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05 June 2014

This week in "Brussels"
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Graham Bishop’s Articles and Speeches About this email

Articles from 29 May 2014 - 05 June 2014

Banking

Regulation on extension of transitional periods related to own funds requirements for exposures to CCPs
The European Commission published in the Official Journal of the EU the implementing regulation on the extension of the transitional periods related to own funds requirements for exposures to central counterparties in Regulation (EU) No 575/2013 and Regulation (EU) No 648/2012.  View Article
ECB/Constâncio: Accounting and financial reporting by central banks
Vítor Constâncio, Vice-President of the ECB, spoke on developments in international accounting standards; interaction between financial reporting and financial regulation; central bank balance sheets in stormy times; and central bank financial reporting and governance issues.  View Article
BoE/Cunliffe/Dombret: A missing tool against ‘too big to fail’
Bank of England Deputy Jon Cunliffe and Dr Andreas Dombret, Board Member of the Deutsche Bundesbank, argue that even with effective bank-separation laws failure of systemically important cross-border banks cannot be ruled out. This is why a minimum GLAC standard is needed.  View Article
BIS/Caruana: Financial regulation, complexity and innovation
Speech by Mr Jaime Caruana, General Manager of the Bank for International Settlements, reviewing some of the regulatory challenges being addressed at the international level, such as combination of thicker buffers, suitable incentives and more intrusive supervision.   View Article
Reuters: Protecting European bank test data from lucrative leaks
It would be an insider trader's dream to know ahead of time which of Europe's banks will fail or need more capital, and all that data will be stored somewhere in cyberspace as the European Central Bank assesses the eurozone's top banks.  View Article
EBF: European banks support reform process and recognise need for change
The EBF strongly disagrees with the view expressed by Mrs Christine Lagarde that banks are pushing back on reform. On the contrary, European banks fully recognise the need for change and continue to participate in reform processes because these are critical to the success of Europe’s economy.  View Article

Securities

BoE/ECB discussion paper on a better functioning securitisation market
The BoE is seeking to revive the market for asset-backed securities as a useful mechanism for lending. (Includes comment by AFME.)  View Article
FN: Listed derivatives trading back on the rise
Global derivatives volumes traded on exchanges grew by over 7 per cent in 2013 with greater activity in futures and options based on commodities and interest rates helping to reverse the previous year’s declines.  View Article
DerivSource: EMIR changes collateral management choices
When overhauling collateral management, financial institutions have two choices: in-house development or outsourced solutions. The complexity of their business and cost are decisive considerations.   View Article
ComplianceComplete: Firms must share more best-execution data with clients under MiFID II
Investment firms in Europe will be required to publish substantially more detail than they currently do on the quality of their trade execution when the region's new securities regime goes live in early 2017.  View Article
CAIA: MiFID implementation consultation - A rocky start
As amended, MiFID II will add significant changes, including transparency requirements, the mandatory movement of derivatives trading onto exchanges, strengthened protection for retail investors, and new requirements for algo and high-frequency traders.  View Article
The Trade: Concerns raised over MiFID consultation timetable
ESMA's discussion paper on MiFID II gives some initial insights into the practical implications of the upcoming regime, though there remains much uncertainty.  View Article
FN: List of MiFID II proposals on controlling HFT
The second version of MiFID includes measures to control aspects of electronic trading and high-frequency trading for the first time.  View Article
Financial News: High-speed traders face slowing effects of regulatory hurdles
The European Commission’s working document “European Financial Stability and Integration Report 2013” proposes changes that would mean a major shake-up for high-frequency trading (HFT) in Europe, if implemented.  View Article
ESMA publishes updated Q&A on the CRA Regulation
ESMA published a second set of Q&As on the CRA Regulation (CRA 3). It provides clarifications on sovereign ratings and conflict of interests concerning investments in CRAs.  View Article
ESMA censures Standard & Poor's for internal control failings
ESMA issued a public notice censuring Standard & Poor’s Credit Market Services France SAS and Standard & Poor’s Credit Market Services Europe Limited for breaches of the CRA Regulation when falsely reporting on France's downgrade in 2011.  View Article
IOSCO consults on strategic framework for investor education/financial literacy
IOSCO published a consultation report on the Strategic Framework for Investor Education and Financial Literacy, which describes IOSCO’s role in promoting investor education and financial literacy and its strategic approach to both.  View Article
IOSCO seeks stakeholder views on its 2015 – 2020 strategic plan
IOSCO is undertaking a review to develop a strategic plan for the period from 2015 to 2020, the IOSCO 2020 Review. Stakeholders are asked to participate in an online questionnaire by 27 June 2014.  View Article

