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05 March 2015

This week in "Brussels"
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  Articles from 26 February 2015 - 05 March 2015

  Banking
 
 
European Commission: A strong and stable banking system at the heart of Europe’s recovery
Jonathan Hill: "The banking sector as a whole has a big job to do in terms of rebuilding trust. I want it to be seen as part of the economy – of society – not divorced from the mainstream. To make our economy stronger, we need strong financial services."  View Article
EBA updates on future EU-wide stress tests
In its meeting on 24 February 2015, the Board of Supervisors of the EBA decided not to carry out an EU-wide stress test in 2015 and to start preparing for the next exercise in 2016.  View Article
EBA published results of the Basel III monitoring exercise as of 30 June 2014
This exercise, run in parallel with the one conducted by the BCBS, allows the gathering of aggregate results on capital and liquidity ratios- including liquidity coverage ratio and net stable funding ratio- and leverage ratio for banks in the EU.  View Article
EBA/Financial Times: Guidelines on remuneration policies
These draft Guidelines set out the governance process for implementing sound remuneration policies across the EU, as well as the specific criteria for mapping all remuneration components into either fixed or variable pay. EU proposes to extend pay rules to smaller banks, reports the Financial Times.  View Article
EBA delivers benchmarking package
EBA published a set of papers for benchmarking the internal approaches that EU institutions use to calculate own-funds requirements for credit and market risk exposures.   View Article
EBA published new DPM and XBRL taxonomy for remittance of supervisory reporting
The new taxonomy will have as reference date 30 June 2015 onwards and will be used for the first reports on additional liquidity monitoring metrics and supervisory benchmarking.  View Article
Financial Times: Who will bear losses when banks go wrong?
‘Bail-in’ framework will put investors at risk but much remains unclear, writes the chairman of the ICMA working group on bail-in.  View Article
BIS: Basel III Monitoring Report
Data as of 30 June 2014 show that all large internationally active banks now meet the Basel III risk-based capital minimum requirements.  View Article
BIS: Andreas Dombret: Regulatory reform in Europe - mission accomplished?
"We all know that the problem in the banking system was the financial crisis and in my view, the solution is regulatory reform."  View Article
BIS: In support of coco bonds
Op-Ed by Andreas Dombret. How will banks be able to cover growing capital requirements?  View Article
 
  Securities
 
 
ECJ: The General Court annuls the Eurosystem Oversight Policy Framework published by the ECB
The framework requires central counterparties to be located in the Eurozone. "The ECB does not have the competence necessary to impose such a requirement on central counterparties involved in the clearing of securities," the ECJ said.  View Article
ECB takes note of General Court judgment on location policy for CCPs
The ECB remains convinced of the importance of effective oversight of CCPs to safeguard financial stability and of the need to strengthen international cooperation in this field. Bank of England press release included.  View Article
IPE: Hill calls for US collaboration to avoid 'devastating' clearing house collapse
The European Commission must work collaboratively with the US to draw up a resolution framework for CCPs, Jonathan Hill urged.   View Article
AFME comment on ESMA’s MiFID II/ MiFIR consultation paper and technical advice
There is a risk that a number of ESMA's recommendations will have a materially adverse impact on investors and corporate issuers and ultimately on economic growth.  View Article
ICMA responded to ESMA’s MiFID II Consultation Paper
Due to its complexity, ICMA considers the only true way to calibrate liquidity is daily (trading) behaviour. Any other methodology, the Association warns, will generate a high proportion of false liquidity.  View Article
Executive Director of ESMA delivers keynote speech on MiFID II
Verena Ross' speech focused on MiFID II and its implications for transparency and liquidity.  View Article
EBA consults on prudential requirements for central securities depositories
These RTS have been developed within the framework established by the Regulation on settlement and Central Securities Depositories, which aims to increase the safety and efficiency of securities settlement and settlement infrastructures.  View Article
Markets Media: Pre-trade transparency queried at ESMA hearing
Market participants warned that the requirements under new trading regulations could lead to wider spreads and lower liquidity.  View Article
 
