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29 November 2018

This week in "Brussels"
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  Articles from 22 November 2018 - 29 November 2018

  Banking Union
 
 
Commission reports on progress in risk reduction in the Banking Union and calls for faster progress on CMU ahead of EU Leaders' meetings
The Commission takes stock of the latest developments as regards risk reduction in the banking sector and progress towards an even more integrated and stable EU financial system.  View Article
ISDA publishes preliminary results of benchmark consultation
ISDA published a statement summarizing the preliminary results of a consultation on technical issues related to new benchmark fallbacks for derivatives contracts that reference certain interbank offered rates.  View Article
BCBS: Implementation of Basel standards - A report to G20 Leaders on implementation of the Basel III regulatory reforms
This report updates G20 Leaders on progress by the 27 member jurisdictions of the BCBS in implementing the Basel III regulatory reforms. It is the ninth such report, and summarises the outcomes of the Committee’s Regulatory Consistency Assessment Programme (RCAP).   View Article
ECB: Europe: a work in progress – political integration and economic convergence in Monetary Union
Yves Mersch, Member of the Executive Board of the ECB, highlights areas where progress is needed in Europe: fiscal and structural reforms, further reduction of risks and fragmentation in the financial sector and strengthening the institutional architecture of EMU.  View Article
Bloomberg: An EU banking union is essential, Merkel adviser says
It’s imperative that a banking union is created to reduce risks in Europe, Isabel Schnabel, a member of German Chancellor Angela Merkel’s independent council of economic advisers, said.  View Article
European Parliament: How to provide liquidity to banks after resolution in Europe’s banking union
Banks deemed to be failing or likely to fail in the banking union are either put into insolvency/liquidation or enter a resolution scheme to protect the public interest. Authors discuss how to establish guarantees against possible losses in order to allow liquidity provisioning in times of resolution.  View Article
European Parliament: Financing bank resolution: An alternative solution for arranging the liquidity required
This paper proposes an ECB liquidity facility with an SRF guarantee as an alternative solution for banks in resolution. The funds available should be broadly sufficient to address potential liquidity needs for resolution tools.   View Article
ECB Regulation fosters a harmonised definition of default within the Single Supervisory Mechanism
The ECB has published the ECB Regulation on the materiality threshold for credit obligations past due for all significant institutions within the Single Supervisory Mechanism, both for retail and for non-retail exposures, irrespective of the method used for the calculation of capital requirements.  View Article
BIS: Stress-testing banks – a comparative analysis
This paper reviews stress tests carried out in exercises since the Great Financial Crisis, drawing on the literature and a comparative analysis carried out by the Financial Stability Institute on system-wide stress tests for banks in the euro area, Japan, Switzerland and the United States.  View Article
BIS: The Basel framework in 100 jurisdictions: implementation status and proportionality practices
This paper surveys 100 jurisdictions that are not members of the BCBS on how far they have adopted key prudential requirements of the Basel framework and, if so, whether and how they apply proportionality in their regulatory regimes.   View Article
EPC: Publication of the updated 2017 EPC SEPA scheme rulebooks
Updated 2017 EPC SEPA scheme rulebook versions for the SEPA Credit Transfer (SCT) scheme, the SEPA Instant Credit Transfer (SCT Inst) scheme, the SEPA Direct Debit Core (SDD Core) scheme and the SDD Business-to-Business (SDD B2B) scheme have been published and are effective as of 1 January 2019.  View Article
 
  Capital Markets Union
 
 
Communication from the European Commission on CMU: Time for renewed efforts to deliver for investment, growth and a stronger role of €
In this Communication the Commission recalls the key capital market union building blocks delivered since 2015 and calls for renewed efforts to complete CMU before the May 2019 European Parliament elections.  View Article
ECMI: Sustaining growth through innovation in capital markets
Well-functioning, deeper and highly integrated European capital markets are expected to play a greater role in providing alternative corporate funding, better savings/investment opportunities and enhancing private risk-sharing mechanisms.  View Article
ESMA: Managing risks of a no-deal Brexit in the area of central clearing
The ESMA Board of Supervisors supports the continued access to UK CCPs to limit the risk of disruption in central clearing and to avoid negatively impacting EU financial market stability.  View Article
Investment & Pensions Europe: MiFID II has shrunk fixed income research market, research indicates
Just over 40% of investors have noticed a decrease in the availability and breadth of fixed income, currencies and commodities (FICC) research for small and medium-sized companies in the wake of MiFID II, according to a survey by the International Capital Market Association (ICMA).  View Article
ISDA - CSC statement on German bank CDS
This note has been prepared by ISDA’s Credit Steering Committee (CSC) to explain the CSC’s recommendation for changes to documentation practice for credit default swap (CDS) transactions referencing German banks.  View Article
 
