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07 July 2016

This week in "Brussels"
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  Articles from 30 June 2016 - 07 July 2016

  Banking
 
 
Bank of England: Financial Stability Report, July 2016
The BoE's FSR states that "there is evidence that some risks have begun to crystallise. The current outlook for UK financial stability is challenging."  View Article
Reuters: ECB calls for urgent roadmap on Britain's plans to leave EU
Two of the European Central Bank's top policymakers pressed Britain to provide a clear-cut plan for leaving the European Union, to prevent more economic damage.  View Article
ECB: EU structural financial indicators: End of 2015
The yearly report comprises statistics on the number of branches and employees of EU credit institutions, data on the degree of concentration of the banking sector in each EU Member State, and data on the share of foreign-controlled institutions in EU national banking markets.  View Article
EBA publishes analysis on governance arrangements and indicators for recovery plans
Such a benchmarking exercise is aimed at supporting supervisors and institutions in identifying the crucial elements that should be considered when designing credible governance arrangements and effective indicator frameworks.   View Article
EBA announces details of its 2016 transparency exercise
The EBA announced that it will be conducting a transparency exercise in December 2016 on a wide sample of over 100 banks, which will provide actual information on banks' balance sheet based on supervisory reporting data.   View Article
EBA clarifies use of 2016 EU-wide stress test results in the SREP process
The EBA published information on how the results of the EU-wide stress test will inform the Supervisory Review and Evaluation Process (SREP). The focus of this update is to explain how additional "capital guidance" can be used as a tool to address the quantitative outcomes of the stress test.  View Article
EBA finds no significant increase in asset encumbrance in 2015
The EBA published its second analysis of the level of asset encumbrance across EU banking institutions. The report aims to provide important elements for EU supervisors to assess the sustainability of banks' funding sources and their ability to withstand funding stress.  View Article
EPC: Stakeholders are invited to share their views on Mobile Payments and public consultation of the SEPA cards standardisation volume
The EPC reminded stakeholders that they are invited to share their views on Mobile Payments in Response to the EPC’s White Paper public consultation and that Version 7.5 of the SEPA Cards Standardisation Volume is currently under public consultation.  View Article
ECB publishes Consolidated Banking Data for end of 2015
The European Central Bank has published the December 2015 Consolidated Banking Data (CBD), a data set of the EU banking system on a group consolidated basis.  View Article
 
  Securities
 
 
European Commission: New EU rules to fight insider dealing and market manipulation in Europe's financial markets take effect
A revamped EU legal framework, applicable as of 3 July, will ensure even more efficient, transparent and trustworthy European financial markets.  View Article
European Supervisory Authorities write to Commission on the delay to adopt the bilateral margin rules for derivatives
The Joint Committee of the ESAs has issued a joint letter to Jonathan Hill, European Commissioner for Financial Stability, Financial Services and CMU, on the delayed adoption of the joint draft regulatory technical standards on risk mitigation techniques for non-centrally cleared OTC derivatives.   View Article
ESMA publishes responses received to its consultation on Guidelines on CSDR
The European Securities and Markets Authority has published the responses received to the Consultation Paper on Guidelines on participant default rules and procedures under CSDR.  View Article
AFME response to ESMA's Consultation Paper relating to the Guidelines on participant default rules and procedures under CSDR
AFME members would like to raise three introductory comments that should be kept in mind when considering the overall impact of such Guidelines and when reviewing the AFME response below.  View Article
ESMA proposes two amendments to natural person identifiers under MiFID II
ESMA submitted two amendments to the European Commission in relation to the draft regulatory technical standards on reporting obligations under Article 26 of the Markets in Financial Instruments Regulation.   View Article
ESMA issues opinions on Danish pension scheme to be exempt from central clearing under EMIR
ESMA issued an opinion regarding the exemption of a Danish pension scheme from the obligation to centrally clear OTC derivative contracts under the European Market Infrastructure Regulation.   View Article
ESMA issues positive opinion on short selling ban by Italian CONSOB
ESMA issued an official opinion agreeing to an emergency short selling prohibition, for a period of 90 calendar days, by the Commissione Nazionale per le Società e la Borsa on net short positions in Banca Monte dei Paschi di Siena spa shares under the Short Selling Regulation.  View Article
ESMA appoints new Securities and Markets Stakeholder Group
ESMA published the new list of members of its Securities and Markets Stakeholder Group following its approval by its Board of Supervisors.   View Article
 
