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06 July 2017

This week in "Brussels"

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  Articles from 29 June 2017 - 06 July 2017

EBA updated Risk Dashboard shows stable capital levels amidst efforts to improve banks asset quality and profitability
It summarises the main risks and vulnerabilities in the EU banking sector through a set of Risk Indicators in Q1 2017. Together with the Risk Dashboard, the EBA published the results of its Risk Assessment Questionnaire, which includes the opinions of banks and market analysts on the risk outlook.  View Article
Basel Committee consults on a simplified alternative to the market risk standardised approach
The Basel Committee on Banking Supervision published its consultative document "simplified alternative to the standardised approach to market risk capital requirements."  View Article
ECB’s updated review of NPL regimes shows countries should be proactive and ensure NPL toolkits are fit-for-purpose
The European Central Bank published its second stocktake of national supervisory practices and legal frameworks related to non-performing loans (NPLs) in the euro area. The stocktake now covers all euro area countries and contains updates on the eight countries included in the original stocktake.   View Article
ECB's Constâncio: We need a coordinated European NPL strategy - How to deal with Europe’s market for lemons?
Vítor Constâncio writes that NPL resolution, though not a panacea for all banking problems, could bring significant benefits.   View Article
EBA consults on the implementation of the methods for calculating contributions to deposit guarantee schemes
The draft report assesses whether the principles outlined in the EBA Guidelines on these methods are being met in practice. It also evaluates whether there is appropriate and consistent implementation of these Guidelines.  View Article
Implementation assessments of the LCR in China, the European Union and the United States published by the Basel Committee
The Basel Committee on Banking Supervision published reports assessing the implementation of the Liquidity Coverage Ratio (LCR) in China, the European Union and the United States.  View Article
BCBS: Basel III implementation: Basel Committee reports to G20 Leaders
The report is an update on the implementation of Basel III regulatory reforms since the Committee's last progress report to G20 Leaders in August 2016.  View Article
EBA publishes 2017 consumer trends report
The report covers the retail banking products that fall in the EBA's consumer protection mandate, including mortgages, personal loans, deposits, payment accounts, payment services and electronic money.   View Article
EBA publishes its opinion in response to the Commission intention to amend the EBA TS for open and secure electronic payments under the PSD2
The EBA voiced its disagreement with three of the four concrete amendments the Commission proposes on the basis that it would negatively impact the fine trade-off and balances previously found in the RTS.  View Article
EBA consults on central contact points under the revised Payment Services Directive (PSD2)
The European Banking Authority (EBA) launched a public consultation on draft regulatory technical standards (RTS) that specify the criteria for determining when the appointment of a central contact point under the PSD2 is appropriate and the functions that these contact points should have.  View Article
BIS: Financial deglobalisation in banking?
Authors of this paper argue that the decline in cross-border banking since 2007 does not amount to a broad-based retreat in international lending ("financial deglobalisation").   View Article
British Bankers Association: An app-etite for banking
A new consumer-led revolution is underway in the way we access and manage our money, with the trend in customers using their banking apps continuing at pace.  View Article
IOSCO: International committees complete the April 2015 workplan on central counterparty resilience, recovery and resolvability
FSB, CPMI, IOSCO and BCBS published three guidance documents and two reports as part of their joint workplan on central counterparty resilience, recovery and resolvability.  View Article
FSB reports to G20 Leaders on progress in financial regulatory reforms
The Financial Stability Board published three reports setting out progress on reforms to over-the-counter derivatives markets.  View Article
IOSCO: Draft guidance for supervisory stress testing of central counterparties released
Draft guidance for authorities on how to design and run supervisory stress tests for central counterparties was released today by the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions.  View Article
ESMA provides interim transparency calculations for MiFID II
