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02 July 2015

This week in "Brussels"

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  Articles from 25 June 2015 - 02 July 2015

ECB: EU structural financial indicators - 2014
The data show that the decline in number of bank branches continues in most EU countries, that the number of employees of credit institutions in the EU has also fallen - to around 2.8 million in 2014 -, and that share of assets of five largest institutions at national level varies from 32% to 94%.  View Article
BIS: 85th Annual Report - Don't let the unthinkable become the new normal
In its 85th Annual Report, the Bank for International Settlements calls for a shift to a longer-term focus in policymaking, with the aim of restoring sustainable and balanced growth.   View Article
EBA presents advice on criteria and capital treatment for securitisation
The EC had requested the European Banking Authority to advise on criteria for identifying a prudentially sound securitisation market and its regulatory treatment. The EBA will deliver the opinion in July and this hearing is intended to give advance information of its findings to market participants.  View Article
EBF: The digital transformation of banks and the Digital Single Market
Key points in European Banking Federation’s discussion paper: Banks are at the heart of digital innovation; it is crucial to create an EU Digital Single Market; the banking sector supports a competitive and innovative EU Digital Single Market; European banks aspire to be future ‘European champions’.  View Article
BoE: PRA - Regulated fees and levies: rates for 2015/16
In March 2015 the Prudential Regulation Authority consulted on the regulatory fees and levies for the fee year 2015/16 to support the PRA’s strategic priorities and business aims.   View Article
Basel Committee issues consultative document on its review of the Credit Valuation Adjustment risk framework
Basel Committee on Banking Supervision consultative paper envisages a CVA risk framework that takes into account the market risk exposure component of CVA along with its associated hedges.  View Article
BIS: FSI Survey - Basel II, 2.5 and III Implementation
The FSI is publishing the results of its 2015 survey by disclosing the information received from 98 non-BCBS/non-EU jurisdictions.  View Article
EPC Publishes report on instant payments
The report highlights that the expectations of both payers and payees must be the starting point in developing an approach for instant payments in SEPA. This should form the basis for the discussion within the ERPB.   View Article
Securities financing transactions: Council confirms agreement with EP on transparency rules
The proposed regulation will enhance financial stability by ensuring that information on so-called securities financing transactions is efficiently reported to trade repositories and investors in collective investment undertakings.  View Article
ECB's Praet: The APP impact on the economy and bond markets
Peter Praet notes in his speech that the ECB’s expanded Asset Purchase Programme has been producing its intended aim of easing of monetary and financial conditions.  View Article
EurActiv: Cameron should not ignore EU CMU reforms
The Capital Markets Union has the potential to transform the way that European businesses are funded, thereby bringing much needed dynamism to the economy. This is the sort of pro-growth European reform that the UK should be leading.  View Article
ESMA publishes the Final Report on draft technical standards on MiFID II and MiFIR
ESMA has issued its Final Report on MiFID II-MiFIR draft technical standards on authorisation, passporting, registration of third country firms and cooperation between competent authorities.  View Article
IOSCO seeks better understanding of other CRA products and services
The Board of the International Organization of Securities Commissions has approved a project specification for its Committee 6 on Credit Rating Agencies to gain a better understanding of the credit rating industry and in particular of certain other products or services.  View Article
ESMA consults on regulatory technical standards under the CSD Regulation
This Consultation Paper is limited to the provisions on buy-in of the draft RTS and is seeking input and quantitative elements on the different options presented in the paper.  View Article
ESMA publishes Draft RTS on prospectus related issues under the Omnibus II Directive
The Final Report contains the draft Regulatory Technical Standard on prospectus related issues which ESMA is required to submit to the European Commission in accordance with mandate contained in the Omnibus II Directive.  View Article
ESMA publishes guidelines for issuers performance measures
ESMA’s Final Guidelines on Alternative Performance Measures (APMs) set out the principles that issuers should follow when presenting APMs in documents which qualify as regulated information and address their labelling, calculation, presentation and comparability.  View Article
ESMA: Verena Ross speaking on regulatory outlook at CISI 2015 annual conference
The main highlights of her speech were: CMU, investor protection - both under the MiFID II framework -, the work ESMA is doing together with the other European Supervisory Authorities, and the digitalisation of financial services.  View Article
Reuters: EU aims to boost growth with cut in cost of selling pooled debt
European Union plans to stimulate economic growth by tapping markets kicked off with banking regulators proposing to cut the cost of raising funds from bundled debt.  View Article
ESMA appoints new chairs to Standing Committees
The Board of Supervisors of the European Securities and Markets Authority has appointed new chairs of its standing committees.  View Article
CFTC issues proposed rule on cross-border margin
The proposed rule would apply to Commission-registered swap dealers and major swap participants that are not subject to the margin requirements of other prudential regulators.  View Article
EC: Commission welcomes deal to improve consumer protection for insurance products
These new rules (revised Directive on insurance sales, known as the Insurance Distribution Directive) will improve the way insurance products are sold and will bring real benefits to consumers and retail investors.  View Article
EIOPA publishes the overview of equivalence decisions taken by the European Commission
The Solvency II Directive recognises the fact that the insurance industry is a global industry. To avoid unnecessary duplication of regulation, the EC may decide about the equivalence of a third country's solvency and prudential regime.  View Article
Fitch: European Insurers well positioned to absorb Grexit impact
European insurers have virtually eliminated their exposure to the Greek sovereign and to Greek banks, so direct losses from a default would be minimal The main risk would be from contagion to other peripheral eurozone nations, but Fitch believes this type of systemic crisis is unlikely.  View Article
  Asset Management
IOSCO consults on international standards on fees and expenses of investment funds
The report seeks to determine whether these standards are still valid or might be updated or supplemented in light of market and regulatory changes.  View Article
EIOPA publishes its Annual Report 2014
EIOPA’s Annual Report 2014 outlines the Authority's main deliverables across its goals to strengthen consumer protection, deliver quality and timely regulation, ensure convergence, consistency and quality of supervision, support financial stability and develop as a modern and competent authority.  View Article
IPE: EIOPA to launch consultation paper on personal pensions
EIOPA aims to boost the personal pensions market with the imminent launch of a consultation paper setting out a common European approach.  View Article
  Corporate Governance/Accounting
EBA’s views on the adoption of IFRS 9 Financial Instruments
The EBA has published its comment letter to EFRAG Board on IFRS 9 endorsement. The EBA supports the timely adoption of IFRS 9 in the EU and the effective application of the Standard on 1 January 2018.  View Article
FEE supports the EC’s positive assessment of IFRS
FEE president Petr Kriz spoke at a major international conference on 10 years of IFRS in the EU. The Latvian EU presidency hosted this conference to discuss the EC evaluation report on the IAS Regulation, which adopted IFRS in the EU legal framework back in 2005.  View Article
IASB/Hans Hoogervorst: Historical cost and fair value are not as far apart as they may seem
Hans Hoogervorst, Chairman of the IASB, has delivered a speech on what he calls one of the most difficult topics in accounting—how assets and liabilities should be measured. He presented high-level, general observations on when historical cost and current value measurement could be most appropriate.  View Article
ACCA: A flexible corporate governance framework can boost efficiency and performance for small businesses
In accordance with the new ACCA´s report, a one-size-fits-all approach to corporate governance for SMEs will not work because their needs are vastly different to that of bigger corporations.  View Article
EFRAG and ASBJ bilateral meeting
Representatives of the Accounting Standards Board of Japan and the European Financial Reporting Advisory Group met to discuss updates on their respective activities and exchanged views on the opportunities for cooperation.  View Article

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© Graham Bishop

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