  Insurance
 
 
EIOPA consults on policy proposals regarding the implementation of the Insurance Distribution Directive
The European Insurance and Occupational Pensions Authority published a Consultation Paper on its draft technical advice to the European Commission on possible delegated acts concerning the Insurance Distribution Directive.   View Article
EIOPA: Joint letter on the supervisory convergence work by the European Supervisory Authorities on PRIIPs
Joint Letter in relation to the draft regulatory technical standards on Key Information Documents (KIDs) for Packaged Retail and Insurance-based Investment Products (PRIIPs) to aid implementation and consistent supervision of the KIDs.   View Article
EIOPA to launch EU-wide thematic review on market conduct
The EIOPA is launching an EU-wide thematic review of market conduct among insurance companies operating in the unit-linked life insurance market. The review aims to cover 60% of each national market in terms of both gross written premiums and assets of unit-linked funds.  View Article
EIOPA updates representative portfolios to calculate volatility adjustments to the Solvency II RFR term structures
The European Insurance and Occupational Pensions Authority published updated representative portfolios that will be used for calculation of the volatility adjustments (VA) to the relevant risk-free interest rate term structures (RFR) for Solvency II.   View Article
EIOPA advises to enhance the asset class for high-quality infrastructure investments under Solvency II
The European Insurance and Occupational Pensions Authority published the Technical Advice to the European Commission on the identification and calibration of infrastructure corporates.   View Article
Bank of England: Solvency II: external audit of the public disclosure requirement
The PRA consulted on its proposal for external audit of the Solvency II public disclosure in CP43/15. The PRA proposes a clarification of the duty of care of auditors to the PRA in the proposed rules. This consultation paper (CP) seeks views on this proposed clarification.  View Article
BaFin: IMF publishes stress test results for German life insurers
The International Monetary Fund examined the German financial sector from November 2015 to March 2016 as part of its Financial Sector Assessment Program, which also included stress tests of the German life insurance sector.   View Article
 
  Asset Management
 
 
Occupational pension funds: Council confirms agreement with EP
The Permanent Representatives Committee approved, on behalf of the Council, an agreement with the European Parliament on institutions for occupational retirement provision (IORPs).  View Article
IPE: Insurance Europe criticises IORP II changes to cross-border funding
The insurance industry has raised concerns about the uneven regulatory environment being created by the revised IORP Directive, after trialogue negotiations agreed to allow under-funding of cross-border schemes.  View Article
PensionsEurope welcomes the modernised rules for pension funds
After the successful trilogue negotiations the Committee of Permanent Representatives approved the review of the IORP Directive. PensionsEurope welcomes the updated legislation on the activities and supervision of institutions for occupational retirement provision.  View Article
Investment & Pensions Europe: PensionsEurope lauds flexibility, principles-based nature of IORP II
PensionsEurope said it welcomes the modernised rules for pension funds under the IORP II Directive, and in particular the flexibility it allows member states in its implementation and its principles-based nature.  View Article
EIOPA advises on the development of an EU single market for personal pension products
The European Insurance and Occupational Pensions Authority published the final Advice on the further development of a single European Union market for personal pension products.  View Article
EFAMA response to the ESMA Consultation Paper on Draft Technical Advice under the Benchmarks Regulation
The EU asset management industry considers that a robust legal framework for benchmarks is an important step for restoring market credibility and confidence in benchmarks and allowing a level playing field for all market participants.  View Article
ICMA publishes second study on the state, and future evolution of, the corporate market
The International Capital Market Association published a study entitled ‘Remaking the corporate bond market’ exploring the evolution of the European investment grade corporate bond market and updating an earlier study published in 2014.  View Article
 
  Corporate Governance/Accounting
 
 
IASB/Hans Hoogervorst: Priority of communication effectiveness of financial statements during second term
Hans Hoogervorst, Chairman of the IASB, outlined plans to prioritise improvements to the communications value of financial statements as the main outcome of the IASB’s recent Agenda Consultation.  View Article
EFRAG's endorsement advice letter on clarifications to IFRS 15 Revenue from Contracts with Customers
EFRAG has completed its due process regarding Clarifications to IFRS 15 Revenue from Contracts with Customers and has submitted its Endorsement Advice Letter to the EC.  View Article
FRC: Smaller quoted companies should continue to report under IFRS
The FRC summarised the feedback to its report on the quality of reporting by smaller quoted companies and set out progress against its proposals in its update on the discussion paper: Improving the Quality of Reporting by Smaller Listed and AIM Quoted Companies.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
Stiff Upper Lips at the Bank of England: July Financial Stability Report
Graham Bishop reviews the Bank of England July Stability Report.  View Article
 

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