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25 May 2017

This week in "Brussels"

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  Articles from 18 May 2017 - 25 May 2017

EBA updates on monitoring of CET1 instruments
The European Banking Authority published its fifth updated list of capital instruments that Competent Supervisory Authorities (CAs) across the European Union have classified as Common Equity Tier 1 (CET1).   View Article
EBA publishes an Opinion on own funds in the context of the CRD CRR review proposal
The EBA calls for a possible strengthening of the Authority's role in assessing issuances of CET1 instruments. In addition, the Opinion elaborates on restrictions on distributions in the context of capital conservation measures and suggests introducing a general anti-circumvention principle.   View Article
EBA publishes final technical standards on valuation in resolution
These draft RTS are a crucial piece of regulation for the resolution framework as they aim to provide the independent valuer with common criteria for the valuation, which will inform the decisions made by resolution authorities, thus promoting a consistent approach to such valuations across the EU.   View Article
ECB's Praet: Europe’s economic recovery: challenges and opportunities for the banking sector
Peter Praet spoke about the latest economic developments in the euro area and said that agreement on an ambitious timetable for banking union implementation is now urgently needed.  View Article
Financial Times: European banks lead the way in Q1 ratings upgrades – S&P
Banks led the way in a positive Q1 for European corporate credit ratings, according to S&P Ratings, as the eurozone’s increasingly robust recovery helped to ease pressures on the sector which has been burdened by low interest rates and large numbers of bad loans left over from the financial crisis.  View Article
ECB: Report on the results of the Survey on the Access to Finance of Enterprises in the euro area – October 2016 to March 2017
The report provides evidence on changes in the financial situation, financing needs and access to financing of small and medium-sized enterprises (SMEs) in the euro area in the six months from October 2016 to March 2017, as well as comparing the situation of SMEs with that of large enterprises.  View Article
ECB TARGET Annual Report 2016
The report provides information on TARGET2 traffic, its performance and the main developments that took place in 2016.  View Article
Financial Times: Five suggestions for avoiding another banking collapse
Larry Summers highlights three facts that seem to be in substantial tension with the widespread view that banks are far safer now than they used to be because they are far better capitalised.   View Article
EBA consults on its guidance for the use of cloud computing
The EBA Recommendations intend to clarify the EU-wide supervisory expectations if institutions intend to adopt cloud computing, so as to allow them to leverage the benefits of using cloud services, while ensuring that any related risks are adequately identified and managed.  View Article
Reuters: EU executive asks bank watchdog to rethink 'screen scraping' ban
The European Union's financial services chief said he will ask the bloc's banking watchdog to rethink its proposed ban on "screen scraping" or financial technology firms directly accessing bank accounts.  View Article
ECB's Constâncio: Synergies between banking union and capital markets union
Banking union and CMU are undoubtedly the two central policy initiatives to catalyse financial integration in the EU. Consequently, they received a great deal of attention in the ECB’s report on Financial Integration in Europe and stood at the centre of European Financial Integration conference.  View Article
ESMA clarifies "traded on a trading venue" under MiFID II
ESMA issued an opinion regarding the implementation of MiFID II and MiFIR. The opinion clarifies the concept of “traded on a trading venue” (TOTV), which is relevant for a number of provisions under MIFID II and MiFIR.  View Article
Financial Times: Mifid II threatens to turn bond allocation into a minefield
The regulation is designed to bring transparency to business of selling bonds in Europe, but it might pose big challenges when it comes to certain rules.  View Article
ESMA finds improvements in regulators’ supervisory practices concerning MiFID rules on fair, clear and not misleading information
ESMA published a Follow-up Report on the actions undertaken by ten National Competent Authorities in addressing deficiencies identified in the 2014 Peer Review on MiFID Conduct of Business rules relating to fair, clear and not misleading information.  View Article
City A.M.: What’s new for MiFID II?
With the start date for Markets in Financial Instruments Directive fast approaching in January 2018, a renewed focus on implementation is gripping investment firms and market participants.  View Article
ECB's Mersch: Advancing financial market integration
Yves Mersch said that in a true single market, one could expect a Europe-wide primary market for securities to develop in order to ensure equal and unrestricted access for economic actors and that ECB stands ready to examine the need for and potential of such a European issuance service.  View Article
IASB finalised fundamental overhaul of insurance accounting
The IASB issued IFRS 17 Insurance Contracts. This first truly international IFRS Standard for insurance contracts will help investors and others better understand insurers' risk exposure, profitability and financial position.  View Article
Insurance Europe: IASB releases a new global basis for insurance contracts accounting
Olav Jones, deputy director general of Insurance Europe, commented on the publication of the International Financial Reporting Standard for insurance contracts (IFRS 17) by the International Accounting Standards Board.  View Article
ACCA: New accounting standard will significantly impact the insurance industry
ACCA commented on IFRS 17, the new IASB insurance contracts standard and hoped that the endorsement of IFRS 17 in the EU and in other jurisdictions can now proceed swiftly to allow companies in particular the certainty and time to plan and then progress their transition to the new system.  View Article
EIOPA publishes its final report on the consultation paper on the methodology to derive the UFR and updated calculation of the UFR for 2018
