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17 September 2015

This week in "Brussels"
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Asset Management Corporate Governance/Accounting International/G20
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  Articles from 10 September 2015 - 17 September 2015

  Banking
 
 
BCBS: Basel III monitoring results published by the Basel Committee
The Basel Committee published the results of its latest Basel III monitoring exercise. Data as of 31 December 2014 show that all large internationally active banks meet the Basel III risk-based capital minimum requirements.  View Article
EBA publishes results of the Basel III monitoring exercise as of of 31 December 2014
This European Banking Authority's exercise allows the gathering of aggregate results on capital ratios and leverage ratio, as well as on liquidity ratios - liquidity coverage ratio and net stable funding ratio - for banks in the European Union.  View Article
EBA includes Bank of Albania in EU supervisory colleges
The European Banking Authority added the Albanian banking supervisor to the list of non-EU or third country supervisory authorities participating in EU banking supervisory colleges. The decision was based on the assessment of the confidentiality regime of Bank of Albania.  View Article
Reuters: Bank watchdogs tie themselves in knots over TLAC
Global bank supervisors are tying themselves in knots over TLAC. This ugly acronym – short for total loss-absorbing capacity – is supposed to mean regulators ensure creditors pay for cross-border bank busts.  View Article
Financial Times: The German counter-attack on Juncker’s euro plans
For Germany, Juncker’s announcement that he intends to “move swiftly on all fronts – economic, financial, fiscal and political Union,” seems to be viewed as a classic case of Europe seeking to put German taxpayers’ money where the EU’s mouth is.  View Article
Financial Times: Eurozone races to restructure Greek banks as bail-in looms
Eurozone officials are racing to restructure Greece’s banking system before new rules kick in that could wipe out corporate deposits with potentially disastrous effects for the Greek economy.  View Article
 
  Securities
 
 
ECB: Medium to long-term priorities of CMU for the ECB/Eurosystem
Panel remarks by ECB's Mersch, stating that CMU needs to be pursued through a higher level of ambition to achieve greater capital markets development and deeper financial integration.  View Article
ESMA Chair's statements to the ECON Committee at the EP
ESMA's Maijoor delivered a statement on ESMA's achievements over the last year to the Economic and Monetary Affairs Committee of the European Parliament. He also gave two more statements: one on the overall work of the Joint Committee and one on PRIIPs.  View Article
IOSCO publishes final report on Sound practices for investment risk education
IOSCO's report identifies a number of sound practices for investment risk education initiatives, based on an analysis of the approaches and practices adopted by the members of the IOSCO Committee 8 on Retail Investors.  View Article
ESMA raises its market risk indicator to highest level
ESMA published its trends, risks and vulnerabilities report No. 2 for 2015 on EU securities markets, covering market developments from January to June 2015. It also published its Risk dashboard No. 3 for 2015.  View Article
Open Markets: Europe's search for capital
The goal of the CMU is to expand capital access for businesses across Europe; attract more financing in the EU and beyond; and help create a more stable financial system overall. Seven months on, has this long-term project gotten off to a good start? Graham Bishop shares his vision.  View Article
EMF-ECBC responds to BCBS consultation on interest rate risk in the banking book
The EMF-ECBC submitted its response to the BCBS' Consultation Document on IRRBB, agreeing that banks should identify, measure and monitor IRR and hold appropriate capital against it, and endorses reliance on the economic value of equity.  View Article
Reuters: CDS market wrestles to throw off Libor’s shadow
The credit default swap market is the latest bank activity to encounter Libor-style market abuse shame. Twelve banks on Sept. 11 agreed a $1.9 billion settlement following investor allegations they abused their market-making position in CDS, which insure investors against losses.   View Article
Hedgeweek: Guernsey extends market access to EU countries under AIFMD
Guernsey has extended market access to EU AIFMs and AIFs doing business in Guernsey.  View Article
 
  Insurance
 
 
EIOPA issues the second set of its Solvency II Guidelines
The European Insurance and Occupational Pensions Authority issued the second set of its Solvency II Guidelines, covering different areas from all the three Solvency II pillars: quantitative requirements; governance requirements; reporting and disclosure.  View Article
EIOPA's Bernardino speech at the ECON annual hearing
Gabriel Bernardino, Chairman of EIOPA, reports to the ECON Committee on how EIOPA is achieving its objectives and delivering on the tasks assigned to it during the last year.  View Article
 
