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09 November 2017

This week in "Brussels"
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Banking Union Capital Markets Union Insurance
Asset Management Corporate Governance/Accounting Financial Services Policy
Graham's Articles, Comments & Speeches Political Economic
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  Articles from 02 November 2017 - 09 November 2017

  Banking Union
 
 
ECB's Draghi: European banking supervision three years on
Mario Draghi, President of the ECB, said that “European supervision and European monetary policy have proven to complement each other well. It is an approach which confirms the synergies that can be reaped when the right policies are combined at euro area level."  View Article
ECB: European banks – The quest for the best business model
The ECB's Sabine Lautenschläger gave an address on the evolving business models of the European banking sector.  View Article
De Galhau: Are the regulations implemented to guarantee financial stability compatible with the required acceleration in euro area growth?
The Governor of the Bank of France explained the financial regulations introduced in the wake of the 2007-2009 crisis and outlined the challenges ahead for the European banking sector.  View Article
Bloomberg: A Brexit glitch that could hurt Europe
Few doubt that the British economy will be severely hurt if the UK leaves the European Union without a new agreement on trade and regulation. But there are risks for the EU, too. One that's received too little attention concerns bank resolution.  View Article
Financial Times: US banks fight EU proposal to limit damage of bank runs
Lobbyists for the big US banks are battling a EU proposal to curb the damage of bank runs, arguing that such a move could have the perverse effect of magnifying panics.   View Article
Main results - Eurogroup of 6th November
The first part of the Eurogroup meeting was a regular meeting of the euro area ministers. Later, the ministers of EU27 met to prepare the December Euro Summit. Topics discussed include public investment in human capital, the banking union, Greece and fiscal governance in the euro area.  View Article
LSE: Europe’s Banking Union: What progress has been made?
Tobias Tesche assesses the progress that has been made so far, writing that the banking union has so far failed to deliver on its promises.  View Article
Bank of England: The Committee of Public Safety - speech by Martin Taylor
In a speech to the Institute of International Monetary Research, Martin Taylor, an external member of the Bank of England’s Financial Policy Committee (FPC), reviews the actions and policies of the FPC since its establishment.   View Article
 
  Capital Markets Union
 
 
IOSCO reports on implementation of G20/FSB recommendations to strengthen securities markets
IOSCO published a report on the implementation of the G20/FSB post-crisis recommendations aimed at strengthening securities markets.   View Article
ESMA updates benchmarks Q&As on third country issues
The purpose of this document is to be a practical convergence tool used to promote common supervisory approaches and practices in the application of the BMR.  View Article
IOSCO publishes updates to peer reviews of regulation of MMFs and securitisation
The reports address progress by IOSCO members in FSB jurisdictions in adopting legislation, regulation and other policies in the G20 priority reform areas covering MMF and securitisation.  View Article
ISDA publishes EMIR refit Whitepaper
For all the appropriate safeguards built into the derivatives regulatory framework after the financial crisis, certain aspects of the reforms impose unnecessary compliance costs and burdens on end users, for little benefit, said ISDA.  View Article
Financial Times: How MiFID II can rehabilitate sellside research
Europe’s new investment market rules will focus on the economics of paid-for analysis.  View Article
Financial Times: US asset owners warn MiFID II creates uneven playing field
Some of America’s biggest asset owners are calling for new European market rules around payments for investment research to be introduced across the US in order to bring down costs for US investors and create a “level playing field” with EU peers.  View Article
 
