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24 May 2018

This week in "Brussels"

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  Articles from 17 May 2018 - 24 May 2018

  Banking Union
EBF: Keep momentum to support banks fuelling growth
The EBF Board reiterated the commitment of the banking sector, in a more favourable economic environment, to support sustainable and equitable growth. More than ever, individual customers, companies as well as the public sector across Europe, need a robust and agile banking industry to support their growth initiatives and finance the European economies.  View Article
Position paper of the Association of German Banks on the role of banks in financing the European economy
Banks play a pivotal role in financing the economy and fostering growth, trade, and employment in Europe. This view is supported by a recent study by the Centre for European Economic Research on the role of private banks in corporate finance, based on data on individual bank-firm relationships.   View Article
BIS: Olli Rehn: Europe, EMU and the banks
Keynote speech by Mr Olli Rehn, Deputy Governor of the Bank of Finland, in which he discusses Europe's current economic situation and how to further strengthen the Economic and Monetary Union.  View Article
EBA updates list of O-SIIs in the EU
The European Banking Authority updated the 2017 list of Other Systemically Important Institutions (O-SIIs) in the EU. This list also reflects the additional capital buffers that the relevant authorities have set for the identified O-SIIs.  View Article
EBA consults on standards on estimation and identification of an economic downturn in IRB modelling
The draft RTS specify the nature, severity and duration of an economic downturn, while the Guidelines focus on the appropriate estimation of the LGD in a situation of economic downturn.   View Article
ECB: Summary of responses to the ECB’s second public consultation on developing a euro unsecured overnight interest rate
The consultation drew considerable interest from the financial sector. 48 market participants – just under two-thirds of them from the banking sector – submitted responses or comments in relation to the consultation document.   View Article
EBF response to the Commission's consultation on SRD Implementing Regulation
The European Banking Federation fully supports the opportunity to share its views on the draft Implementing Regulation issued by the European Commission on shareholder identification, the transmission of information and the facilitation of the exercise of shareholders rights.  View Article
Financial Times: This is exactly the wrong time to roll back financial reform
The US Congress may very well pass a bill to rollback the post-financial crisis-era Dodd-Frank reforms, at a time when the US is at the end of a recovery cycle, with debt loads at record levels.  View Article
Financial Times: Global banking is not an American fiefdom
Fighting with the EU over the Swift payments system will erode US power, according to the FT's analysis on the US administration plans to shut Iran out of that system as part of a re-imposed sanctions regime.  View Article
BBC: Banking by mobile app 'to overtake online by 2019'
More consumers will use apps on their smartphone than a computer to do their banking by as early as next year, according to forecasts.  View Article
VoxEU: Bitcoin, Vollgeld, and popular views of money
On 10 June 2018, Switzerland will be the first country to have a referendum on the introduction of Sovereign Money ('Vollgeld'). This column argues that the Vollgeld project and cryptocurrencies such as Bitcoin build on popular fantasies about money that are disconnected from the actual operation of the current monetary system.   View Article
  Capital Markets Union
European Parliament: Economic and Monetary MEPs back stricter EU supervision of clearing houses
MEPs backed plans to set up an ESMA supervisory committee for EU CCPs and impose stricter rules on third country ones, depending on systemic risk.  View Article
PCS: No, we’re not there yet!
PCS outlines the key two issues that remain a key necessary step to a viable and, hopefully, vibrant European securitisation market.  View Article
ISDA response to the European Commission proposals on the conflict of law rules for securities and claims
ISDA supports the objective of providing legal certainty in relation to the cross-border assignment of claims by promoting uniform conflict of laws rules throughout the European Union.  View Article
The Autorité des Marchés Financiers publishes its 2017 annual report
When addressing the press to present the AMF’s annual report, Chairman Robert Ophèle stressed the need to move quickly towards a more integrated EU27 against the backdrop of Brexit. He also discussed key regulation challenges and the AMF’s response.  View Article
ESMA liquidity assessments for bonds (May 2018) - ICMA overview
On May 2 2018, ESMA published new liquidity assessments for bonds (except for ETCs and ETNs) in relation to MiFID II/R transparency requirements.  View Article
Financial Times: MiFID reforms spur companies seeking investors to bypass brokers
Companies are bypassing their banks and brokers to arrange meetings and calls directly with potential investors, in response to new European rules that aim to make markets more transparent and reduce conflicts of interest.  View Article
AFME calls for further progress in European post trade reform
AFME’s Post Trade Division published a new White Paper that outlines AFME’s vision for integrated, safe and efficient post trade in Europe.  View Article
ESMA appoints new member to its Management Board
ESMA appointed one new member to its Management Board to replace an outgoing member, whose term has ended, and reappointed two current members.  View Article
ESMA appoints new chair to its Committee of Economic and Markets’ Analysis
ESMA has appointed Mario Nava, chair of the Commissione Nazionale per le Società e la Borsa (CONSOB) of Italy, to serve as chair of its Committee of Economic and Markets’ Analysis.  View Article
  Clients Union
New rules on data protection for EU institutions agreed
Representatives of the Council and the Parliament agreed on a new regulation on the handling of personal data by EU institutions and other EU bodies. The new rules are aligned with the general data protection regulation (GDPR) which enters into force on 25 May 2018.  View Article
EIOPA publishes the first study on the modelling of market and credit risk
The results of the study show significant variations in asset model outputs, partially resulting from model specificities, which indicates the need for further supervisory actions. The study is a first step in an ongoing process of monitoring and comparing internal market and credit risk models.  View Article