  Asset Management
 
 
EFAMA: Sharp fall of UCITS net sales during the second quarter of 2015
EFAMA has published its latest quarterly statistical release which describes the trends in the European investment fund industry during the second quarter of 2015. UCITS net sales recorded a fell to EUR 114 billion.  View Article
VoxEU: Regulation and fund performance - New evidence from UCITS hedge funds
In the aftermath of the Global Crisis, there have been many regulatory initiatives targeting financial institutions, especially investment funds. This column sheds light on the costs and benefits of increased financial regulation.   View Article
Financial Times: UK pension schemes face billion-pound bill
The Mayor of London’s newly appointed pension and investment adviser has warned that UK pension funds are in denial. Imminent European rules could force schemes to put aside “hundreds of billions” of pounds in additional capital.  View Article
ALFI: Compendium of investment fund laws and regulations
The Luxembourg Stock Exchange in cooperation with ALFI has published a compendium of Luxembourg laws and regulations on investment funds, covering UCITS and AIFs.  View Article
ALFI: Strong growth in ETFs in Luxembourg
Luxembourg notably continues to attract ETFs sold on an international basis, gathering around 35% of the total authorisations in Europe for cross-border distribution of ETFs.  View Article
 
  Corporate Governance/Accounting
 
 
ECIIA: Internal audit could review corporate tax disclosures
According to the ECIIA, internal auditors could play a key role in the EC efforts to improve corporate tax transparency by reviewing organisations’ disclosures to the tax authorities, or to the general public.  View Article
IASB/Hoogervorst: Impairment requirement will result in fundamental change
IASB's Chairman Hoogervorst said in his speech that the forward-looking expected loss model in the new financial instruments standard should provide investors with better insight on loan loss risks.  View Article
IFAC: Urgent questions concerning regulation’s impact on growth
According to the Global Regulation Survey, a study of accounting, finance, and business professionals conducted by the IFAC, regulation has become immensely complex and is impacting organizations’ opportunities to grow and innovate.  View Article
EFRAG: Endorsement Advice on IFRS 9 Financial Instruments
EFRAG has completed its due process regarding IFRS 9 Financial Instruments and has submitted its Endorsement Advice Letter to the EC. IFRS 9 replaces IAS 39 and provides a principle-based approach to the recognition and measurement of financial instruments.  View Article
FEE comments on the IESBA ED: “Responding to Non-Compliance with Laws and Regulations”
FEE agrees with IESBA that the Code is not meant to override national law, and should be applied without prejudice to any applicable legal provisions.   View Article
IASB: Deferral of effective date by issuing formal amendment to IFRS 15
The IASB issued an amendment to the revenue Standard, IFRS 15 Revenue from Contracts with Customers, formalising the deferral of the effective date by one year to 2018.  View Article
 
  International/G20
 
 
IMF: “But we are different!” - 12 common weaknesses in banking laws, and what to do about them
Well-designed banking laws are critical for regulating banks. In spite of what is often argued, the types of weaknesses of banking laws are hardly country-specific; many weaknesses are shared by many banking laws. This working paper discusses those weaknesses and ways to remedy them.  View Article
ECB: Addressing global data availability challenges
In his speech, ECB's Cœuré argues that the closing of global data availability gaps is essential for the ECB’s conduct of monetary policy and the effective implementation of the ECB’s micro-prudential, macro-prudential and financial market oversight functions.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
113th Brussels for Breakfast
Topics included: President Juncker’s State of the Union speech; Brexit developments; G30 Report on Banking Culture and Conduct; BBA report on the rise of Fin Tech; EIOPA’s consultation on infrastructure as a new asset class and the EMIR review; `29th regime’ for insolvency.  View Article
 
  CPD/Education and Learning
 
 
Brussels for Brunch Webinar September 2015
Topics included: President Juncker’s State of the Union speech; Brexit developments; G30 Report on Banking Culture and Conduct; BBA report on the rise of Fin Tech; EIOPA’s consultation on infrastructure as a new asset class and the EMIR review.  View Article
Brussels for Brunch Workbook September 2015
This is the workbook that accompanies the September 2015 Brussels for Brunch Webcast   View Article
 

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