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29 September 2016

This week in "Brussels"

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Banking Securities Insurance
Asset Management Corporate Governance/Accounting Financial Services Policy
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  Articles from 22 September 2016 - 29 September 2016

POLITICO: Germany preparing Deutsche Bank bailout: report
Germany is drawing up plans to rescue Deutsche Bank if its $14 billion (€12.5 billion) fine from U.S. authorities plunges it into further financial difficulty, according to a report in Die Zeit.  View Article
Financial Times: Confidential report reveals Brexit threat to consumer banking
The consumer-facing side of British banking will be hit by Brexit, with services like credit cards, private banking and digital payments all facing disruption, according to a confidential industry report.  View Article
Financial Times: City’s special relationship with EU finance system revealed
Banks that use the UK as a gateway to the EU employ more than 590,000 people, have more than £7.5tn of assets and make annual profits of more than £50bn, according to Companies House data analysed by the FT.  View Article
BIS: Guidance on the application of the Core Principles for Effective Banking Supervision to institutions relevant to financial inclusion
The Guidance identifies 19 of the total 29 Core Principles where additional guidance is needed, and both Essential Criteria and Additional Criteria which have specific relevance to the financial inclusion context.  View Article
EBA publishes final draft technical standards on information exchange between authorities regarding qualifying holdings
The objective of these ITS is to streamline information exchanges and ensure effective communications between concerned authorities, both on a cross-border basis and across sectors.  View Article
AFME Position Paper: CRD 5/CRR2: Large exposures framework
AFME's paper seeks to consider the main deviations of the large exposures (LE) framework under the Capital Requirements Regulation (CRR) from the BCBS framework.   View Article
AFME Position Paper: CRD 5/CRR2: Interaction of IFRS 9 with capital requirements
AFME recognise that EC does not intend to increase required capital level and is aware that the Basel Committee may not finalise a revised specification of how IFRS 9 accounting interacts with the calculation of bank capital requirements until after IFRS 9 becomes effective 1 January 2018.   View Article
EBA consults on Guidelines on PII or comparable guarantee for payment initiation and account information services providers
The EBA launched a CP on its draft Guidelines on the criteria Competent Authorities should consider when stipulating the minimum monetary amount of the professional indemnity insurance or comparable guarantee for payment initiation and account information service providers under the revised PSD2.   View Article
EBA consults on technical standards on fee terminology and disclosure documents under the Payment Accounts Directive
The EBA published a consultation paper on draft technical standards setting out the standardised terminology for services linked to a payment account, the standardised format and common symbol of both the fee information document (FID) and the statement of fees (SoF).   View Article
ESMA's Maijoor statement to the Economic & Monetary Affairs Committee hearing
In his statement to the European Parliament's ECON, Maijoor covered ESMA's activities in the areas of the single rulebook, supervisory convergence, risk analysis and supervision and enforcement.  View Article
ICMA ERCC report on the trade registration models used by European CCPs for repo transactions
The report focuses on a specific issue - “the counterparty gap” - that emerged from a broader analysis of CCPs’ trade registration models.  View Article
SEC adopts rules for enhanced regulatory framework for securities clearing agencies
SEC voted to adopt new rules to establish enhanced standards for the operation and governance of securities clearing agencies that are deemed systemically important or that are involved in complex transactions, such as security-based swaps.  View Article
Insurance Europe: FICOD must recognise Solvency II and avoid duplication
Insurance Europe said that the purpose of the Financial Conglomerate Directive should be to ensure there are no gaps between sectoral legislation, and to avoid duplication and overlap with sectoral regulation, including guidelines issued by the European Supervisory Authorities.  View Article
  Asset Management
ESMA publishes the responses to the Call for evidence on asset segregation and custody services under AIFMD
The majority of respondents to this consultation strongly objected to both options on which ESMA consulted and expressed a preference for some of the options which were mentioned in the cost-benefit analysis accompanying the proposal.  View Article
ALFI response to FSB consultation on alleged structural vulnerabilities from asset management
ALFI confirmed its support regarding efforts to promote resilient and transparent financial markets and welcomed that the FSB has focused on AM activities. ALFI believes AM activities do not entail structural vulnerabilities and stressed that, in Europe, the sector is already highly regulated.   View Article
ICMA AMIC: Proposed policy recommendations to address structural vulnerabilities from Asset Management activities
ICMA’s AMIC has submitted its response to the Financial Stability Board’s consultation paper on proposed policy recommendations to address structural vulnerabilities for asset management activities.  View Article
Hedgeweek: Asset managers prioritising process automation and regulatory reporting
Asset management professionals continue to prioritise back-office automation and managing increased regulatory reporting, according to the 2016 Asset Management Industry Trends Survey by Confluence.  View Article
Hedgeweek: Investors increase pressure on hedge funds to lower fees
Lower recent performance, high-profile redemptions and increased concern from investors on the issue of fees have influenced many hedge fund managers to bring their management and performance charges below the “2 and 20” industry standard.  View Article
AIMA announces new Chair and Board of Directors
The Alternative Investment Management Association has announced a new Chairman and the formation of a new AIMA Council, the Association’s global board of directors.   View Article
  Corporate Governance/Accounting
FRC consults on approach to updating FRS 102 for changes in IFRS
The FRC is inviting comments from stakeholders on its proposed approach to updating FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland to reflect changes in IFRS.  View Article
FEE: Consultation response to IAASB’s 2017-2018 work plan and strategic objectives
FEE recommends the IAASB to limit its requirements as far as possible so that the ISAs remain principles based and not become complex and rules-base. FEE encourages the IAASB to adopt a systematic approach to develop additional standards only if they are absolutely required on a global level.  View Article
Bank of England: Strengthening accountability, remuneration rules and whistleblowing
The Prudential Regulation Authority (PRA) has published a package of final rules, guidance and proposals on accountability, remuneration and whistleblowing. These give important clarity to the PRA’s supervisory approach in these areas.  View Article
  Financial Services Policy
ECB: The next steps in the evolution of the Eurosystem’s market infrastructure
Yves Mersch said the Eurosystem’s strategic reflections on the future development of its market infrastructure centre around three components: the consolidation of TARGET2 and TARGET2-Securities; the settlement of services to support instant payments; and a Eurosystem collateral management system.  View Article
ECB's Cœuré: Reforming financial sector benchmarks
Benoît Cœuré, Member of the Executive Board of the ECB, reported on the EURIBOR reform and asked banks in the euro money market to participate in the pre-live verification exercise the administrator is planning, in order for the reform to be a success.  View Article
British Bankers Association: Cross-border financial services in the spotlight
Following the Brexit vote the topic of cross-border activity has been thrust into the limelight. It is important not to underestimate the complexity of cross-border business which can be related to the export of services, the sale of a product abroad or an investment on a foreign regulated market.  View Article
ACCA: FinTech boom needs strong guidance to navigate regulatory hurdles
In accordance with a new report from ACCA, despite the fact that FinTech has been causing significant digital disruption to global finance for almost a decade, the sector is still in need of strong guidance against regulatory hurdles.   View Article

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© Graham Bishop

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