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23 November 2017

This week in "Brussels"
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Articles from 16 November 2017 - 23 November 2017

Banking Union

EBA publishes methodology for the 2018 EU-wide stress test
The EBA published its final methodology for the 2018 EU-wide stress test, following a discussion with industry in summer 2017. The methodology covers all relevant risk areas and, for the first time, incorporates IFRS 9 accounting standards.  View Article
FSB publishes 2017 G-SIB list
The Financial Stability Board (FSB) published the 2017 list of global systemically important banks (G-SIBs) using end-2016 data and an assessment methodology designed by the Basel Committee on Banking Supervision (BCBS).  View Article
BIS: Further details on the assessment of global systemically important banks
In connection with the publication by the Financial Stability Board of the updated list of global systemically important banks (G-SIBs), the Basel Committee on Banking Supervision has released further information related to the 2017 G-SIB assessment.   View Article
EBA updates list of CET1 instruments
The European Banking Authority published its sixth updated list of capital instruments that Competent Authorities (CAs) across the European Union have classified as Common Equity Tier 1 (CET1).  View Article
EBA observes good progress in implementation of SREP Guidelines but challenges remain
The EBA published its third annual Report on the convergence of supervisory practices across the EU. The Report reviews consistency in the application of the SREP in order to promote comparable supervisory approaches and consistency in supervisory outcomes across the single market.   View Article
ECB's Lautenschläger: The European banking sector - the big challenges
The Vice-Chair of the Supervisory Board of the ECB focused on the two main risks for EU banks: non-performing loans, Brexit. In addition to that, Lautenschläger discussed a third topic which is closely connected to risk: capital buffers, and how to calculate them using internal models.  View Article
EBA publishes final Guidelines on the estimation of risk parameters under the IRB Approach
These Guidelines aim to restore market participants' trust in internal models by reducing the unjustified variability in their outcomes, ensuring comparability of risk estimates while at the same time preserving risk sensitivity of capital requirements.  View Article
ECB's Draghi: Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
ECB President Mario Draghi discussed the outlook for the euro area economy and the recalibration of ECB‘s monetary policy measures, as well as the role of TARGET2 in supporting financial integration and the implementation of ECB’s monetary policy.  View Article
OECD: Zombie firms, weak banks and depressed restructuring in Europe
This paper presents robust evidence that zombie firms are more likely to be connected to weak banks. Authors use two different zombie definitions with very similar results, and none of them depends on new lending, but indebtedness, so we account for forbearance.  View Article
Bruegel: Sovereign concentration charges: A new regime for banks’ sovereign exposures
Europe’s banking union has been central to the resolution of the euro-area crisis, but remains unfinished business. If it remains in its current halfway-house condition, it may eventually move backwards and fail. EU leaders should seize these opportunities, authors at Bruegel suggest.  View Article
European Payments Council: Instant credit transfers are now a reality in eight European countries
The SEPA Instant Credit Transfer (SCT Inst) scheme created by the European Payments Council is operational. Nearly 600 payment service providers (PSPs) from eight European countries are now offering instant payment solutions based on SCT Inst.   View Article
EBA welcomes Council decision on its relocation
The European Banking Authority (EBA) welcomes the Council's decision on its relocation to Paris, in light of the UK's intention to withdraw from the EU.   View Article

Capital Markets Union

AIMA: Steven Maijoor speaks about ESMA priorities in 2018
The Chairman of the European Securities and Markets Authority identified key principle workstreams for ESMA for 2018 and discussed ESMA's measures regarding Brexit.  View Article
Capital markets union: Council adopts securitisation rules
The new rules are part of the EU’s plan to develop a fully functioning capital markets union by the end of 2019. Developing a securitisation market will help create new investment possibilities and provide an additional source of finance, particularly for SMEs and start-ups.  View Article
ECB's Mersch: Securitisation revisited
In his speech, Yves Mersch, Member of the Executive Board of the ECB, addresses the following questions: Is securitisation part of CMU agenda? It is not helping banks to sanitise their balance sheets more rapidly when there is such a great need?  View Article
AFME welcomes a report by Expert Group on European Corporate Bond Markets
AFME, as a member of the expert group which was set up with a view to improving the efficiency and resilience of corporate bond markets, contributed to the report reviewing the functioning of the European corporate bond markets, in the context of building a Capital Markets Union.  View Article
Investment & Pensions Europe: MiFID II: Asset managers to rely less on third-party research
More than three-quarters of European investment professionals expect to source less research from external providers after MiFID II is implemented in January, according to a survey by the CFA Institute.  View Article
ESMA updates Q&A on CSDR implementation
ESMA published an update of its Questions and Answers regarding the implementation of the Central Securities Depository Regulation.  View Article
ESMA publishes final report on Money Market Funds rules
The final report contains final versions of the technical advice, draft ITS, and guidelines on stress test scenarios carried out by MMF managers under the MMFR. The key requirements relate to asset liquidity and credit quality, the establishment of a reporting template and stress test scenarios carried out by MMF managers.  View Article
ESMA updates its EMIR Q&A
ESMA issued an update of its Q&A on practical questions regarding the European Markets Infrastructure Regulation.  View Article
ESMA consults on calculation of derivative positions
ESMA published for public consultation future guidelines on the calculation of derivative positions by trade repositories authorised in the European Union under the European Market Infrastructure Regulation.  View Article
ISDA/AFME Briefing Note on SA-CCR
SA-CCR, a methodology to calculate the capital required to address the risk that the counterparty to a derivative contract will not live up to its contractual obligations, is a replacement for two existing ‘simple’ and outdated non-modelled exposure methods – CEM and SM.  View Article
ESMA issues clarification on the rotation periods of CRA’s analysts
ESMA has published an update to its Q&A on the application of the CRA Regulation, adding a new section on Organisational Requirements.   View Article

