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24 March 2016

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 17 March 2016 - 24 March 2016

  Banking
 
 
EBA publishes Decision specifying the benchmark rate under the Mortgage Credit Directive
The EBA published a Decision specifying the formula to be used by creditors when calculating the benchmark rate under the MCD. The EBA formula will apply 20 days after its publication in the EU Official Journal but can also be used by creditors prior to its formal publication.  View Article
Handbook for Regulatory Consistency Assessment Programme jurisdictional assessments published by the Basel Committee
The Basel Committee on Banking Supervision has published the Handbook for Jurisdictional Assessments, which describes the guidance, principles and processes for assessing compliance with Basel standards under the RCAP.   View Article
BBA: Ensuring step-in risk regulation gets off on the right foot
The BBA published that, whilst it is important that regulation is designed to address future as well as current risks, the framework proposed by the BCBS for the identification and measurement of step-in risk is questionable regarding its appropriateness, and indeed necessity.   View Article
EBA publishes the report on SMEs and the SME supporting factor
This EBA’s report analyses the evolution of lending trends and conditions for SMEs, the effective riskiness of EU SMEs over a full economic cycle and the consistency of own funds requirements laid down in the Capital Requirements Regulation (CRR) for credit risk on exposures to SMEs.   View Article
EBA seeks input at national level on FINREP and GAAP
The EBA launched a public consultation on reporting financial information using GAAP across EU jurisdictions. This is a decentralised public consultation, which takes place through National Competent Authorities across the EU and not through the EBA.  View Article
EBA consults on draft Guidelines on corrections to modified duration for debt instruments
These EBA’s guidelines aim to establish what type of adjustments to the modified duration (MD) - as defined according to the formulas in the CRR - have to be performed in order to appropriately reflect the effect of the prepayment risk.   View Article
Commodity dealers: Council agrees to extend exemption
The Permanent Representatives Committee agreed, on behalf of the Council, to extend an exemption for commodity dealers under an EU regulation on bank capital requirements.  View Article
Financial Times: Banks warn of risks of ultra-loose policy
European bank chiefs have warned that a new wave of ultra-loose monetary policy could push some institutions into taking greater risks, as they seek to protect profit margins.  View Article
BBA: UK FinTech Week: From domestic start-ups to global players
Treasury and FCA support (through Project Innovate) is coupled with an established level of financial and legal knowledge, available capital and a technologically sophisticated workforce to provide London FinTech start-ups with an environment in which they can thrive.  View Article
 
  Securities
 
 
ICMA launches its 2nd European IG Corporate Bond Secondary Market Study
The study is intended to be more forward looking and focused on potential solutions to the identified risks to market quality and liquidity, as well as re-highlighting the sources of these risks.  View Article
ESMA maintains market risk indicator at highest level
ESMA's latest risk report has found that overall market risks for European securities markets remain high with the market risk indicator remaining at very high – the highest level – with a stable outlook, while liquidity and contagion risk remain at high with a stable outlook.  View Article
ICMA publishes Q&A briefing note on the regulatory technical standards of Market Abuse Regulation
ICMA published a Q&A briefing note on the regulatory technical standards of MAR with respect to the presentation of investment recommendations and associated disclosure obligations.  View Article
ESMA publishes responses to the Discussion Paper on validation and review of CRAs’ methodologies
ESMA published the responses received to its Discussion Paper from A.M. Best Europe, Fitch, Moody's and the EIB, among others.  View Article
ESMA writes to European Commission on draft MiFID II RTS
ESMA's Maijoor wrote several letters - on position limits, ancillary activity and non-equity transparency - to the European Commission regarding its draft RTS on MiFID II.  View Article
City A.M.: Trading transparency regulation MiFID II facing further setbacks after EU Commission calls for revisions
There’s been another setback for the controversial securities market reform regulation known as MiFID II.  View Article
ECB: Capital Markets Union and the European monetary and financial framework
In his speech, ECB's Vítor Constâncio focuses on the ways CMU could contribute to the achievement of the most important tasks of the Eurosystem and to enhance the economic and welfare effects of the euro area.  View Article
Speech by Commissioner Jonathan Hill at the Seventh Bruges European Business Conference "Capital Markets Union"
Commissioner Hill explains the next steps of the CMU Action Plan and talks about the benefits of the Single Market for the UK, underlining that "if the UK were to vote to leave, it's fantasy to suggest it could quickly secure access to the single market on the same terms as it has today."  View Article
ESFRC: Towards Banking Union and Capital Markets Union in Europe:The Role of Shadow Banks
ESFRC emphasizes that systemic problems arising in the shadow banking system should as far as possible be addressed without increasing the complexity and intrusiveness of financial regulation.  View Article
ESMA to cooperate with South Korean regulators on CCPs
ESMA established a Memorandum of Understanding under the European Markets Infrastructure Regulation with the South Korean Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) respectively.  View Article
Financial Times: Securitisation does not deserve toxic tag
Securitised loans were and still are originated mainly by EU regulated banks and in line with prudentially established underwriting standards.  View Article
 
