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01 October 2015

This week in "Brussels"
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Asset Management Corporate Governance/Accounting International/G20
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  Articles from 24 September 2015 - 01 October 2015

  Banking
 
 
EBA recommends to the EU Commission retention of maturity ladder in the ITS on additional liquidity monitoring metrics
The EBA issued an Opinion to the European Commission dissenting to its proposed amendment to remove the maturity ladder from the EBA final draft ITS on additional liquidity monitoring metrics.   View Article
ECB's Mersch: Means of payments and SMEs: where are we heading?
In his speech, ECB's Mersch outlines how the ERPB will benefit SMEs, and how they have already benefitted from the creation of the Single Euro Payments Area.  View Article
ECB: Results of the Euro Money Market Survey 2015
The results of this ECB’s survey show that overall turnover has declined in the main segments. This can be partly attributed to the relative attractiveness of instruments with longer maturities on account of value or regulatory considerations.   View Article
Reuters: Central bankers warn against extending bank regulations to shadow banks
Extending bank regulations to the so-called shadow banking sector is not only probably unfeasible but may fuel market swings, several central bankers said at a conference on non-bank regulation at the Bank of France.  View Article
EPC: First meetings of the EPC Scheme End-User Forum and EPC Scheme Technical Forum
In line with the EPC’s new governance aimed at further enhancing the involvement of scheme end-users and technical players, the EPC created in 2015 the EPC Scheme End-User Forum (SEUF) and the EPC Scheme Technical Forum (ESTF). These groups met for the first time in September 2015.  View Article
CITY A.M.: Banks at risk of legal action over the FCA’s new regulatory regime
CITY lawyers are warning that new regulations for top bank staff could spark an increase in the number of legal claims over firings.  View Article
CITY A.M.: Banks push back against government proposals to separate high street and investment banking in ringfencing reforms
Britain's biggest banks are preparing to ramp up their arguments against government proposals to separate high street and investment banking, ahead of a new Bank of England consultation next month.  View Article
BCBS: Basel III implementation assessment of the Kingdom of Saudi Arabia published by Basel Committee
The BCBS has published two reports assessing the Kingdom of Saudi Arabia's implementation of the Basel risk-based capital framework and the Liquidity Coverage Ratio (LCR).   View Article
 
  Securities
 
 
European Commission: Capital Markets Union - an Action Plan to boost business funding and investment financing
The European Commission launched the Capital Markets Union Action Plan to help build a true single market for capital across the 28 EU Member States.  View Article
Financial Times/Hill: A stronger capital markets union for Europe
No need to disrupt markets that work well in pursuit of theoretical perfection, writes Commissioner Jonathan Hill.   View Article
EBF: CMU Action Plan puts Europe on track towards growth
With its Action Plan for a CMU, the European Commission is on the track towards growth in the European economy. Europe’s banking sector, with its pivotal financing role, fully supports CMU and is keen to help build a new ecosystem for growth in Europe by cooperating with all stakeholders.  View Article
POLITICO: Coming soon, to a capital market near you…
Five takeaways from the EU’s Capital Markets Union action plan obtained by POLITICO.  View Article
ESMA readies MiFID II, MAR, and CSDR
ESMA published its final technical standards on some of the most important pieces of post-crisis financial regulation: the Markets in Financial Instruments Directive, the Market Abuse Regulation and the Central Securities Depositaries Regulation.   View Article
AFME’s new model clause creates harmonisation for implementing contractual recognition of bail-in
AFME published its model clause for contractual recognition of bail-in, which provides model wording designed to assist banks in complying with obligations under Article 55 of the European Union’s Bank Recovery and Resolution Directive (BRRD).  View Article
ICMA: Growth in the European repo market is stalled
According to ICMA, the repo market in Europe is not growing in line with underlying conditions.  View Article
Investment Association responds to ESMA'S Regulatory Technical Standards
ESMA’s Regulatory Technical Standards lay out how the European Commission's overhaul of bond and equity trading will apply in practice. Investment Association continues to believe that COFIA is more appropriate as the determination of a bond's liquidity needs to be simple, stable and predictable.  View Article
ESMA consults on the European Single Electronic Format
ESMA launched its public consultation on its regulatory technical standards on the European Single Electronic Format. The consultation closes on 24 December 2015.  View Article
ESMA publishes draft RTS on European Electronic Access Point
ESMA delivered its regulatory technical standards on the European Electronic Access Point (EEAP), as required under the amended Transparency Directive, to the European Commission for endorsement.  View Article
ESMA Chair Steven Maijoor and Executive Director Verena Ross extended for second 5-year-term
The Board of Supervisors of ESMA based its decision on an evaluation of the work of the Chair and Executive Director over the past five years, as well as on ESMA’s requirements for the coming years. The decision to extend Steven Maijoor’s term is subject to confirmation by the European Parliament.  View Article
ESMA appoints new chairs to Standing Committees
The Board of Supervisors of ESMA appointed David Lawton, Misu Negritoiu and Edwin Schooling Latter to serve as chairs of its standing committees.  View Article
 
