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04 February 2016

This week in "Brussels"



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  Articles from 28 January 2016 - 04 February 2016

  Banking
 
 
ESMA updates CRR standard on main indices and recognised exchanges
In order to introduce updates to the ITS, ESMA has issued an opinion detailing the proposed changes which it has sent for endorsement to the European Commission.   View Article
ECB: Recent developments in the composition and cost of bank funding in the euro area
This article gives an overview of recent developments in the composition and cost of bank funding, including capital, and shows that they varied across the euro area over the period of the financial crisis, which had an impact on the transmission of monetary policy.  View Article
Financial Times: Time for a digital government mint
Two profound changes are under way. The first trend is a growing preference for electronic means of payment over cash. The other is the growing push for central banks themselves to issue electronic money for use by individuals.  View Article
EPC: Publication of the summary of the stakeholders workshop on P2P mobile payments
The workshop concurred that a steering committee should be established to start off the relevant ‘Forum’ which will focus on pan-European interoperability in the field of P2P mobile payments and in particular on the set-up of a pan-European standardised proxy lookup (SPL) service.  View Article
 
  Securities
 
 
European Parliamentary Research Service: Common rules and new framework for securitisation
The aim of this legislative proposal is twofold: to simplify the current framework for all securitisations by replacing the various rules on the process with a uniform regime, and to create a framework to identify simple, transparent and standardised securitisations.  View Article
Insurance Europe: Response provided to European Commission’s call for evidence regarding its proposed CMU
The response included concerns that emerged from regulatory initiatives such as Solvency II, PRIIPS, the insurance distribution directive (IDD), EMIR and the Financial Conglomerates Directive (FiCOD).  View Article
CEPS: Europe’s Untapped Capital Market: Rethinking integration after the great financial crisis
The European Capital Markets Expert Group, formed by ECMI and CEPS, published a final report that aims to rethink financial integration policies in the European Union and to devise an EU-wide plan to remove the barriers to greater capital markets integration.   View Article
ESMA updates registers under MiFID and short selling regulation
The registers under MiFID and the Short Selling Regulation have been migrated to the global ESMA Registers web portal.  View Article
ICMA updates briefing note on MiFID II/R trade transparency requirements in respect of bonds
A high degree of transparency is essential to ensure a level playing field between trading venues so that the price discovery mechanism for various instruments is not impaired by fragmented liquidity, and investors are not thereby penalized.   View Article
Hedgeweek: Shining a spotlight on independent research under MiFID II
The drive towards unbundling research budgets from execution services under MiFID II will alter the fund industry landscape, placing greater pressure on smaller asset managers as the research tap – funded by commissions spent by their billion dollar brethren – slowly dries up.  View Article
ESMA issues opinions on UK pension schemes to be exempt from central clearing under EMIR
The document published by ESMA contains opinions on 16 UK-based pension schemes where UK's Financial Conduct Authority is the competent authority for securities markets.   View Article
ESMA issues technical standards on settlement discipline under CSDR
The Central Securities Depository Regulation harmonises the authorisation and supervision of EU central securities depositories. It also introduces a mandatory buy-in and other settlement discipline measures to tackle settlement fails.  View Article
ICMA: CSDR Settlement Discipline
ICMA commented on the RTS for CSDR, in particular mandatory buy-ins, which is broadly recognised as having a potentially detrimental impact on European bond and repo market liquidity and efficiency.  View Article
European Commission: Action Plan for strengthening the fight against terrorist financing
This Communication presents an action plan to further step up the fight against the financing of terrorism, building on existing EU rules to adapt to new threats and updating European policy and practices in line with international standards.  View Article
ESMA consults on MAR guidelines regarding market soundings and delayed disclosure of inside information
ESMA will consider the feedback to this consultation with a view to finalising the two sets of Guidelines and publishing a final report by early Q3 2016.  View Article
Eurosystem publishes more detailed criteria for accepting rating agencies
The Eurosystem has published more detailed criteria that rating agencies must meet to be part of its framework for mitigating financial risk in monetary policy operations.  View Article
ECA: EU supervision of credit rating agencies – well established but not yet fully effective
This report examines whether ESMA has successfully established itself as the credit rating agencies watchdog for the EU. ECA concludes that while ESMA has laid down good foundations, its rules and guidelines are not yet complete and significant risks remain to be addressed in the future.  View Article
 
