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21 September 2017

This week in "Brussels"

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  Articles from 14 September 2017 - 21 September 2017

  Banking Union
ECB: Regulation, supervision and market discipline – striking a balance
In her statement, Sabine Lautenschläger, Member of the Executive Board of the ECB, looks over the issues which still need to be resolved in order to support stability in the banking sector.  View Article
ECB: Gaming the rules or ruling the game? – How to deal with regulatory arbitrage
Regulatory arbitrage is a matter of great concern for regulators and supervisors. Danièle Nouy, in her speech, takes a closer look at how it works and what we can do about it.  View Article
FAQs on Basel III definition of capital published by the Basel Committee
The Basel Committee on Banking Supervision published answers to a fourth set of FAQs on the Basel III definition of capital. These aim to promote consistent global implementation of Basel III, by providing clarifications and interpretative guidance on the Committee's standards.  View Article
FCA finalises revised Payment Services Directive requirements
The Financial Conduct Authority has published its approach to implementing the revised PSD2. Handbook and Approach documents were changed.  View Article
BIS: Challenges for regulators and supervisors after the post-crisis reforms
In his speech, Mr Jaime Caruana, General Manager of the BIS, highlights the magnitude of the post-crisis regulatory reforms and their progress and expresses his belief that the Financial Stability Institute can support the standard setters.  View Article
  Capital Markets Union
European Commission: Creating a stronger and more integrated European financial supervision for the Capital Markets Union
The proposals also include steps to foster the development of FinTech and to make sure that sustainability considerations are systematically taken into account in supervisory practices at the European level.  View Article
Bruegel: Capital Markets Union and the fintech opportunity
Policymakers need to consider four questions urgently: Develop a European or national fintech market? What regulatory framework to pursue? Should supervision of fintech be exercised at the European level? What is the overall vision for the EU’s financial system?  View Article
ISDA publishes recommendations for CCP recovery and resolution framework
The paper builds on the work conducted by CPMI, the International Organization of Securities Commissions and the Financial Stability Board (FSB), and calls on regulators to finalize and implement CCP recovery and resolution strategies.   View Article
ESMA lays out procedure for ETDs access to CCPs under MiFID II
ESMA issued a procedure under Markets in Financial Instruments Regulation laying out the steps for trading venues to temporarily opt-out from access provisions for exchange-traded derivatives.  View Article
IPE: Four managers U-turn on MiFID II research costs
Four of Europe’s biggest institutional asset managers have reversed decisions about how to pay for external investment research costs under MiFID II. Schroders, Invesco, Union Investment and Janus Henderson have announced they will absorb costs onto their balance sheets.  View Article
Financial Times: BlackRock to foot bill for external research under MiFID II
BlackRock will pay for external research out of its own pocket, a decision by the world’s largest fund manager that will pile pressure on rival fund houses to follow suit.  View Article
FCA - MiFID II: authorisation and variation of permissions
MiFID II widens the scope of MiFID by capturing some financial entities that did not previously require authorisation. Some firms who are already authorised may also need new authorisations or a Variation of Permission (VoP) to carry out activities from next year.  View Article
ECB: Final migration wave of T2S successfully completed
Baltics and Spain successfully connect to Eurosystem’s TARGET2-Securities (T2S) securities settlement platform. This now renders the single European securities settlement platform fully operational.  View Article
ESMA publishes the responses to its Consultation on CSDR guidelines on internalised settlement reporting
ESMA published the responses received to its Consultation on guidelines on internalised settlement reporting under Article 9 of CSDR.  View Article
EBA launches consultation on significant risk transfer in securitisation
The discussion paper aims at seeking stakeholders' views on how to further harmonise the regulation and supervision of the risk transfer through securitisation. The EBA's proposals are based on the newly agreed European securitisation legislation.   View Article
  Clients Union
State of the Union 2017: A framework for the free flow of non-personal data in the EU
The new measures will enable the storage and processing of non-personal data across the Union to boost the competitiveness of European businesses and to modernise public services in an effective EU single market for data services.   View Article
EIOPA publishes a new set of Solvency II statistics on the European insurance sector
The statistics contain aggregated country level information about the balance sheet, own funds, capital requirements, premiums, claims and expenses and refer to the latest information available at the extraction date.  View Article
Insurance Europe: Response to Commission proposal for the European supervisory authorities
Following the publication of the Commission’s proposal for the revision of the ESAs, Michaela Koller, director general of Insurance Europe, supported the decision that EIOPA will oversee both prudential and conduct of business issues for insurers.  View Article
  Asset Management
ALFI issues a mid-term report for its 2020 ambition
