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14 June 2018

This week in "Brussels"

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  Articles from 07 June 2018 - 14 June 2018

  Banking Union
AFME: Proposal for a Directive of the Parliament and of the Council on credit servicers, credit purchasers and the recovery of collateral
AFME comments on the European Commission’s legislative proposals for further development of a secondary market for NPLs, as well as measures intended to provide more certainty on loan recovery proceedings and improve times associated with such recoveries.  View Article
Bloomberg: ECB pushes foot-dragging banks to pick a new lending benchmark
The European Central Bank is urging lenders to prepare for the end of key interbank lending benchmarks and accused them of being complacent until regulators stepped up the pressure.  View Article
EBA provides clarity to market participants for the implementation of the RTS on SCA and CSC under the PSD2
The EBA published two regulatory products, an Opinion and a Consultation Paper on draft Guidelines, to clarify a number of issues identified by market participants in relation to the RTS on strong customer authentication and common and secure communication (SCA and CSC).  View Article
BIS: 21st century cash: Central banking, technological innovation and digital currencies
Deputy Governor of the Bank of Italy Fabio Panetta focuses on some general issues related to the digital transformation of society, the pros and cons of digital cash (as a means of payment and store of value) and recall some of the open issues regarding central bank digital currencies.   View Article
National Bank of Denmark's Rohde: Europe - an economic powerhouse in the future?
Mr Lars Rohde, Governor of the National Bank of Denmark, says that Europe needs a fully developed Single Market for financial services, and recommends on behalf of the Danmarks Nationalbank that Denmark joins the Banking Union.  View Article
Financial Times: Foreign banks push US Federal Reserve to relax capital rules
Foreign banks in the US are stepping up a fight for regulatory relief, complaining they have been unfairly hit by supercharged standards on capital developed under the Obama administration.   View Article
Financial Times: Small US banks are winners from deregulation, now they want more
Small banks in the US are among the beneficiaries of the deregulatory wave in Washington. President Donald Trump last month signed a new law aimed at lightening the load on thousands of small and mid-sized banks that were swept up in the crackdown on huge lenders in the wake of the financial crisis.  View Article
  Capital Markets Union
ESMA reports on penalties and supervisory measures under EMIR
ESMA issued its first annual report regarding supervisory measures carried out and penalties imposed by national competent authorities under the European Market Infrastructure Regulation.   View Article
MiFID II: ESMA issues latest double volume cap data
ESMA updated its public register with the latest set of double volume cap data under the Markets in Financial Instruments Directive.  View Article
ISDA: A big step towards efficiency
ISDA Chief Executive Officer Scott O'Malia offers informal comments on important OTC derivatives issues.  View Article
  Clients Union
Commercial Risk Europe: IUA report highlights insurance implications of GDPR
The International Underwriting Association (IUA) has issued a report highlighting a number of factors that may drive up both the volume and cost of claims against general liability policies as a result of the General Data Protection Regulation (GDPR).  View Article
EIOPA: "Gabriel Bernardino: Solvency II is a success"
Gabriel Bernardino, Chairman of EIOPA speaks about Solvency III, the supervision of the insurance and occupational pensions, the Ultimate Forward Rate or a Pan-European Pension Product.  View Article
Bank of England: Solvency II risk margin
Letter from BoE's Deputy Governor of Prudential Regulation Sam Woods to the Chair of the Treasury Committee, in which he provides an update on the PRA's work on the risk margin.  View Article
  Asset Management
European Commission proposes amendments to AIFMD and UCITS Level 2 depositary requirements
The European Commission has published a pair of proposals to update the Level 2 measures of AIFMD and UCITS on safekeeping duties of depositaries, following up on the July 2017 opinion from ESMA on asset segregation.  View Article
EFAMA: European investment fund net assets recorded small decline in first quarter
EFAMA has published its latest Quarterly Statistical Release describing the trends in the European investment fund industry in the first quarter of 2018 with key data and indicators for each EFAMA member countries.   View Article
Investment & Pensions Europe: Experts: Innovation important for the future of pensions
Innovative technology such as robo-advice and artificial intelligence could play an important role in the future of pensions, according to panellists at the annual conference of Pensioen Pro.  View Article
Investment & Pensions Europe: EU advisers approve controversial DB changes
The body responsible for advising the EU on accounting issues has given the green light to proposed changes to defined benefit (DB) plans’ accounting rules.   View Article
  Corporate Governance/Accounting
European Commission: Fitness check on the EU framework for public reporting by companies
The Commission launched a consultation on the EU framework for public reporting (accounting and financial reporting) aiming at assessing the appropriateness and relevance of the current requirements.  View Article
ECA: Need for better interinstitutional cooperation on reviewing laws
The EC’s system of reviewing laws compares well overall with its equivalents in the Member States, according to a new report by the ECA. High-quality ex-post reviews are critical to the quality of legislation.  View Article
FRC: Consultation on the Wates Corporate Governance Principles for Large Private Companies
The FRC, on behalf of James Wates CBE, has published a consultation on corporate governance principles for large private companies. Development of the principles follows the Government’s 2016 Green Paper and the BEIS Select Committee’s report of April 2017.  View Article
COSO: Enterprise Risk Management - Applying ERM to environmental, social and governance-related risks (preliminary draft)
