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10 April 2014

This week in "Brussels"

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Articles from 03 April 2014 - 10 April 2014


MEPs push for card payment fee caps and online payment safeguards
The fees that banks charge retailers for processing shoppers’ payments would be capped under new rules voted by Parliament. Measures to make online payments safer, reduce costs and give users more choice were adopted by a separate vote. (Includes comment by EBF.)  View Article
ECB/Nouy: European banks are better than their market assessment
Danièle Nouy, Chair of the Supervisory Board of the Single Supervisory Mechanism, spoke in an interview with To Vima on stress tests, the banking sector and the Banking Union project.  View Article
ECB/Cœuré: Investment essential for Europe's future
In an interview with Le Figaro, Benoît Cœuré, member of the Executive Board of the ECB, stated that the recovery was underway but domestic demand remained weak. Thus investment is essential to prepare Europe for the future.  View Article
EBA consults on revised guidelines on remuneration benchmarking and data collection for high earners
The EBA launched two consultations on revised Guidelines on the data collection exercise for high earners and on Guidelines on the remuneration benchmarking exercise, following on from changes in reporting requirements as laid down in the CRD IV and CRR. Deadline for comments: 7 May 2014.  View Article
BCBS: Capital standard for bank exposures to central counterparties finalised
The Basel Committee has published a final standard for calculating regulatory capital for banks' exposures to central counterparties (CCPs).  View Article
BIS: Progress report on implementation of the Basel regulatory framework
This updated progress report on implementation of the Basel regulatory framework provides a high-level view of Basel Committee members' progress in adopting Basel II, Basel 2.5 and Basel III, as of end March 2014.   View Article Repo desks up in arms about NSFR
The cost of some repo transactions would leap 850 per cent under a draft version of the NSFR, banks claim. One regulator admitted last week there could be unintended harm to the market and implied the rules could change.  View Article
FT: UK scrambles to save bank emergency lending programme
The Bank of England’s emergency scheme covertly to support struggling banks is under threat from new legislation that are days from passing into law, sparking a diplomatic scramble to revise the terms.  View Article
FSB releases framework for assessing risk culture and progress report on enhanced supervision
In the aftermath of the financial crisis, G20 Leaders and the Financial Stability Board (FSB) identified as a priority the need for more intense and effective supervision, particularly of systemically important financial institutions (SIFIs).   View Article


ECB/Mersch: Banks, SMEs and securitisation
Yves Mersch, Member of the Executive Board of the ECB, spoke on the key challenge in the euro area today: how to fix the flow of credit to the real economy.  View Article
WSJ/Barley: ECB, BoE talk on securitisation needs regulators' support
It will take more than words if Europe is to revive its securitisation market. Regulators are still fighting the last crisis, writes Richard Barley for WSJ.  View Article
Bloomberg: Banks urge Basel Committee to reconsider ABS rules
Banks from Deutsche Bank AG to Barclays Plc attacked proposals to overhaul global capital rules for asset-backed debt, saying they risk choking securitisation while clashing with efforts to boost lending to businesses.   View Article
ISDA publishes research papers on the value of OTC derivatives
ISDA published two new research papers that highlight the value of the over-the-counter (OTC) derivatives market.  View Article
FSB publishes reports on implementation of OTC derivatives market reforms
The Financial Stability Board (FSB) published the 7th of its semi-annual progress reports on implementation of OTC derivatives market reforms.  View Article
ESMA adds KDPW_CCP to list of authorised CCPs under EMIR
ESMA has updated its list of Central Counterparties (CCPs) that have been authorised to offer services and activities in the Union in accordance with the European Markets Infrastructure Regulation.   View Article ESMA set to neuter EMIR frontloading rule
European legislators agreed to sideline the so-called frontloading provisions of Europe's swap clearing rules in crunch talks in Brussels. A formal letter outlining the plans is now expected to be sent by ESMA to the European Commission.  View Article
Financial News: Eurex Clearing moves closer to resolving EMIR issues
Deutsche Börse’s clearing house is close to resolving a key issue related to the protection of assets that has delayed its authorisation under sweeping EU derivatives reforms.  View Article

