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26 March 2015

This week in "Brussels"

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  Articles from 19 March 2015 - 26 March 2015

European Voice: Banking reform special report - Held to account on banking reforms
A focus on boosting investment may signal greater flexibility on bank regulation after the tough reforms of the sector.  View Article
European Voice: Capital markets to challenge banks?
Jean-Claude Juncker must involve the banking sector in his plan for integrating Europe’s capital markets to boost investment.  View Article
Reuters: ECB taking closer look at savings and coop banks
The ECB is looking closer at cooperative and public sector banks in Germany and other countries, after taking over supervision of Europe's biggest lenders last year, cooperative bank trade body BVR said March 24.  View Article
EBA consults on exposures to shadow banking
The document lays out a qualitative approach for institutions to develop their internal policies for monitoring and setting appropriate limits.   View Article
EBA starts work to standardise fee terminology for payment accounts across the EU
These guidelines are the first step towards developing standardised terminology across the EU. They are developed in accordance with the EU Payment Accounts Directive.  View Article
EBA issued amended technical standards on supervisory reporting for institutions
These final draft Implementing Technical Standards include minor changes to templates and instructions which the EBA deemed necessary to publish in order to reflect some of the answers published in its Single Rulebook Q&A, as well as to correct legal references.   View Article
BoE: Strengthening individual accountability in banking and insurance
This policy statement issues the first set of the final PRA rules to implement the Senior Managers Regime and Certification Regime for UK banks, building societies, credit unions and PRA-designated investment firms, and the Senior Insurance Managers Regime for Solvency II insurers.  View Article
BBA: Budgeting, planning and forecasting – moving beyond a “tick-box” mentality
This White Paper addresses among others the traditional budget process and its impact on shareholder value, the move towards a more strategic budgeting process, and the drive by regulators to push financial institutions towards a more auditable form of strategic planning.  View Article
BBA: Digital Disruption: Prudent regulation is required for banks’ digital challengers
Do you think we actually need banks? Bill Gates, the world’s richest man, who knows a bit about money, thinks not. “We need banking but we don’t need banks anymore” he said recently, talking about the revolution in digital technologies that can offer banking services.  View Article
ESMA published the 2015 Regulatory Work Programme
The RWP has been revised in light of the budget constraints that ESMA will operate under in 2015, as a result of which the deadlines associated with some guidelines have been delayed.  View Article
ESMA published guidelines on Periodic Reporting for CRAs
The guidelines provide details of the information CRAs should regularly submit to ESMA as part of its on-going supervision and the information CRAs should submit for the calculation of the supervisory fees and market share calculation.  View Article
ESMA’s Maijoor presents work on MIFID/MIFIR to ECON
"MiFID II introduces a new, ambitious transparency framework applicable to non-equities."  View Article
ESMA consults on complex debt instruments and structured deposits in MiFID II
The guidelines are intended to enhance investor protection by offering further clarification on which types of financial instruments and structured deposits can be provided, that all the relevant legal conditions are fulfilled, without the firm assessing a client’s knowledge and experience.  View Article
ESMA consults on disclosure requirements for private and bilateral Structured Finance Instruments
The replies to the consultation will serve as an input for the “phase-in approach” on the extension of the disclosure requirements of the CRA 3 RTS for private and bilateral transactions in SFIs.   View Article
EFAMA comments on the Joint Committee Consultation Paper on guidelines for cross‐selling practices
EFAMA strongly supports the notion of a level playing field rather than the current “vertical silo” approach to EU legislation on distribution and investor protection.   View Article
IOSCO issued final code of conduct fundamentals for CRAs
The report includes significant revisions and updates.  View Article
ISDA statement on the revised implementation date for non-cleared derivatives margin rules
ISDA welcomes the extension to the start date for non-cleared derivatives margin rules. The new rules will require firms to make significant changes to their infrastructure, technology, processes and documentation.   View Article
Tabb Forum: The need for equivalence in European and US clearing rules
ESMA has not yet judged the US standards to be equivalent to its own. As a result, the cost of clearing at US institutions for European banks could be cripplingly expensive.  View Article
EIOPA reports on progress in the pre-application process for internal models
EIOPA's report aims to analyse enhancement of supervisory practices related to the assessment of internal models during the pre-application process under the Solvency II framework.   View Article
EIOPA prepares discussion paper on infrastructure investments by insurers
EIOPA aims to benefit from the knowledge and experience of (re)insurance stakeholders and market participants.  View Article
Insurance Europe: Cross-selling guidelines should be consistent with EU legislation
