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01 February 2018

This week in "Brussels"
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  Articles from 25 January 2018 - 01 February 2018

  Banking Union
 
 
EBA launches 2018 EU-wide stress test exercise
The EBA launched its 2018 EU-wide stress test and released the macroeconomic scenarios. The adverse scenario implies a deviation of EU GDP from its baseline level by 8.3% in 2020, resulting in the most severe scenario to date. The EBA expects to publish the results of the exercise by 2 November 2018.  View Article
BIS' Stefan Ingves: Basel III: Are we done now?
The Chairman of the Basel Committee said that work remains to implement Basel III nationally in a full, timely and consistent manner; evaluate its effectiveness in reducing the excessive variability of risk-weighted assets; and continue to monitor and assess emerging risks.  View Article
ECB's Sabine Lautenschläger: Basel III - sense and sensitivity
The Vice-Chair of the Supervisory Board of the ECB, said that "Basel III will help to make banking safer," but that it was "crucial, though, that Basel III is properly implemented – in Europe and around the world. It must not be watered down.”  View Article
VoxEU: Comparability of Basel risk weights in the EU banking sector is questionable
Risk weights define each bank's minimum capital requirements, but many doubt the comparability of the risk weights that banks report. This column quantifies the variability of these weights across banks, and finds that the country where a bank is headquartered creates statistically significant and economically important differences.   View Article
BIS: A level playing field in banking
Keynote address by Mr Agustín Carstens, General Manager of the BIS, in which he focuses on closely related topics of the future of regulatory cooperation and institutions, and the risks of regulatory fragmentation. Linking these two topics is the issue of level playing field, and he concentrates on this.  View Article
ECB: The limits of central bank financing in resolution
In his speech Mr Yves Mersch, Member of the Executive Board of the ECB, focuses on the provision of central bank liquidity to entities that are close to or in resolution – a topic that has attracted much public interest.  View Article
 
  Capital Markets Union
 
 
ESMA updates equity transparency calculations and tick sizes band assessment for MiFID II/ MiFIR
ESMA updated its transitional transparency calculations for equity and tick sizes under the Markets in Financial Instruments Directive.  View Article
CEPS: MiFID II will profoundly affect the portfolio management business
Of all the issues addressed by MiFID II in the EU’s securities markets, its impact will be most pronounced in the portfolio management business, writes CEPS CEO Karel Lanoo.  View Article
Financial Times: MiFID II’s cost disclosure regime muddies the waters
The lack of common practice applying the rules makes like-for-like comparability impossible, writes Chris Willcox.  View Article
Financial Times: MiFID II pushes exchanges to lend helping hand to small companies
European stock exchanges are stepping in to support their smaller companies, as concerns mount that tough new markets rules will result in a dearth of research coverage normally supplied by brokers.  View Article
AMF: public consultation on setting a new national threshold for the requirement to publish a prospectus and the disclosure
As certain provisions of the Prospectus Regulation will become applicable on 21 July 2018, the AMF is holding a consultation on a new national threshold above which the publication of a prospectus will be mandatory and on the specific disclosure regime for offers to the public below this threshold.  View Article
 
  Clients Union
 
 
Accountancy Europe: Getting your SME practice GDPR proof
The General Data Protection Regulation (GDPR) is a major update to the EU rules for protecting personal data. It aims to restrict how companies process private information (e-mail addresses, phone numbers, etc.) and gives individuals more rights over their data.  View Article
 
  Insurance
 
 
EIOPA: Risk Dashboard for third quarter of 2017 continues to show relative stable risk exposure of the European Union insurance sector
The results show that the risk exposure of the insurance sector in the European Union remained overall stable. Despite positive macro and market trends, the risks linked to the low interest rates and to potential credit risk mispricing continued to be major concerns for the European insurance industry.  View Article
Insurance Europe: Solvency II review: EIOPA draft advice must focus far more on areas mandated by the Commission
Insurance Europe published its response to the European Insurance and Occupational Pensions Authority (EIOPA) draft advice to the European Commission on its 2018 review of Solvency II.  View Article
EIOPA: Revised Single Programming Document 2017-2019 (AWP 2018)
EIOPA publisheD its updated work programme for 2018, highlighting and specifying the activities and tasks of the Authority for the coming year, within the framework of a multiannual work programme 2017-2019.  View Article
Commercial Risk Europe: UK misconduct regime to be extended to insurers’ senior managers
Senior executives in insurance will be held personally responsible for misconduct, as part of the UK government’s plans to extend the senior managers and certification regime.  View Article
 