  Clients Union
 
 
Insurance Europe: Large coalition of associations calls on European Council to address flaws in ePrivacy proposal
Insurance Europe has joined a coalition of 64 other associations that has sent a joint letter to the European Council to express strong concerns about the discussions on the proposal for an ePrivacy Regulation.  View Article
 
  Insurance
 
 
EIOPA publishes European Insurance Overview 2018
The European Insurance Overview report is published by EIOPA as an extension of its statistical services in order to provide an easy-to-use and accessible overview of the European insurance sector. The report is based on annually reported Solvency II information.   View Article
EIOPA consults on the integration of sustainability risks and factors
The EIOPA published for consultation its draft technical advice on possible amendments to the delegated acts under Solvency II and the Insurance Distribution Directive (IDD) concerning the integration of sustainability risks and factors.   View Article
 
  Asset Management
 
 
EIOPA promotes greater transparency towards IORPs on cross-border activities
The EIOPA published a Decision on the cross-border collaboration of national competent authorities (NCAs) with respect to the Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of IORPs, the IORP II Directive.   View Article
Investment & Pensions Europe: Pension managers say trustees must learn more about costs
More than 80% of UK pension scheme managers believe more action needs to be taken to educate scheme trustees about transaction cost transparency, according to a new survey.  View Article
Investment & Pensions Europe: EC addresses pension fund concerns over sustainable finance plans
The European Commission is aware of European pension funds’ “sensitivities” about the introduction of delegated acts into the IORP II directive as part of the EU’s package of sustainable finance measures, an EC official has said.  View Article
Investment & Pensions Europe: EIOPA confirms ESG risk assessment in 2019 pension fund stress tests
The European Insurance and Occupational Pensions Authority (EIOPA) will analyse European pension funds’ exposure to “ESG” in next year’s biennial stress test of the sector, a spokeswoman has confirmed.  View Article
ECB: The resurgence of protectionism: potential implications for global financial stability
The intensification of trade tensions this year has raised concerns about the potential adverse impact on global growth and asset prices. This special feature finds that an escalation of trade tensions could trigger a global repricing in asset markets.  View Article
 
  Corporate Governance/Accounting
 
 
Accountancy Europe: Member States’ implementation of new EU audit rules
About two years after the implementation deadline, Accountancy Europe presents an updated state of play of this process in 30 European countries, including 28 EU Member States.   View Article
IASB Investor Update - newsletter
The IASB reports on the implementation of IFRS 15 and IFRS 9 and also highlights the most common disclosures provided by corporates and banks from the first-time adoption of these new Standards.  View Article
ECA: EU Anti-fraud proposals not going far enough
The proposed changes of the European Anti-Fraud Office (OLAF) will not be sufficient to make its investigations significantly more effective, according to an Opinion published by the ECA.  View Article
FRC comments on the report by the Taskforce on Disclosures about Expected Credit Losses
The FRC said that the expected credit losses impairment model introduced by IFRS 9 ‘Financial instruments’ will have a significant effect on how banks calculate loan loss provisions.  View Article
EFAA: Reporting of Non-Financial Information by SMEs
The EFAA published the results of a survey on non-financial information reporting by small and medium-sized entities across 14 European countries.  View Article
Deloitte comments on six IFRS Interpretations Committee tentative agenda decisions
Deloitte has published its comment letters on IFRS Interpretations Committee tentative agenda decisions related to IAS 27, IAS 37, IFRS 9, IFRS 11, and IFRS 15, as published in the September 2018 IFRIC Update.  View Article
EFRAG´s Discussion Paper to explore accounting for non-exchange transfers
EFRAG's Discussion Paper Non-exchange Transfers ('NETs'): A role for societal benefit? explores the accounting for transfers in which an entity received (or gives) value without directly giving (or receiving) approximately equal value in exchange.  View Article
Audit&Risk: Business leaders cite resilience as key priority
Business leaders have taken significant steps to shore up the resilience of their companies, but still face significant risks around technology, governance and skills shortages, according to the 2018 Organizational Resilience Index report published by BSI.  View Article
 
