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14 July 2016

This week in "Brussels"
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Corporate Governance/Accounting International/G20 Graham's Articles, Comments & Speeches
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  Articles from 07 July 2016 - 14 July 2016

  Banking
 
 
Council conclusions on finalizing the post crisis Basel reforms
The Council adopted conclusions on the completion of work on post-crisis banking reform.   View Article
EBF: EU finance ministers need to get Basel back on track
The EBF notes that European finance ministers will discuss additional banking reform measures planned by the Basel Committee on Banking Supervision. These regulatory measures, commonly known as ‘Basel IV’, pose a threat to the European economy and the EU’s growth agenda, according to EBF's Mijs.  View Article
ECB's Constâncio: Challenges for the European banking industry
ECB Vice-President Constâncio spoke about FinTech, challenges relating to the low interest rate environment, low profitability environment banks operate in, the prospects for bank consolidation, or the regulatory measures still to come.  View Article
BCBS: Basel III's Net Stable Funding Ratio (NSFR) - FAQs issued
To promote consistent global implementation of these requirements, the BCBS periodically reviews frequently asked questions and publishes answers along with any necessary technical elaboration of the rules text and interpretative guidance.  View Article
EBF response to the BCBS consultation on the revision to the Basel III leverage ratio framework
The EBF is supportive of the division of the risk-based framework. The leverage ratio had its rationale in the “good old days” but its effect and value today is relatively modest and could not pretend to be an accurate reflection or test of the leverage level of the economy.   View Article
GFMA, IIF, ISDA, JFMC and TCH respond to the Basel consultation on leverage ratio
The Associations continue to support the BCBS’s efforts to create a simple, transparent and non-risk-based backstop to the risk-based framework. They also commend the BCBS for consulting on various issues that improve the harmonization of the exposure.   View Article
EBA's updated Risk Dashboard shows stable capital levels amidst efforts to further improve asset quality
The EBA published the periodical update of its Risk Dashboard summarising the main risks and vulnerabilities in the EU banking sector on the basis of a set of Risk Indicators in Q1 2016.   View Article
EBA updates on monitoring of Additional Tier 1 instruments
The European Banking Authority (EBA) published a draft update of its report on the monitoring of Additional Tier 1 (AT1) instruments last published on 29 May 2015 and proposed draft standardised templates for AT1 instruments.   View Article
BIS: Five recommendations to ease correspondent banking costs and concerns - CPMI
Five recommendations to help alleviate some of the costs and concerns affecting correspondent banking activities were set out in a report released by the Committee on Payments and Market Infrastructures.  View Article
Bank of England: Payment systems memorandum of understanding
The Bank of England, the Prudential Regulation Authority, the Financial Conduct Authority and the Payment Systems Regulator have reviewed the memorandum of understanding that sets out the high-level framework we use to cooperate with each other in relation to payment systems in the UK.  View Article
 
  Securities
 
 
BCBS: Revised securitisation framework with capital treatment for "simple, transparent and comparable" securitisations
The BCBS published an updated standard for the regulatory capital treatment of securitisation exposures. By including the regulatory capital treatment for "simple, transparent and comparable" (STC) securitisations, this standard amends the Committee's 2014 capital standards for securitisations.  View Article
ESMA readies MAR guidelines on market soundings and delayed disclosure of inside information
ESMA issued its final guidelines clarifying the implementation of the Market Abuse Regulation for persons receiving market soundings and on delayed disclosure of inside information.  View Article
ESMA publishes the responses to its consultation paper on technical advice on benchmarks regulation
This consultation paper is the follow-up of the discussion paper with respect to ESMA’s technical advice to the Commission, and it is based on the Benchmarks Regulation text published by the European Parliament.  View Article
ESMA consults on the validation and review of CRAs’ methodologies guidelines
ESMA published a Consultation Paper on guidelines on the validation and review of Credit Rating Agencies’ methodologies.  View Article
ESMA consults on proposed central clearing delay for small financial counterparties
ESMA published a consultation paper proposing to change the phase-in period for central clearing of OTC derivatives applicable to financial counterparties with a limited volume of derivatives activity under the European Market Infrastructure Regulation.  View Article
ECB: Results of the June 2016 survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets
The SESFOD showed that credit terms and conditions offered to all counterparty types tightened slightly, reflecting less favourable price and non-price credit terms across the entire spectrum of securities financing and OTC derivatives markets.  View Article
ESMA issues opinions on Swedish pension scheme to be exempt from central clearing under EMIR
ESMA issued an opinion regarding the exemption of a Swedish pension scheme from the obligation to centrally clear OTC derivative contracts under the European Market Infrastructure Regulation.  View Article
 
  Insurance
 
 
EIOPA: Final release of the XBRL Tool for Undertakings
The European Insurance and Occupational Pensions Authority plans to release an updated Tool for Undertakings (T4U) related to XBRL reporting under Solvency II in October 2016.  View Article
 
  Corporate Governance/Accounting
 
 
FRC: Reminders for half-yearly and annual financial reports following the EU referendum
In light of the referendum vote for the UK to leave the EU and the consequential uncertainties in the political and economic environment, the FRC highlights some matters for directors to consider when preparing their forthcoming half-yearly and annual financial reports.  View Article
FEE´s proposal for public country-by-country reporting on disclosing tax information
FEE has created a template that outlines the basic information for such companies to disclose when issuing a public country-by-country report so as to provide useful information to stakeholders whilst minimising the costs of preparation and the risk of disclosing economically sensitive information.  View Article
ICAEW´s study on financial reporting around the world
The ICAEW has published its paper on ‘Incentives and institutions in accounting: thinking beyond standards’. Local institutional differences are therefore a threat to the adoption of uniform accounting standards globally.  View Article
FRC consults on adopting ISAs to facilitate public assurance of insurers’ Solvency II reports
The FRC has released a consultation on the adoption of International Standards on Auditing (ISAs) 800 and 805 in the UK.  View Article
ECIIA: The challenge of tax reporting
According to speakers at a recent co-hosted ECIIA event at the European Parliament, internal auditors can provide boards with help and assurance that the EU’s new rules on tax reporting have been properly implemented in their enterprises.  View Article
EFRAG-KASB joint meeting
Representatives of the EFRAG and the Korean Accounting Standards Board (KASB) held their first joint meeting.  View Article
 
  International/G20
 
 
IMF Executive Board Concludes 2016 Article IV Consultation on Euro Area Policies
The recovery has strengthened recently. However, inflation and inflation expectations remain very low. Euro area GDP growth is expected to decelerate to 1.4 percent in 2017, mainly due to the negative impact of the UK referendum outcome.  View Article
Insurance Europe: Transatlantic insurance industry continues to see need for financial services regulatory cooperation in the TTIP
The American Insurance Association, Insurance Europe, and the American Council of Life Insurers reiterate their support for the full inclusion of insurance and other financial services in the Transatlantic Trade and Investment Partnership (TTIP).  View Article
 
  Grahams Articles, Comments & Speeches
 
 
Referendum on Brexit Terms: Worst-case WTO rules are the only way to avoid it
Graham Bishop sets out scenarios why the European Union Act 2011 will probably require a referendum on the UK’s exit trade deal with the EU, against a background highly influenced by the British current account deficit.  View Article
121st Brussels for Breakfast – the Blog
Organised by the Centre for the Study of Financial Innovation (CSFI) with David Reed (Kreab) and John Rega (Mlex).  View Article
 

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