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29 June 2017

This week in "Brussels"
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  Articles from 22 June 2017 - 29 June 2017

  Banking
 
 
BIS: Implementing the countercyclical capital buffer
The Basel Committee on Banking Supervision published a range of practices in implementing the countercyclical capital buffer policy. This document examines how a range of jurisdictions have implemented their countercyclical capital buffer (CCyB) policies.   View Article
Federal Reserve Board releases results of supervisory bank stress tests
The US' largest bank holding companies have strong capital levels and retain their ability to lend to households and businesses during a severe recession, according to the results of supervisory stress tests released by the Federal Reserve Board.  View Article
EBA launches 2016 CVA risk monitoring exercise
The European Banking Authority announced it has put on hold its draft Guidelines on the treatment of CVA risk under SREP until further notice, due to continued developments in the CVA risk framework at international level.   View Article
EBA publishes draft amending technical standards on CVA proxy spread
These RTS propose limited amendments to the Commission Delegated Regulation (EU) No 526/2014 for determining proxy spread and limited smaller portfolios for credit valuation adjustment risk, based on two policy recommendations contained in the EBA's CVA report.   View Article
ECB to develop a service for the settlement of instant payments
TARGET instant payment settlement (TIPS) is scheduled to start operating in November 2018.  View Article
Insurance Europe: Concerns raised on services e-card proposal at European Parliament hearing
Insurance Europe's Jeanmart took part in a recent European Parliament hearing on the European Commission’s proposal for a European services e-card.  View Article
Bank of England: Financial Stability Report, June 2017
The Financial Stability Report set out the FPC’s assessment of the outlook for financial stability in the United Kingdom. To do this, the FPC identifies the risks faced by the UK financial system and weighs them against the resilience of the system.  View Article
BIS: FSI publishes Executive Summaries on latest regulatory standards for the general public
The Financial Stability Institute (FSI) of the Bank for International Settlements launched a publication series called Executive Summaries. These are concise and accessible notes covering the main financial regulatory and supervisory standards.  View Article
BIS: Changes to BIS Statutes regarding Board composition
The Bank for International Settlements (BIS) announced, as part of its Annual General Meeting, changes to its Statutes that will become effective in 2019. The changes will allow for greater flexibility in the composition of the Bank's Board of Directors.  View Article
 
  Securities
 
 
ECB recommends amending Article 22 of its Statute
The amendment will provide legal basis for Eurosystem to carry out its role as central bank of issue under the currently proposed review of EMIR, and to fulfil its mandate of conducting monetary policy and ensuring stability of euro.  View Article
Reuters: French central banker backs European Commission proposals on clearing
Francois Villeroy de Galhau supported European Commission proposals to move oversight of the trade in clearing euro-denominated securities from London to within the eurozone after Brexit.  View Article
BIS: Framework for supervisory stress testing of central counterparties
The supervisory stress testing framework is designed to support tests conducted by one or more authorities that examine the potential macro-level impact of a common stress event affecting multiple CCPs.  View Article
ESMA updates co-legislators on MiFID II implementation
ESMA sent a letter to the European Parliament, Commission and Council updating them on the implementation of ESMA’s IT projects regarding the Markets in Financial Instruments Directive.  View Article
MiFID II: ESMA issues final guidelines on trading halts
ESMA issued its final guidelines on trading halts under the Markets in Financial Instruments Directive.  View Article
BIS: Call for comments on harmonising OTC derivatives data elements
The report is a further step towards fulfilling the Group of 20's 2009 commitment to report all OTC derivatives contracts to trade repositories, with the aim of improving transparency, mitigating systemic risk and preventing market abuse.  View Article
ICMA publishes study into the state and evolution of the European credit repo market
ICMA published The European Credit Repo Market: The cornerstone of corporate bond market liquidity which explores and describes the state and evolution of the European corporate bond repo and securities lending market.   View Article
 
  Insurance
 
 
EIOPA publishes first set of Solvency II statistics on the European insurance sector
The EIOPA published its first set of comprehensive statistical information on the European insurance sector based on Solvency II regulatory reporting.   View Article
Commercial Risk Europe: Wallin identifies protectionism as biggest risk for reinsurance sector
Ulrich Wallin, CEO of Hannover Re, the world’s third largest reinsurance group, believes the rise of protectionism and pressure on cross-border trade are the biggest threats currently facing the international insurance and reinsurance industry.  View Article
Commercial Risk Europe: Standalone cyber policies becoming the norm
Cyber insurance policies are set to become a leading growth area for insurers as they change the way in which they are sold.  View Article
 
  Corporate Governance/Accounting
 
 
ASCG exposes draft implementation guidance on IFRS 2
After the IASB had issued the final amendments to IFRS 2 the ASCG performed outreach on the clarity of the new requirements on net settlement features in IFRS 2 Share-based payments. The ASCG has issued the draft implementation guidance on IFRS 2.  View Article
IASB: Draft guidance on the IFRS for SMEs Standard
The IFRS Foundation has published draft guidance on the IFRS for SMEs Standard, calling for stakeholder feedback. The guidance has been developed by the SME Implementation Group (SMEIG).  View Article
Accountancy Europe: Member States’ implementation of new EU audit rules
About one year after the implementation deadline, Accountancy Europe presents an updated state of play of this process in 31 European countries, including 28 EU Member States.  View Article
EBA publishes Discussion Paper on the treatment of structural FX
The paper outlines the rationale behind the treatment of structural positions as well as broader issues related to the structural FX concept, such as the actual nature of FX risk, considering both the accounting and regulatory perspectives.   View Article
 
