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05 October 2017

This week in "Brussels"
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Banking Union Capital Markets Union Insurance
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  Articles from 28 September 2017 - 05 October 2017

  Banking Union
 
 
ECB reinforces its NPL guidance for banks
The ECB launched a public consultation on a draft addendum to the ECB guidance on non-performing loans. The addendum supplements the guidance which was published on 20 March 2017 and reinforces the guidance with regard to fostering timely provisioning and write-off practices.   View Article
BIS: Basel III liquidity monitoring tools
While the introduction of the Liquidity Coverage Ratio and Net Stable Funding Ratio have made the measurement of liquidity across banks and jurisdictions significantly more comparable and consistent, the ratios in isolation do not capture all aspects of a bank's liquidity risk.  View Article
EBA and US agencies conclude framework cooperation arrangement on bank resolution
The Framework Cooperation Arrangement lays out the basis for subsequent cooperation arrangements on bank crisis management and resolution between any of the EU Supervisory or Resolution Authorities and any of the participating US Agencies.   View Article
ISDA: Proposed moratoria under the BRRD and the impact on the Universal Stay Protocol
New moratoria powers under the Bank Recovery and Resolution Directive proposed by the European Commission could trigger opt-out rights for entities that have adhered to the ISDA 2015 Universal Resolution Stay Protocol. This paper considers the implications for European Union financial institutions.  View Article
The Bank of England's approach to resolution
The Bank has published an update to its approach to resolution, first published in 2014. This new publication explains the key features of the UK resolution regime – including the Bank’s statutory responsibilities and powers, and how the Bank would be likely to implement a resolution.   View Article
BIS: Avoiding “regulatory wars” using international coordination of macroprudential policies
Using macroprudential policies (MaPs) following systematic countercyclical rules reduces volatility and contributes to financial stability, growth and investment. These remarks are meant to show how this process occurs, its importance for global stability and a last but much needed “new lesson”.   View Article
BIS: Central banks propose strategy to improve the security of wholesale payments
The consultative document, Discussion note - Reducing the risk of wholesale payments fraud related to endpoint security, aims to help focus industry efforts to tackle the increasing threat of wholesale payments fraud.  View Article
European Payments Council: The Danish payment landscape: When instant becomes the new normal
Kristian Ring from Finance Denmark explained the reasons for card payments’ (including contactless) success in Denmark, and more generally the Danes’ appetite for new technologies and lessons learnt by one of Europe’s frontrunners in instant payments, Denmark.  View Article
 
  Capital Markets Union
 
 
Commission backs greater European Central Bank regulatory powers for clearing systems to fulfil its monetary policy responsibilities
The European Commission issued a favourable opinion on the ECB's recommendation, in which the ECB asked for a greater role in regulating clearing systems for financial instruments, for example with regard to central counterparties (CCPs), by proposing to amend Article 22 of its Statute.  View Article
EBA issues Opinion on the design of a new prudential framework for investment firms
The Opinion includes a series of recommendations aiming to develop a single and harmonised set of requirements that are reasonably simple, proportionate and relevant to the nature of investment firms authorised to provide MiFID services and activities.   View Article
ESMA and NCAs agree work plan on MiFID II pre-trade transparency waivers and position limits
ESMA, together with the NCAs, published an updated work plan for the opinions on pre-trade transparency waivers and position limits that must be issued under the Markets in Financial Instruments Directive and Regulation.  View Article
ESMA finalises MiFID II’s derivatives trading obligation
ESMA issued its final RTS implementing the trading obligation for derivatives under MiFIR. ESMA’s draft RTS provides the implementing details for on-venue trading of interest rate swaps and credit default swaps.  View Article
ESMA updates its MiFID II Q&As
The purpose of the Q&As is to promote common supervisory approaches and practices in the application of MiFID II and its implementing measures.  View Article
ESMA publishes latest updates to MiFID II/MiFIR investor protection Q&As
The new Q&As cover the topics of client categorisation, post-sale reporting, recording of telephone conversations and electronic communications, best execution, and information on costs and charges.  View Article
Bloomberg: FCA’s Bailey says regulators eager to solve MiFID research snag
Regulators are working to find a solution for asset managers and banks that will be stuck between US and European Union rule books when MiFID II takes effect in January, said Andrew Bailey, the UK Financial Conduct Authority’s chief executive officer.  View Article
ESMA updates its EMIR and CSDR Q&As
ESMA updated two of its guidelines regarding two pieces of post-trading regulation.  View Article
BIS: Harmonisation of the Unique Product Identifier (UPI) - guidance issued by CPMI-IOSCO
A new report provides technical guidance to authorities on a uniform global Unique Product Identifier (UPI) applying to OTC derivatives transactions. The report, entitled Harmonisation of the Unique Product Identifier, is a joint publication by the CPMI and the IOSCO.  View Article
ECMI - Capital Markets, Debt Finance and the EU Capital Markets Union: A law and finance critique
Contrary to conventional wisdom, this paper contends that the excessive development of capital market finance has been one of the catalysts behind the crises and scandals that have unfolded over the past 15 years.  View Article
 