ESMA issued an opinion with interim transparency calculations for non-equity instruments in relation to the implementation of the Markets in Financial Instruments Directive/Markets in Financial Instruments Regulation.  View Article
ESMA provides market size calculations for MiFID II ancillary test
ESMA has issued an opinion helping market participants to assess whether their activities in commodity derivatives can be considered as ancillary to their main business.  View Article
ESMA sees continued decline in number of prospectus approvals
ESMA, in its annual report on prospectus activity, has found that the number of prospectus approvals across the European Economic Area fell by around 8.5% from 2015 to 2016, continuing the overall decreasing trend seen since the start of the financial crisis.   View Article
FSB publishes assessment of shadow banking activities, risks and the adequacy of policy tools
The Financial Stability Board published a letter from its Chair Mark Carney to G20 Leaders.   View Article
ESMA publishes Benchmarks Regulation Q&A on transitional provisions
ESMA published its Q&A on practical questions regarding the implementation of the Benchmarks Regulation.  View Article
BIS: Joachim Wuermeling - Securities finance and collateral management
Keynote speech by Prof Joachim Wuermeling, Member of the Executive Board of the Deutsche Bundesbank.  View Article
ESMA issues statement on preparatory work in relation to CFDs, binary options and other speculative products
ESMA issued a statement updating on its work in relation to the sale of contracts for differences, binary options and other speculative products to retail investors.  View Article
EIOPA calls for a European recovery and resolution framework for (re)insurers
The European Insurance and Occupational Pensions Authority (EIOPA) published an Opinion on the Harmonisation of the Recovery and Resolution Framework for (Re)Insurers across the European Union addressed to the European Parliament, the Council of the European Union and the European Commission.   View Article
EIOPA: European Supervisory Authorities publish Q&A on the Key Information Document (KID)
The European Supervisory Authorities published the first set of Questions and Answers related to the Key Information Document requirements for Packaged Retail and Insurance-based Investment Products (PRIIPs) laid down in the European Commission Delegated Regulation (EU) 2017/653.   View Article
EFAMA: European PRIIPs information exchange templates
EFAMA has published the PRIIPs information exchange templates designed by insurers and asset managers. The templates provide a functional description of the set of data to be exchanged from asset managers and banks to insurers to help them fulfil their PRIIPs regulatory obligations.   View Article
Insurance Europe: PRIIPs information exchange templates developed
Insurance Europe has published two templates that aim to facilitate the exchange of information between insurers and asset managers that is required under the packaged retail investment and insurance products (PRIIPs) Regulation in relation to multi-option products (MOPs).  View Article
EIOPA consults on its first set of advice on the Solvency II review
The review aims to ensure a proportionate and technically consistent supervisory regime for (re)insurance undertakings and to look for possible simplifications in the Solvency Capital Requirements standard formula as well as to ensure the proportionate application of the requirements.  View Article
Insurance Europe: Response to EIOPA consultation on draft 2.2.0 Solvency II XBRL taxonomy
Insurance Europe has responded to a European Insurance and Occupational Pensions Authority consultation on the 2.2.0 draft version of the Solvency II XBRL Taxonomy.  View Article
IAIS: Revision of ICPs 1,2, 18 and 19
This consultation aims at ensuring a more efficient process of developing supervisory materials, with the management and development of supervisory materials by theme across the three tiers of standard setting: ICPs, ComFrame, G-SII Policy Measures, each building on the previous one.  View Article
  Asset Management
Commission launches a new pan-European personal pensions label to help consumers save for retirement
The proposal will provide pension providers with the tools to offer a simple and innovative PEPP. This new type of voluntary personal pension is designed to give savers more choice when they are putting money aside for old age and provide them with more competitive products.  View Article
EIOPA welcomes the proposed regulation for a Pan-European Personal Pension Product
The European Insurance and Occupational Pensions Authority welcomed a legislative proposal to implement a Pan European Personal Pension Product (PEPP) in the European Union released by the European Commission.   View Article
EFAMA welcomes the Commission’s legislative proposal on the pan-European Personal Pension Product
