Follow Us

Follow us on Twitter  Follow us on LinkedIn
 
Home>
Print Page Save to My Library <Next Article  Previous Article>
10 December 2015

This week in "Brussels"
  Jump directly to
Banking Securities Insurance
Asset Management Corporate Governance/Accounting Financial Services Policy
Graham's Articles, Comments & Speeches   About this email

  Articles from 03 December 2015 - 10 December 2015

  Banking
 
 
EBA benchmarks approaches on scenarios in recovery plans
This benchmarking exercise is aimed at supporting national competent authorities and institutions by providing them with an overview of how scenarios included in recovery plans have been developed so far.  View Article
EPC Blog: The EPC is in the front line for achieving the ERPB’s objectives that stemmed from its November meeting
Javier Santamaría, Chair of the European Payments Council (EPC), highlights in this blog post the most important issues considered during the meeting, and the next steps that the EPC will accomplish to support the ERPB’s objectives.  View Article
EBA consults on separation of payment card schemes and processing entities under the IFR
The EBA launched this consultation under Article 7(6) of the Interchange Fee Regulation (IFR). The technical standards introduce specific requirements related to the independence of payment card schemes and processing entities.   View Article
EBA seeks input on strong customer authentication and secure communication under PSD2
The EBA published a Discussion Paper on strong customer authentication and secure communication. The revised PSD2 will mandate the EBA to deliver Regulatory Technical Standards on this topic, which the EBA is required to deliver by January 2017.   View Article
EPC: Publication of vs.7.1 of the SEPA cards standardisation volume - a step towards an enhanced security of remote card payments in Europe
This is a key document for the card industry, aimed at achieving a better and functionally richer card services environment, as well as cards standardisation, interoperability, and security in Europe.  View Article
ESAs seek stakeholder input on automation in financial advice
The Joint Committee of the three European Supervisory Authorities (ESAs) – EBA, EIOPA and ESMA – has launched a Discussion Paper on automation in financial advice, aimed at assessing what, if any, action is required to harness the potential benefits of this innovation and mitigate its risks.  View Article
 
  Securities
 
 
Council of the European Union agrees on Commission proposal for simple and transparent securitisation
The European Commission welcomed the agreement at record speed at the Council on a legislative proposal to relaunch EU securitisation markets. This constitutes a good basis for further discussions with the European Parliament.  View Article
EU Associations support Increased Equity Market Financing
FESE, EuropeanIssuers, Invest Europe, Better Finance, AFME, EBF, EFAMA and the ECN welcome the EC’s' Action Plan on Building a CMU as a thoughtful, well-structured package, giving priority to strengthening the European economy and stimulating investment to create jobs and growth.  View Article
EuropeanIssuers’ concerns over ESMA’s recommendations on the use of OTC derivatives by non-financial companies
EuropeanIssuers is concerned with certain ESMA‘s recommendations in EMIR report no. 1 “Review on the use of OTC derivatives by non-financial counterparties”. EuropeanIssuers strongly encourages the European Commission to uphold the existing hedging exemption.  View Article
ESMA issues favourable opinion extending Greek HCMC short selling ban on bank shares
ESMA has issued its official opinion agreeing to an extension of the emergency short selling prohibition by the Hellenic Capital Market Commission on the shares of certain credit institutions under the Short Selling Regulation that expires on Monday 7 December 2015.  View Article
 
  Insurance
 
 
Financial Times: Bank of England approves all UK insurers on capital calculations
The Bank of England passed all the British insurers that had applied to do their own calculations on how much capital they would need ahead of the EU’s overhaul of the region’s €8.4tn insurance industry.  View Article
EIOPA recommends improvements to the sales of mobile phone insurance
The EIOPA published a Report on Consumer Protection Issues arising from the sale of Mobile Phone Insurance (MPI) in which it analyses sales practices for this type of insurance product, that provides coverage against loss or theft of mobile phones or physical damage to them.   View Article
 
