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19 May 2016

This week in "Brussels"

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Asset Management Corporate Governance/Accounting Financial Services Policy
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  Articles from 12 May 2016 - 19 May 2016

ECB: TARGET Annual Report 2015
The report presents the main facts relating to the TARGET system, taking into account the developments which took place in TARGET2 in the course of 2015. The report is mainly addressed to decision-makers, practitioners, lawyers and academics wishing to acquire an in-depth understanding of TARGET2.  View Article
EBA confirms the use of unsolicited credit ratings for determining institutions capital requirements
The EBA published a decision confirming the use of unsolicited credit assessments assigned by certain External Credit Assessment Institutions (ECAIs) for calculating institutions' capital requirements.   View Article
ESAs clarify their position on technical standards on the credit quality steps for ECAIs credit assessments
The ESAs published their opinion on the European Commission's intention to amend the draft Implementing Technical Standards on the mapping of ECAIs' credit assessments under the CRR and Solvency II Directive.  View Article
EBA agrees with the Commission on changes to the amended technical standards on benchmarking of internal approaches
These amendments, which were agreed with the EBA building on the experience of the 2014-15 benchmarking exercise, aim at ensuring a better quality of the submitted data and, ultimately, at strengthening the benchmarking analysis performed by the EBA and Competent Authorities.  View Article
EBF comments on EU TLAC implementation and MREL review
As European decision makers are discussing the way forward on TLAC implementation and the expected MREL review in Europe, the European Banking Federation provided its key principles and comments to facilitate the evolving thinking on TLAC and MREL implementation in Europe.  View Article
ECB's Praet: Euro zone banks face profitability shock, need to consolidate
Euro zone banks are facing a severe profitability shock, European Central Bank chief economist Peter Praet said, urging more consolidation in the sector to make it more competitive.  View Article
Reuters: ECB to set up cyber attack warning system for banks
The European Central Bank will set up a database to register incidents of cyber crime at commercial banks, aiming to create an early warning and analysis system for big lenders.  View Article
Bank of England: Pillar 2 liquidity
In this consultation paper, the PRA proposes a statement of policy on its approach to three aspects of Pillar 2 liquidity: intraday risk, debt buyback and non-margined derivatives. The CP also outlines the PRA’s Pillar 2 objectives and scope.   View Article
The Competition and Markets Authority wants banks to work harder for their customers
The CMA has set out proposals to reform retail banking, to improve competition and get a better deal for customers in the UK.  View Article
Markets in Financial Instruments Directive: Council confirms agreement on one-year delay
The Permanent Representatives Committee (Coreper) approved, on behalf of the Council, an agreement with the European Parliament on a one-year delay to new securities market rules - MiFID II and MiFIR.   View Article
EPRS: Prospectuses for investors
Proposal for a regulation of the European Parliament and of the Council on the prospectus to be published when securities are offered to the public or admitted to trading.  View Article
Information Statement in accordance with Article 15 of the Securities Financing Transactions Regulation
The document has been prepared by the ISDA, AFME, the Futures Industry Association, ICMA and ISLA, ISDA, FIA and SIFMA.  View Article
AMF publishes its 2015 annual report
AMF Chairman Gérard Rameix presented the AMF’s 2015 annual report. He took the opportunity to highlight AMF efforts to prevent risk and make the French financial marketplace more competitive.  View Article
IOSCO continues to address global challenges to securities markets
Members discussed how best to make use of the expertise and knowledge of IOSCO’s diverse membership, including measures to further the integration and enhance the participation of GEM Committee members.  View Article
Commercial Risk Europe: London insurers express grave concerns for Brexit
With just over a month to go before the UK’s referendum on EU membership, London market insurers have expressed their concerns for Brexit.  View Article
EIOPA reports on the achievements of the supervisory colleges
The European Insurance and Occupational Pensions Authority published the year-end report 2015 on Functioning of Colleges of Supervisors and Accomplishments of Action Plan.  View Article
  Asset Management
EFAMA: Fund Processing Standardisation - Annual Report 2015
EFAMA and SWIFT published their Annual Report on automation and standardisation of cross-border funds orders received by transfer agents in Luxembourg and Ireland.  View Article
IPE: ECB planning to collect data from European pension funds
According to Dietmar Keller, head of occupational pensions at German regulator BaFin, institutions such as ESRB and ECB are paying greater attention to the pension-fund sector, with the latter planning to exercise its right to collect data from schemes “probably from 2018”.  View Article
  Corporate Governance/Accounting
IASB confirms amendments to current insurance contracts standard
The IASB has confirmed it will amend the current insurance contracts standard, IFRS 4. This is to address issues that may arise from implementing the new financial instruments standard, IFRS 9, before implementing the new insurance contracts Standard which will replace IFRS 4.  View Article
Bank of England: Implementing audit committee requirements under the revised Statutory Audit Directive
This PRA policy statement provides feedback to responses to Consultation Paper ‘Implementing audit committee requirements under the revised Statutory Audit Directive’. It also sets out the final rules in Appendix 1.  View Article
ACCA responds to IAASB’s proposal on enhancing audit quality
ACCA has responded to IAASB’s Invitation to Comment 'Enhancing Audit Quality in the Public Interest: A Focus on Professional Skepticism, Quality Control and Group Audits'.   View Article
IFAC: Accountants, lawyers resolve to fight corruption
IFAC has signed a joint statement deploring corruption alongside professional accountancy organizations and the legal fraternity in the United Kingdom, ahead of the Anti-Corruption Summit London 2016.  View Article
ACCA and CDSB: Sustainability reporting in danger of losing its momentum
A new report from ACCA and CDSB suggests that despite progress made in sustainability reporting and its growing importance, the fragmentation of the discipline is weakening its impact.  View Article
  Financial Services Policy
Jonathan Hill at the public hearing on the 'Call for Evidence' - a review of the EU regulatory framework for financial services
Commissioner for Financial Services Hill gives a snapshot of the feedback the Commission has received on the overhaul of the EU financial regulatory framework.  View Article
Manipulation of market benchmarks: Council adopts tougher rules
The regulation sets out to restore trust in indices used as financial benchmarks, following manipulation scandals in recent years. The aim is to enhance the robustness and reliability of benchmarks, thereby strengthening confidence in financial markets.   View Article
Second review of the implementation of IOSCO’s Principles for Financial Benchmarks by administrators of EURIBOR, LIBOR and TIBOR
The report is a follow-up to IOSCO’s first review, published in July 2014, which set out remedial recommendations for the three administrators intended to strengthen their implementation of the Financial Benchmark Principles.  View Article

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