  Insurance
 
 
EIOPA advises to set up a new asset class for high-quality infrastructure investments under Solvency II
EIOPA has suggested a more granular approach by advising to create a separate asset class, under Solvency II standard formula for investments in infrastructure projects, which seeks to capture high quality infrastructure, whilst recognising the complex and heterogeneous nature of such investments.  View Article
EIOPA publishes Opinion on group solvency calculation in the context of equivalence
The opinion aims to provide consistency on the group supervisors approach towards the third countries capital requirement to be used for the calculation of the solvency position of such groups.  View Article
EIOPA publishes XBRL Taxonomy release 2.0.1 Candidate Recommendation
This EIOPA Solvency II DPM and XBRL taxonomy package release 2.0.1 CR is distributed to the stakeholders for the review before the publication of the official 2.0.1 release to be used for the first submissions obligations.   View Article
 
  Asset Management
 
 
Hedgeweek: Alternative UCITS benefit from liquidity in Europe
A report from Cerulli Associates finds that the hunt for a better return is leading growing numbers of European retail investors toward alternative funds.  View Article
MFA updates equity market structure recommendations
The MFA has updated its equity market structure recommendations with the Securities and Exchange Commission and other regulators.  View Article
IOSCO Research reports on Corporate Bond Markets in Emerging Markets
The IOSCO published a Staff Working Paper entitled Corporate Bond Markets: An Emerging Market Perspective. The report is the second in a series on Corporate Bond Markets.   View Article
 
  Corporate Governance/Accounting
 
 
ESMA: Application of the IFRS in relation to the recognition of contributions to Deposit Guarantee Schemes in IFRS accounts
The ESMA has published its opinion on the application of the IFRS in relation to the recognition of contributions to Deposit Guarantee Schemes in IFRS accounts. ESMA is of the view that an opinion is necessary to promote consistent application of IFRS in the EU and avoid divergence in practice.  View Article
IASB to consult on temporary measures relating to the effective dates for IFRS 9 and the new insurance contracts standard
The IASB has confirmed that it will consult on a package of temporary measures to address concerns about issues arising from implementing the financial instruments Standard before the new insurance contracts Standard comes into effect.  View Article
FRC: Justifiable confidence in audit through implementation of the EU Audit Regulation and Directive
The FRC has published a consultation on revisions to Ethical and Auditing Standards, the UK Corporate Governance Code and related Guidance on Audit Committees.  View Article
IFAC: New guide on compilation engagements helps accountants meet changing market demand
The Guide to Compilation Engagements, released by IFAC, aims to help professional accountants in practice in conducting compilation engagements in compliance with ISRSTM 4410 (Revised), an International Standard on Related Services developed exclusively by the IAASB.  View Article
EFRAG extends the comment period for its documents for public consultation related to the Conceptual Framework
EFRAG has extended the comment period for the documents for public consultation relating to the IASB ED Conceptual Framework for Financial Reporting. The revised deadline for comments is 18 November 2015.  View Article
 
  International/G20
 
 
EU - U.S. Financial Markets Regulatory Dialogue Joint Statement
Participants in the Financial Markets Regulatory Dialogue (FMRD) met to exchange information on regulatory developments as part of their ongoing dialogue.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
What is CMU?
What is CMU and what is it intended to achieve?   View Article
It’s time for a 29th regime
The 28 member states should set up a new EU-wide regime operating in parallel with national ones as a way of removing obstacles to CMU.  View Article
 

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