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15 May 2014

This week in "Brussels"

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Articles from 08 May 2014 - 15 May 2014


EC presents first comprehensive review of EU's financial regulation reform agenda
The European Commission has published a review which sets out how the adopted reforms will deliver a safer and more responsible financial system by enhancing financial stability, deepening the single market and improving its efficiency whilst improving market integrity and confidence.  View Article
ECB/Constâncio: Banking Union and European integration
Vítor Constâncio, Vice-President of the ECB, said it was essential to recognise and confront the fact that the logical steps towards deeper integration seem to run against what seems to be the mood of many Europeans.   View Article
ECB/Nouy: Toward the European Banking Union - Achievements and challenges
Europe has made significant achievements over the past five years. Also, the regulatory landscape has been revised substantially. Europe has taken major steps forward, the Banking Union being one of them.   View Article
Deloitte: The SSM - Banking on the Banking Union
The third in the series of papers by the EMEA Centre for Regulatory Strategy provides a view on questions relating to regulatory relationships, the supervisory approach and the implications of the new resolution process.  View Article
Reuters: ECB keeps bank test deadlines in sight
The European Central Bank has made a series of concessions to banks that will make it easier for them to meet the tight deadlines of a landmark review of their businesses.  View Article
Bloomberg: Merkel warns against political influence on ECB stress tests
Chancellor Angela Merkel warned against political meddling in stress tests for European banks and said the world’s biggest economies haven’t finished regulating the shadow banking system.  View Article
BoE/Cunliffe: Ending 'too big to fail' – Progress and remaining issues
He spoke on the two-pronged approach taken by regulators: first, to reduce, but not eliminate, the probability of failure by increasing the resilience of financial institutions; second, managing the impact of failure via the resolution framework and by making investors bear losses.  View Article
Bloomberg: Covered bond fight sidelines Basel’s bank goals
A 3 1/2 year lobbying tour de force by Danish bankers and politicians is bearing fruit as Scandinavia’s smallest economy looks poised to persuade the European Union to sidestep Basel III liquidity rules.  View Article Basel exposure limits raise questions for client clearing
Banks that clear derivatives as the client of a clearing house member rather than as a member themselves may end up breaching new rules limiting large, single-counterparty exposures if regulators decide member firms are interconnected – a concept introduced when the rules were finalised on 15 April.  View Article
EBF: European banks remain committed to financing economy, fostering growth
Banks welcome progress towards Banking Union and reiterate their support for asset quality review. The EBF Board states that economic implications of the banking structural reform proposal and financial transaction tax (FTT) need more careful consideration.  View Article
EBF: Wim Mijs appointed Chief Executive
Wim Mijs, Chief Executive of the Dutch Banking Association, has been appointed as the new Chief Executive of the European Banking Federation. He will succeed Guido Ravoet, who is retiring on 1 September.  View Article
ECB: Final recommendations for the security of payment account access services
Following the public consultation, the ECB published a report presenting a set of recommendations developed by the European Forum on the Security of Retail Payments, SecuRe Pay (the "Forum").   View Article


Markets in financial instruments: Council adopts new rules
The Council adopted new rules on the provision of services for investments in financial instruments and on the operation of regulated financial markets.  View Article
Deloitte: MiFID II and the new trading landscape
Many of the new requirements are intended to be positive for the market as a whole through promoting competition, transparency, financial stability and the orderly functioning of markets. However, they will create strategic and operational challenges for individual firms.  View Article
The TRADE News: How to respond to MiFID II’s limits on dark trading
MiFID II has restricted the forces of darkness, but will not kill them off completely. What kind of off-exchange trading will be possible in Europe come 2016-7?  View Article
MiFID: ASSOSIM instructions for application of ESMA guidelines validated
Consob has validated the guidelines contained in the "Practical guide to the tests of suitability and appropriateness" prepared by ASSOSIM.  View Article
EACT response to EC consultation on foreign exchange financial instruments
The EACT responded that FX transactions for commercial purposes by non-financial companies should not be considered as financial instruments under MiFID, as they promote rather than threaten financial stability.  View Article
Financial News: ESMA seeks to improve access to swaps data
ESMA has formed a taskforce to look at ways to standardise the way data is collected, and help national regulators exchange information so that they can monitor risks, following a troubled start for the region’s trade reporting regime.   View Article EU-US segregation clash 'not a simple issue'
The chairman of ESMA, Steven Maijoor, says regulators are facing a 'conflict of law' as they try to resolve issues arising from differing transatlantic regulations on the protection of client collateral.   View Article
Waters Technology: One small step for ESMA
At the Association for Financial Markets in Europe conference, Steven Maijoor spoke about the legislative phase of European market reforms being largely completed. However, the work on the technical standards and the actual supervision stages would roll on for some time.  View Article
ESMA to ease frontloading requirements under EMIR
In a letter sent to the European Commission, ESMA informed of its intention to ease certain frontloading requirements under EMIR.  View Article SwapClear dealers cede control as CCP seeks EMIR approval
The dealers that founded SwapClear gave up control of the interest rate swap clearing service, following lengthy discussions. This could have big implications for competition in Europe's interest rate derivatives market.  View Article
FSB report on reducing reliance on CRA ratings
The Financial Stability Board published the final peer review report on national authorities' implementation of the FSB Principles for Reducing Reliance on CRA Ratings, finding that progress has been uneven across jurisdictions and financial sectors.  View Article


