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15 September 2016

This week in "Brussels"

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Asset Management Corporate Governance/Accounting Graham's Articles, Comments & Speeches
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  Articles from 08 September 2016 - 15 September 2016

BCBS: Basel III monitoring results published by the Basel Committee
The Basel Committee published the results of its latest Basel III monitoring exercise. The Committee established a rigorous reporting process to regularly review the implications of the Basel III standards for banks and it has published the results of previous exercises since 2012.  View Article
EBA publishes results of the CRDIV-CRR/Basel III monitoring exercise as of 31 December 2015
This exercise presents aggregate data on capital ratios – risk-based and non-risk-based (leverage) – and liquidity ratios – the liquidity coverage ratio (LCR) and net stable funding ratio (NSFR) – for banks across the European Union (EU). It summarises the results using data as of 31 December 2015.  View Article
EBA updates its CET1 list
The EBA published its third updated list of capital instruments that Competent Supervisory Authorities (CAs) across the European Union have classified as CET1.   View Article
EBA says that core funding ratio cannot replace NSFR when assessing funding risk
The Report concludes that, overall, it would be misleading to rely only on the CFR to assess banks' funding needs because, unlike the Net Stable Funding Ratio (NSFR), the CFR does not look at the whole balance sheet of a bank and, therefore, cannot fully assess a potential funding gap.  View Article
ECB working paper: Net debt supply shocks in the euro area and the implications for QE
Authors examine the likely effects of ECB government bond purchases on euro area interest rates and show how changes in the amount of government bonds have affected debt-weighted government bond yields historically and how these changes have spilled over into economic activity and consumer prices.  View Article
Financial Times: ECB finds big differences in how eurozone deals with NPLs
The European Central Bank has published new research highlighting significant discrepancies in the way eurozone countries deal with bad loans, as it asks banks for their views on new rules to harmonise practices.  View Article
ESAs highlight main risks for the EU financial system
The ESA’s report focuses on recent developments concerning the low growth and low yield environment and its potential effects on financial institutions' profitability and asset quality, and highlights concerns related to the interconnectedness in the EU financial system.   View Article
Financial Times: Banks find blockchain hard to put into practice
Banks are rushing to adopt blockchain — the database technology that underpins bitcoin — in order to cut costs, but technologists and business people are having to make drastic changes to force the radical technology to adhere to the norms of the banking world.  View Article
EPC: What are the options for banks to prepare for their future?
Banks must transform if they are to adapt to an increasingly competitive and highly regulated market, said Fabrice Denèle, Head of payments, BPCE Group.  View Article
Completing the Capital Markets Union – Commission accelerates reform
The European Commission set out the next steps to accelerate the completion of the Capital Markets Union during the President Juncker’s 2016 State of the Union address.  View Article
AFME welcomes Commission’s commitment to accelerate CMU
Simon Lewis, Chief Executive of AFME, said that AFME strongly supports the focus on insolvency reform and boosting infrastructure funding in the next phase of CMU and that he hopes for quick completion of the measures on securitisation and the prospectus regime.  View Article
ESAs reject proposed amendments from the European Commission to technical standards on non-centrally cleared OTC derivatives
The three European Supervisory Authorities (EBA, EIOPA, ESMA - ESAs), published their Opinion addressed to the European Commission expressing disagreement with its proposed amendments to the final draft RTS on risk mitigation techniques for OTC derivatives not cleared by a central counterparty.  View Article
AMF consults on the future implementation of new MiFID II provisions on payments for research
Ahead of the application of the new MiFID II, the Autorité des Marchés Financiers is reflecting on the implementation of new provisions on payment for research used by professionals providing investment advice on an independent basis or portfolio management.  View Article
CBLF: More than half of Labelled Cover Pools disclosed using the Harmonised Transparency Template
The Covered Bond Label Foundation (CBLF) has announced that 55 labelled issuers have published their Harmonised Transparency Templates (HTTs) in the Covered Bond Label database. This brings the share of covered pools registered on the CBLF website to 59% of the total.  View Article
Packaged retail investment products: Parliament Plenary returns draft law to Commission
Draft legislation designed to protect retail investors has been rejected by MEPs as so “flawed and misleading” that it could actually lose them money. Unusually, it will be returned to the EU Commission for revision.  View Article
EFAMA welcomes adoption of Parliament Plenary Motion for a Resolution on key information documents for PRIIPs rejecting the draft RTSs
EFAMA welcomed the adoption of the European Parliament Motion for a Resolution on the Commission Delegated Regulation on key information documents for PRIIPs, which objects to the Commission delegated regulation and calls for a postponement of the application date of the PRIIPs Regulation.  View Article
Investment Association supports the EU Parliament Plenary's stance on PRIIPs
Florian van Megen, Retail Markets Specialist at the Investment Association, urged the Commission to amend the presentation of costs and charges and improve the performance disclosure by adding historic performance alongside future scenarios.  View Article
Insurance Europe: European Parliament vote to reject PRIIPs RTS welcomed
A very broad majority of the European Parliament has voted to object to the regulatory technical standards (RTS) for the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation.  View Article
  Asset Management
Investment & Pensions Europe: European supervisors reject clearing changes over lack of evidence
European supervisors have rejected attempts to relax clearing regulations for pension funds, arguing the European Commission failed to offer any evidence to support its requested changes.  View Article
EIOPA: Report on Good Practices on communication tools and channels for communicating to occupational pension scheme members
This Report summarises the findings of EIOPA and puts forward Good Practices with regard to the use of different communication tools and channels to communicate to members of occupational pension schemes operated by Institutions for Occupational Retirement Provision and insurance undertakings.  View Article
Hedgeweek: Alternative asset managers looking to deepen ‘partnerships’ with investors
Alternative asset managers are changing their business models and exploring a broader set of arrangements designed to improve the alignment of interest between themselves and their investors, according to a survey by the Alternative Investment Management Association (AIMA).  View Article
Hedgeweek: Money market funds to reduce ABCP investments with new US and European regulation, says Moody’s
The overall volumes that money market funds (MMFs) invest globally in asset-backed commercial paper (ABCP) will likely fall as the prime MMF industry shrinks, says Moody's Investors Service. Nevertheless, ABCP will remain an important source of investment diversification for MMFs.  View Article
  Corporate Governance/Accounting
IASB: Amendments to insurance contracts standard
The IASB issued amendments to its existing insurance contracts Standard, IFRS 4. The amendments address concerns arising from implementing the new financial instruments Standard, IFRS 9, before implementing the replacement Standard that the Board is developing for IFRS 4.   View Article
FASB: Proposed changes to hedge accounting guidance
The FASB issued a proposed Accounting Standards Update that would make targeted improvements to the accounting guidance for hedging activities.   View Article
IASB/Hoogervorst: Insurance accounting must reflect economic reality
IASB Chairman, Hans Hoogervorst, delivered a speech on IFRS developments around the world, the IASB work on the completion of the insurance contracts Standard and on future agenda.  View Article
  Grahams Articles, Comments & Speeches
The EU’s “Swiss Model”: will it even exist in 2017?
Unless the recent proposals by the Swiss government on migrant quotas are accepted by the EU, the December 2016 European Council will take a hard line. Whatever the outcome of the situation, there will be a clear message for the Brexit negotiations.  View Article
122nd Brussels for Breakfast – the Blog
Organised by the Centre for the Study of Financial Innovation (CSFI), hosted by Grant Thornton with co-presenter Peter Snowdon (Norton Rose Fulbright.  View Article

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