  Insurance
 
 
EIOPA macroprudential approach to the low interest rate environment in Solvency II
The aim of this publication is to contribute to the discussion on the possible need to develop a macroprudential framework in the insurance sector to promote financial stability in a Solvency II environment.  View Article
Commercial Risk Europe: Global regulation adds burden hot on the heels of Solvency II
Insurers are voicing concerns over regulators' plans to develop a single, global framework for the insurance industry through the International Association of Insurance Supervisors (IAIS).  View Article
 
  Asset Management
 
 
IPE: Pension fund regulations must change
Regulation forcing Swiss pension funds to act almost like short-term investors is “absurd” and needs to be changed if negative rates persist, said Jean-Pierre Danthine, former vice-president of the Swiss central bank.  View Article
 
  Corporate Governance/Accounting
 
 
EFRAG: Summary of responses on questionnaire on assets and liabilities
EFRAG published a summary of the responses received on the questionnaire on the definitions of an asset and of a liability proposed in the IASB ED/2015/3 Conceptual Framework for Financial Reporting.  View Article
IFAC: International standards, governance and ethics help fight bribery
IFAC's Kirtley highlighted an increasingly complex and interconnected world that requires strong collaboration and commitment from the private, public and regulatory communities to fight bribery and corruption.  View Article
ECIIA: Governance gap in Europe’s cyber laws
ECIIA says that Europe’s current legislation on cybersecurity does not include robust corporate governance processes to help businesses manage cyber risks across their operations.  View Article
ACCA: Leading professional services firms join together to enable more apprenticeships
ACCA has informed that leading professional services and industry employers, Professional Bodies and training providers have come together to develop a new apprenticeship standard for the audit, accountancy and tax professions.  View Article
 
  Financial Services Policy
 
 
EFAMA submits asset managers’ views on Green Paper on retail financial services
EFAMA strongly supports actions to deepen the European single market for retail financial products and services, and address its remaining barriers, for consumers and businesses to make full use of it.  View Article
Insurance Europe: Retail Financial Services Green Paper response - European insurers fully engaged in move to digital
While the digitalisation of the European insurance industry will reshape the way insurers innovate, distribute and interact with their customers, it cannot remove all barriers to increasing the volume of cross-border insurance, according to Insurance Europe.  View Article
ALFI response to EU consultation on retail financial services
ALFI strongly supports a call for common marketing rules for products across the EU.  View Article
FSB publishes Second Thematic Peer Review on Resolution Regimes
This report forms part of a series of peer reviews to support timely and consistent implementation of the Key Attributes of Effective Resolution Regimes for Financial Institutions.   View Article
ABBL: Financial Services – connected?
EY released a report that responds to the regulatory environment, applicable to the wealth and asset management, banking and insurance industry from a Luxembourg perspective.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
119th Brussels for Breakfast: Reflections on the post-Summit Brexit discussion at `B4B’
The major topic of Brussels for Breakfast debate was unpacking the implications of a Brexit for financial services directly, along with other relevant issues such as the Canadian "free trade" deal and the US/EU Financial Dialogue.  View Article
 

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