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29 October 2015

This week in "Brussels"

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  Articles from 22 October 2015 - 29 October 2015

ECB's Mersch: Challenges of retail payments innovation
Yves Mersch says that for the Eurosystem, the main focus is on pan-European retail payment solutions in euro; the EU must ensure the safety of innovative payment services, which market needs to be based on a level playing field; and that he expects the adoption of instant payments to be set shortly.  View Article
Vocalink: The Clearing House to develop a national real-time payments
The Clearing House (TCH) announced it has entered into a letter of intent with VocaLink, the UK-based international payment systems provider, to help build and deliver core elements of TCH’s new real-time payment system for the United States.   View Article
October edition of the EPC newsletter
The EPC publication's main issue are instant payments: the EPC outlines its progress implementing the latest ERPB recommendations. It also presents analysis on the impact of the Interchange Fee Regulation, and develops other important issues regarding payments.  View Article
Commission refers six Member States to the Court of Justice of the EU for failing to transpose EU rules on BRRD
The European Commission has decided to refer the Czech Republic, Luxembourg, the Netherlands, Poland, Romania and Sweden to the Court of Justice of the EU over failure to transpose legislation on Bank Recovery and Resolution.  View Article
EBA consults on Guidelines on how confidential information collected under the BRRD should be disclosed
The aim of the Guidelines is to promote symmetric information and convergence of supervisory and resolution practices regarding the disclosure of confidential information.   View Article
EBA updates list of Common Equity Tier 1 capital instruments
The EBA published an updated list of capital instruments that Competent Supervisory Authorities (CAs) across the European Union have classified as Common Equity Tier 1.   View Article
EBA publishes final templates and instructions for the Quantitative Impact Study on the definition of default
The EBA published the final set of templates and instructions that institutions participating in the Quantitative Impact Study (QIS) on the definition of default should complete and submit to their respective Competent Authorities (CAs) by 10 December 2015 at the latest.  View Article
Financial Times: European court ruling bolsters bitcoin
Global regulators’ attempts to define bitcoin took a further twist as the EU’s top court ruled that for tax purposes the controversial cryptocurrency should be considered as money.  View Article
Bloomberg: Banks in Sweden told to add risk weights to government bonds
With Greece on the verge of bankruptcy numerous times over the past five years, the cat’s out of the bag: it is possible to lose money on sovereign debt. That means banks should no longer be free to operate as though that weren’t the case, according to Sweden’s Financial Supervisory Authority.  View Article
EBA consults on communication between competent authorities supervising credit institutions and statutory auditors
Effective communication between competent authorities and auditors should contribute to fostering financial stability, safety and soundness of the banking system.  View Article
EBA signs memorandum of cooperation with South Eastern European supervisors
The EBA signed a Memorandum of Cooperation with supervisory authorities in six South-Eastern European (SEE) countries, establishing a framework for cooperation and information exchange.   View Article
ECB: Report on Financial Structures details structural changes in the euro area financial sector
The new ECB report shows the median Tier 1 ratio in the banking sector increased to 14.4% from 13%. Insurance companies and pension funds are starting to adjust structurally to low yield environment, and shadow banking sector continues to grow.  View Article
Bank of England: The PRA Rulebook - Fees
This consultation paper sets out the Prudential Regulation Authority’s proposals to redraft the FEES module of the Handbook to conform to the Rulebook style.   View Article
EurActiv: Europe’s Capital Markets Union needs to be climate proofed
The European Commission will need to work harder to ensure efforts to manage climate and wider environmental, social and governance (ESG) risk do not inadvertently scupper the Capital Markets Union initiative, argues climate change think tank E3G's director Ingrid Holmes.  View Article
PCS: New solution proposed to the problems of the current securitisation proposals on bank capital
In this paper, the authors analyse the Commission’s proposals for reviving European securitisations. Duponcheele, Linden (BNP Paribas) and Perraudin (Risk Control Ltd.) identify key features of the proposals that may vitiate their success including the proposed hierarchy of capital approaches.  View Article
ESMA prepares for entering into force of amended Transparency Directive
The Transparency Directive, which creates a common basis for disclosure and dissemination of regulated information to the markets on a regular and on-going basis, was amended in 2013 and enters into force on 26 November 2015.  View Article
Bloomberg: Bank-analyst ranks may thin on EU research rules, Deloitte says
European investment banks may reduce the number of analysts they employ and some independent research providers may quit the market if draft European Union rules on how investment managers pay for research are enacted, according to Deloitte LLP.  View Article
TABB: Post-MiFID II RTS - what next for fixed income in Europe?
One of the key changes to RTS of MiFID regulation is the extension of the transparency regime to bonds.  View Article
