Follow Us

Follow us on Twitter  Follow us on LinkedIn

16 November 2017

This week in "Brussels"

  Jump directly to
Banking Union Capital Markets Union Insurance
Asset Management Corporate Governance/Accounting Market Abuse
Graham's Articles, Comments & Speeches Economic About this email

  Articles from 09 November 2017 - 16 November 2017

  Banking Union
Banking: Creditor hierarchy, IFRS 9/large exposures rules approved by the European Commission
EU ambassadors endorsed an agreement with the EP on two banking proposals: a draft directive on the ranking of unsecured debt instruments in insolvency proceedings (bank creditor hierarchy); and a draft regulation on transitional arrangements to phase in the regulatory capital impact of the IFRS 9 international accounting standard.  View Article
The BIS's Financial Stability Institute Advisory Board
The FSI has been implementing a new strategy that includes achieving closer interaction with central banks and financial supervisory agencies, which are its main stakeholders. As part of these efforts, the BIS has decided to reactivate the FSI Advisory Board.  View Article
EBA observes good level of compliance with its guidelines on O-SIIs
The EBA published a Report on the peer review carried out to evaluate the implementation of its Guidelines on the criteria for the assessment and identification of other systemically important institutions (O-SIIs) across the EU.   View Article
ECB: Banking supervision - What next?
Sabine Lautenschläger, Member of the Executive Board of the ECB, focuses in her speech on one of the core topics which the banks – and supervisors – have to deal with: non-performing loans (NPLs).   View Article
Bruegel: Accounting for true worth: the economics of IFRS9
The introduction in 2018 of forward-looking provisioning for credit losses in EU banks delivers on a key objective in the post-crisis regulatory agenda. In any case, the new standards should encourage the disposal of banks’ distressed assets, underpinning the ongoing agenda on NPLs.  View Article
FSB RCG for Europe discusses regional financial developments, experiences with banking supervision and macroprudential practices
The Financial Stability Board Regional Consultative Group discussed current financial vulnerabilities and key financial stability issues during which members exchanged views on global and regional macroeconomic and financial market developments and their potential impact on the region.  View Article
Financial Times: ECB accused of power grab over bad loan plan
The president of the European Parliament has accused the European Central Bank’s supervisory arm of a power grab over its plan to force banks to hold more cash against bad loans, ratcheting up pressure on Frankfurt to water down the proposal.  View Article
EBA releases its annual assessment of the consistency of internal model outcomes
The European Banking Authority published two reports on the consistency of risk weighted assets (RWAs) across all EU institutions authorised to use internal approaches for the calculation of capital requirements.  View Article
EBA publishes final guidance on connected clients
The EBA published its final Guidelines on the treatment of connected clients as defined in the CRR, aiming at supporting institutions in identifying all possible connections among their clients, in particular when control relationships or economic dependency should lead to the grouping of clients because they constitute a single risk.  View Article
EBA launches consultation on technical standards specifying the methods of prudential consolidation
The aim of these draft RTS is to ensure that the appropriate method of prudential consolidation is applied for the calculation of the Capital Requirements Regulation (CRR) requirements on a consolidated basis. The consultation runs until 09 February 2018.  View Article
EBA publishes an Opinion and Report on regulatory perimeter issues relating to the CRDIV/CRR
These include the use of Articles 2(5) and 9(2) CRDIV and the interpretation of the terms 'financial institution' and 'ancillary services undertaking' as defined in the CRR. The Opinion is based on the results of a detailed assessment across the EU of the prudential treatment of 'other financial intermediaries' (OFIs).  View Article
  Capital Markets Union
AFME responds to European Commission consultation on post trade in a CMU
AFME said that this important consultation will help the Commission determine the needs and priorities in European post-trade reform.  View Article
CEPS - Derivatives Clearing and Brexit: A comment on the proposed EMIR revisions
This contribution analyses the changes that have taken place in EU OTC derivatives markets since the new rules were adopted.  View Article
Trade associations send MiFIR letter to ESMA
ISDA, AFME and GFXD have sent a letter to ESMA laying out some key outstanding uncertainties in the Markets in Financial Instruments Regulation post-trade transparency framework for investment firms from an over-the-counter derivatives perspective.  View Article
ESMA updates its MiFID II Q&As on transparency
The purpose of these Q&As is to promote common supervisory approaches and practices in the application of MiFID II and MiFIR.  View Article
ESMA updates MiFID II Q&A on market structure issues
The purpose of these Q&As is to promote common supervisory approaches and practices in the application of MiFID II and MiFIR.  View Article
ESMA updates MiFID II Q&A on commodity derivatives
The purpose of this document is to promote common supervisory approaches and practices in the application of MiFID II and MiFIR in relation to commodity derivatives topics.  View Article
ESMA updates Q&A on MiFIR data reporting
ESMA updated its Questions and Answers regarding data reporting under the Market in Financial Instruments Directive and Regulation.   View Article
ESMA clarifies trading obligation for shares under MiFID II
ESMA's update clarifies the application of the trading obligation for shares to trade certain instruments on-venue.  View Article
AFME and IA publish updated Equities Electronic Trading Questionnaire ready for MiFID II
The initiative, which was originally launched in March 2016, establishes a common framework for buy-side clients to request information from electronic trading providers in the European equity markets.  View Article
ESMA updates its Q&As on MiFID II/MiFIR Investor Protection topics
The new Q&As cover the topics of post-sale reporting, record keeping, and inducements.  View Article
