credible deterrence approaches in securities market regulation
The IOSCO published the report Credible Deterrence that may deter misconduct in international securities and investment markets as it identifies key enforcement factors.  View Article
IOSCO: Implementation monitoring of the PFMIs - Second update to Level 1 assessment report
The current report is the second update to the Level 1 assessments and shows that good progress has been made by the 28 participating jurisdictions since the previous update in May 2014.  View Article
PCS publishes paper on the operationalisation of STS rules
There is a strong consensus amongst observers of the European financial landscape that the Commission’s moves towards a “simple, transparent and standardised” securitisation regulatory regime are a very positive development.   View Article
SEC publishes request for public comment on exchange-traded products
The US Securities and Exchange Commission announced it is seeking public comment to help inform its review of the listing and trading of new, novel, or complex exchange-traded products (ETPs).  View Article
ECB: Banking and currency crises - differential diagnostics for developed countries
Authors identify a set of “rules of thumb” that characterise economic, financial and structural conditions preceding the onset of banking and currency crises in 36 advanced economies over 1970–2010.  View Article
Industry associations endorse ISDA data reporting principles
A group of 11 industry Associations published a letter supporting a set of principles developed by the ISDA aimed at improving consistency in regulatory reporting standards for derivatives.   View Article
 
  Insurance
 
 
Insurance Europe: Last chance for EU policymakers to fix data protection rules
Europe’s insurers remain extremely concerned about several aspects of proposed EU data protection rules that are due to enter the final stages of discussion by the European institutions, according to Insurance Europe.  View Article
EIOPA/Bernardino: Insurance distribution in a challenging environment
The speech updates on some key topics for EIOPA: how the Insurance Distribution Directive (IDD) is shaping up, the work on the Key Information Documents (KID) and vision on Conduct of Business Supervision.  View Article
BoE: Solvency II: regulatory reporting, internal model outputs - SS25/15
This supervisory statement sets out the PRA’s expectations of firms, and provides further clarity on the information to be reported by firms using an internal model to calculate the solvency capital requirement (SCR).  View Article
BoE: Solvency II: ORSA and the ultimate time horizon — non-life firms
This supervisory statement sets out the PRA’s expectations of how non-life firms should identify and manage all risks to which their business could be exposed over the long and short term.   View Article
 
  Asset Management
 
 
IOSCO: Public responses to consultative document Assessment Methodologies for Identifying NBNI G-SIFIs
The FSB and IOSCO published all comments on the second consultative document on this Assessment Methodologies.  View Article
EIOPA: Updates on pensions stress test and quantitative assessment of solvency for occupational pension funds
EIOPA published the second set of questions and answers as well as the updated DC reporting template and the DC calculation tool for the occupational pensions stress test and quantitative assessment.   View Article
PensionsEurope’s Segars speaks at public hearing on IORP 2 Directive at EP
Joanne Segars, PensionsEurope Chair, stressed at the ECON hearing that pension funds are asked by the EU to invest in long-term and illiquid assets (CMU, infrastructure). Therefore an adequate regulatory balance is crucial, she said.   View Article
IPE: Under-regulated pension funds could distort lending market
Speaking at an institutional investor conference, Austrian finance minister Hans Jörg Schelling warned that institutional investors providing financing for projects and companies could distort the lending market because they are less regulated than banks.  View Article
IPE: Italian regulator calls for consolidation of pensions industry
In its 2014 annual report, Italy’s pension fund regulator Covip (Commissione Vigilanza sui Fondi Pensione) revealed that, while membership in complementary or second-pillar pension schemes climbed last year, the number of people who had stopped contributing rose by a similar amount.   View Article
 
  Corporate Governance/Accounting
 
 
IASB: Post-implementation review of business combinations standard completed
It shows general support for the accounting requirements in the Standard but identifies some areas where further research will be undertaken, including accounting for goodwill.  View Article
EFRAG requests a public fatal flaw review of the forthcoming Leases Standard
EFRAG explains that its objective is not to re-open the discussion on the fundamental principles but to ensure that constituents understand the requirements.  View Article
FEE´s overview of national public oversight in 22 European countries
The new FEE publication gives a unique insight into the public oversight of the audit profession at national level. The publication is based on recent changes in EU audit legislation that also impact how public oversight of statutory auditors and audit firms is organised in EU member states.  View Article
IASB/Investor perspective: ‘A tale of ‘prudence’’
Steve Cooper, a member of the IASB, explains the IASB’s proposals on prudence. The IASB proposes to reintroduce an explicit reference to prudence in the ED of a revised Conceptual Framework for Financial Reporting.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
111th Brussels for Breakfast
Brexit, Grexit, PSD2, CMU, bank resolution and `Liikanen’ receding were amongst the topics covered. Hosted by the BBA and organised by the CSFI – with Graham Bishop and Nickolas Reinhardt of Afore Consulting. The subsequent CISI webcast is CPD-eligible.  View Article
 
  CPD/Education and Learning
 
 
Brussels for Brunch Webinar June 2015
To watch the March 2015 Brussels for Brunch recording please click on this link (If you are a CISI member you will automatically register  View Article
Brussels for Brunch Workbook June 2015
This is the workbook that accompanies the June 2015 Webinar. This month Brexit, Grexit, PSD2, CMU, bank resolution and `Liikanen’ receding were amongst the topics covered.  View Article
 

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