Insurance Europe welcomes that the text of the review of the Insurance Mediation Directive (IMD 2) is being discussed in the legislative process and subject to further changes, as well as the commitment to amend the proposed guidelines to ensure a full alignment with the final provisions of IMD 2.  View Article
BoE: PRA published rules on Solvency II
The rules set out clarity for UK firms on how the PRA will implement the new regime – acting in the interests of the wider economy and ensuring an appropriate level of policyholder protection.  View Article
  Asset Management
IPE: EIOPA to launch investigation of funded first pillar systems
Funded statutory pension funds could be subject to new European regulation, with EIOPA to include the sector within an upcoming call for advice on personal pensions.  View Article
PEGCC Q3 2014 Performance Update: Private Equity Investments best S&P 500 over long-term
PEGCC President and CEO: “The value of private equity is how strong and consistent it performs over the long term. This update is the latest reminder that private equity continues to be the top performing asset class, net of fees, for public pensions, charitable foundations, among others.”  View Article
European Issuers: Unlocking IPOs central to delivering a Capital Markets Union
Philippe de Backer: “The European IPO markets need to work better for the real economy."  View Article
IPE Views: The impact of European QE on asset allocation
European investors will need to assimilate the impact of QE quickly to position their portfolios, says Punter Southall’s Danny Vassiliades.  View Article
Fitch Ratings: Hedge funds pose most systemic asset management risk
The latest FSB consultation paper identifies key risk indicators and takes a dual approach for investment management, focusing on investment funds and asset managers.  View Article
  Corporate Governance/Accounting
EFRAG: Draft comment letter on classification of liabilities
The proposals in the ED aim at clarifying the guidance in IAS 1 Presentation of Financial Statements on classification of liabilities as current or non-current.   View Article
EFRAG: Feedback statement on the measuring quoted investments in subsidiaries, joint ventures and associates at fair value
The IASB published 16 September 2014 the Exposure Draft which proposed that the ‘unit of account’ should be applied in two different ways to investments in subsidiaries, joint ventures and associates that are quoted in an active market.  View Article
IASB/Investor Perspective: 'Helping investors better understand cash flow'
Investors Nick Anderson, Gunnar Miller and Tanya Branwhite discussed the merits of the proposed amendments to IAS 7 Statement of Cash Flows to provide more information about changes in debt.  View Article
Deloitte commented on the proposed amendments to IFRS 2
The comment letter tackles classification and measurement of share-based payment transactions.  View Article
  Financial Services Policy
European Commission: The financial services sector as an instrument for growth
Speech by Jonathan Hill covering capital markets union, financing of long-term investment, financing of infrastructure and other topics.  View Article
European Commission: Structured Dialogue - ECON
Jonathan Hill reports on progress made in implementing his priorities. He discussed financial reforms, banking union, CMU and the single market, among other topics.  View Article
Reuters: EU lawmakers to discuss accelerating capital markets union
The European Union's plans for a capital markets union to boost financing for companies should be accelerated and completed two years earlier than proposed, a draft parliamentary motion seen by Reuters said.  View Article
The Parliament Magazine: Capital markets union cannot 'copy and paste' US financial model
The 2019 CMU timeline 'contradicts the urgency that the commission has attached to the proposal,' writes Sylvie Goulard.  View Article
The Parliament Magazine: Capital markets union is about 'better exploiting the EU single market'
The capital markets union could help SMEs access better funding, but pre-existing tools within the internal market should not be ignored, writes Peter Simon.  View Article
The Parliament Magazine: Commission's capital markets union proposal 'needs to be taken with a grain of salt'
The capital markets union can only work if it is compatible with Europe's existing financial framework, writes Markus Ferber.  View Article
House of Lords: Capital Markets Union - a welcome start
The report supports the Commission’s proposals, saying that a Capital Markets Union is a timely and important initiative, but the Committee warns that it must be rolled out carefully, with the protection of investors’ money at its heart. It includes quotes from Graham Bishop.  View Article
  Grahams Articles, Comments & Speeches
108th Brussels for Breakfast
Hosted by the BBA and organised by the CSFI – with Graham Bishop and Bob Penn (Allen and Overy) and Raoul Ruparel (Open Europe). Main topics included: Grexit, ECJ judgement on ECB/CCP, Brexit, CMU, MiFID and IFRS.  View Article
Brussels for Brunch March 2015
Welcome to our inaugural Brussels for Brunch webinar. Graham Bishop, George Littlejohn (CISI) and Martin Watkins (E&Y) discuss the latest developments emerging from Brussels.  View Article
  Friends Services
Brussels for Brunch March 2015
Welcome to our inaugural Brussels for Brunch webinar. Graham Bishop, George Littlejohn (CISI) and Martin Watkins (E&Y) discuss the latest developments emerging from Brussels.   View Article
  Think Tanks/EP groups
Bruegel: Living (dangerously) without a fiscal union
The euro area’s political contract requires member nations to rely principally on their own resources when confronted with severe economic distress. Since monetary policy is the same for all, national fiscal austerity is the default response to counter national fiscal stress.   View Article


© Graham Bishop

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