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11 February 2016

This week in "Brussels"
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  Articles from 04 February 2016 - 11 February 2016

  Banking
 
 
EBA expresses dissent over EU Commission proposed amendments to the MREL technical standards
The EBA issued an Opinion to the EC expressing its dissent over some of its proposed amendments to the EBA final draft RTS on the criteria for setting the MREL and encouraging the prompt adoption of the standard.  View Article
ECB explains the Agreement on Net Financial Assets
The ECB published the Eurosystem’s aggregate net financial assets and explained the ANFA, an agreement between the NCBs of the euro area and the ECB which sets rules and limits for non-monetary policy holdings that are related to national tasks of the NCBs.  View Article
EBA sets out roadmap for the implementation of the regulatory review of internal models
EBA published an Opinion specifying the general principles and timelines for the implementation of the regulatory review of the IRB approach. Its aim is to provide guidance and clarity to both Competent Authorities and institutions on the planned review and its implementation.   View Article
Fitch: Declining short-term bank supply challenges European Money Funds
Fitch Ratings says that the material decline in short-term supply from banks is challenging portfolio liquidity management for European money funds. They rely more on highly-rated and liquid sovereign, SSAs to maintain robust portfolio liquidity, especially at times of most pronounced banks' retreat  View Article
Opening remarks at the EBA 5th Anniversary Conference by Andrea Enria
EBA's Chair Enria talked about the EBA's achievements in the last five years and the challenges that still lie ahead for the Banking Authority.  View Article
BBA: Why the bonus cap is counterproductive
Simon Hills, BBA Executive Director of Prudential Capital and Risk, blogs about the negative consequences of the bonus cap.  View Article
Reuters: UK lawmaker calls for clarity on banks offsetting taxes on fines
The chairman of an influential committee of British lawmakers has asked finance minister George Osborne to make clear that banks should not be able to offset regulatory fines against their corporation tax bills.  View Article
 
  Securities
 
 
Commission extends by one year the application date for the MiFID II package
The Commission has proposed a one year extension to the entry into application of the revised Markets in Financial Instruments Directive.  View Article
European Commission and the US Commodity Futures Commission: Common approach for transatlantic CCPs
To implement the agreement, the Commission intends to adopt shortly an equivalence decision with respect to CFTC requirements, which will allow ESMA to recognise US CCPs as soon as is practicable.   View Article
IOSCO: Clearing of deliverable FX instruments
The CPMI and IOSCO issued this statement in light of industry developments with respect to CCP clearing of deliverable FX instruments and the associated models for effecting their settlement. The statement applies only to the clearing of deliverable FX instruments by CCPs.   View Article
ESMA updates its EMIR Q&A
The updated Q&A - on practical questions related to EMIR - includes new answers regarding CCP’s default management, competent authorities’ access to trade repository data and reporting of notional in position reports.  View Article
ESMA, national securities regulators and ECB to exchange information
The ESMA and the ECB have concluded a MoU that will allow the exchange of information and cooperation to help both authorities in fulfilling their respective mandates.   View Article
ESMA to focus on governance, strategy, data and fees in 2016 supervision
ESMA has published its 2016 supervisory priorities for CRAs and TRs, as well as its annual report summarising the key supervisory work and actions undertaken during 2015.  View Article
ESMA calls for market data experts to join stakeholder panel
The European Securities and Markets Authority has issued a call for candidates regarding its consultative working group, a panel made up of 20 market data experts, working on market data issues.  View Article
 
  Insurance
 
 
The European Commission adopts Implementing Act on the risk-free rate under the Solvency II Directive
This Implementing Regulation lays down technical information to be used by insurance companies when calculating technical provisions and basic own funds for reporting with reference dates from 1 January until 30 March 2016.  View Article
IAIS Releases 2015 Global Insurance Market Report (GIMAR)
The report shows that the global (re)insurance sector has proven to remain well functioning and stable as evidenced by the high capital levels held by (re)insurers, the overall stable profitability shown by the sector and an on-going inflow of additional capital.  View Article
 
  Asset Management
 
 
AIMA publishes new guide to operational risk management
The AIMA Guide to sound practices for operational risk management focuses on a wide variety of risks that could result in loss from inadequate or failed internal processes, people and systems or from external events.  View Article
IPE: FRC to 'expedite' pension fund accounting-disclosure changes
The Financial Reporting Council (FRC) has confirmed it will press ahead as a matter of urgency with finalising its proposed changes to its pension fund Statement of Recommended Practice.  View Article
Financial Times: Asset managers step into the funding frame
Asset managers have gone to great lengths in the years following the financial crisis to dissociate themselves from banks and stress to regulators that they do not pose the same kind of systemic risks to financial stability.  View Article
 
  Corporate Governance/Accounting
 
 
EBA, Deloitte and FRC comment on IASB’s ED Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts
EBA, Deloitte and FRC published their comment letters to the IASB on the IASB’s ED/2015/11 Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts.   View Article
FEE: Endorsement of IFRS 9 Financial Instruments
The short FEE´s briefing paper provides additional answers to some of the questions asked by Members of the European Parliament of the ECON during recently held two public hearings on the IFRS broadly, and on IFRS 9 on financial instruments specifically.  View Article
EFRAG: Comment letter and Feedback Statement on the IASB's DI/2015/2 Foreign Currency Transactions and Advance Consideration
EFRAG welcomes the guidance proposed in the Draft Interpretation, agrees with the proposed consensus and believes it is consistent with the underlying principles in IAS 21 The Effects of Changes in Foreign Exchange Rates.  View Article
FEE submits views on IPSASB’s consultation paper on social benefits
According to FEE, the provision of social benefits represents a significant proportion of government expenditure in most EU Member States. FEE supports the IPSASB’s preliminary conclusion that a combination of the obligating event approach and the insurance approach is the best way forward.  View Article
IFAC: IPSASB publishes ED 61 Proposing Revisions to the Cash Basis IPSAS
The IPSASB released for comment its Exposure Draft 61, Amendments to Financial Reporting under the Cash Basis of Accounting.  View Article
IFAC: IESBA nears finalization of revised long association provisions in Ethics Code
The IESBA released for public comment the ED Limited Re-exposure of Proposed Changes to the Code Addressing the Long Association of Personnel with an Audit Client.  View Article
 
  Financial Services Policy
 
 
ECB: Eurosystem contribution to the Commission’s call for evidence on the EU regulatory framework for financial services
The European Central Bank provided its comments to the European Commission’s call for evidence on the EU regulatory framework for financial services covering financial crisis, regulatory framework, initiatives to support the financing of the economy or financial stability.  View Article
The BCBS expands its guidelines on anti-money laundering and countering terrorist financing with a "General guide to account opening"
The Basel Committee deems it worthwhile to issue this guide as an annex to the guidelines on the 'Sound management of risks' related to money laundering and financing of terrorism, which was first published in January 2014.  View Article
IFAC: Patchwork regulation threatens global growth and stability
The IFAC´s report on global regulation calls for political leaders and governments around the world to follow ten principles for consistent, high-quality global regulation, to aid global economic growth.  View Article
ACCA: Self-interest not regulation needs to drive cybersecurity
A new report from ACCA claims self-interest rather than regulation is the future of cybersecurity because technology is evolving at such a rate that any legislation would be out of date before it is signed in to law.  View Article
 
  International/G20
 
 
BIS: Signs of global liquidity tightening for emerging markets
Global liquidity conditions may have begun to tighten for emerging market economies (EMEs), according to updated data from the BIS. BIS General Manager Jaime Caruana detailed highlights from the latest global liquidity indicators, a measure of the ease of financing in global financial markets.  View Article
 

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