EIOPA: Opinion on the solvency position of insurance and reinsurance undertakings in light of the withdrawal of the UK from the EU
The objective of this Opinion is to call upon national supervisory authorities to ensure that all risks to the solvency position of insurers arising from the UK becoming a third country are properly addressed.   View Article
Commercial Risk Europe: No guarantees over continuity of insurance policies post-Brexit, says EU
There are no guarantees that insurance policies will not be affected by Brexit, according to the EU’s financial services chief. Valdis Dombrovskis, vice-president for the euro and social dialogue, and in charge of financial stability, financial services and capital markets union, said it is up to firms to take preventive measures.  View Article
Insurance Europe response to the Commission proposal for reviewing Solvency II capital charges for STS securitisations welcomed
Insurance Europe has responded to the European Commission’s consultation on revised calibrations for simple, transparent and standardised (STS) securitisations in the Solvency II regulatory framework that governs insurers.  View Article
Insurance Europe: 2017-2018 Annual Report published
Insurance Europe has published its 2017–2018 Annual Report, setting out the European insurance industry’s positions on the main insurance issues of the day.  View Article
  Asset Management
Investment & Pensions Europe: European institutional investors expanding ETF usage
European institutional investors are increasingly turning to exchange traded funds (ETFs) as interest in smart beta strategies and multi-asset investment funds rises, a new study has found.  View Article
Investment & Pensions Europe: German Pensionskassen expect regulation-driven consolidation
More than three-quarters (77%) of German Pensionskassen professionals expect further consolidation in the sector, a study by Willis Towers Watson has shown.  View Article
  Corporate Governance/Accounting
ACCA: Empowering businesses to engage with sustainable finance and the SDGs
EU and international experts discussed the recent Sustainable Finance Action Plan, business strategies and corporate reporting contribution to meet the Sustainable Development Goals (SDGs) and sustainable finance objectives, at a multistakeholders conference in Brussels.  View Article
Financial Times: A Big Four upheaval could endanger audit quality
According to Kevin Ellis, chairman of PWC UK, the collapse of UK government contractor Carillion amid allegations of financial misreporting thrust corporate auditing into the spotlight, but supervisors' tests and changes should be measured to avoid costly disruption and unintended consequences.  View Article
  Financial Services Policy
European Parliament: Use “blockchain” model to cut small firms’ costs and empower citizens, urge MEPs
Applying the “blockchain” model to areas like energy use, supply chains and governance would cut costs for firms and empower citizens, said the Industry Committee.   View Article
Parker Fitzgerald joint report with UK Finance on Sustainable Financial Services in the Digital Age
Managing operational resilience and safeguarding data are core to sustainable digital financial services. The speed and scale of digital transformation within the financial services industry is contributing to the emergence of new non-financial risks, according to a new report.   View Article
European Parliament election dates: Council confirms 23 to 26 May 2019
The Council adopted a decision setting 23 to 26 May 2019 as the dates for the next European Parliament elections. The dates were agreed unanimously by the Council after consulting the European Parliament.  View Article
Council gives the go-ahead to trade negotiations with Australia and New Zealand
The Council authorised the Commission to open trade negotiations with Australia and New Zealand and adopted negotiating directives for each of the negotiations.  View Article
New approach on negotiating and concluding EU trade agreements adopted by Council
The Council adopted conclusions on the negotiation and conclusion of EU trade agreements. The conclusions set out the key principles underpinning the Council's approach towards trade negotiations from now on.  View Article
Euro area international trade in goods surplus €26.9 bn
The first estimate for euro area (EA19) exports of goods to the rest of the world in March 2018 was €199.9 billion, a decrease of 2.9% compared with March 2017 where they peaked at €205.9 bn.   View Article
ECB's Constâncio: Completing the Odyssean journey of the European monetary union
Constâncio focused on the more relevant points to ensure an EMU: the solution to liquidity crisis in sovereign bond markets; the completion of the banking union; the creation of a European safe asset and a central macro stabilisation function; the launch of a CMU; and the Stability Pact revision.  View Article
POLITICO: Macron declares ‘decision time’ for Europe
French president says it is urgent for EU to act on reforms and France ‘is now waiting’ for Germany.  View Article
VoxEU: A plan to save the euro
This column argues that the proposals in the recent CEPR Policy Insight are necessary if the euro area is to avoid another catastrophic crisis and that they would go a long way towards addressing the legitimate concerns of citizens in both the core and periphery of the euro area.  View Article
Financial Times: The eurozone ‘safe asset’ is crucial to banking union
News that the commission is about to propose a financial benchmark asset for the euro, in lightning speed to turn advice from the EU’s systemic risk supervisors into a concrete legislative project, has been greeted with misgivings.  View Article
VoxEU: Fiscal rules and the role of the Commission
This column, part of the VoxEU debate on Euro Area Reform, looks at the challenges to the central role of the Commission that have arisen as the rules-based fiscal framework has been severely compromised.  View Article
Main results - European Economic Area Council
The European Economic Area ('EEA') Council discussed issues related to the EEA Agreement and cooperation between the EU and the EEA EFTA states (Iceland, Liechtenstein and Norway).  View Article
ECB publishes its 2018 Convergence Report
All seven EU Member States under review have made progress with regard to compliance with convergence criteria. No country fulfils all obligations laid down in the Treaty, including legal convergence criteria. Sustainable convergence is needed for successful adoption of the euro.  View Article

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