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06 October 2016

This week in "Brussels"
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Articles from 29 September 2016 - 06 October 2016

Banking

ECB: Changes to collateral eligibility criteria and risk control measures for unsecured bank bonds
The European Central Bank decided on changes to the collateral eligibility criteria and risk control measures applicable to senior unsecured debt instruments issued by credit institutions or investment firms or their closely linked entities, known as unsecured bank bonds (UBBs).  View Article
EBA updated Risk Dashboard shows that low profitability and the high level of NPLs remain a concern for EU banks
This EBA‘s report summarises the main risks and vulnerabilities in the banking sector by the evolution of a set of Risk Indicators (RI) across the EU in Q2 2016. The update shows an increase in EU banks' capital ratios, while the low profitability and the high level of NPLs remain a concern.  View Article
FAQs on "Supervisory framework for measuring and controlling large exposures" published by the Basel Committee
The Basel Committee issued frequently asked questions on the global supervisory framework for measuring and controlling large exposures.  View Article
BIS working paper: Leverage and risk weighted capital requirements
This paper seeks an answer to how does the leverage ratio behave over the cycle compared with the RWA ratio; what are the costs and the benefits of introducing a leverage ratio; and what can be learned about the behavior of the two ratios in the long run and their optimal calibration.  View Article
Financial Times: Brussels ready to push back on bank capital rules
Europe’s financial regulation chief Valdis Dombrovskis has warned he is prepared to reject international plans to toughen bank capital requirements in a sign of the growing rift with the US over how to prevent another financial crisis.  View Article
EBA publishes final Guidelines on implicit support for securitisation transactions
These Guidelines clarify what constitutes arm's length conditions and specify when a transaction is not structured to provide support for securitisations. The Guidelines will contribute towards the successful implementation of the Commission's securitisation package under the CMU reform.  View Article
EBA harmonises the definition of default across the EU
The European Banking Authority (EBA) published today its final Guidelines specifying the application of the definition of default across the EU and its final draft Regulatory Technical Standards (RTS) on the materiality threshold of past due credit obligations.   View Article
Financial News: Bank of England deputy governor says uncertainty will hit investment
The impact of Brexit on the UK economy has been “more moderate” than the Bank of England originally feared. Ben Broadbent, the deputy governor for monetary policy has told an audience at The Wall Street Journal.  View Article
Financial Times: IMF backs ECB in dispute with banks
European banks should carry out “deep rooted reforms” to reduce risks to financial stability rather than focus on problems caused by negative and low interest rates, the International Monetary Fund said.  View Article
ECB's Mersch: The challenge of low interest rates for banks within the banking union
The European Central Bank Yves Mersch's speech focused on the design and the achievements of the banking union and on the challenging environment of low and negative interest rates.  View Article
Paul Goldschmidt: “European Safe Bonds”: The latest in a series of false good ideas!
The EU’s first priority must be to secure its own unquestioned survival so that the EU and the Euro become a State with a currency similar to that of other Sovereign issuers. All attempts to circumvent this inescapable logic would only enhance the likelihood of the Euro’s ultimate collapse.  View Article
Bank of England: Stress testing results timetable
Bank of England sets out the timetable for publishing the UK stress test results and announcing the set of firms that will take part in its 2017 biennial exploratory scenario.   View Article

Securities

Commission adopts new rules to mitigate risks in non-cleared OTC derivative transactions
Commission adopted a new set of rules, which sets out the levels and types of collateral that OTC derivatives counterparties must exchange bilaterally if the transaction is not cleared through a CCP.   View Article
ESMA consults on requirements for the management of trading venues and reporting services providers
ESMA issued a consultation paper on draft guidelines which will further detail the implementation of the Market in Financial Instruments Directive.  View Article
ESMA consults on product governance guidelines to safeguard investors
ESMA opened a consultation on product governance guidelines under the Markets in Financial Instruments Directive regarding the target market assessment by manufacturers and distributors of financial products.  View Article
ESMA consults on consolidated tape for non-equity products
ESMA issued a consultation paper on its draft regulatory technical standards regarding the creation of a consolidated tape for non-equity instruments which is required under the Markets in Financial Instruments Directive.  View Article
ESMA issues Q&As on the implementation of the double volume cap under MiFID II
ESMA issued a Q&A document regarding the implementation of the double volume cap under the Market in Financial Instruments Directive and Regulation.  View Article
FCA publishes third MiFID II consultation paper
FCA published its third consultation paper on the implementation of the revised Markets in Financial Instruments Directive.  View Article
ESMA reports on shadow banking, leverage and pro-cyclicality
ESMA’s report assesses whether the use of SFTs leads to the build-up of leverage which is not yet addressed by existing regulation, how to tackle such buildup, and whether there is a need to take further measures to reduce its pro-cyclicality.  View Article
ESMA consults on future reporting rules for securities financing transactions
ESMA issued a consultation paper on draft technical standards implementing the Securities Financing Transaction Regulation, which aims to increase the transparency of shadow banking activities.  View Article
ESMA issues final guidelines on commodity derivatives inside information
ESMA issued final guidelines clarifying one element of the definition of inside information in relation to commodity derivatives under the Market Abuse Regulation.  View Article
Financial Times: Deutsche Bank puts CDS market to test
As Deutsche Bank’s share price has swung dramatically throughout the week, traders have also fuelled demand for another type of security: the credit default swaps that offer insurance against a default by the lender.  View Article
ESMA issues positive opinion on short selling ban by Italian CONSOB
ESMA issued an opinion agreeing to extending an emergency short selling prohibition by CONSOB on net short positions in Banca Monte dei Paschi di Siena spa shares under the Short Selling Regulation.  View Article