Insurance Own funds rule will reduce reported solvency ratios, say insurers
Insurers are challenging the European Commission about an amendment to rules that restrict the use of capital under Solvency II, amid fears that the changes will cause solvency ratios to worsen, making firms appear financially weaker to shareholders and creditors.  View Article Insurers face tight deadline for matching adjustment
Insurers must accelerate their Solvency II asset allocation programmes if they hope to qualify for the matching adjustment, according to new information published by EIOPA.  View Article
EIOPA: The (Re-)calibration dilemma
EIOPA's Executive Director, Carlos Montalvo, wrote for the Eurofi Newsletter that moving towards a risk based framework in insurance, regulatory capital requirements have to reflect actual risks and how they are managed.   View Article
EIOPA: Global capital standards will reinforce the international level playing field
In an article for the Eurofi Newsletter, Gabriel Bernardino, Chairman of EIOPA, argues that the introduction of global capital standards in the insurance field should help prevent regulatory arbitrage, increase financial stability and strengthen international supervisory coordination.  View Article
EIOPA: Infrastructure projects – improved data needed to support risk reassessment
In the Eurofi Newsletter, Gabriel Bernardino, Chairman of EIOPA, concluded that lower risk charges for infrastructure project finance cannot be recommended at this point in time for lack of reliable evidence.   View Article

Asset Management

Responses to the FSB/IOSCO consultation on assessment methodologies
Responses to the consultation conducted by IOSCO and the FSB on the "Assessment methodologies for identifying non-bank non-insurer global systemically important financial institutions". (‘NBNI G-SIFIs’) (Comments by ALFI, AMIC, SIFMA.)  View Article
Hedgeweek: What a third country offers asset managers under AIFMD
AIMA CEO Andrew Baker recently commented that the complicated nature of AIFMD, the different interpretations of EU Member States and variety of approaches from third countries meant that fund managers are facing complex choices. Fiona Le Poidevin, Chief Executive of Guernsey Finance, responds.  View Article
BoE/Haldane: The age of asset management?
Andrew Haldane, Executive Director of Financial Stability at the Bank of England, discussed the risks posed by the asset management industry to financial stability, and the associated policy implications.  View Article

Corporate Governance/Accounting

Comments on European Parliament vote on audit reform (Barnier, ACCA, FEE, Greens, et al.)
Overall, stakeholders welcomed the EP vote on the reform of the EU Statutory Audit Market. ACCA and FEE particularly welcomed the adoption of ISAs. The Greens criticised the failure to break up the oligopoly of the 'big four'.  View Article
Commission adopts measures to improve corporate governance
The Commission has adopted measures to improve corporate governance of around 10000 companies listed on Europe's stock exchanges. The package of measures implements key actions identified in the Communication on the long-term financing of the European economy. (Includes comments by ACCA, FRC.)  View Article
ACCA: Effectiveness of EU public financial management
According to ACCA's report entitled "Breaking out: public audit’s new role in a post-crash world", the ECA will have an ever increasing role to play when it comes to the effectiveness of EU public financial management.  View Article
ECIIA: Protect auditors who fight money laundering and terrorism
According to the ECIIA, chief internal audit executives need better protection from threats, poor treatment and potential terminations of contract to strengthen their role in the fight against money laundering and terrorism.  View Article
EFRAG: Feedback statement on the IASB’s annual improvements to IFRSs 2012-2014 cycle
EFRAG publishes a feedback statement following the publication of its final comment letter on the IASB’s exposure draft Annual Improvements to IFRSs 2012-2014 Cycle.  View Article

Financial Services Policy

Presentation of the ECB Annual Report to the EP's ECON Committee
In his introductory statement, Vítor Constâncio, Vice-President of the ECB, said that 2013 marked a quantum leap in European integration. He elaborated on the key developments towards Banking Union, already achieved and yet to come.  View Article


IMF: World Economic Outlook
Global activity has broadly strengthened and is expected to improve further in 2014–15, according to the April 2014 WEO, with much of the impetus for growth coming from advanced economies.  View Article

Graham Bishop’s Articles and Speeches

Moving the TEF forward: Reactions to the Expert Group Report
Despite some disappointment over the (mandated) inconclusiveness of the Report, it could mark a big step towards the issuing of eurobills. However, before Treaty change might happen in the "medium term", as advocated by Germany and others, an ESM-style intergovernmental agreement would be required.  View Article
European Integration Monitor - March 2014
The driving forces of politics, finance, economics and budgets are a powerful cocktail that will intensify in the years ahead.  View Article

© Graham Bishop

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