Insurance

EIOPA consults on set 1 of the Solvency II guidelines
EIOPA has published a consultation papers on the guidelines on Solvency II; and a separate consultation paper covering the analysis of the expected impact from the proposed policy.  View Article
Risk.net: Firms urged to use Orsa to generate business value
Insurers must integrate their Solvency II Own Risk and Solvency Assessments (Orsas) into their management planning if they are to generate value for their business and policyholders.  View Article
Risk.net: Reinsurers challenge enhanced G-Sii assessment
Reinsurers should be assessed for systemic risk using the same methodology as primary insurers, rather than being subject to a bespoke methodology, say reinsurance executives.  View Article
Risk.net: Systemic insurers to delay structural reform
Systemically important insurers will stop short of committing to thorough restructuring plans until regulators fix global capital rules that will apply to risky activities, lawyers say.  View Article
Bank of England: Consultation on Valuation risk for insurers
This consultation seeks views on a draft supervisory statement which sets out the PRA’s expectations of firms in relation to existing rules on the valuation of financial assets.  View Article
BoE: Consultation on PRA-authorised insurers' use of subordinated guarantees and the quality of capital
This consultation seeks views on a draft statement which sets out the PRA’s expectations of PRA-authorised insurers regarding the use of subordinated guarantees, the quality of capital and how the guarantor’s regulatory capital position should be reported.  View Article

Asset Management

PensionsRegulator: Research shines light on DC standards
Master trusts being used for automatic enrolment and large defined contribution (DC) schemes are the most aware of The Pensions Regulator’s DC quality features and are most likely to have taken action to ensure that they are present in their schemes, research published shows.  View Article
IPE: German pension fund laments IORP II Directive's impact on costs
The pension fund for German construction workers expressed concerns over the cost of reforms in the IORP II Directive. Under the latter, pension funds must provide members with additional information on their benefits with a standardised annual pension benefit statement.  View Article

Corporate Governance/Accounting

Financial Reporting Council commented on publication of EU Audit Directive and Regulation
FRC commented on the new Audit Directive and Regulation published in the Official Journal of the European Union 27 May 2014. As a result they are now a part of EU law coming into force on 16 June 2014.  View Article
Financial Reporting Council published ‘True and Fair’ statement
The FRC published a statement reconfirming that the presentation of a true and fair view remains a fundamental requirement of financial reporting.  View Article
WSJ: New rules to alter how companies book revenue
New rules will overhaul the way businesses record revenue on their books, capping a 12-year project that will affect companies ranging from software firms to auto makers to wireless providers.  View Article
IASB/FASB: Joint transition resource group for revenue recognition
The IASB and the FASB announced the formation of the Joint Transition Resource Group for Revenue Recognition (TRG), providing stakeholders with an opportunity to learn about the new Standard from others involved with implementation.  View Article
Deloitte comments on the post-implementation review of IFRS 3
Deloitte has published its comment letter on the IASB's post-implementation review, stating that IFRS 3 merits particularly careful consideration as this is a standard that frequently presents conceptual and practical issues in preparing and auditing financial statements.  View Article

International/G20

FT: EU elections pose new threat to TTIP
EU and US officials are increasingly concerned about the impact on transatlantic trade talks of a surge in support for anti-establishment parties in European elections, raising the prospect of delays as they adapt to a new political reality.  View Article

Graham Bishop’s Articles and Speeches

European Integration Monitor - May 2014
The driving forces of politics, finance, economics and budgets are a powerful cocktail that will intensify in the years ahead.  View Article
Financial World: A change is gonna come (Graham Bishop article)
In this article, Graham Bishop looks at the likely impact of newly agreed EU legislation.  View Article





© Graham Bishop

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