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15 October 2015

This week in "Brussels"



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  Articles from 08 October 2015 - 15 October 2015

  Banking
 
 
EBF response to the European Commission consultation on the possible impact of CRR and CRD IV on bank financing of the economy
The European Banking Federation considers that the CRR and the CRD IV have had in general a positive impact on banks’ balance sheets, making them stronger by increasing their capital positions and the composition of capital.  View Article
AFME Consultation Response to the European Commission Consultation on the possible impact of the CRR and CRD IV
According to the response, the present consultation is a welcome step in trying to assess the impacts of the CRDIV/CRR on the economy and determine where that balance should sit.  View Article
ECON: Opening up the online payments market, so as to reduce fees and fraud risks
Updating EU rules on payment services will cut the cost of paying bills, by enabling new market players to use mobile and online tools to make payments on a client’s behalf.  View Article
EBA consults on its benchmark rate under the Mortgage Credit Directive
This EBA’s Consultation Paper requires creditors to create two illustrative examples in the European Standardised Information Sheet (ESIS) for variable rate mortgages on the basis of a benchmark rate specified by the EBA.   View Article
BIS: Speech by Stefan Ingves at the IIF Annual Membership Meeting
BCBS Chairman Ingves reiterated that the Basel III policy response to the financial crisis is largely complete and the overall architecture of the regulatory framework is now clear.   View Article
Financial Times: Europeans move to undercut global bank capital rules
Several European countries are taking action to water down new global capital rules for their biggest financial institutions, causing concern among investors and EU officials.  View Article
Financial Times: Europe needs home-grown bulge bracket banks
Everyone seems to agree that European capital markets need to play a bigger role in financing the continent’s households and companies. But what does the future hold for the continent’s banks? Here there are two starkly different views.  View Article
FCA: Strengthening accountability in banking and insurance: regulatory references
FCA in partnership with the Prudential Regulation Authority (PRA), are consulting on proposals for regulatory references as part of the wider package of reforms that aim to improve accountability in banks and insurers.  View Article
Bank of England: The banks that said no: banking relationships, credit supply and productivity in the United Kingdom
This paper provides new evidence on the impact of the credit supply shock caused by the financial crisis of 2008 on corporate outcomes in the UK.  View Article
Financial Times: UK regulator seeks to quash fears over bank ringfencing rules
The Bank of England’s Prudential Regulation Authority will seek to quash fears that the separation of retail and investment banking activities will cause capital to be trapped.  View Article
Reuters: ECB sets higher capital hurdle for Greek banks in stress tests
The European Central Bank has set the capital threshold that top Greek banks must meet in a stress test higher than in earlier eurozone wide health checks. That would potentially require them to raise billions of euros in extra capital.  View Article
Financial Times: Start-ups aim at banks’ income streams
The aim seems to be to inflict death by a thousand cuts. Banks and financial institutions are huge whales — sprawling businesses built over decades that make them seemingly impenetrable to the technological disruption faced by other industries.  View Article
 
  Securities
 
 
ECB: The future of Europe’s financial market infrastructure - the Eurosystem’s Vision 2020
ECB's Mersch said that the actions in the Eurosystem’s Vision 2020 which will be taken over the coming years will complement the European Commission’s project to establish a CMU in Europe – a project which the ECB and the Eurosystem fully support.   View Article
ECB: Euro area economic outlook, the ECB’s monetary policy and current policy challenges
ECB's Draghi spoke about the need to complete banking union and to develop a CMU in order to "make our monetary union in Europe stable and prosperous". He also said that the APP programme could be adjusted if necessary before achieving the 2% inflation rate or its September 2016 deadline.  View Article
EurActive / AFME's Lewis: Will a CMU deliver vital funding for Europe’s SMEs?
The European Commission unveiled its Capital Market Union proposal last week. While the US provides a useful model for comparison, Europe must adapt SME funding to the specificities of the domestic market, writes Simon Lewis.  View Article
Bank of England: OTC derivatives, central clearing and financial stability
The concentration of risk within CCPs highlights specific challenges, including the need for supervisory co-operation internationally. Authorities are working to address them by working together to ensure consistency of approach across jurisdictions based on robust regulatory standards.   View Article
Bloomberg: It's Quantitative Easing, Europe, But Not as We've Known It
The European Central Bank has started a limited pilot program to test out buying bonds through auctions rather than approaching dealers one to one. Strategists say the system is designed to improve QE’s transparency and may eventually be rolled out across the euro region.  View Article
Reuters: French bank chief sceptical of EU plan to revamp securitisation
French Banking Federation chief Frederic Oudea said that EU proposals aimed at relaunching the market for asset-backed securities are actually likely to shrink it in the short term.  View Article
 
  Insurance
 
 
IAIS develops higher loss absorbency (HLA) requirement for Global Systemically Important Insurers
The International Association of Insurance Supervisors (IAIS) announced that it has concluded initial development of the Higher Loss Absorbency (HLA) requirement for global systemically important insurers (G-SIIs) - second step in process to develop group-wide global insurance capital standards.  View Article
Fitch: GSII capital rules deter insurers from greater complexity
Capital requirements for global systemically important insurers (G-SIIs) may deter them from becoming larger and more complex, Fitch Ratings says.   View Article
EIOPA: Review of the methodology to derive the ultimate forward rates
The ultimate forward rates (UFRs) to calculate the risk-free interest rate term structures for Solvency II, in particular the UFR of 4.2% for the term structure for obligations denominated in euro, will remain unchanged until at least the end of 2016.  View Article
Bruegel: What options for European deposit insurance?
Authors draw some tentative conclusions on potentially adequate quid-pro-quo measures for different forms of deposit insurances given the problem of transition.  View Article
Commercial Risk Europe: Buyers help EIOPA with analysis of cyber risk exposure
European insurance supervisors are taking a close look at cyber risk and its potential impact on the solvency of the insurance industry, according to Ferma.  View Article
EIOPA updates its Action Plan 2016 and Way Forward for colleges of supervisors
EIOPA decided to bring forward from 2016 to 2015 discussions on whether group supervision should be extended to the sub-group level, whether national or cross-border in nature. The possible need to discuss this issue earlier was foreseen by EIOPA already last year and has now materialised.   View Article
 
  Asset Management
 
 
ESMA's Maijoor Opening Statement to ECON Scrutiny Hearing on AIFMD Passport
Steven Maijoor outlined the background to ESMA's work in relation to third-country regimes including the key areas ESMA will now work on in relation to the AIFMD Passport.  View Article
AFME releases first pan-EU guide on raising finance for Europe’s SMEs
Europe’s SMEs are finding it difficult to raise equity capital and there is a significant lack of awareness about the funding options available to them. AFME released the first pan-EU Guide to help SMEs identify and access funding opportunities.  View Article
 
  Corporate Governance/Accounting
 
 
FEE: The future of corporate reporting
The new FEE paper puts forward ideas for corporate reporting to evolve in a way that will keep pace with the developing economic reality and address the needs of a wider stakeholder audience.  View Article
 
  Financial Services Policy
 
 
IOSCO continues to reinforce its position as key global reference point for markets regulation
The IOSCO Board talks focused on three sets of activities in key priority areas: Identifying and responding through guidance to global market risks; providing assistance to IOSCO members, and supporting G20 efforts to promote stability in the global financial system.  View Article
FSB publishes Chair's letter to G20 on financial reforms
In this letter to the G20 Finance Ministers and Central Bank Governors, the FSB Chair Carney notes that the FSB is making considerable progress towards its post-crisis reform objectives for the Antalya Summit.   View Article
 

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