  Financial Services Policy
 
 
EBF asks EU to renew momentum towards completing financial services framework to support growth, jobs
Board members of the European Banking Federation called on the European Union to renew its momentum for progressively completing the EU regulatory and supervisory framework for financial services so that banks can continue to foster growth and support job creation.  View Article
FCA launches further consultations ahead of the UK’s exit from the EU
FCA published a further consultation on its approach to the UK’s exit from the EU. The paper sets out additional proposals to prepare for the possibility the UK leaves the European Union on 29 March 2019 without an implementation period.  View Article
FSB reports to G20 Leaders on progress in financial regulatory reforms
The report highlights some challenges in promoting a financial system that supports the G20’s objective of strong, sustainable and balanced growth, while preserving open and integrated markets and adapting to rapid technological change.  View Article
The AMF publishes its roadmap for sustainable finance
The roadmap describes how the AMF intends to respond to trends observed on the market and to integrate sustainable finance goals into all its activities.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
No plan B: it’s May’s deal approved by the EU or going back to square one
The withdrawal agreement is a take-or-leave situation, EU leaders and PM May warned UK MPs. The end of the year will see politicians show their true colours in a historic vote for the British Parliament.  View Article
146th Brussels for Breakfast – CPD Notes
Organised by the Centre for the Study of Financial Innovation (CSFI), hosted by Chartered Institute of Securities and Investment (CISI) and with co-presenter Hans Hack (FTI consulting).   View Article
“Trading on WTO rules”: Have the Leavers revealed their utter lack of understanding of the real world yet again?
Support in Parliament for the Brexiteers’ call to “crash out of the EU and trade on WTO rules” seems to be ebbing away. But this just reflects fears about short term inconveniences rather than a proper appreciation of the huge, and continuing, risks to the UK’s foreign trade.   View Article
 
  Friends Services
 
 
146th Brussels for Breakfast – CPD Notes
Organised by the Centre for the Study of Financial Innovation (CSFI), hosted by Chartered Institute of Securities and Investment (CISI) and with co-presenter Hans Hack (FTI consulting).   View Article
 
  Financial
 
 
ECB: Report on the results of the Survey on the Access to Finance of Enterprises in the euro area – April to September 2018
ECB survey results are consistent with broad-based expansion, although at slower pace. SMEs’ financial conditions and access to finance are still favourable despite somewhat higher financing costs.  View Article
 
  Economic
 
 
WTO reform: EU proposes way forward on the functioning of the Appellate Body
The EU together with other members of the World Trade Organisation (WTO) - Australia, Canada, China, Iceland, India, Korea, Mexico, New Zealand, Norway, Singapore and Switzerland – unveiled a proposal for concrete changes to overcome the current deadlock in the WTO Appellate Body.  View Article
ECB: Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
Introductory Statement by Mario Draghi, President of the ECB, at the ECON committee, in which he shares ECB‘s assessment of the economic outlook for the euro area and the implications for the ECB’s monetary policy.   View Article
European Parliament: Draft interim report on the proposal for a Council Regulation on the establishment of the European Monetary Fund
The Parliament welcomes the Commission’s proposal of 6 December 2017 for a Council Regulation on the establishment of the European Monetary Fund and considers it a useful contribution to the ongoing debate on the future of Europe, the completion of the EMU and the ESM reform.  View Article
Bruegel: A monetary policy framework for the European Central Bank to deal with uncertainty
In this Policy Contribution prepared for the ECON as an input to the Monetary Dialogue, the authors review the emerging challenges to central banks, and propose an updated definition of price stability and an adequately refined monetary policy framework.   View Article
EU moves to bolster free movement of goods through extended mutual recognition
The Austrian presidency of the Council reached a provisional agreement with the European Parliament on measures which will facilitate the circulation of goods across the EU. The new rules improve and expand the application of the mutual recognition principle.  View Article
 

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