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10 November 2016

This week in "Brussels"

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  Articles from 03 November 2016 - 10 November 2016

BIS: Adding it all up: the macroeconomic impact of Basel III and outstanding reform issues
This paper presents a simple conceptual framework to assess the macroeconomic impact of the core Basel III reforms, including the leverage ratio surcharge that is being considered for global systemically important banks (G-SIBs).  View Article
ECB reviews its risk control framework for collateral assets
To maintain adequate risk protection, the European Central Bank (ECB) regularly adjusts its collateral eligibility rules and risk control measures applied when accepting collateral in Eurosystem monetary policy operations.   View Article
EBA issues recommendations on the implementation of new counterparty and market risk frameworks
The EBA published a Report in response to a new standardised framework for counterparty risk (CCR), i.e. the so-called SA-CCR, and a new market risk (MKR) framework - the so-called fundamental review of the trading book (FRTB).   View Article
EBA publishes final guidelines on ICAAP and ILAAP information
The EBA published its final Guidelines on the collection of information related to the ICAAP and the ILAAP. These Guidelines aim at facilitating a consistent approach to the supervisory assessment of ICAAP and ILAAP frameworks across the EU as part of the SREP.  View Article
Financial Times: Basel provides the background noise for the next crisis
A lot of financial people are worry about the meeting of the Basel Committee on Banking Supervision on November 28 and 29. The committee is scheduled to agree a “standardised approach for credit risk” and impose limits on the use of internal models.   View Article
EBA seeks views on new prudential regime for investment firms
The EBA launched a consultation in response to the European Commission's call for technical advice on the design of a new prudential regime for investment firms, which is specifically tailored to the needs of investment firms' different business models and inherent risks.  View Article
New Bank of England rules bring UK closer to ending taxpayer bailouts
This PRA's Policy Statement provides feedback on responses to Consultation Paper ‘The minimum requirement for own funds and eligible liabilities (MREL) – buffers and Threshold Conditions’ and sets out the final SS on the relationship between MREL and buffers, and MREL and Threshold Conditions.  View Article
Financial Times: UK banks given extra leeway to meet ‘too big to fail’ rules
UK banks will have two years longer to raise £20bn extra of special debt to prevent taxpayer bailouts, the Bank of England has said.  View Article
EBA consults on Guidelines on authorisation and registration under PSD2
The EBA launched a consultation on its draft Guidelines specifying the information to be provided by applicants intending to obtain authorisation as payment and electronic money institutions as well as to register as account information service providers under the revised PSD2.  View Article
CPMI: Central banks are monitoring and fostering the development of fast payment services
The development and importance of fast payments services are the focus of a new report by the Committee on Payments and Market Infrastructures (CPMI).  View Article
ESMA prepares for MIFID II Systematic Internaliser regime
ESMA published an updated Q&A document on the application of MiFID II/ MiFIR which clarifies when ESMA will publish the first set of data needed to implement the Systematic Internaliser regime and the date by when firms must comply with the SI regime for the first time.  View Article
IOSCO consults on Other CRA Products and their use by market participants
The Board of the IOSCO published a consultation report titled Other CRA Products, which seeks further insight into how market participants use non-traditional, products or services offered by credit rating agencies.  View Article
CFTC approves supplemental proposal to automated trading regulation
The Supplemental amends and streamlines certain requirements in the Notice of Proposed Rulemaking on Regulation Automated Trading (NPRM).  View Article
CEPS: Towards a better European securitisation market
In this ECMI Commentary, Apostolos Thomadakis finds that measures introduced by European authorities in an effort to revive securitisation and channel funds to the real economy have not achieved the expected results and calls for more to be done.  View Article
Commercial Risk Europe: Captives flourishing despite soft market but beware Brexit and new tax rules: AM Best
AM Best said that there are challenges ahead for the industry in the form of regulation, tax rules and Brexit, but stressed that such pressures have helped increase risk management and governance within European captives.  View Article
  Asset Management
Insurance Europe: PEPP must be long-term product that supports citizens in saving for retirement
Insurance Europe has responded to a European Commission consultation on personal pensions, where it acknowledged the importance of examining ways of encouraging and supporting citizens in saving for their retirement.   View Article
Investment & Pensions Europe: Dutch Pensions Federation softens position on pan-European pensions
The Dutch Pensions Federation has softened its position on the proposed European personal pension and now said that a European standard for the third pillar could “contribute to plugging workers’ pension gaps”.  View Article
Investment & Pensions Europe: ERAFP, SSGA pension-fund rescue plan calls for repos with ECB
The chief executive of ERAFP has recommended pension funds be allowed to enter into repo transactions with the European Central Bank (ECB) to help turn pension savings into more productive capital, with infrastructure investment the most suitable vehicle for doing so.   View Article
Invest Europe launches new guide for pension funds on private equity and venture capital investment
The Guide to Private Equity and Venture Capital for Pension Funds contains practical 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.   View Article
Investment & Pensions Europe: Draft of German pension reform proposes plans without guarantees
A copy of a highly anticipated draft of a new law aiming to “strengthen occupational pensions” in Germany (“Betriebsrentenstärkungsgesetz”) is in the public domain.  View Article
Hedgeweek: The virtues of good data governance
As asset managers face a barrage of global regulation and compliance demands, one of the biggest challenges they face is knowing who is responsible for the firm's data and where its source is located.   View Article
  Corporate Governance/Accounting
FRC: Consultation on procedures for de-registration of third country auditors
The FRC published a consultation on procedures for de-registration of third country auditors. Third country auditors are required to register with the FRC and renew their registration on an annual basis.  View Article
  Financial Services Policy
ESMA's Maijoor speaks at the European Commission’s Hearing on the Review of the EU macro-prudential framework
ESMA Chair speech focused on extending the macro-prudential framework to non-banking, especially in light of the CMU project.  View Article
  Grahams Articles, Comments & Speeches
DLT: technically and legally feasible?
DLT may not be in use for systemically important financial functions for a couple of decades, so well beyond the Brexiteers timetable for retaining “clearing” in the UK by applying DLT, rather than using ECB-issued euros.  View Article
124th Brussels for Breakfast – Notes
Organised by the Centre for the Study of Financial Innovation (CSFI), hosted by Grant Thornton with co-presenter Nicolas Veron (Bruegel and Petersen Institute).  View Article
  Friends Services
124th Brussels for Breakfast – Notes
Organised by the Centre for the Study of Financial Innovation (CSFI), hosted by Grant Thornton with co-presenter Nicolas Veron (Bruegel and Petersen Institute)  View Article

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