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17 December 2015

This week in "Brussels"

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Asset Management Corporate Governance/Accounting Financial Services Policy
Graham's Articles, Comments & Speeches   About this email

  Articles from 10 December 2015 - 17 December 2015

Speech by Commissioner Jonathan Hill: The Impact of the CRR and CRD IV on Bank Financing of the Economy
Commissioner Hill outlines the main responses received for the three priority areas in the review of the Capital Requirements Regulation: supporting lending to SMEs; encouraging long-term investment; and ensuring that European legislation is proportionate.  View Article
BCBS: Third progress report on bank's adoption of risk data aggregation principles issued by the Basel Committee
The report reviews bank's progress in 2015. It outlines the measures G-SIBs have taken to improve their overall preparedness to comply with the Principles, as well as the challenges they face.  View Article
Revisions to the Standardised Approach for credit risk: Basel Committee issues second consultative document
The revised BCBS’s proposals form part of the Committee's broader review of the capital framework to balance simplicity and risk sensitivity, and to promote comparability by reducing variability in risk-weighted assets across banks and jurisdictions.  View Article
EBA consults on assessment methodology on the use of internal models for market risk
The EBA’s draft RTS are a key component of the EBA's work to ensure consistency in models outputs and comparability of risk-weighted exposures and will contribute to harmonise the supervisory assessment methodology across all EU Member States.   View Article
EBA issues final guidelines on institutions exposures to shadow banking entities and recommends an approach to limiting risks
In particular, these guidelines introduce an approach that will allow EU institutions to set internal limits for their exposures to ‘shadow banking entities', hence addressing in a proportionate way the risks that these exposures pose to the EU banking sector.  View Article
EBA issues recommendations for sound prudential regime for investment firms
This report presents the EBA's findings and lists a series of recommendations aiming to provide a more proportionate and less complex prudential regime for investment firms, based on appropriate risk sensitivity parameters.  View Article
EBA consults on cooperation and exchange of information for passporting under PSD2
The EBA launched a consultation on its draft technical standards on the framework for cooperation and exchange of information between competent authorities for passporting under the revised Payment Services Directive (PSD2).   View Article
EBA consults on draft Guidelines on ICAAP and ILAAP information collected for SREP purposes
These draft Guidelines aim at facilitating the consistent approach to the supervisory assessment of ICAAP and ILAAP frameworks as well as the assessment of reliability of institutions' own capital and liquidity estimates as part of the supervisory review and evaluation process (SREP).   View Article
EBA identifies areas of improvement in the cooperation between EU and third countries
The EBA published a report and an opinion on the application of legal provisions on cooperation and information sharing between EU and non-EU supervisory authorities. The objective of this report is to identify any issues and areas of improvement and to propose legislative changes, where needed.  View Article
EBA appoints its Alternate Chairperson and Management Board members
The Board of Supervisors of the European Banking Authority (EBA) has elected its Alternate Chairperson and members to its Management Board.   View Article
TheCityUK: IRSG responds to the Commission’s Action Plan on ‘Building a Capital Markets Union’
The International Regulatory Strategy Group - a body jointly sponsored by TheCityUK and The City of London Corporation - has written to Commissioner Hill in response to the Commission’s Action Plan on ‘Building a Capital Markets Union’  View Article
European IPO Task Force achieved its objective of offering solutions to Europe's IPO challenges
The Task Force unanimously agrees that whilst major steps are being taken with the introduction of the Capital Markets Union Plan and the Prospectus Review, it is the right moment to take a step back and allow this legislative work to be carried out.  View Article
ESMA issues standards on reporting, cooperation & suspensions under MiFID II
The publication of these ITS follows two other sets of Technical Standards on the implementation of MiFID II published in June and September. ESMA’s different sets of Technical Standards have been sent for endorsement to the European Commission.  View Article
EBA defines harmonised prudential requirements for Central Securities Depositories (CSDs)
The EBA published its draft Regulatory Technical Standards (RTS) on prudential requirements for Central Securities Depositories (CSDs). These RTS will define a prudential framework for CSDs and harmonise calculations for their capital requirements which currently vary across Member States.   View Article
ESMA consults on margin period of risk for CCPs’ client accounts
The MPOR determines the amount of initial margins collected by a CCP. The ESMA proposal is to reduce from 2-day to 1-day the MPOR for gross omnibus accounts and individual segregated accounts for exchange traded derivatives and securities.  View Article
ESMA announces date of Open Hearing for validation and review of CRA methodologies
The discussion paper requests views on how CRAs should demonstrate rating methodologies’ ‘discriminatory power’, ‘historical robustness’, ‘predictive power’ or, where there is limited quantitative evidence, that the methodologies are ‘sensible predictors of credit worthiness’.  View Article
ESMA consults on improved access to trade repository data
ESMA thinks that the current rules for TR access should be significantly improved as currently, the comparability of data is not sufficient.  View Article
AFME: Note on MAR Level 2 DTS
The BBA, AFME, ISDA and FIA Europe would like to suggest clarifications on fundamental issues that they believe will facilitate the implementation for investment firms, credit institutions, commodities firms, investors, and other financial markets participants as well as regulators.  View Article