This final report includes a summary of the main comments received by stakeholders and EIOPA’s resolution of these comments.  View Article
Financial Times: Solvency II data reveal gaps in insurers’ capital positions
European insurers have for the first time revealed how much their financial health depends on temporary rules that are set to disappear.   View Article
  Asset Management
EIOPA launches its second EU-wide occupational pensions stress test
The European Insurance and Occupational Pensions Authority (EIOPA) launched an EU-wide stress test for the Institutions for Occupational Retirement Provision (IORPs). EIOPA’s stress test provides insight into the risks and vulnerabilities of the European occupational pensions sector.   View Article
EFAMA reiterates its support for a Pan-European Personal Pension product
In a short briefing document published, the European Fund and Asset Management Association outlined its vision for how the young generation of European citizens will benefit from the PEPP – and reaffirmed its support for the project.  View Article
Investment & PensionsEurope: Eight Pensionskassen fail German regulator’s stress test
Eight German Pensionskassen did not pass the German financial regulator’s stress test for 2016, BaFin has said.  View Article
EFAMA publishes the 9th edition of its Asset Management Report
The report focuses on the value of assets managed by regulated third-party asset managers in Europe, providing detailed data on the location of the asset management activity, the asset owners, the evolution of the asset allocation, and the contribution of the industry in terms of employment.   View Article
Hedgeweek: Raising funds in Europe: Private placement still works
What does the future hold for the raising of funds in Europe? Wayne Atkinson of Collas Crill, on behalf of the Guernsey Investment Fund Association, takes stock of the situation, keeping in mind the implementation of the AIFMD and Brexit.  View Article
ALFI publishes principles for the oversight of financial intermediaries in distribution of funds guidelines
The ALFI has published a set of Principles for the Oversight of Financial Intermediaries in Distribution of Funds, in line with its mission to help members capitalise on industry trends and to encourage professionalism, integrity and quality within the Luxembourg fund industry.  View Article
  Corporate Governance/Accounting
FSB sets out next steps on work to strengthen governance frameworks to mitigate misconduct risks
The Financial Stability Board published a Stocktake of efforts to strengthen the governance frameworks to mitigate misconduct risks.  View Article
Deloitte commented on seven IFRS Interpretations Committee tentative agenda decisions
Deloitte has published its comment letters on IFRS Interpretations Committee tentative agenda decisions on IAS 12, IAS 19, IAS 32, IAS 33, IAS 41, IFRS 1, and IFRS 9, as published in the March 2017 IFRIC Update.  View Article
  Financial Services Policy
Commission presents 2017 annual review of EU's financial stability and integration
The report highlights a positive trend in the recovery of the European economy, in spite of the challenging economic and political environment. It identifies private consumption as the main driver for growth, supported by improved bank funding and a better regulatory and supervisory framework.  View Article
ECB: Risk of further bond market repricing persists but financial market stress is contained
Systemic stress indicators for the euro area have remained low over the past six months, according to the latest Financial Stability Review of the European Central Bank.  View Article
BIS: Rapid growth in FinTech credit carries opportunities and risks: report
FinTech platforms account for an increasing share of credit provision and policymakers have to consider the opportunities and risks such activity brings, a new report by the Committee on the Global Financial System (CGFS) and the Financial Stability Board (FSB) finds.  View Article
City A. M.: Fintech startup Transferwise has launched its first service beyond money transfer with"borderless" business accounts
Star fintech startup Transferwise is making its first foray beyond money transfers as it starts to ramp up its business having reached profitability.  View Article
POLITICO: Germany and France join forces to boost eurozone
Germany and France will join forces to push for long-stalled eurozone reforms, the countries’ finance ministers announced after their first meeting in Berlin.  View Article
Financial Times: Macron’s fiscal union points the way for eurobonds
They would over time replace sovereign debt; if a country wants to default, let it, writes Wolfgang Münchau.  View Article
VoxEU: Financial integration in the Eurozone should not be a tough sell
With Brexit on the horizon, it is up to the remaining EU member states to foster competition and efficiency in financial services by completing the banking union, harmonising national regulation, and accelerating the realisation of a true capital markets union.   View Article
Main results of the Economic and Financial Affairs Council
The Council agreed on a new system for resolving double taxation disputes between member states and discussed a proposal for a common corporate tax base (CCTB) in the EU, aimed at reducing the administrative burden of multinational companies.  View Article
Main results of the Eurogroup meeting
The Eurogroup tackled issues such as Greece's macroeconomic adjustment programme, the economic situation in the euro area or the 7th post-programme surveillance mission to Spain.  View Article
Economic governance: Council conclusions on macroeconomic imbalances
The Council adopted conclusions assessing the Commission's in-depth reviews of macroeconomic imbalances in 13 member states.  View Article
European Semester 2017 Spring Package: Commission issues country-specific recommendations
Member States should use the window of opportunity offered by the economic recovery to pursue structural reforms, boost investment and strengthen their public finances.   View Article
Policy Network: The future of the euro area in an age of uncertainty
In order to overcome the deadlock in the EU reform debate, it is necessary to understand the nature of the current system of economic governance and the antagonistic political dynamics in the member states.  View Article

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