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03 November 2016

This week in "Brussels"
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Asset Management Corporate Governance/Accounting Financial Services Policy
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  Articles from 27 October 2016 - 03 November 2016

  Banking
 
 
EBA recommends a measure based on total liabilities as the target level of resolution financing arrangements
The EBA published its final report on the reference point for the target level of national resolution financing arrangements. In the report, the EBA recommends changing the basis from covered deposits to a total liabilities-based measure and, in particular, total liabilities less covered deposits.   View Article
ECB: Report on financial structures details structural changes in the euro area financial sector
The euro area banking sector consolidated further in 2015, according to the ECB’s 2016 Report on Financial Structures. The report also finds that banks’ capital ratios improved and that non-performing loan (NPL) ratios fell across the sector for the first time since the financial crisis.  View Article
Financial Times: German banks stand firm in opposition to new capital rules
Germany’s banks have ratcheted up the pressure on European regulators to ensure that new capital rules do not put the continent’s lenders at a disadvantage to their US rivals, ahead of a key meeting on global banking supervision next month.  View Article
EBA and ESMA consult on assessing the suitability of banks and investment firms members of the management body and key function holders
The EBA and ESMA launched a consultation on Guidelines on the Assessment of the Suitability of the Members of Management Body and Key Function Holders (the Guidelines). The draft Guidelines aim at further improving and harmonising suitability assessments within the EU financial sectors.   View Article
ESBG response to EBA consultation on expected credit losses
ESBG submitted its response to the EBA consultation on their draft guidelines on credit institutions’ credit risk management practices and accounting for expected credit losses.   View Article
European Payment Council: 31 October 2016 marks the final migration to SEPA for non-Euro countries
From now on, when a person located in a SEPA country not using the euro as its currency will send a euro credit transfer or direct debit to another account located in SEPA, it will effectively be mandatory for them to use the SEPA Credit Transfer or SEPA Direct Debit schemes, managed by the EPC.  View Article
Bank for International Settlements: Digital financial inclusion the focus of third GPFI-FSI conference
Supervisors, regulators and officials from more than 30 countries gathered in Basel to discuss the new challenges and opportunities posed by the rapid spread of new technologies and products designed to reach people with little or no access to banking or other formal financial services.  View Article
Financial Times: Switzerland eyes Europe’s fintech crown with lower regulation
Switzerland hopes to overtake European rivals as a hub for financial technology with a licensing regime that would free companies in the sector from the regulatory burdens facing banks.  View Article
 
  Securities
 
 
European Commission: Adoption of implementing technical standards on the format and frequency of trade reports to trade repositories
The European Commission adopted an implementing regulation amending the implementing technical standards on the minimum details of the data to be reported to trade repositories.  View Article
ESMA issues MiFIR reporting instructions
The European Securities and Markets Authority has issued detailed reporting introductions and XML schemas under its Financial Instruments Reference Data System.  View Article
Bank of England: Response to CP ‘Implementation of MiFID II: Part 1’
This Prudential Regulation Authority policy statement provides feedback to responses to Consultation Paper ‘Implementation of MiFID II: Part 1’.   View Article
IOSCO reports on implementation of G20/FSB recommendations to strengthen securities markets
IOSCO published a report on the implementation of the G20/FSB post crisis recommendations aimed at strengthening securities markets.  View Article
CEPS: Eliminating the cost of non-Europe in capital markets
Karel Lannoo calls upon the European Commission to undertake a radical upgrade of the Capital Markets Union, along the lines of the Single Supervisory Mechanism, but with a focus on strengthening the role of ESMA and the European supervisory authorities.  View Article
 
  Insurance
 
 
Insurance Europe: Response provided to IAIS consultation on ICS version 1.0
Insurance Europe has responded to a consultation by the International Association of Insurance Supervisors (IAIS) on the Insurance Capital Standard (ICS) 1.0.  View Article
Insurance Europe: Making the IPID work for consumers
Insurance Europe has published an insight briefing that outlines several components that need to be included in the design of the insurance product information document (IPID) to ensure that it is a useful tool in helping consumers to make informed decisions when buying insurance products.  View Article
 