  Asset Management
 
 
EIOPA to address key financial stability risks
EIOPA published its second biannual report on financial stability in the (re)insurance and occupational pension fund sectors of the European Economic Area.  View Article
Euractiv: Europe has to grow an equity culture
Christian Krohn, head of equities at AFME, writes that despite being a critical source of capital for growing businesses and a source of superior long-term investment returns, equity markets are still not being used to their full potential.  View Article
ALFI: Luxembourg ready for ELTIF
As the regulation of ELTIFs, established by the Commission to give new impetus to economic recovery in Europe, enters into force on 9 December 2015, ALFI announces that Luxembourg is prepared and believes it has a key role to play in ensuring the success of ELTIFs.  View Article
 
  Corporate Governance/Accounting
 
 
EBA launches consultation on FINREP using IFRS 9
The proposed amendments follow the finalisation of IFRS 9 by the IASB in July 2014 and aim at collecting early industry views on changes that IFRS 9 would trigger to FINREP. This consultation is distinct from the on-going IFRS 9 endorsement process.  View Article
EFRAG: Further information related to the endorsement of IFRS 9
EFRAG has published its letter to the EC providing further information related to the endorsement of IFRS 9. In the letter EFRAG specifically addresses the non-alignment of the effective dates of IFRS 9 and the future insurance contracts standard.   View Article
IASB: Proposal of amendments to the current Insurance Contracts Standard
The IASB has published for public comment proposals to amend the existing insurance contracts Standard, IFRS 4. This is to address the temporary consequences of the different effective dates of IFRS 9 and the new insurance contracts standard.   View Article
FSB publishes fourth EDTF report on bank risk disclosures
The FSB’s Enhanced Disclosure Task Force has published a report proposing updated risk disclosures for banks in the context of an expected credit loss framework.  View Article
FEE: Significant differences in developments on audit quality
FEE’s new overview sets out what audit quality indicators have been developed by nine different organisations worldwide, including regulators, oversight bodies, professional bodies, and audit firms. FEE also provides insight into key differences between these audit quality indicators.  View Article
IFAC: IPSABS established new Consultative Advisory Group
The IPSASB announced the establishment of a new forum — the IPSASB Consultative Advisory Group - that will have representatives of public and private sector organizations and individuals who are interested in or affected by the IPSASB’s work.  View Article
 
  Financial Services Policy
 
 
Manipulation of market benchmarks: Council confirms agreement with EP on tougher rules
The Permanent Representatives Committee has approved, on behalf of the Council, a compromise agreed with the European Parliament on new rules aimed at ensuring greater accuracy and integrity of benchmarks in financial instruments.  View Article
ENISA: Why Cloud adoption in the Finance Sector is still lagging
Limitations to a consistent regulatory framework and the broad adoption of good practices deters financial institutions from taking advantage of the benefits of cloud computing.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
Tusk to Cameron: “in-work benefits” may be a deal-breaker (to save 0.1% of GDP and ensure Cameron is in the history books!)
Council President Tusk responded to the “Dear Donald” letter from Prime Minister Cameron and underlined that the most difficult issue would be “people coming to Britain from the EU must live there and contribute for four years before they qualify for in-work benefits or social housing.”  View Article
What would a PP-C’s government look like?
Spanish PM Rajoy would be re-elected in December’s 20 General Election, but he’s not likely to make it back to government alone. A coalition with the most plausible king-maker - the C’s - seems possible. We review the common ground in their policies on economics and towards the EU.  View Article
Rajoy promises there will no more cuts but EU Commission calls for further reforms
Brussels is due to release an assessment of Spain’s economy urging more cuts and further job market reform. This was one of the issues discussed in the first TV debate in Spanish history with all main contenders. The Spanish PM sent his ‘number two’ to the debate instead of going himself.   View Article
 

  Graham's tweets


© Graham Bishop

< Next Previous >
Key
 Hover over the blue highlighted text to view the acronym meaning
Hover over these icons for more information


Add new comment





 


www.grahambishop.com
// Business Applications by Denaploy 		Web Master Information
Terms & Conditions
Privacy Policy