  Insurance
 
 
Insurance Europe response to ICP 24 consultation: timing of review questioned
Insurance Europe has responded to the International Association of Insurance Supervisors’ (IAIS) consultation on revisions to Insurance Core Principle (ICP) 24 on macroprudential surveillance and insurance supervision.  View Article
EIOPA: Single programming document 2017-2019
The current document combines the aim of providing clear information to stakeholders on EIOPA’s goal and mandate, including a transparent description of deliverables, together with concrete business objectives for the teams and individuals working at EIOPA, key for internal management.   View Article
 
  Asset Management
 
 
EFAMA: UCITS equity funds attracted highest level of net sales since December 2015
The European Fund and Asset Management Association (EFAMA) has published its latest Investment Funds Industry Fact Sheet, which provides net sales of UCITS and AIF for July 2017. 29 associations representing more than 99 percent of total UCITS and AIF assets provided EFAMA with net sales data.  View Article
Investment & Pensions Europe: IASB orders more research into controversial accounting rule changes
The International Accounting Standards Board (IASB) has instructed its staff to carry out more research into its project regarding defined benefit (DB) surplus accounting rules.  View Article
Investment & Pensions Europe: Alternatives trade body develops cost disclosure for hedge funds
An industry body has developed a standardised figure for expenses and fees that it said would allow investors to better understand, compare and monitor costs across hedge funds and other alternative investment products.  View Article
Investment & Pensions Europe: FCA to prep further consultation on transparency in asset management
The UK’s financial services regulator has outlined plans to consult on transparency-related activity in the asset management industry in a further follow-up to its market study on the sector earlier this year.  View Article
 
  Corporate Governance/Accounting
 
 
ICAEW: Financial reporting implications of Brexit
The ICAEW has published a report 'Brexit: implications for financial reporting'. In this report the ICAEW emphasises the economic importance of financial reporting and suggests that the implications of Brexit for financial reporting have not yet attracted sufficient public debate.  View Article
EFRAG's draft comment letter on the IASB's Exposure Draft ED/2017/6 Definition of Material
EFRAG has published its draft comment letter in response to the ED/2017/6 Definition of Material and seeks constituents' views on the proposal.  View Article
EFRAG's draft comment letter on the IASB's ED/2017/5 Accounting Policies and Accounting Estimates
EFRAG has published its draft comment letter in response to the IASB's Exposure Draft ED/2017/5 Accounting Policies and Accounting Estimates (Proposed amendments to IAS 8) and seeks constituents' views on the proposals.  View Article
EBA: IASB post-implementation review of IFRS 13 Fair Value Measurement
The EBA has commented on the IASB Post-implementation Review (PIR) of IFRS 13 Fair Value Measurement (IFRS 13).  View Article
Deloitte comments on the IASB's proposed amendments to IAS 16
Deloitte has responded to the IASB's ED, “Property, Plant and Equipment – Proceeds before Intended Use (Proposed amendments to IAS 16),” that was published in June 2017.  View Article
Accountancy Europe response to IASB’s Discussion Paper on Principles of Disclosure
Accountancy Europe responded to IASB’s Discussion Paper DP/2017/1 Disclosure Initiative – Principles of Disclosure.  View Article
ECIIA: Cyber risk tops internal audit list
Cyber risk was the most commonly cited threat by heads of internal audit across Europe regardless of nationality or business sector, according to a new report by ECIIA.  View Article
ECA: 2016 EU audit in brief
The ECA´s publication provides a summary of the main findings and conclusions of the ECA’s 2016 annual reports on the EU budget and the European Development Funds. It covers the reliability of the accounts, the regularity of income and spending and overall performance aspects of the budget.  View Article
FRC: Dividend disclosures improving
The quality and quantity of dividend policy and practice disclosures has improved, according to a study “Disclosure of dividends –policy and practice“ conducted by the FRC’s Financial Reporting Lab (Lab).  View Article
ACCA: New research finds finance and R&D must work together when identifying risk
CFOs and their finance departments need to be included in the early stages of research and development (R&D) to identify risk, but without stifling innovation, finds new research from ACCA and IMA.  View Article
 
  Market Abuse
 
 
ESMA updates Q&A on MAR
ESMA updated its Questions & Answers document regarding the implementation of the Market Abuse Regulation.  View Article
 