EFAMA fully supports the Commission’s proposed Regulation for the creation of a pan-European Personal Pension Product (PEPP) that is complementary to and supportive of existing Member State and occupational pensions.  View Article
Insurance Europe: Response to the Commission proposal for a Pan-European Personal Pension Product
Michaela Koller, director general of Insurance Europe, commented on the publication of the European Commission’s proposal for a Regulation on a Pan-European Personal Pension Product (PEPP).  View Article
ALFI welcomes the planned pan-European personal pension product
ALFI believes that the investment fund industry in general, and Luxembourg’s internationally oriented fund sector in particular, can play a key role in facilitating long-term savings in Europe and in allowing individuals to build up additional retirement income.  View Article
  Corporate Governance/Accounting
EFRAG's draft comment letter on the IASB's ED/2017/4 Property, plant and equipment - Proceeds before intended use
EFRAG has published its draft comment letter in response to the IASB's Exposure Draft ED/2017/4 Property, Plant and Equipment - Proceeds before Intended Use (Proposed amendments to IAS 16) and seeks constituents' views on the proposals.   View Article
EFRAG Call for Evidence – Experiences with IFRS 13 fair value
EFRAG is requesting evidence from European Constituents on their experiences with IFRS 13 Fair Value Measurement.  View Article
Deloitte comments on the IASB's proposed improvements to IFRS 8
Deloitte has responded to the IASB's Exposure Draft 2017/2, Improvements to IFRS 8 Operating Segments.  View Article
FRC defers decision on updating FRS 102 for major changes in IFRS
FRC published a feedback statement summarising respondents’ comments to its Consultation Document on updating FRS 102 for changes in IFRS. The statement also sets out the FRC’s revised approach.  View Article
IASB Chairman's speech: IFRS 17 and its contribution to financial stability
Chairman of the IASB, Hans Hoogervorst, talked about the role of accounting standards in fostering financial stability; the new insurance contracts Standard—IFRS 17; and the Board's work to make financial reports a better communication tool between companies and investors.  View Article
EFRAG: New discussion paper tackles goodwill impairment testing
EFRAG’s Discussion Paper Goodwill Impairment: Can it be improved? is the latest in a series of EFRAG research publications on goodwill accounting - a complex and controversial topic. This publication illustrates a number of potential amendments to the goodwill impairment test.  View Article
ECIIA and FERMA launch cyber governance framework
ECIIA and FERMA have launched joint guidance aimed at helping organisations across Europe develop an effective cyber governance framework.  View Article
  Financial Services Policy
BIS: Recovery of financial market infrastructures - Revised report
CPMI and IOSCO have published further guidance on the principles and key considerations in the Principles for Financial Market Infrastructures (PFMI) that relate to recovery planning.   View Article
EFRAG requests evidence on equity investments held by European constituents and possible effects of IFRS 9
Following a request for technical advice from the European Commission, EFRAG is collecting evidence from European Constituents on information about the significance of their existing investments in equity instruments and the possible effects of IFRS 9 Financial Instruments on their equity portfolios  View Article
EBA publishes report on consumer data and identifies a number of applicable requirements under EU law
The report looks at both the risks and potential benefits of this innovation and identifies a number of requirements under EU law applying to financial institutions, which mitigate many of the risks identified by the European Banking Authority (EBA).   View Article
Egmont Institute: Integration vs Contestation? Belgian perspectives on the future of Europe
The Belgian general public is considerably less enthusiastic about the EU than the average of European elites, according to the Future of Europe study conducted by Chatham House. Moreover, both elite and public opinion display deep internal splits.  View Article
EUROPP: Reflecting on how to run €MU more effectively
Iain Begg assesses the strategy for reform put forward, writing that the Commission reflection paper on deepening economic and monetary union is relatively guarded and does not convey an explicit trajectory for the next stages of development of EMU governance.   View Article
Bruegel: Eurozone or EU budget? Confronting a complex political question
The European Commission reflection paper is the latest document to ponder a distinction between EU and euro-area budgets. But do we need to split the two, and what would each budget be used for, writes Guntram B. Wolff?  View Article

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