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28 January 2016

This week in "Brussels"

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  Articles from 21 January 2016 - 28 January 2016

EBF response to EBA consultation on the Guidelines on the application of the definition of default under Article 178 of Regulation 575/2013
EBF welcomes the objective of the guidelines to harmonize the definition of default to ensure consistency of its application, transparency and comparability of risk parameters between banks across the member states.  View Article
ECB: Correspondent central banking model (CCBM)
The purpose of this brochure is to explain to market participants involved in CCBM procedures how the CCBM works, and to give a general overview of the model’s main features.   View Article
EBF comments on the ECB draft regulation on AnaCredit
Adopting such a holistic view, the EBF welcomes as a matter of principle and basically supports the new approach to statistical and supervisory reporting which the European Central Bank is proposing with a view to rationalise the flow of reporting streams.  View Article
Financial Times: Mobile payment transactions soar in US and UK
Mobile payment apps are soaring in popularity in the UK and US, but the world’s least developed countries are making almost no progress in the move to eliminate cash and cheque transactions that cost them billions of dollars annually.  View Article
British Bankers’ Association’s response to the UK’s Digital Strategy
Digital Economy Minister Ed Vaizey MP wrote a blog outlining the UK Government’s plans for the digital agenda over the next five years. The BBA’s response focused on five areas where the Government has a role to play in helping firms innovate and thus in achieving the UK’s digital transformation.  View Article
The Telegraph: Contactless cards now used for one in seven sales
British shoppers are warming to contactless payments, with the use of “wave and pay” cards more than trebling in the past year alone as more retailers offer the technology to their customers. Visa Europe said contactless readers were now used in one in seven sales, up from just one in 25 a year ago.  View Article
Bank of England: Written reports by external auditors to the PRA - SS1/16
This supervisory statement sets out the PRA expectation of auditors in relation to the requirement to provide written reports to the PRA concerning the audit of major banks and building societies.   View Article
Bank of England: Andrew Bailey appointed CEO of the Financial Conduct Authority
Andrew Bailey, Deputy Governor, Prudential Regulation at the Bank of England and Chief Executive of the PRA has been appointed as the new CEO of the FCA and will leave the Bank after 30 years of service.  View Article
FESE response to ESMA on indirect clearing arrangements under EMIR and MiFIR
FESE agrees with the need for clients to be offered a choice of account types but support flexibility on the selection of an omnibus account structure.  View Article
ABBL: The immobilisation of securities
As part of the international effort for greater transparency in financial activities, the Luxembourg government has taken new measures by introducing the law on the immobilisation of bearer shares and units, in order to identify the shareholders of Luxembourg companies and funds.  View Article
ESMA to cooperate with Mexican and South African regulators on CCPs
ESMA established two Memoranda of Understanding under EMIR with the Mexican Comisión Nacional Bancaria y de Valores and the South African Financial Services Board respectively.  View Article
EIOPA suggests a consistent approach to the methodology of the group solvency calculation
The Opinion aims to clarify certain issues related to the application of the combination of methods or certain aspects to be taken into account by the group supervisor when deciding on the use of a combination of methods.  View Article
Financial Times: Banking can learn from insurance on systemic risk
Removal from the nine-strong list of insurers, deemed systemically important financial institutions (Sifis), meant a huge administrative problem evaporated. So did the prospect of tougher Sifi capital requirements from 2019. Generali’s secret had been to shrink and simplify its business.   View Article
EDHEC Risk: How to calibrate risk appetite, tolerance and limits - The issues at stake for capital allocation, ERM and business performance
Risk appetite allows to determine the level of risk that a company considers acceptable, the risks that will be kept, and those that will be reduced or avoided. As such, it is thus one of the main indicators of risk for the strategic management of insurance companies.  View Article
Deloitte: 2015 life insurance and annuity industry outlook - Taking the longer-term view
In this outlook, Deloitte once again strive to provide their perspective on the threats and opportunities that lie ahead, as well as practical suggestions as to what L&A insurers ought to do about them.   View Article
Forbes: Insurance, a fintech laggard, hints at change
The year ahead will probably not be a year of big change for the insurance industry, although optimistic experts profess to see some carriers experimenting with fintech innovation. Still, industry experts at Capgemini are cautious.  View Article
  Asset Management
Pensions Europe: ECON Committee in favour of a more practicable, proportionate and less prescriptive IORP II proposal
The ECON Committee in the European Parliament voted on Brian Hayes’ report on the IORP II Directive, enabling negotiations with the Council which agreed on its negotiating stance in December 2014. PensionsEurope welcomes the agreement.   View Article
IPE: European Parliament agrees practicable, proportionate IORP draft
Amendments to the IORP Directive proposed by the European Parliament could trigger “welcome reform”, bringing with them a relaxation of cross-border funding requirements and a greater focus on environmental concerns.  View Article
EIOPA: Results of the first EU stress test for occupational pensions
Seventeen European Economic Area countries with a material occupational pensions sector, which is over EUR 500 million in assets, participated in the exercise.   View Article
PensionsEurope advises to be very cautious with the interpretation of EIOPA’s IORP stress test results
PensionsEurope concludes that the results do not necessarily give the correct picture of the European IORPs’ ability to cope with stress scenarios.  View Article
IPE: Bernardino - Stress tests reveal important insight into vulnerability
Gabriel Bernardino said the first EU stress tests of occupational pensions have provided useful information about their vulnerability to market shocks and the need to better understand the possible secondary impacts on financial stability, even though the exercise did not yield any big surprises.  View Article
Pensions and Lifetime Savings Association comments on EIOPA’s Pension Stress Test Results
Ms Segars said that the report reveals the damage that the Holistic Balance Sheet would do to pension provision by inflating deficits to far higher levels than under current methods of measurement.  View Article
BIS: International central bank committees release reports on fixed income markets
The Committee on the Global Financial System (CGFS) and the Markets Committee released two reports on the structure and liquidity of fixed income markets.  View Article
ELTIF Regulation takes effect: the AMF helps management firms through the authorisation, management and marketing of this new type of fund
The Autorité de Marchés Financiers has published a guide to help management firms navigate the new regulation and file for authorisation in which it answers the key questions regarding ELTIFs: eligible fund types, authorisation process, management requirements, and content of marketing materials.  View Article
  Corporate Governance/Accounting
FEE responds to EBA’s consultation on communication between competent authorities supervising credit institutions and statutory auditors
FEE supports the EBA's draft Guidelines to improve the communication between competent authorities supervising credit institutions and statutory auditors of those institutions. The Guidelines set the basis for a common and timely understanding of developments relevant for the statutory audit.  View Article
IMA and ACCA: A joint report "From Share Value to Shared Value“
The IMA/ACCA´s joint report emphasizes the role of accountants in the integrated reporting framework. It includes the benefits of the integrated reporting, sustainability challenges, and a stakeholder approach to the integrated reporting.  View Article
  Financial Services Policy
ESAs submit a joint letter to the European Commission on cross-selling of financial products in the EU
In letter to Jonathan Hill the ESAs raise their concerns about inconsistencies in the existing EU legislation that impact regulation of the cross-selling of financial products in the banking, insurance and investment sectors.  View Article
Financial Times: Asset managers should always put the client first
CFA Institute President Paul Smith calls for a professional code of conduct for investment management practitioners.  View Article

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