  Financial Services Policy
 
 
EFAMA statement on the European Commission’s proposals to review the European Supervisory Authorities (ESAs)
EFAMA fully supports supervisory convergence as a crucial element in ensuring a successful CMU through supervision, and integral to removing barriers to cross-border provision of financial services.   View Article
ALFI: Commission proposals could adversely impact investors, funding and the European financial markets
Following the publication of the European Commission’s proposed amendment to the ESA Regulation to give more supervising authority to ESMA, EBA and EIOPA, ALFI expresses its surprise and concern about the new role for ESMA in the authorisation procedure of delegation arrangements.  View Article
ESMA consults on Guidelines for non-significant benchmarks
ESMA launched a consultation on Guidelines detailing the obligations which apply to non-significant benchmarks under the Benchmarks Regulation.  View Article
ESMA updates Q&As on the Benchmarks Regulation
ESMA published updated Questions and Answers regarding the implementation of the Benchmarks Regulation.  View Article
FCA: Andrew Bailey speech on free trade in financial services matters
In his speech Andrew Bailey, Chief Executive of the FCA, highlights that there can be lessons learned by putting the issues around Brexit into a historical context. Common regulatory standards are a necessary condition for free trade in finance.   View Article
 
  Grahams Articles, Comments & Speeches
 
 
Graham Bishop presents his plan for a Temporary Eurobill Fund (TEF) at France Stratégie
Graham presented his proposal, whose ‎characteristics are ‎similar to the mechanism described by the European Commissioner, and then discussed it with Jean-Pierre Landau and Yves-Emmanuel Bara, direction générale du Trésor.   View Article
 
  Temporary Eurobill Fund (TEF)
 
 
Graham Bishop presents his plan for a Temporary Eurobill Fund (TEF) at France Stratégie
Graham presented his proposal, whose ‎characteristics are ‎similar to the mechanism described by the European Commissioner, and then discussed it with Jean-Pierre Landau and Yves-Emmanuel Bara, direction générale du Trésor.  View Article
 
  Political
 
 
European Commission statement on the events in Catalonia
The Commission supported the Spanish government's stance towards the illegal independence referendum held in Catalonia but called on players to "move from confrontation to dialogue". It also warned the Catalan government that, if it declares independence, it "would find itself outside of the EU".  View Article
Bruegel: A Jamaican Germany is good for Europe
A so-called Jamaica coalition of conservatives, liberals and greens is the most likely outcome, but many fear this will be bad for the EU and the Eurozone. Not so, argues Guntram Wolff.  View Article
 
  Financial
 
 
Accountancy Europe: EU Business restructuring & insolvency
Accountancy Europe has published a position paper which summarises the accountancy profession's views on the EU Directive on business restructuring & insolvency.  View Article
 
  Economic
 
 
EC: Quarterly Report on the Euro Area (QREA), Vol. 16, No. 2 (2017)
In this edition of the QREA, European Commission staff looks at the importance of sequencing and packaging structural economic reforms; the ease of doing business in the euro area; the determinants of trend TFP growth; and the macroeconomic implications of bank lending constraints.  View Article
ECA: Annual reports concerning the financial year 2016
Every year the ECA audits the revenue and expenditure of the EU budget and provides its opinion on the extent to which the annual accounts are reliable and income and spending transactions comply with the applicable rules and regulations.  View Article
European Parliament and European Council agreement: The EU is changing its anti-dumping and anti-subsidy legislation
The main change to the anti-dumping legislation is the introduction of a new way to calculate dumping in anti-dumping investigations on imports from members of the World Trade Organization (WTO) in case prices and costs are distorted because of state intervention.  View Article
European Commission proposes far-reaching reform of the EU VAT system
The reboot would improve and modernise the system for governments and businesses alike. Overall, over €150 billion of VAT is lost every year, and around €50 billion is estimated to be due to cross-border VAT fraud. It is estimated that this sum would be reduced by 80% thanks to the proposed reform.  View Article
ECB: Maintaining price stability with unconventional monetary policy measures
In his remarks, Peter Praet, Member of the Executive Board of the ECB, outlines the central role monetary policy plays in underpinning the EU economy recovery and discusses how the ECB‘s measures have impacted on the economy.  View Article
EU28 current account surplus €41.9 bn
The EU28 seasonally adjusted current account of the balance of payments recorded a surplus of €41.9 billion (1.1% of GDP) in the second quarter of 2017, down from a surplus of €49.4 billion (1.3% of GDP) in the first quarter of 2017.  View Article
August 2017: Volume of retail trade down by 0.5% in euro area
In August 2017 compared with July 2017, the seasonally adjusted volume of retail trade fell by 0.5% in the euro area (EA19), while it remained stable in the EU28, according to estimates from Eurostat.  View Article
September 2017: Economic Sentiment continues to rise in the euro area and the EU
In September, the Economic Sentiment Indicator (ESI) continued the upward trend prevailing since autumn last year, increasing by 1.1 points in both the euro area and the EU to levels last seen in the summer of 2007 (113.0 points in both regions).   View Article
 

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