  Insurance
 
 
EIOPA published Solvency II relevant risk free interest rate term structures
This information is a key input for the assessment of the (re)insurance companies’ solvency and financial position.   View Article
Insurance Europe's response to EIOPA consultation on product intervention powers
The limits of the intervention powers, which stem from the scope of the PRIIPs Regulation, must be taken into account.  View Article
Reuters: Insurers cast doubt on ability to help EU investment plans
European Union regulators should ease capital charges on insurers to help them support the region's plan to boost growth through infrastructure projects, a senior executive at Italian insurer Generali said March 3.  View Article
 
  Asset Management
 
 
EFAMA published recommendations for European personal pensions
The recommendations aim to contribute further towards the creation of an EU-single market for personal pensions.  View Article
IPE: Complexity of pension fund strategies increases legal risk
According to some of Europe’s leading pension consultants, increasing complexity and the merging of advisory and implementation roles is introducing greater risk of disputes with clients and even legal liability.  View Article
PEGCC 2014 private equity exit volume highest level on record
The industry recorded an exit volume of $257 billion and closed the year with the highest investment volume since 2007.  View Article
FCA published consultation on pension transfers
The proposed changes to its pension transfer rules are designed to reflect the Government’s new flexible pensions regime. This will bring advice on transfers from defined benefit schemes to occupational defined contribution schemes into the FCA’s remit.   View Article
 
  Corporate Governance/Accounting
 
 
EFRAG seeks comments on its Draft Endorsement Advice on Disclosure Initiative - Amendments to IAS 1
The group seeks comments related to the endorsement of the Amendments for use in the EU and EEA.  View Article
IFAC: IPSASB's Governance Review Group report
The report is an important milestone in further strengthening IPSASB's governance and credibility.  View Article
FRC: IFIAR’s 2014 Survey of Inspection Findings
IFAIR members reported that the recurrence of high levels of deficiencies in key areas of public company audits around the world demonstrates the need for audit firms to pursue initiatives to improve audit quality.  View Article
IASB/Philippe Danjou: The extension of the scope of IFRS
Philippe Danjou, a member of the IASB, summarised which countries are making IFRS obligatory, authorised or prohibited as of the tenth anniversary of the application of IFRS in Europe.  View Article
IASB/Steve Cooper: Insurance contracts accounting - Are we there yet?
Improvements to accounting for insurance contracts have taken longer than planned - but the IASB is nearly there.  View Article
 
  Financial Services Policy
 
 
European Commission: The role financial markets can play in growth and jobs
Jonathan Hill: "We at the European Commission are doing what we can to support the recovery. We are clear that our top priority is jobs and growth. So how will I support these priorities? And how do I think the financial sector can help boost growth?"  View Article
Bank of England: A European Capital Markets Union - implications for growth and stability
The Financial Stability Paper 33 examines the mechanisms through which CMU could help achieve a better matching of savers and borrowers and an improved private-sector risk sharing, and identifies potential reform areas.   View Article
FSB and IOSCO propose Assessment Methodologies for Identifying Non-Bank Non-Insurer Global Systemically Important Financial Institutions
This document extends the SIFI framework that currently covers banks and insurers to other financial institutions. It includes a high-level framework for identifying G-SIFIs that would apply across NBNI financial entities, as well as detailed sector-specific methodologies.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
Location of Central Counter Parties (CCPs)
ECJ decision avoids the main issue but pits the UK directly against the Euro area – the worst possible outcome.  View Article
Graham Bishop speaks about Europe at Global Independent Research Conference in London
The integration trend is your friend!  View Article
 
  Friends Services
 
 
'Deepening EMU' - Round-up of Key Events - February 2015
Highlights from the 107th Brussels for Breakfast. The Eurogroup gives Greece some breathing space. The European Commission published its Winter Economic Forecast. Europe's big banks need to raise capital. Green Paper on Capital Markets Union was launched and several bodies responded.   View Article
 

 


© Graham Bishop

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