Insurance

EIOPA publishes updated technical methodology documentation for risk-free interest rate term structures for Solvency II
The European Insurance and Occupational Pensions Authority published an updated technical documentation on the methodology to derive the risk-free interest rate term structures (RFR) for Solvency II.  View Article
Financial Times: UK insurers to lobby for changes to Solvency II rules
The UK’s insurance industry has given the biggest hint yet that it will push for changes to the Solvency II capital rules following Britain’s vote to leave the EU.   View Article
EIOPA: Single Programming Document 2017-2019 (Annual Work Programme 2017)
In its Single Programming Document, EIOPA focuses on three main strategic priorities: Enhancing supervisory convergence, reinforcing preventive consumer protection and preserving financial stability.  View Article
Financial Times: London’s insurers rush to cover the Brexit bases
In April this year, after months of careful consideration, planning and number crunching, insurer Beazley shifted its headquarters from Dublin to London. The move would, executives said, make Beazley more efficient — partly because there would be less to-ing and fro-ing between the two cities.   View Article

Asset Management

ALFI response to ESMA Call for evidence on asset segregation and custody services under AIFMD and UCITS
ALFI responded to the Call for evidence on asset segregation and custody services issued by the European Securities and Markets Authority in July this year.  View Article
ICMA submits response to the IOSCO Consultation Report: Examination of Liquidity of the Secondary Corporate Bond Markets
ICMA welcomes IOSCO’s interest in the functioning and liquidity of the corporate bond markets and the resulting Consultation Report, as well as the opportunity to provide suggestions and data to assist IOSCO in further refining its analysis.  View Article
Investment Association: Increasingly global UK investment hub revealed as Brexit preparations begin
The Investment Association’s latest flagship survey has revealed an increasingly global investment hub based in the UK, as preparations to exit the European Union begin.  View Article
IPE: PensionsEurope defends financial-stability role of pension funds
PensionsEurope has mounted a robust defence of the role of pension funds in the global financial system in response to claims from asset managers that they pose a risk to international financial stability.  View Article
Invest Europe launches new guide for pension funds on private equity and venture capital investment
The Guide contains information on why to invest and how to do so, plus an overview of the benefits and risks of gaining an exposure to private equity and venture capital. It is aimed at helping pension funds with limited experience of the asset class achieve an understanding of its unique features.  View Article
IPE: TPR regulatory policy lead rejects notion of UK DB affordability crisis
Talk of an affordability crisis among UK defined benefit (DB) schemes is not borne out by data, the executive director for regulatory policy at The Pensions Regulator has said.  View Article

Corporate Governance/Accounting

FEE: Scope of audit of banks across Europe - 2016 update
FEE information paper provides an update to the 2015 survey on the audit profession’s involvement with the financial and regulatory reporting for banks.  View Article
ESBG´s response on consultation on disclosure requirements guidelines
ESBG published its comment on the Guidelines on disclosure requirements under Part Eight of Regulation (EU) 575/2013.  View Article
FEE: Auditor’s involvement in the contributions to the Single Resolution Fund
FEE survey demonstrates divergence across Europe regarding the performance of and reporting on the Agreed upon Procedures by external auditors on the 2014 and 2015 contributions to the Single Resolution Fund.  View Article
IFAC: IAESB guidance promotes awareness and proper application of International Accounting Education entry requirements
The IAESB released new materials in support of its recently revised IES 1, Entry Requirements to Professional Accounting Education Programs (2014).  View Article
EFRAG: A quantitative study on goodwill and goodwill impairment
EFRAG published a quantitative study “What do we really know about goodwill and impairment?”. The objective of the quantitative study is to facilitate the debate related to the accounting for goodwill by providing evidence on how goodwill and goodwill impairment have evolved over time.  View Article

Financial Services Policy

EBA publishes final guidelines on the remuneration of sales staff
The EBA had previously identified poor remuneration policies and practices as a key driver of miss-selling of financial products and services. The Guidelines aim, therefore, to protect consumers from related risks and to reduce conduct costs for financial institutions.  View Article

International/G20

IMF sees subdued global growth, warns economic stagnation could fuel protectionist calls
Global economic growth will remain subdued this year following a slowdown in the United States and Britain’s vote to leave the European Union, the IMF said in its October 2016 World Economic Outlook. It forecasts a slight pickup in 2017, driven mainly by emerging market strength.   View Article

Grahams Articles, Comments & Speeches

PM May to the Conservative Party: Hard Brexit
PM May’s speech to the Conservative Conference: It reads like Hard Brexit; it’s spun as Hard Brexit so it probably is Hard Brexit because it is completely inconsistent with EEA membership. For the avoidance of any doubt, this inconsistency was repeated four times!  View Article


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