  Insurance
 
 
EIOPA consults on a second set of Advice for the Review of the Solvency Capital Requirements
This consultation focuses on the remaining elements in the review of the Solvency Capital Requirement (SCR) standard formula not covered by the Advice submitted to the European Commission on 30 October 2017.  View Article
IAIS announces unified path to convergence on ICS version 2.0
The International Association of Insurance Supervisors (IAIS) has announced what it calls “a unified path to convergence of group capital standards, in furtherance of its ultimate goal of a single insurance capital standard (ICS) that achieves comparable outcomes across jurisdictions”.  View Article
IAIS: Global agreement to enhance actuarial skills announced
The IAIS, the International Actuarial Association (IAA) and the Access to Insurance Initiative (A2ii) signed a five-year agreement to enhance the actuarial skills of supervisory authorities. The key outcomes will be the development and delivery of supervisory capacity building training programs on actuarial services.  View Article
Insurance Europe: Compulsory insurance: when it works and when it doesn’t
Insurance Europe has published an Insight Briefing on why EU-wide compulsory insurance schemes only work in very specific circumstances. This is because there needs to be sufficient underwriting information, as well as enough similarity in the risks being covered and enough insurance capacity in the market.  View Article
FCA launches wholesale insurance brokers market study
The Financial Conduct Authority (FCA) has launched a market study to assess how competition is working in the wholesale insurance broker sector. The FCA wants to ensure that the sector is working well, and fosters innovation and competition in the interests of its diverse range of clients.  View Article
Insurance Europe: How to make insurance rules benefit consumers
Insurance Europe has published an online consumer resource that sets out how policymakers and supervisors can ensure that rules governing insurers are in the best interest of consumers. It also highlights how the insurance industry contributes to meet consumers’ expectations and needs.  View Article
 
  Asset Management
 
 
Investment & Pensions Europe: ESMA reduces pensions accounting focus
Pensions accounting has dropped down the list of 2017 enforcement priorities for the European Securities and Markets Authority (ESMA).  View Article
 
  Corporate Governance/Accounting
 
 
EFRAG's endorsement advice on IFRIC 23 Uncertainty over Income Tax Treatments
EFRAG has completed its due process regarding IFRIC 23 Uncertainty over Income Tax Treatments and has submitted its Endorsement Advice Letter to the EC.  View Article
FRC: Updated Governance Bible and Code of Conduct, and Register of Interests published
The FRC has published its updated Governance Bible and Code of Conduct, and a Register of Interests for members of the Board and Committees.   View Article
Board Agenda: Boards struggle with culture
New research from Board Agenda, conducted in association with Mazars and INSEAD, reveals that while some boards recognise the value of corporate culture, a significant number are still grappling to give it adequate time and attention.  View Article
ACCA: New paper helps directors understand financial reporting obligations
A new guidance paper has been released as a joint publication of Chartered Accountants Australia and New Zealand (CA ANZ) and ACCA to help directors working across the Asia-Pacific and Europe better understand and meet their obligations when it comes to financial reporting.  View Article
 
  Financial Services Policy
 
 
EBF: IBFed response to the Basel Committee FinTech consultation
The International Banking Federation commented on the consultative document issued by the Basel Committee on Banking Supervision “Sound Practices: implications of fintech developments for banks and bank supervisors”.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
Brexit Transition – is there a Plan B?
The latest ONS annual Pink Book on the UK’s balance of payments shows a further deterioration of the current account balance mainly driven by a “trade” deficit of a 7% of GPD. So the UK is becoming ever more reliant on the “kindness of strangers”, in BoE Governor Carney’s deft phrase.  View Article
 
  Political
 
 
Charles Grant: Fast forward to two-speed Europe
Macron’s calls for a more flexible bloc will make it more attractive to new members.  View Article
Simon Jenkins: Catalonia isn’t just Spain’s nightmare – it is Europe’s
The EU countries may be right that Catalonia is legally a matter of Spanish constitutional law. But they should also be frightened. Catalonia is Europe’s problem.  View Article
 
  Economic
 
 
Bank of England: Bank Rate increased to 0.50%
The Bank of England’s Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase Bank Rate by 0.25 percentage points, to 0.5%.   View Article
Volume of retail trade up by 0.7% in euro area
In September 2017 compared with August 2017, the seasonally adjusted volume of retail trade rose by 0.7% in the euro area (EA19) and by 0.3% in the EU28, according to estimates from Eurostat.  View Article
 

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