EIOPA introduces new format for Financial Stability Report
EIOPA has introduced a new format in its Financial Stability Report May 2014. The publication now presents thematic articles aimed at deeper analysis of specific issues or broader policy discussions. Furthermore, the report uses some new analytical tools.  View Article
EIOPA/Mawdsley: Has capital influx saturated the ILS market?
In an interview Andrew Mawdsley, Head of EIOPA's Financial Stability and Information Unit, linked capital influx with the dynamics of the insurance-linked securities sector, pricing and regulations for reinsurers.  View Article Decision on systemically important reinsurers delayed
The decision about which reinsurers might be designated as globally systemically important has been pushed back to November.  View Article US opposition to global capital standards for IAIGs
US insurance associations are stepping up their opposition to plans under way to develop global capital standards for internationally active insurance groups (IAIGs) out of concerns they conflict with domestic legislation.  View Article UK general insurers grapple with actuarial demands
UK general insurers are under pressure to improve their actuarial functions before the implementation of Solvency II, with many smaller companies behind on their compliance schedules, according to experts.  View Article

Asset Management

Bloomberg: EU banks may get ABS liquidity leeway
The European Union is considering allowing banks to deploy a wider range of asset-backed debt than permitted by international rules to meet liquidity requirements, as policy makers hunt for ways to boost lending.  View Article
FCA: Changes to the use of dealing commission rules
In its latest Policy Statement, the FCA reports on the main issues arising from the consultation on the use of dealing commission rules, and publish the final rules.  View Article
EVCA: Data review on private equity shows uplift in funds raised
The European Private Equity and Venture Capital Association (EVCA) launched its European Private Equity Activity report, the industry’s most authoritative source on private equity fundraising and investment activity across Europe.   View Article
IPE: European pension funds warm to LDI as derivative allocations grow
The proportion of European pension funds ruling out implementing liability-driven investment (LDI) strategies has plummeted over the last year. Mercer’s annual European asset allocation survey found increasing allocations to matching assets, typically used in derivative-based LDI strategies.  View Article
IPE: Dutch should give proposed IORP revisions 'yellow card', says MP
The Dutch parliament should "draw a yellow card" to block proposed revisions to the IORP Directive, argued Dutch Christian Democrat MP Pieter Omtzigt in an initiative memorandum for parliament at a meeting of the select committee for Social Affairs.  View Article
Hedgeweek: Central Bank of Ireland approves DMS AIFM passporting application to Luxembourg
DMS Offshore Investment Services received approval from the Central Bank of Ireland for its AIFM passporting application to Luxembourg.  View Article

Corporate Governance/Accounting

IFAC: IAASB's proposal to amend financial statement disclosures
The IAASB released for public comment proposed changes to the ISAs to clarify expectations of auditors when auditing financial statement disclosures. Comments are requested by 11 September 2014.  View Article
Deloitte comments on ESMA consultation on alternative performance measures
Deloitte has published a letter regarding the proposed guidelines, stating that most significant concerns relate to the scope of documents to which the alternative performance measures guidelines would apply.  View Article
IASB: Amendments to IAS 16 and 38
The IASB published amendments to IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets - clarification of acceptable methods of depreciation and amortisation.  View Article


Reuters: Eurosceptics to block EU-US trade pact
France's Marine Le Pen sees her far right National Front joining force with other Eurosceptic parties in the next European Parliament to block a major transatlantic trade pact billed by supporters as vital for global growth and jobs.  View Article

Graham Bishop’s Articles and Speeches

Graham Bishop's Blog: Euro area poised to deepen its integration – profound change ahead for EU financial markets
Europe Day is a good moment to reflect on the progress of the European Union since the Schuman Declaration 65 years ago that triggered the process of "ever-closer union".   View Article

© Graham Bishop

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