  Asset Management
 
 
Investment & Pensions Europe: Insurance industry questions Commission's 'poorly designed' PEPP
The European Commission’s plan for pan-European personal pensions (PEPP) is a poorly designed initiative potentially unable to benefit consumers or the Continental economy, according to Insurance Europe.  View Article
IPE: EIOPA investment-statement review raises harmonisation concerns
EIOPA’s peer review of pension funds’ statements of investment-policy principles provides valuable analysis and recommendations but should not lead to greater harmonisation under IORP II, the secretary general of PensionsEurope said.  View Article
Investment & Pensions Europe: Dutch pensions sector warns of IORP II impact on uniform statements
The Dutch pensions industry has expressed concerns it will be forced to revise the uniform pensions statement (UPO) yet again with the introduction of the revised Institutions for Occupational Retirement Provision Directive.  View Article
AMF/ AFG: Measures to promote the international development of the French AM industry and turn Paris into a leading financial centre
The AMF and the AFG have produced a report on the outcome of the FROG working group’s and on the implementation of its actions to raise the profile and broaden the distribution of French funds abroad.  View Article
Hedgeweek: It all comes down to style in managed futures
Managed futures have become an alternative asset class that is widely used by investors seeking overall portfolio diversification and absolute returns independent of the direction of broad equity and bond markets, according to a study by alternative investment managers Steben & Company.  View Article
 
  Corporate Governance/Accounting
 
 
ESMA sets enforcement priorities for listed companies’ 2016 financial statements
The ESMA has published its annual Public Statement on European Common Enforcement Priorities which identifies enforcement priorities for listed companies’ 2016 financial statements and highlights the need for transparency in disclosing the potential impact of Brexit on issuers’ financial statements.  View Article
Deloitte: Comment letter on proposed amendments to IFRS 3 and IFRS 11
Deloitte Touche Tohmatsu Limited responded to the IASB’s ED Definition of a Business and Accounting for Previously Held Interests (Proposed amendments to IFRS 3 and IFRS 11).  View Article
FEE: Consultation response to IASB and EFRAG on the definition of a business and accounting
In FEE´s response to the IASB, FEE emphasises that a better balance between a rule-based and a principle-based approach would benefit the proposed amendments to IFRS 3 Business Combinations. FEE responded to the EFRAG’s comment letter on IASB’s definition of business and accounting.  View Article
EBA reviews its guidelines on internal governance
The EBA launched a public consultation on its revised Guidelines on internal governance. These draft Guidelines aim at further harmonising institutions' internal governance arrangements, processes and mechanisms across the EU, in line with the new requirements in this area introduced in the CRD.   View Article
PLSA responds to BEIS Select Committee corporate governance consultation
The PLSA has responded to the Business Energy and Industrial Strategy (BEIS) Select Committee consultation on corporate governance. The Association has a keen interest in ensuring the highest standards of corporate governance in the UK, and welcomes the Select Committee’s interest.   View Article
FRC: Thematic review on certain aspects of tax reporting in company annual reports and accounts
The FRC has issued a thematic review undertaken by its Corporate Reporting Review function on certain aspects of tax reporting in company annual reports and accounts. The reviews supplement the FRC’s monitoring of company reports and accounts enabling a focus on topical areas of corporate reporting.  View Article
IASB reveals its ‘to-do list’ for the next five years
The IASB has published the conclusions from its recent Agenda Consultation and its five-year work plan. Listening to feedback from stakeholders, the Board has confirmed that a central theme for its activities until 2021 will be Better Communication in financial statements.  View Article
FRC Lab report confirms the importance of business model disclosure to investors
The FRC’s Financial Reporting Lab has published a report on Business Model Reporting which provides valuable insight for companies on the importance of business model information to investors, and the type of information they are seeking.  View Article
 
  Financial Services Policy
 
 
Hedgeweek: Financial institutions recognise benefits of adopting a more strategic approach to regulatory data management and compliance
A Thomson Reuters report reveals that 88% of financial institutions will work strategically across regulatory agencies over the next two years.   View Article
 

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