In response to recent political and macro-economic developments, the ALFI has announced a series of initiatives to support asset managers and investment funds in fulfilling their role of serving investors and fostering economic growth.   View Article
  Corporate Governance/Accounting
IASB issues Practice Statement 2 Making Materiality Judgements and publishes ED Definition of Material
The IASB has issued guidance on how to make materiality judgements. The publication encourages companies to apply judgement instead of using IFRS requirements as a checklist, so that financial statements focus on the information that is useful to investors.   View Article
EBA: Comment letter on proposed ISA 540 (Revised) Auditing Accounting Estimates and Related Disclosures
The EBA urged the IAASB to finalise its ED as soon as possible and in a way that delivers a high quality auditing standard.  View Article
Accountancy Europe: Core & More - An opportunity for smarter corporate reporting
Accountancy Europe has published a paper which is part of Accountancy Europe’s contributions to improving corporate reporting.  View Article
Accountancy Europe: Enhancing the coordination of non-financial information initiatives & frameworks
Accountancy Europe observes the significant proliferation of initiatives and frameworks around non-financial information reporting, which makes it challenging for those involved to cope with this topic.   View Article
IASB's Hoogervorst: The times, they are a-changin’
In a speech delivered at Accountancy Europe’s event in Brussels, the Chairman of the IASB Hans Hoogervorst sets out his views on how financial reporting will continue to provide a vital anchor for investors in their evaluation of a company.   View Article
  Financial Services Policy
AFME comments on European Supervisory Authorities Review
Following the publication by the Commission of its proposal for a Directive on the review of the ESAs, AFME's Simon Lewis said that the ESAs need appropriate funding in order to allow them to be adequately equipped to deliver on their ambitious agenda.  View Article
Bloomberg: ESMA set for power boost as Brexit, MiFID II loom
The top European Union markets regulator is in line for an injection of sweeping new powers as the bloc braces for the impact of Brexit and new MiFID II rules on its capital markets.  View Article
  Grahams Articles, Comments & Speeches
The Brexit gridlock: No ‘significant progress’ to move on to trade talks soon - 133rd Brussels for Breakfast
The British’ ambition to reach an early deal on cross-border trade after Brexit has met a wall in Brussels: European negotiators won’t unblock talks over trade before Britain secures EU citizens’ rights and Northern Ireland status, and agrees to foot a bill.  View Article
  Friends Services
The Brexit gridlock: No ‘significant progress’ to move on to trade talks soon - 133rd Brussels for Breakfast
The British’ ambition to reach an early deal on cross-border trade after Brexit has met a wall in Brussels: European negotiators won’t unblock talks over trade before Britain secures EU citizens’ rights and Northern Ireland status, and agrees to foot a bill.  View Article
Remarks by Vice-President Dombrovskis at the informal ECOFIN
Economic and financial affairs ministers of the EU discussed deepening the EU, Fintech and centralising European IT systems to make customs more efficient. They also agreed to develop new digital taxation rules.  View Article
State of the Union 2017 - Trade Package: Commission unveils initiatives for a balanced and progressive trade policy
The proposals include the creation of a European screening framework to ensure that foreign direct investment does not compromise the EU's strategic interests when it comes to security and public order, as well as draft mandates to open trade negotiations with Australia and New Zealand.  View Article
EU-Japan trade negotiating directives made public
The Council decided to publish the directives given to the Commission to negotiate a trade agreement with Japan.   View Article
CEPS: The Commission’s views on strengthening the Euro Area: Barking up the wrong tree?
Daniel Gros writes that Juncker’s proposals on the euro area are lacking in substance and coherence. Small, concrete steps aimed at strengthening financial stability would have been more useful.  View Article
September 2017 BIS Quarterly Review: Strong outlook with low inflation spurs risk-taking
Low inflation despite a stronger economic outlook helped push markets up in recent months and reduced the expected pace of tightening of monetary policy in major economies. Signs of increased risk-taking have become apparent in a number of areas, including narrow credit spreads, increased carry trade activity and looser bond covenants.  View Article
Remarks by Jeroen Dijsselbloem following the Eurogroup meeting
The Eurogroup President said he wasn't sure of talking about 'recovery' anymore since "confidence is ever increasing". EU leaders hold discussion on how to make the monetary union more resilient and on the state of play in Greece.  View Article
Euro area monthly balance of payments (July 2017)
In July 2017 the current account of the euro area recorded a surplus of €25.1 billion. In the financial account, combined direct and portfolio investment recorded net disposals of assets of €112 billion and net disposals of liabilities of €135 billion.  View Article
Euro area international trade in goods surplus €23.2 bn
The first estimate for euro area (EA19) exports of goods to the rest of the world in July 2017 was €177.7 billion, an increase of 6.1% compared with July 2016 (€167.6 bn).  View Article
Annual inflation up to 1.5% in the euro area
Euro area annual inflation was 1.5% in August 2017, up from 1.3% in July 2017. In August 2016 the rate was 0.2%. European Union annual inflation was 1.7% in August 2017, up from 1.5% in July 2017. A year earlier the rate was 0.3%.  View Article

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