EIOPA modifies the methodology for calculating the relevant risk-free interest rate term structures for Solvency II
Since February 2015 EIOPA publishes on a monthly basis relevant risk-free interest rate term structures that are based on the Solvency II Directive. The methodology for deriving those term structures is set out in a technical documentation published on EIOPA's website.   View Article
IAIS: Aggregate report from assessment on thematic topic of supervisory measures
IAIS report summarises observance levels from the IAIS’ assessment on these ICPs and the recommendations of the Expert Team for enhancing observance and understanding of the ICPs.  View Article
  Asset Management
EFAMA reply to the Guidelines on sound remuneration policies under the UCITS Directive and AIFMD
EFAMA supports and endorses ESMA’s course of action to seek a proper alignment of the UCITS-specific draft remuneration Guidelines with the existing ones for AIFMs for the sake of consistent remuneration requirements for investment management companies holding UCITS and AIFM management license.  View Article
ALFI response to the ESMA consultation paper on guidelines on sound remuneration policies under the UCITS Directive and AIFMD
ALFI responded to the ESMA consultation paper on guidelines on sound remuneration policies under the UCITS Directive and AIFMD.  View Article
ALFI response to ESMA’s consultation on the draft regulatory technical standards under the ELTIF Regulation
ALFI agrees that – to the extent possible - it would be preferable to rely on existing standards and definitions rather than to create another definition for the specific purpose of the ELTIF Regulation.  View Article
European Commission:Investment Plan for Europe over €1 billion of EIF equity investments for SMEs and start-ups across Europe since January
Since the start of 2015, the European Investment Fund and equity funds across Europe have signed investment agreements worth over €1 bn which will provide equity financing for businesses. These 28 transactions benefit from the support of the EFSI, the heart of the Investment Plan for Europe.  View Article
AMF consultation on loan origination by investment funds
The Autorité des Marchés Financiers is launching a public consultation on whether French investment funds should be permitted to lend directly to companies. Responses must be submitted by 4th December 2015.  View Article
  Corporate Governance/Accounting
EFRAG: Comment letter on the IASB's ED/2015/7 Effective Date of Amendments to IFRS 10 and IAS 28
EFRAG has issued its final comment letter on the IASB's ED/2015/7 Effective Date of Amendments to IFRS 10 and IAS 28. EFRAG urges the IASB to progress the research project as a priority focusing on bringing solutions to the outstanding issues in a timely manner.  View Article
EBF: Comment letter on the IASB ED Conceptual Framework for Financial Reporting
The EBF supports the IASB to improve the framework as it considers the project very important for the whole standard setting process.  View Article
ESMA: Enforcement priorities for listed companies’ 2015 financial statements
The ESMA has published its annual Public Statement on European Common Enforcement Priorities for 2015. This statement identifies topics which ESMA, together with European national enforcers, see as key areas when they examine listed companies’ 2015 financial statements.  View Article
ESMA: Quality improvement of disclosures in financial statements
The ESMA has published a Public Statement on improving the quality of disclosures in financial statements following growing concern over their relevance.  View Article
IASB: Draft guidance on the concept of materiality application
The IASB published draft guidance to help company management determine whether information is material. The guidance is part of the IASB’s wider initiative to improve disclosures. The deadline for submitting comments on the draft Practice Statement is 26 February 2016.  View Article
IASB: Proposal of two new Interpretations
The IFRS Interpretations Committee published for public comment two proposed Interpretations of Standards, designed to address diversity in how the Standards are applied in practice. Both are open for public comment until 19 January 2016.  View Article
IASB: Four new organisations join the IASB's Investors in Financial Reporting programme
The IASB announced that four new investors have joined the Investors in Financial Reporting programme. The programme is designed to foster greater investor participation in the development of IFRS.  View Article
The Independent / MEP Malmström Letter: In defence of TTIP, and my role as EU Trade Commissioner
"A key part of my mandate is to protect public services and maintain consumer protection, and the European Commission would have no interest in a deal that undermined those things", says MEP.  View Article
  Grahams Articles, Comments & Speeches
The amazing rise of Jeremy Corbyn to the leadership of the UK’s Labour Party: What are the policy implications?
In particular, what might it mean for the Labour Party’s policy towards Europe - critical for both Britain's economic and foreign policies?  View Article
The next Spanish Parliament will be a pact between the 'old politics' and 'new politics'
The Spanish parliament was dissolved earlier this week and PM Mariano Rajoy announced that the General Election will take place on 20th December. Although the electoral campaign will not kick off until the 4th December, many opinion surveys are being published and show a very fragmented outcome.  View Article
  CPD/Education and Learning
Brussels for Brunch Workbook October 2015
This is the workbook that accompanies the September 2015 Brussels for Brunch Webcast  View Article

  Graham's tweets

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