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10 September 2015

This week in "Brussels"



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  Articles from 03 September 2015 - 10 September 2015

  Banking
 
 
Financial Times: Regulators risk causing unnecessary pain to investment banks
European investment banks look increasingly like a dying breed. The financial behemoth that operates globally — as a trading house, issuing equity and debt, and advising on takeovers — is now exclusively a US beast.  View Article
Financial Times: Europe’s banks could need €26bn in extra capital
Regulators believe a level playing field would boost competition, but research from JPMorgan shows that the various “harmonisation” efforts would have a serious financial impact on 35 of Europe’s biggest banks.  View Article
Reuters: ECB calls for common EU approach on debt write-offs
The European Central Bank called for a common approach in the European Union to writing off bank debt, to make it easier to shore up failing international lenders without having to call on taxpayers.  View Article
ECB working paper: A false sense of security in applying handpicked equations for stress test purposes
The paper promotes the use of Bayesian model averaging for the design of satellite models for stress testing. Banks employing ’handpicked’ equations risk significantly underestimating the response of risk parameters and overestimating their capital absorption capacity.   View Article
BIS: New report examines payment aspects of financial inclusion
The CPMI and the World Bank Group issued a consultative report which examines demand and supply-side factors affecting financial inclusion in the context of payment systems and services, and suggests measures to address these issues.  View Article
EBA publishes new DPM and XBRL taxonomy for remittance of supervisory reporting
The European Banking Authority (EBA) published an update to the XBRL taxonomy that Competent Authorities should use for the remittance of data under the EBA Implementing Technical Standards (ITS) on supervisory reporting.   View Article
EBA Board of supervisors decides on the extension of terms of office for EBA chairperson and executive director
The Board of Supervisors of the European Banking Authority confirmed the extension of the mandates of Andrea Enria and Adam Farkas, respectively as Chairperson and Executive Director of the EBA for a another five year term from 2016 to 2021.   View Article
Financial Times: Biggest UK banks drop down customer satisfaction league
Thousands of bank customers believe the UK’s biggest lenders are failing to improve services. Royal Bank of Scotland, HSBC, Lloyds Banking Group and Barclays have all dropped down the ranks of customer satisfaction, according to a survey of 10,000 current account holders.  View Article
 
  Securities
 
 
ECB response to the European Commission’s consultation on the review of the EMIR
As a general point, it is recalled that the CPMI, the IOSCO and the FSB are currently undertaking significant work on the standardisation of CCP requirements. The inclusion of any additional requirements in EMIR should be consistent with the outcome of this work.  View Article
EurActiv: Capital Markets Union another obstacle for FTT
As the 11 countries considering the Financial Transaction Tax prepare to finalise its details at the next Ecofin Council, many aspects of the tax are still hazy.  View Article
IOSCO publishes review of Implementation of Incentive Alignment Recommendations for Securitisation
The final report describes the progress by 25 jurisdictions in adopting legislation, regulation and policies in relation to incentive alignment in securitisation.  View Article
CEPS: Sixth year of contraction in European private credit markets, despite a stabilisation on the housing market
The ECRI Statistical Package 2015 reveals that at the end of 2014, the outstanding amount of the European non-financial private debt decreased in real terms for the sixth consecutive year, both in the European Union as a whole and in the euro area.  View Article
Reuters: EU regulators consult on compromise in derivatives spat with US
The EU has signalled that one of its key rules for regulating financial derivatives could be aligned with US practise to help to end a lengthy dispute that risks fragmenting the $630 trillion market.  View Article
 
  Insurance
 
 
EIOPA publishes the Equivalence progress report on developments in the Bermudian supervisory regime
The European Insurance and Occupational Pensions Authority (EIOPA) has published today a progress report depicting the latest developments in the supervisory regime of Bermuda.   View Article
Fitch publishes 2016 Global reinsurance guide
Fitch Ratings has published its edition of the Global Reinsurance Guide. This document provides reinsurance brokers, security committees and reinsurance investors with the latest research on the global reinsurance sector and views on the ratings in the agency's universe of reinsurance coverage.  View Article
 
  Asset Management
 
 
IOSCO publishes Final Report on the Peer Review of Regulation of Money Market Funds
The report describes the implementation progress made by 31 jurisdictions in adopting legislation, regulation and other policies in relation to money market funds.  View Article
AFME-ICMA comments on EIOPA CP on the identification and calibration of infrastructure investment risk categories
According to AFME-ICMA, the proposed definition is too restrictive. It should be extended to corporates’ operating infrastructure assets provided that the cash flows or assets pertaining to the infrastructure activities are ring-fenced.   View Article
IPE: Institutions launch initiative to standardise private equity reporting
Backed by a number of institutions, investment and reporting professionals and advisers, the Institutional Limited Partners Association launched the ‘Fee Transparency Initiative’ with the view to making private equity reporting uniform.  View Article
EBA updates on remuneration practices and high earners data for 2013 across the EU
The EBA published a report combining the benchmarking of remuneration practices across the European Union and aggregated data on the remuneration of EU institutions' staff who received, in total, €1million or more in 2013.   View Article
 
  Corporate Governance/Accounting
 
 
EFRAG’s draft comment letter on the IASB´s Exposure Draft ED/2015/6 Clarifications to IFRS 15
EFRAG published its draft comment letter in response to the IASB´s Exposure Draft ED/2015/6 Clarifications to IFRS 15 and seeks constituents’ views on the proposals.   View Article
EFRAG’s draft comment letter on the IASB´s Exposure Draft ED/2015/7 Effective Date of Amendments to IFRS 10 and IAS 28
EFRAG has published its draft comment letter in response to the IASB´ ED/2015/7 Effective Date of Amendments to IFRS 10 and IAS 28 and seeks constituents’ views on the proposals.   View Article
ACCA encourages members to uphold public value for the benefit of society and the accountancy profession
AACCA's president Anthony Harbinson, urges members to continue working in the public interest, promote responsible and ethical business and support sustainable global economic performance.   View Article
 
  Financial Services Policy
 
 
The ESAs see continued risks in EU financial markets and call for rigorous action on assets and liabilities
The European Supervisory Authorities for securities, banking, and insurance and occupational pensions issued their August 2015 Joint Committee Report on Risks and Vulnerabilities in the EU financial system.  View Article
 
  International/G20
 
 
G20: Communiqué of the Finance Ministers and Central Bank governors meeting
The G-20 met in Ankara to review ongoing economic developments, their respective growth prospects - saying that global growth fell short of their expectations-, and recent volatility in financial markets and its underlying economic conditions.   View Article
 
  Grahams Articles, Comments & Speeches
 
 
Deepening EMU – Round-up of Key Events – August 2015
The European Commission signed a new ESM programme for Greece, after which the Greek PM resigned and called for a snap election. The Chinese stock markets turmoil may pose a bigger concern for the global economy if turned into a crisis, and some European leaders called for further union in the EU.  View Article
 
  Friends Services
 
 
Deepening EMU – Round-up of Key Events – August 2015
The European Commission signed a new ESM programme for Greece, after which Greek PM resigned and called for a snap election. The Chinese stock markets turmoil may pose a bigger concern for the global economy if turned into a crisis, and some European leaders called for further integration in the EU.  View Article
 

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