  Financial Services Policy
 
 
European Commission: Feedback statement on the public consultation on the operations of the ESAs
The Commission's feedback statement provides a factual overview of the contributions to the public consultation on the operations of the ESAs.  View Article
ESAs publish central contact point standards in fight against financial crime
The Joint Committee of the ESAs published draft regulatory technical standards to help Member States determine when payment service providers and electronic money issuers should appoint a Central Contact Point (CCP) to support the fight against money laundering and terrorist financing.   View Article
Strengthened EU rules to tackle money laundering, tax avoidance and terrorism financing enter into force
The Fourth Anti-Money Laundering Directive strengthens the existing rules and improves transparency to prevent tax avoidance. This entry into force comes as discussions with the European Parliament and the Council on extra measures further reinforcing the Directive are already at an advanced stage.  View Article
FRC launches proposed updates to Money Laundering Guidance
The FRC has launched a public consultation on revised material to make auditors aware of their responsibilities under UK law with respect to money laundering.  View Article
European Parliament: Towards a pan-European covered bonds framework - consultative report
The extraordinary degree of safety and liquidity which CBs have exhibited over decades prevailed even in times of severely troubled financial markets, e. g. during the last ten years.   View Article
EBA: ESAs publish AML/CFT guidelines
The Guidelines promote a common understanding of the risk-based approach to AML/CFT and set out how it should be applied. These Guidelines are part of the ESAs' wider work on fostering a consistent and effective approach to AML/CFT by both, credit and financial institutions, and AML/CFT supervisors.  View Article
FSB issues a report on the financial stability implications from FinTech
The report notes the need for the official and private sectors to improve data on FinTech applications, and for regulators to understand how businesses and the market structure are changing.   View Article
 
  International/G20
 
 
European Commission report: Protectionism on the rise, EU successful in countering barriers
European exporters reported a 10% increase in the number of trade barriers they encountered in 2016 alone. The 36 obstacles created in 2016 could affect EU exports that are currently worth around €27 billion.  View Article
New Europe: EU-Japan Trade negotiations approach final stage: A progressive and ambitious outcome is needed
The EU-Japan trade talks seem to be well advanced and approaching its final stages. At this decisive juncture, it is important to keep in mind that, besides political will to solve the outstanding issues, a progressive and ambitious outcome is needed to generate wide support to the future agreement.  View Article
 
  Political
 
 
European Council conclusions
The European Council on 22-23 June 2017 adopted conclusions on: security and defence, the Paris Agreement on climate change, the economy, migration and digital Europe.  View Article
 
  Financial
 
 
New rules facilitating cross-border insolvency proceedings enters into force
The new rules aim at facilitating debt recovery in cross-border insolvency proceedings. The Regulation focuses on resolving the conflicts of jurisdiction and laws in cross-border insolvency proceedings. It also ensures the recognition of insolvency-related judgments across the EU.  View Article
Financial Times: Italy shows EU banking union still has far to go
The imperfect liquidations of Italy's Intesa San Paolo and Veneto Banca need not stop financial integration, in the FT's view.  View Article
 
  Economic
 
 
Directorate-General for Economic and Financial Affairs: A Complementary Tool to Monitor Fiscal Stress in European Economies
This paper presents an indicator of fiscal distress for European economies based on a multivariate regression analysis (logit modelling, the L1 indicator) and on a recently updated dataset of fiscal stress episodes.   View Article
Accountancy Europe: EC tax intermediary proposal can support better tax transparency, but can be improved
Accountancy Europe finds the Directive on tax intermediaries proposed by the Commission a positive step to enhancing transparency and public trust.  View Article
ACCA: More transparency over aggressive tax planning arrangements and beneficial ownership
ACCA welcomed the EC’s proposal to amend the existing legislation on mandatory exchange of information in the field of taxation in relation to reportable cross border arrangements. ACCA warns the Directive will only have its desired effect if the implementation is proportionate and consistent.  View Article
BIS: Building resilient growth requires international cooperation
The current economic upswing provides an opportunity to build greater economic resilience, the BIS writes in its 87th Annual Report. This involves shoring up the global economy's ability to withstand shocks and adapt to new trends, and preventing the emergence of imbalances.  View Article
 
  Budgetary
 
 
An EU budget fit for tomorrow: Commission opens debate on future of EU finances
The Commission's reflection paper on the future of EU finances looks at the options to make a budget that is fit for purpose a reality. The issues raised in this fifth and final paper in the series are central to the debate started with the Commission's White Paper on the Future of Europe.  View Article
New Europe: EU-27 tax could limit Brexit’s budget hole
Brexit, according to Budget Commissioner Günther Oettinger will tear a €11 billion financing hole in the budget of the EU. The European Commission is already assessing its strategy on how to address the issue.  View Article
 

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