  Insurance
 
 
EIOPA consults on the Guidelines facilitating the dialogue between insurance supervisors and auditors
The EIOPA published a Consultation Paper on the proposal for the Guidelines on facilitating an effective dialogue between insurance supervisors and auditors that carry out statutory audit of (re)insurance companies.  View Article
Insurance Europe: Response provided on preparatory POG guidelines
While it supports effective product oversight and governance arrangements, Insurance Europe has urged the EIOPA not to pre-empt the outcome of EU law and to await the Insurance Distribution Directive delegated acts on POG to assess whether there is a need for guidelines in this area.  View Article
Insurance Europe: Internal models deliver significant benefits in supervising reinsurers
The use of internal models for calculating the regulatory solvency capital requirement ensures sound risk management and increases the transparency of (re)insurers’ risk profiles. In addition, it also enriches the dialogue between supervisors and firms.  View Article
Insurance Europe: Response provided to NTNI consultation
In its response, Insurance Europe stressed that policy aimed at targeting macro-prudential concerns should not overlap with rules that focus on micro-prudential issues, as this would lead to a double-penalisation of certain business.  View Article
 
  Asset Management
 
 
Report on the proposal for a directive of the Parliament and of the Council on the activities and supervision of IORPs
The European Parliament has agreed a reformed draft report on Institutions for Occupational Retirement Provision.  View Article
EIOPA consults on the development of an EU Single Market for personal pension products
This public consultation will give input, in the broader context of the Call for Advice from the Commission, how PPPs and a possible European Union-wide framework can be further developed.  View Article
InsuranceEurope: Comment on EIOPA's advice on the development of a pan-European pension product
Nicolas Jeanmart, head of personal insurance, general insurance & macroeconomics at Insurance Europe, said that it is key that the product envisaged by EIOPA features minimum investment periods, allowing consumers to access the benefits of long-term investments.  View Article
Insurance Europe: Proposed ESAs' key information document will not allow consumers to make meaningful comparison of investment products
The content and presentation of the KID for PRIIPs, which has been proposed by the ESAs, will make it difficult for consumers to compare investment products, including insurance-based investments, according to Insurance Europe response to ESAs CP.  View Article
ABBL's response to ESAs joint consultation paper on PRIIPs
ABBL's answer to the joint ESAs consultation focused on application date, costs, handing over the KID, scope, performance scenarios and risk indicators.  View Article
ALFI response to ESAs consultation on RTS for PRIIPs
ALFI responded to the consultation on Regulatory Technical Standards for Packaged Retail and Insurance-based Investment Products conducted by the European Supervisory Authorities.  View Article
ESMA publishes consolidated UCITS Q&A
The consolidated Q&A include new questions on additional documents funds need to provide for UCITS V.  View Article
ESMA updates on supervisory work on closet indexing
ESMA is concerned that closet indexing may harm investors as they are not receiving the service or risk/return profile they expect based on the fund’s disclosure documents while potentially paying higher fees compared to those typically charged for passive management.  View Article
IPE: Green MEP alarmed by results of EIOPA pension fund stress tests
Green Party MEP Sven Giegold has said that the results of the stress tests of European occupational pension funds carried out by EIOPA underscore the need for effective regulation to protect pensioners and companies.  View Article
IMA: The success of the EU regulatory framework is vital for the UK asset management industry
IMA outlined its support for the majority of existing EU financial services regulation and commended how it has mostly set high quality and appropriate standards for the way the sector operates.  View Article
 
