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21 April 2016

This week in "Brussels"
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  Articles from 14 April 2016 - 21 April 2016

  Banking
 
 
EBA publishes final Guidelines for disclosing confidential information under the BRRD
The EBA published its final Guidelines defining how confidential information collected under the BRRD should be disclosed in summary or collective form without identifying individual institutions or relevant entities.  View Article
EBA publishes end of term report of its Banking Stakeholder Group (BSG)
The document covers the outputs of the BSG for the second term of the membership whose appointment fell between October 2013 and 15 April 2016, as well as information on its working methodology and its interaction with the EBA.  View Article
Definitions and disclosure of non-performing exposures and forbearance proposed by the Basel Committee
The Basel Committee on Banking Supervision has issued for consultation its Guidelines on the prudential treatment of problem assets - definitions of non-performing exposures and forbearance.  View Article
ECB: Results of the April 2016 euro area bank lending survey
Euro area banks reported a further net easing of credit standards on loans to enterprises in the first quarter of 2016. Competitive pressures remained the main factor behind this easing. By contrast, credit standards on loans to households for house purchase tightened.  View Article
Bank of England: FCA and PRA jointly publish proposals to enhance enforcement decision-making processes
The proposals address recommendations made by HM Treasury in its ‘Review of enforcement decision-making at the financial services regulators’ and Andrew Green QC’s ‘Report into the FSA’s enforcement actions following the failure of HBOS’.   View Article
Financial Times: City rainmakers unfazed by FCA capital markets report
The UK financial watchdog’s proposal to block investment banks from contractually forcing their clients to award them more business has been met with a shrug by rainmakers in the City of London.  View Article
The Telegraph: Record number of customers switch their bank account
Record numbers of bank customers switched their current account to a rival lender last month, hinting that competition between banks may at last be taking off.   View Article
Daily Mail: Millions of High Street shoppers are still refusing to trust contactless cards - Third admit not using the technology to pay
Nearly a third of shoppers still do not trust contactless cards. People waving their cards across payment machines has become an increasingly familiar sight on the High Street. But despite the rising popularity, millions of people – particularly the middle aged and the elderly – remain wary.  View Article
 
  Securities
 
 
ESMA announces EU-wide stress tests for CCPs
ESMA announced the publication of its first EU-wide stress test exercise regarding Central Counterparties on 29 April 2016.  View Article
ISDA publishes margin-rule-compliant collateral document
ISDA published the first in a series of documents to help market participants comply with new margining requirements for non-cleared derivatives.  View Article
ICMA report shows innovative technologies and new market entrants shaping the electronic bond trading landscape in Europe
A new report, from the International Capital Market Association, shows that the way bonds are traded in Europe is undergoing a period of intense, evolutionary change in response to pressure from regulation and Fintech developments.  View Article
 
  Insurance
 
 
EIOPA consults on methodology to derive ultimate forward rate (UFR) under Solvency II
To achieve the main objective of Solvency II, protection of policyholders, the UFR needs to be chosen appropriately. The proposed UFR strives for a balance between the stability of the UFR and the need to adjust the UFR in case of change in long-term expectations about interest rates and inflation.   View Article
EIOPA consults on treatment of infrastructure corporates under Solvency II
The EIOPA published a Consultation Paper on the request by the European Commission to EIOPA for further technical advice on the identification and calibration of other infrastructure investment risk categories i.e. infrastructure corporates.   View Article
Bank of England: Solvency II - matching adjustment (MA)
The PRA seeks feedback on a draft statement setting out its expectations on firms in relation to the application of the MA for the purposes of calculating technical provisions, including in the context of applications for MA approval and the ongoing management of MA portfolios under Solvency II.  View Article
Bank of England: Recalculation of the ‘transitional measure on technical provisions’ under Solvency II
In this consultation paper the PRA proposes a supervisory statement that sets out the PRA’s expectations for the recalculation of the transitional measure on technical provisions (TMTP).   View Article
 
  Asset Management
 
 
EIOPA recommends to enhance risk assessment and transparency of pension funds
EIOPA published its Opinion on a Common Framework for Risk Assessment and Transparency for Institutions for Occupational Retirement Provision.  View Article
IPE: Largest Swedish pension providers call for break from Solvency II
Four of Sweden’s largest pension providers have urged the Ministry of Finance to regulate the occupational pension sector with a tailor-made framework rather than subject them to Solvency II.  View Article
PensionsEurope quantitative assessment exercise
PensionsEurope welcomes EIOPA’s decision to drop solvency requirements, but has strong concerns about the proposed common framework for risk management.  View Article
New fund liquidity report from EFAMA and ICMA outlines tools available to manage liquidity risk
ICMA, AMIC and EFAMA published a report on the legislative requirements and market-based tools available to manage liquidity risk in investment funds in Europe. The report also offers some recommendations to further improve the general liquidity management environment.  View Article
Financial Times: EU fires ‘starting gun’ on direct lending
ESMA has called for the creation of an EU-wide framework to allow asset managers to offer loans to cash-starved businesses, which have suffered from the banking industry’s retreat from lending.  View Article
 
  Corporate Governance/Accounting
 
 
IFAC: IAASB report focuses on outcomes of its work and commitment to the public interest
The IAASB released its 2014/2015 Biennial Report, Championing Change in the Public Interest. The report highlights key outputs from the board in the past two years, including the Framework for Audit Quality and the new and revised Auditor Reporting standards.  View Article
ACCA, EuropeanIssuers, FEE: Response to consultations on the implementation of EU non-financial reporting requirements
ACCA, EuropeanIssuers and FEE have responded to the EC’s consultation on the non-binding guidelines on a methodology for reporting non-financial information.   View Article
City A.M.: Introduction of the EU Audit Directive to businesses and their accountants
The author analyses the impact of the EU Audit Directive on audit and advisory firms and the way they operate with Public Interest Entities. Both companies and the audit and advisory firms need to plan for this change, according to the analysis.  View Article
FEE responds to IESBA's proposed revisions to the structure of the Code – Phase 1
FEE submitted its comments on the IESBA ED: Improving the Structure of the Code of Ethics for Professional Accountants – Phase 1 proposing amendments to the IESBA Code of Ethics for Professional Accountants.  View Article
FEE responds to IPSASB proposed amendments to IPSAS 25 on employee benefits
FEE submitted its comments on IPSASB's Exposure Draft 59: Amendments to IPSAS 25 Employee Benefits. FEE supports the approach taken in this ED that aligns, as far as possible, IPSAS 25 with IAS19.  View Article
 
  Financial Services Policy
 
 
Financial Times: Finance leaders call for collaboration on fintech development
A group of global finance leaders is calling on regulators, start-ups and industry incumbents to embark on landmark collaborations that they say will reduce the chances of the financial technology boom imploding.  View Article
 
  International/G20
 
 
Bloomberg: G-20 says growth risks are stabilizing as shock of Brexit looms
Finance chiefs of the Group of 20 economies said risks to the global recovery have stabilized while threats to the outlook remain, including terrorism and the U.K.’s potential exit from the European Union.  View Article
ACCA: Global employment freeze looms as economic confidence plummets among the world’s hirers
Latest quarterly global survey from ACCA and IMA shows businesses less optimistic in Q1 16/17 than at any other time in the past four years.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
Should the United Kingdom remain a member of the European Union or leave the European Union?
Graham Bishop speech notes for the Federal Trust debate on the UK's EU membership.  View Article
 

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