In a unique partnership, COSO and the WBCSD have jointly developed draft guidance: Applying Enterprise Risk Management to Environmental, Social and Governance-related Risks to help organizations worldwide respond to the increasing prevalence and severity of ESG-related risks.  View Article
IASB: Preparing the market for IFRS 17
IFRS 17 Insurance Contracts was issued by the IASB in 2017 and comes into effect in 2021. Financial journalist Liz Fisher takes a look at what the new standard means for the investor community.  View Article
  Anti-Money Laundering
EU agrees new rules to make sure money laundering criminals are punished
The Council (at ambassadors' level) confirmed the agreement reached between the Bulgarian presidency and the Parliament on new rules on using criminal law to counter money laundering.   View Article
  Financial Services Policy
Investment & Pensions Europe: Austrian investors welcome EU’s sustainable investment proposals
Investors have welcomed the EC’s proposals for a unified framework for ESG investments, but have warned of challenges to achieving a consensus. At an annual gathering in Vienna of institutional investors from Germany, Austria and Switzerland, delegates discussed the commission’s sustainable finance proposals.  View Article
  Grahams Articles, Comments & Speeches
SUERF: Temporary Eurobill Fund (TEF): 30 FAQs
The European Money and Financial Forum, SUERF, has published Graham Bishop's updated FAQs on his proposal for a Temporary Eurobill Fund.  View Article
June’s European Council: crunch time for a Brexit deal and a decisive push towards banking union - 142nd Brussels for Breakfast – CPD Notes
Stakes are high for the Council meeting at the end of June, with too many crucial aspects to be thrashed out: the UK is yet to send in a paper what kind of Brexit it wants, while France and Germany are working towards an agreement on banking union that would be discussed at June’s gathering.  View Article
  Friends Services
June’s European Council: crunch time for a Brexit deal and a decisive push towards banking union - 142nd Brussels for Breakfast – CPD Notes
Stakes are high for the Council meeting at the end of June, with too many crucial aspects to be thrashed out: the UK is yet to send in a paper what kind of Brexit it wants, while France and Germany are working towards an agreement on banking union that would be discussed at June’s gathering.   View Article
  Temporary Eurobill Fund (TEF)
SUERF: Temporary Eurobill Fund (TEF): 30 FAQs
The European Money and Financial Forum, SUERF, has published Graham Bishop's updated FAQs on his proposal for a Temporary Eurobill Fund.  View Article
The Charlevoix G7 Summit communique
The Leaders of the G7 came together in Charlevoix, Quebec, Canada, collectively affirmed their determination to achieve a clean environment, clean air and clean water. They said to be resolved to work together in creating a healthy, prosperous, sustainable and fair future for all.  View Article
European Parliament elections: Council reaches agreement on a set of measures to modernise EU electoral law
The Council (at ambassadors' level) reached agreement on new measures to update EU electoral law. It approved a draft decision amending the 1976 Electoral Act which lays down a number of common rules concerning elections to the European Parliament.   View Article
POLITICO: Bruno Le Maire defends France’s aim for ‘ambitious’ eurozone reform
Economy minister responded to German Chancellor Angela Merkel’s ideas for the eurozone ahead of resumed negotiations between their countries.  View Article
POLITICO: Head of Berlin think tank: Germans too often ‘misinformed’ on eurozone
But Germany is opening up to the idea of reforming the bloc, says DIW-Berlin’s Marcel Fratzscher.  View Article
Jacques Delors Institute: Merkel on EU reform: a decryption
Authors focus on the three main policy areas that will be discussed at the June European Council meeting and were tackled in the interview the German Chancellor gave to Frankfurter Allgemeine Sonntagszeitung, in which she responded to France's proposals for an ambitious euro area reform.  View Article
Fondation Robert Schuman: European Union Budget: which possible compromise is there between France and Germany?
The upcoming negotiation over the MFF comprises specific features, since it will be undertaken without the UK. France and Germany will be on the front in this negotiation which might prove to be the most difficult in the EU's budgetary history.  View Article
Bruegel: Enhancing the ESM lending toolkit through a precautionary credit line
A revamp of the ESM's precautionary credit line could create a meaningful instrument, built on the existing policy framework, by incentivising strong economic policies and guarding against financial market turbulence.  View Article
Bruegel: Is the ECB collateral framework compromising the safe-asset status of euro-area sovereign bonds?
The authors propose how the ECB could improve its collateral framework to protect its balance sheet without putting at risk the safe status of sovereign bonds of the euro area.  View Article
POLITICO: Scholz: ‘Timing is good’ for EU financial transaction tax
An EU-wide tax on financial transactions should finally become reality as the bloc seeks to fill the hole in its budget left by Britain’s departure, German Finance Minister Olaf Scholz said in an interview with Der Spiegel magazine.  View Article
POLITICO: Italy’s new economy minister rules out leaving euro
Italy’s new Economy Minister Giovanni Tria ruled out leaving the euro and said he would focus on structural reforms over deficit spending.  View Article
BIS: Yves Mersch: Central bank risk management in times of monetary policy normalisation
Yves Mersch, Member of the Executive Board of the European Central Bank, discusses what risk management has meant for the ECB in recent times, and what changes can be expected in a phase of monetary policy normalisation.  View Article
Employment up by 0.4% in both the euro area and the EU28
The number of persons employed increased by 0.4% in both the euro area (EA19) and the EU28 in the first quarter of 2018 compared with the previous quarter, according to national accounts estimates published by Eurostat.  View Article
GDP up by 0.4% in both euro area and EU28
Seasonally adjusted GDP rose by 0.4% in both the euro area (EA19) and the EU28 during the first quarter of 2018, compared with the previous quarter, according to an estimate published by Eurostat.  View Article

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