MiFID II: ESMA consults on systematic internalisers’ quote rules
ESMA proposes to amend RTS 1 to clarify that systematic internalisers’ (SI) quotes should reflect the price increments applicable to EU trading venues.   View Article
ECB's Mersch: Evolving regulatory environment for CCPs – the perspective of a Central Bank
Yves Mersch backed strengthening the role played by the EU's central banks of issue in the regulatory framework, as the authorities responsible for the implementation of monetary policy.  View Article
GFIA: Comments provided to IAIS on ICS version 1.0 extended field testing
The Global Federation of Insurance Associations (GFIA) has provided comments to the International Association of Insurance Supervisors (IAIS) on its extended field testing of the Insurance Capital Standard (ICS) version 1.0.  View Article
Commercial Risk Europe: FCA opens can of worms by launching inquiry into wholesale broking practices
The UK Financial Conduct Authority (FCA) has officially launched a market study to assess how competition is working in the wholesale insurance broker sector. This potentially opens a whole can of worms that could force the London market, in particular, to radically reassess how it carries out business.  View Article
EIOPA publishes a new set of Solvency II statistics on the European insurance sector
The EIOPA published a new set of statistical information on the European insurance sector based on Solvency II regulatory reporting.  View Article
  Asset Management
Investment & Pensions Europe: Dutch pension funds advocate one-stop-shop for EIOPA data
The Dutch Pensions Federation has objected to European supervisor EIOPA directly approaching individual pension funds to collect statistical data.  View Article
  Corporate Governance/Accounting
Investment & Pensions Europe: Accounting standards body rejects complaint over due diligence
The International Financial Reporting Standards (IFRS) Foundation has rejected an anonymous whistleblower’s claim that an international rulemaker broke due process rules when making changes to one of its standards.  View Article
EFRAG's comment letter on the IASB's ED/2017/4 Property, Plant and Equipment
EFRAG has published its comment letter in response to the IASB's ED/2017/4 Property, Plant and Equipment - Proceeds before Intended Use (Proposed amendments to IAS 16).  View Article
IAIS concludes 24th annual conference and general meeting
The event was marked by an agreement on a unified path to convergence on group capital standards, the adoption of a new supervisory paper and robust panel discussions.  View Article
IASB's Hoogervorst: Speech on the role of the IASB in wider corporate reporting
The Chair of the IASB, Hans Hoogervorst, discussed how to improve communication in financial reporting, implementation support for IFRS, and the role of the IASB in wider corporate reporting.  View Article
IFAC: IPSASB issues revised cash basis IPSAS
The IPSASB has published a revised IPSAS, Financial Reporting under the Cash Basis of Accounting (the Cash Basis IPSAS). The amendments address some of the main barriers to adoption of this standard.   View Article
EU's formal adoption of several amendments of IFRS and IFRS 16
The European Commission has published Regulations endorsing IFRS 16, amendments to IAS 12, amendments to IAS 7, clarifications to IFRS 15 and amendments to IFRS 4 in the Official Journal of the EU.  View Article
IFAC: IESBA opens public survey
The IESBA recently opened a public survey to seek individual views about the level of fees charged by audit firms. The survey seeks views and information from stakeholders: investors and other users of financial statements, the corporate governance community, the audit oversight community, etc.  View Article
EFRAG's feedback statement on the IASB's DP/2017/1 Disclosure Initiative - Principles of Disclosure
EFRAG has published a feedback statement following the publication of its final comment letter on the IASB's Discussion Paper DP/2017/1 Disclosure Initiative - Principles of Disclosure.  View Article
EBA republishes DPM and XBRL taxonomy 2.7 for remittance of supervisory reporting
The European Banking Authority published a corrective update to the XBRL taxonomy that Competent Authorities shall use for the remittance of data under the EBA Implementing Technical Standards on supervisory reporting.   View Article
EFRAG’s endorsement advice on prepayment features with negative compensation
EFRAG has completed its due process regarding Prepayment Features with Negative Compensation (Amendments to IFRS 9) and has submitted its Endorsement Advice Letter to the EC.  View Article
  Market Abuse
FCA: Effective compliance with the Market Abuse Regulation – a state of mind
Julia Hoggett, Director of Market Oversight at the FCA, said that market abuse impacts the smooth operation of the markets by adding costs or reducing returns for participants and ultimately eroding trust in the UK markets.  View Article
  Grahams Articles, Comments & Speeches
Plan for a Temporary Eurobill Fund (TEF) - article for Financial World magazine
Graham Bishop's latest article for Financial World Magazine, in which he outlines his plan for a Temporary Eurobill Fund and explains that it can be complemented with a strong European Monetary Fund (EMF) and how it satisfies the Core Principles that pave the way to a Stability Union.  View Article
Conclusions of the 48th meeting of the European Economic Area Council
The European Economic Area Council adopted conclusions assessing the functioning of the EEA agreement.  View Article
IMF: Europe: From recovery to resurgence?
IMF First Deputy Managing Director David Lipton said that Europe’s recovery offers an opportunity to 'fix the roof while the sun is shining'.  View Article
Euro area international trade in goods surplus €26.4 bn
The first estimate for euro area (EA19) exports of goods to the rest of the world in September 2017 was €187.1 billion, an increase of 5.6% compared with September 2016 (€177.2 bn).   View Article
GDP up by 0.6% in both euro area and EU28
Seasonally adjusted GDP rose by 0.6% in both the euro area (EA19) and the EU28 during the third quarter of 2017, compared with the previous quarter, according to a flash estimate published by Eurostat.  View Article

  Graham's tweets

© Graham Bishop

< Next Previous >
 Hover over the blue highlighted text to view the acronym meaning
Hover over these icons for more information

Add new comment