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05 May 2016

This week in "Brussels"

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

  Articles from 28 April 2016 - 05 May 2016

ECB publishes legal acts relating to the second series of targeted longer-term refinancing operations (TLTRO-II)
TLTRO-II is intended to reinforce the ECB’s accommodative monetary policy stance and to strengthen the transmission of monetary policy by further incentivising bank lending to the real economy.  View Article
EBA seeks views on the use of consumer data by financial institutions
The EBA published a Discussion Paper on innovative uses of consumer data by financial institutions, in line with its mandate to monitor financial innovation. The paper identifies risks and benefits for consumers and financial institutions, as well as for financial integrity in general.   View Article
EBA amends historical look-back approach method for calculating additional collateral outflows
The EBA issued an Opinion to the European Commission supporting its proposed amendment to the draft RTS on additional collateral outflows with regard to the historical look-back approach (HLBA) calculation method.   View Article
EBA's Andrea Enria: Ensuring transparency in the European financial system
The Chairperson of the EBA said that the 2007 financial crisis is a clear example of the consequences of banks’ opacity on financial stability. That is why the Banking Authority has consistently pushed for additional disclosure and transparency in the EU banking sector - making good progress.   View Article
Reuters: ECB's Visco argues against risk weighting bank's home debt
Restricting banks' holdings of home-country government bonds or making them set aside capital to cover the risk from excessive holdings could do more harm than good, European Central Bank policymaker Ignazio Visco said.  View Article
Reuters: ECB's Coeure says banks, markets coping well with ECB policy, may change if more cuts
Banks and financial markets are coping well with the European Central Bank's ultra-low interest rates and money printing but this might change if rates were to be cut much further, ECB Executive Board Member Benoit Coeure said.  View Article
Reuters: EU states' funds cover 1 percent of banks' insured deposits - Commission document
National insurance schemes for bank savers in the EU cover 1 percent of insured deposits, a European Commission document showed, with an average level above the required 0.8 percent but only if pooled in a single EU fund.  View Article
ECB: Government bond markets in a changing environment
ECB's Benoît Coeuré analyses the impact of recent policy interventions on market functioning. His remarks focus on unconventional monetary policy measures, regulatory developments and private-public partnership in financial market reforms.  View Article
BBA: How healthy are Europe’s banks?
The author writes about the prospects for the industry and comments on the current EY survey on European banks.  View Article
Capital Markets Union: Commission supports crowdfunding as alternative source of finance for Europe's start-ups
The European Commission published its report on the EU crowdfunding sector, part of the Capital Markets Union Action Plan.  View Article
BIS: OTC derivatives statistics at end-December 2015
The Bank for International Settlements released OTC derivatives statistics at end-December 2015.  View Article
ESMA publishes results of EU central counterparties stress test
ESMA published the results of its first EU-wide stress test exercise regarding Central Counterparties. The results of the test shows that the system of EU CCPs can overall be assessed as resilient to the stress scenarios used to model extreme but plausible market developments.  View Article
ESMA amends MiFID II standards on non-equity transparency and position limits
ESMA issued two Opinions proposing amendments to its draft Regulatory Technical Standards under the Markets in Financial Instruments Directive and Regulation.  View Article
ESMA proposes to amend draft MiFIR standard on transaction reporting
ESMA published a request for amending its draft Regulatory Technical Standards on transaction reporting under the Markets in Financial Instruments Regulation.  View Article
ESMA publishes responses to the DP on draft RTS and ITS under SFTR
ESMA published the responses received to the Discussion Paper on draft RTS and ITS under the Securities Financing Transaction Regulation.  View Article
Bank of England: Reporting requirements for non-Solvency II insurance firms
This consultation paper sets out proposals for new reporting rules in the Prudential Regulation Authority Rulebook that would apply to insurance firms that are outside the scope of Solvency II from 1 January 2016. Collectively, these firms are referred to as non-directive firms (NDFs).   View Article
  Asset Management
European financial associations call for a one-year delay of the entry of application of the PRIIPs Regulation
EBF, EFAMA and EUSIPA are fully supportive of the objectives of the PRIIPs initiative. They all agreed that the PRIIPs KID – if appropriately designed – could be a valuable tool enabling retail investors to compare more easily and, hence, make better informed decisions.  View Article
Insurance Europe: Concerns raised on EIOPA PEPP proposal to European Commission
Insurance Europe has published a position paper regarding the EIOPA’s advice to the European Commission on the development of a pan-European personal pension product (PEPP).  View Article
PEGCC: Private equity growth in perspective
Investor allocations, the outperformance of private equity versus public companies, and market appreciation have grown global assets to a new high of $3.6 trillion (excluding venture capital), as revealed in Deloitte’s upcoming report.   View Article
ALFI: Asset management industry key to future growth and innovation
Denise Voss, Chairman of ALFI, said: “The asset management industry plays a key role in economic growth, enabling people to save for their long-term financial security, stimulating innovation and ensuring sufficient investments in infrastructure.”  View Article
  Corporate Governance/Accounting
Bank of England: Regulatory reporting of financial statements, forecast capital data and IFRS 9 requirements
This consultation paper sets out the Prudential Regulation Authority’s proposals on future reporting of balance sheet, statement of profit or loss and forecast capital data (currently known as Capital+).  View Article
EuropeanIssuers: Shareholder identification in the context of the revision of the Shareholder Rights Directive
EuropeanIssuers has published its views on provisions regarding shareholder identification in the context of the revision of the Shareholder Rights Directive.  View Article
FRC: Response to Phase 1 Report of the Task Force on Climate-Related Financial Disclosures
FRC believes that it is important for investors and companies to consider risks that might impact on business models and future performance over the longer term. The TCFD consideration of existing frameworks in its Phase 1 report is welcomed.  View Article
ACCA and KPMG: Businesses blind to customer buying habits
According to new research by KPMG and the ACCA less than half of businesses know who their most profitable customers are and two thirds of businesses admit to not measuring the profitability of their channels to market.  View Article
  Financial Services Policy
European Parliament: Interest rates: final vote to ensure robust and transparent benchmark setting
Benchmark interest rates that are critical to financial market stability across Europe, such as LIBOR and EURIBOR, will become more reliable thanks to a new law voted in by Parliament.  View Article
Commission welcomes European Parliament's backing for new rules to prevent manipulation of financial benchmarks
The European Commission welcomes the vote by the European Parliament which paves the way for common EU standards against the manipulation of financial benchmarks.  View Article
  Grahams Articles, Comments & Speeches
Securitisation: the next low-hanging fruit of CMU?
CMU is designed to be a major building block in a genuinely single market. Yet the proposal to leave many key roles in the hands of national regulators may finish up fragmenting the market along national lines. Surely this cries out for regulation to be at the European level.  View Article
Britain’s Future in Europe: The known Plan A to remain, or the unknown Plan B to leave
Graham Bishop reviews CEPS's book and says it is a "piercing analysis" which "shows with remarkable clarity some of the profound issues that the Leavers have not addressed."  View Article

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