  Corporate Governance/Accounting
 
 
EBA launches an impact assessment of IFRS 9 on banks in the EU
The EBA, in the context of the forthcoming implementation of the IFRS 9 Financial instruments standard (IFRS 9) in the EU, is launching an impact assessment of the standard on a sample of approximately 50 institutions across the EU.  View Article
ESMA comments on IASB’s ED Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts
ESMA published its comment letters to the IASB and to EFRAG on the IASB’s ED Applying IFRS 9 with IFRS 4. ESMA accepts that both the overlay approach and the temporary exemption from applying IFRS 9 are needed to address different concerns raised by the insurance industry.  View Article
IFAC: IPSASB´s ED 60 on public sector combinations
The IPSASB released for comment ED 60, Public Sector Combinations. ED 60 classifies public sector combinations as either amalgamations or acquisitions taking into account control and other factors.  View Article
ECIIA: Internal auditors should be included in communication between auditors and supervisors
The ECIIA has told the EBA, internal auditors should be included in the communication process over the scope of work to be undertaken by the statutory auditors and supervisors of credit institutions.  View Article
 
  Financial Services Policy
 
 
BBA calls on European Commission to ensure financial regulation supports competition and growth
In a detailed 80-page response to the Commission’s call for evidence on financial sector regulation, the BBA highlights areas of concern supported by evidence from the industry. It identifies regulatory issues across four different themes and proposes over 50 suggested remedies to the issues raised.  View Article
AFME responds to Commission’s Cumulative Impact Assessment and calls for regulation that drives jobs and growth
AFME has submitted its response to the European Commission’s Call for Evidence on the EU regulatory framework for financial services providing the Commission with clear recommendations for reform that would benefit corporates and investors and strengthen capital markets.  View Article
AIMA calls for regulatory reforms to support non-bank finance
The European Commission must prioritise non-bank finance and deeper capital markets as part of its regulatory review, according to the Alternative Investment Management Association.  View Article
ABBL’s and EBF’s answer to the EU Commission “Call for Evidence on EU Regulatory Framework for Financial Services”
The ABBL and EBF have delivered their responses to EU call for evidence identifying 55 issues that need addressing. EBF's Wim Mijs said “Now is a natural moment for calibration.”  View Article
FEE issues its response on the European Commission consultation on financial services legislation
FEE shared its comments on the Call for Evidence on EU Regulatory Framework for Financial Services. The response provides some evidence and flags the profession’s concerns and views on the impact of legislative requirements in the fields of auditing, accounting, financial reporting, and tax.  View Article
EFAMA submits asset managers’ views on impact of recent financial services regulatory reforms
EFAMA welcomes the far-reaching debate launched by the European Commission with its Call For Evidence and wholly acknowledges its challenging nature; it will provide an excellent opportunity to address and resolve remaining regulatory inconsistencies and unintended consequences.  View Article
ALFI response to Commission call for evidence on EU regulatory framework for financial services
It is important to see and understand that EU regulatory changes have a marked impact on the capacity of the EU to attract financial sector activities and hence generate new employment opportunities.  View Article
Hedgeweek: Regulation falling short
Senior executives at financial services firms are concerned that regulation in the sector is not promoting stability, according to the 2016 Global Regulatory Outlook published by Duff & Phelps.  View Article
ACCA: Digital agenda and FinTech - The way forward for finance professionals
EU experts and stakeholders discussed the impact of the digital revolution on the finance industries, market participants and consumers at a recent event organised by ACCA and Deloitte.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
Brexit: The Tusk letter - Some initial thoughts
This letter is a good basis for the UK to vote decisively to remain a whole-hearted member of the EU.   View Article
Deepening EMU – Round-up of Key Events – January 2016
Ahead of the Euro Summit in which a deal on EU reform is expected to be reached, Cameron continues his diplomatic efforts as the banking and financial sector keeps on warning of the dramatic effect of a Brexit. Solvency II entered into force, and ECON agreed its report on IORP II.  View Article
 

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