Clients Union

Commercial Risk Europe: UK risk managers warned to comply with GDPR despite Brexit
UK risk managers and their bosses need to forget the idea that Brexit will somehow let them off the hook when it comes to the EU’s forthcoming General Data Protection Regulations (GDPR). The UK will have to apply the tough new rules for at least ten months and probably beyond if its companies want to continue receiving personal data from EU territories.  View Article

Insurance

Investment & Pensions Europe: EU and UK insurers flag concerns about liability accounting rules
A lack of transparency from the International Accounting Standards Board (IASB) has hampered efforts to prepare for the introduction of a new insurance company liabilities standard, according to a group of European insurers.  View Article
EIOPA: Insurance and pensions reloaded: A game changer
Mr. Bernardino touched upon four themes that cross over the main strategic priorities of EIOPA: maintaining sound regulation in an evolving landscape; the building up of a common European supervisory culture; reinforcing consumer protection in a digital age and preserving stability.   View Article
FSB statement on identification of global systemically important insurers
The Financial Stability Board (FSB), in consultation with the International Association of Insurance Supervisors (IAIS) and national authorities, has decided not to publish a new list of global systemically important insurers (G-SIIs) for 2017.  View Article
Commercial Risk Europe: FSB reconsidering GSII ‘too big to fail’ criteria – report
Global financial regulators have decided to throw out the ‘too big to fail’ gauge for assessing the riskiness of insurers, according to a report from Reuters that cites a source briefed on the matter.  View Article
EIOPA identifies a search-for-yield trend in the investment behaviour of insurers
As part of its supervisory response to the ongoing low yield environment, the European Insurance and Occupational Pensions Authority published survey results analysing trends in the investment behaviour of European insurers over the past 5 years.   View Article

Asset Management

Invest Europe: Global investors set to increase investment in Europe
The majority of global investors polled in a new survey for the launch of Invest Week believe Europe has become a more attractive investment destination and expect investment to increase. Global investors showed surprising disparities in their investment decisions due to Brexit.  View Article

Corporate Governance/Accounting

EFRAG: IFRS 17 case study
EFRAG is calling for expressions of interest from European insurance companies in participating in a case study in connection with EFRAG’s endorsement advice on IFRS 17 Insurance Contracts.  View Article
ACCA´s report on IPSAS implementation
The ACCA´s examination of different countries suggests IPSAS adoption has started to provide significant and common advantages across the public sector, yet important challenges remain in the roadmap to full adoption.  View Article
BCBS: Monitoring Group proposes reforms to global audit standard setting
The Monitoring Group, consisting of public authorities responsible for monitoring the international audit standard-setting process, has issued a consultation paper setting out options to enhance the independence, relevance and transparency of international audit standard setting in the public interest.  View Article
FRC announces 2018/19 thematic reviews to stimulate improvement in corporate reporting and auditing
The FRC will, in 2018/19, supplement its routine monitoring programme with a series of thematic reviews of certain aspects of corporate reports and audits where there is particular shareholder interest, and scope for improvement and learning from good practice.  View Article
Accountancy Europe: Member State implementation of EU non-financial information directive
A CSR Europe and GRI published in collaboration with Accountancy Europe a comprehensive overview of how Member States are implementing the EU Directive on Non-financial and Diversity Information.  View Article
IASB: What investors ask about IFRS 17
Six months ago, the IASB issued IFRS 17 Insurance Contracts. This new IFRS Standard replaces the requirements for accounting for insurance contracts in IFRS 4 Insurance Contracts from 1 January 2021.  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

Grahams Articles, Comments & Speeches

Likelihood of a no-deal on the rise: The no-Brexit option finds its way back to the table - 135th Brussels for Breakfast – CPD Notes
The downs-and-downs of the Article 50 negotiations so far have put into focus the harsh reality of Brexit: there is no alternative to EU membership that is even better than being a member state, but rather a binary choice: to be ‘in’ or ‘out’ of the largest economic market in the world.  View Article

Economic

Marcello Minenna: Getting to Eurobonds by reforming the ESM
The head of Quantitative Analysis and Financial Innovation at the Italian securities regulator drafted a reform proposal that would transform the ESM into a stability provider for the euro area as a whole, saying that "it would become a transition mechanism to a unique federal debt".  View Article
Financial Times: The painful grind to a stronger eurozone
A tighter banking union is more likely than fiscal centralisation, in the FT's view.  View Article
2018 EU budget: Agreement reached
The Council and the European Parliament reached agreement on an EU budget for 2018 that strongly reflects the EU's main policy priorities.  View Article
Annual inflation down to 1.4% in the euro area
Euro area annual inflation was 1.4% in October 2017, down from 1.5% in September. European Union annual inflation was 1.7% in October 2017, down from 1.8% in September.   View Article


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