SEC proposes new derivatives rules for registered funds and business development companies
The proposed rule would limit funds’ use of derivatives and require them to put risk management measures in place which would result in better investor protections.  View Article
CFTC approves final rule on margin requirements for uncleared swaps for swap dealers and major swap participants
The U.S. Commodity Futures Trading Commission approved the Final Rule on Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants.  View Article
European Council: Insurance distribution rules adopted, bringing improved consumer protection
The Council adopted a directive establishing new rules on insurance distribution, improving consumer protection for insurance products.   View Article
EIOPA provides update on consumer trends
The EIOPA published its fourth annual Consumer Trends Report for the European Economic Area. For the first time EIOPA analyses not only the insurance sector, but also the occupational and personal pensions sectors.  View Article
Forbes: How Big Data is changing insurance forever
The insurance industry works on the principle of risk. Customers take out policies based on their assessment of a particularly bad thing happening to them, and insurers offer them cover based on their assessment of the cost of covering any claims.  View Article
EIOPA: European Parliament confirms EIOPA Chairman Gabriel Bernardino
The European Parliament confirmed the re-appointment of Gabriel Bernardino as Chairman of the European Insurance and Occupational Pensions Authority (EIOPA). It will be Mr Bernardino's second five-year term, starting on 1 March 2016.  View Article
  Asset Management
IOSCO publishes third Hedge Funds Survey report
The IOSCO Hedge Fund Survey remains the only global view on hedge funds from a regulatory perspective and is therefore of key interest to the wider global debate on related issues.  View Article
AIMA: Almost 50% of hedge fund firms plan to launch a new hedge fund by the end of 2016
Around half of hedge fund firms intend to launch a new hedge fund by the end of next year and most are reporting rising assets, according to a global survey by PwC and AIMA - the global industry body representing alternative asset managers.  View Article
Financial Times: Asset managers pour billions into direct lending
European asset managers have raised billions of dollars from investors to lend to companies as fund houses step into an arena traditionally dominated by banks.  View Article
Financial Times: UK regulator to name and shame asset managers
UK regulators are preparing to name and shame asset management groups that fail to engage properly with companies over pay, succession and other corporate governance issues.  View Article
ALFI: Reserved Alternative Investment Fund to provide an additional, complementary, alternative investment fund regime
ALFI welcomes the publication of a draft law relating to a new Luxembourg alternative fund structure, the Reserved Alternative Investment Fund (RAIF).  View Article
  Corporate Governance/Accounting
EFRAG: Draft comment letter on the IASB's ED/2015/9 Transfers of Investment Property
EFRAG issued its draft comment letter on the IASB's Exposure Draft ED/2015/9 Transfers of Investment Property: Proposed Amendment to IAS 40.   View Article
EFRAG: Draft comment letter on the annual improvements to IFRSs 2014–2016 cycle
EFRAG has published its draft comment letter in response to the ED/2015/10 Annual Improvements to IFRSs 2014–2016 Cycle.   View Article
IASB/Hans Hoogervorst: “IFRS: 2015 and beyond”
IASB Chairman Hans Hoogervorst outlined the progress of improvements to the IFRSs and further changes. He also talked about how the last 12 months have seen a rise in interest in IFRS among the major Asian economies and described how the US has become increasingly ‘bilingual’ in financial reporting.  View Article
  Financial Services Policy
Speech by Commissioner Jonathan Hill at the launch of the Commission's Green Paper on Consumer Finance
The Green Paper consultation issued by the EU Commission covers personal financial products such as bank accounts, loans, and insurance. It will help identify the barriers to the Single Market and work out the best solutions.   View Article
EFAMA welcomes debate on retail financial services
EFAMA believes it crucial to continue working to rebuild confidence in financial markets. Investors’ interests must remain at the heart of the project for a CMU. Only with their confidence, is this or any project that seeks to deepen the single market for retail financial services likely to succeed.  View Article
ECRI: Relaunching the European Retail Finance Market - Comments on the Commission's Green Paper
The European Commission’s Green Paper on retail financial services provides valuable insights into the possible benefits of a single market, as well as the obstacles to its development and the possible remedies.   View Article
ACCA: Recognition is more important than pay
ACCA has published a new report, Culture and channelling corporate behaviour: ACCA member survey. ACCA has found that recognition at work is the highest motivator, regardless of age, industry or location – even outstripping monetary reward.   View Article
ACCA: Trade secrets - accountants and auditors need specific “whistleblowing” protection too
ACCA welcomes the provisional EU inter-institutional agreement on the protection of trade secrets, but remains concerned about the scope for divergence in implementation by Member States.  View Article
  Grahams Articles, Comments & Speeches
Face-to-face between Spanish PM Mariano Rajoy and PSOE’s Pedro Sánchez: who won the debate?
PP and PSOE’s leaders sized each other up in the last effort to woo undecided voters - almost 41% of the electorate. Sánchez cornered Rajoy over corruption and the Spanish bailout. C’s Rivera and Podemos’s Iglesias said the debate was the epilogue to the two-party predominance in Spain.  View Article
116th Brussels for Breakfast
Topics covered included Brexit, European Deposit Insurance Scheme, Green Paper on retail financial services, FinTech payments, Prospectus Directive Proposal, and progress of the Securitisation Proposal.  View Article

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