  Asset Management
 
 
Insurance Europe: Priorities for the Pan-European Pension Product published
Ahead of a Hearing in the European Parliament on the proposed Pan-European Pension Product (PEPP), Insurance Europe has published the industry’s key priorities and recommendations that policymakers must address to ensure the PEPP is a success.  View Article
EIOPA publishes its 2017 Market Development Report on Occupational Pensions and Cross-border Institutions for Occupational Retirement Provis
The total assets of the IORPs market equal to EUR 3.8 trillion. On average, 15% of the working population in the EEA are active members of IORPs pension scheme arrangements.   View Article
EFAMA: UCITS equity funds net sales bolstered by investor confidence in November
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 November 2017. 27 associations representing 89 percent of total UCITS and AIF assets provided net sales data.  View Article
 
  Corporate Governance/Accounting
 
 
EFRAG requests comments on its draft endorsement advice on Annual Improvements to IFRS Standards 2015–2017 Cycle
EFRAG is consulting on both its assessment of Annual Improvements to IFRS Standards 2015–2017 Cycle against the technical criteria in the EU and on its assessment of whether those amendments are conducive to the European public good.  View Article
IASB: IFRS Standards and their impact on financial stability and long-term investments
The IFRS tackle questions often made about whether there is a connection between IFRS Standards and financial stability – and also about whether IFRS Standards encourage long-term or short-term investments.  View Article
IASB: Transition to the new IFRS Standard for insurance contracts
The IASB outlined the materials and other support available to national standard-setters and regulators planning for implementation of IFRS 17 Insurance Contracts.  View Article
Accountancy Europe's response to the Commission consultation on fitness check on supervisory reporting
Accountancy Europe responded to EC’s questionnaire on fitness check on supervisory reporting aiming to gather evidence on the cost of compliance with existing EU-level supervisory reporting requirements.  View Article
ECIIA: Open access to data vital to role of internal audit
Internal auditors must be able to freely access any information they need to perform their work effectively, the ECIIA has said in response to the EC’s consultation on the free flow of non-personal data.  View Article
IFAC: Guidance for professional accountancy organizations to enhance their governance
Globally there are 60 countries that do not have professional accountancy organizations (PAOs), and, there are an additional 93 PAOs that do not have sufficient capacity to function effectively at all levels. IFAC continues its work in providing effective guidance to PAOs for enhanced governance.  View Article
 
  Financial
 
 
High-Level Task Force on Safe Assets: SBB report
The publication of the report and working papers is intended to inform wider policy discussions on the feasibility and impact of creating a market for SBBS as a tool to enhance financial stability.  View Article
Financial Times: Task force urges eurozone rule change for common securities
A central bank task force has said the eurozone’s financial rules need to change if a mooted and politically charged “safe asset” to strengthen the single currency area’s banking system is to work.  View Article
 
  Economic
 
 
UNCTAD: $89 billion lost in underuse of European Union free trade agreements, report shows
The full potential of European Union free trade agreements (FTAs) remains untapped to the tune of almost 72 billion euros ($89 billion), UNCTAD and the National Board of Trade Sweden say in a new report.  View Article
GDP up by 0.6% in both the euro area and the EU28
Seasonally adjusted GDP rose by 0.6% in both the euro area (EA19) and in the EU28 during the fourth quarter of 2017, compared with the previous quarter.  View Article
January 2018: Economic Sentiment edges down slightly from 17-year high
In January, the Economic Sentiment Indicator (ESI) decreased slightly from its 17-year high in both the euro area (by 0.6 points to 114.7) and the EU (by 0.4 points to 114.7).  View Article
 

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