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02 June 2016

This week in "Brussels"
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  Articles from 26 May 2016 - 02 June 2016

  Banking
 
 
ECB: Report on the results of the Survey on the Access to Finance of Enterprises in the Euro Area – October 2015 to March 2016
The report provides evidence on changes in the financial situation, financing needs and access to financing of small and medium-sized enterprises (SMEs) in the euro area in the six months from October 2015 to March 2016, as well as comparing the situation of SMEs with that of large enterprises.   View Article
Financial Times: France and Italy move to counter EU push for tougher bank rules
France and Italy have moved to counter an EU push to toughen the rules governing the bloc’s largest banks, in the latest sign of mounting fears in some capitals that the bloc may be taking excessive steps as it seeks to prevent another financial crisis.  View Article
MEPs call for virtual currency watchdog to combat money laundering and terrorism
The EU Commission should set up a taskforce to monitor virtual currencies, like Bitcoin, to prevent their being used to launder money or finance terrorism, said Parliament in a non-binding resolution.  View Article
Publication of the EPC recommendations on the validity of electronic mandates in a cross-border context
The EPC published ‘Recommendations on the Validity of Electronic Mandates in a Cross-Border Context’. The purpose of this document is to draw the attention of SDD scheme participants on guidelines on the security of internet payments from the European Banking Authority (EBA).  View Article
Contribute to the future of mobile payments in Europe by participating in the EPC’s public consultation on mobile payments
The EPC released its white paper on mobile payments for a three-month public consultation. This document aims to contribute to the evolution of an integrated market for mobile payments across the SEPA.  View Article
EPC: Have your say on the review of the SEPA Cards Standardisation Volume, now open to public consultation
The European Payments Council (EPC) and the Cards Stakeholders Group (CSG - a multi-stakeholder body gathering retailers, vendors, processors, card schemes and the EPC) released version 7.5 of the SEPA Cards Standardisation Volume (the Volume) for a three-month public consultation.  View Article
EPC: Pan-European P2P Mobile Payments: Publication of the summary of the first meeting of the ‘Forum’ steering committee
The European Payments Council, as part of its role of facilitator in the context of Person-to-Person mobile payments, published the summary of the first meeting of the Steering Committee of the 'Forum'.  View Article
EBA and EIB discuss opportunities and challenges of synthetic securitisation in the banking sector
On 31 May 2016, the EBA and the European Investment Bank Group hosted a seminar to discuss opportunities and challenges on the role and potential use of credit guarantees and synthetic securitisation in the banking sector.   View Article
Commodity dealers: exposure exemption extended
The Council adopted a regulation extending an exemption for commodity dealers under EU bank capital requirements.   View Article
Financial Times: Banks turn to software to ease stress as regulations tighten around the globe
Revelations about offshore accounts around the world, designed to shelter billions of dollars from tax, have thrust financial regulation into the spotlight.  View Article
EBA: Joint Committee of ESAs launches website
The Joint Committee of the European Supervisory Authorities (EBA, EIOPA, ESMA - ESAs) announced the launch of its dedicated website. The new website presents information and news about the cross-sectoral work of the three ESAs.  View Article
 
  Securities
 
 
ESMA issues opinion on MiFID II standards on ancillary activities
ESMA published an Opinion in response to a letter from the Commission asking to amend its draft RTS 20 under the MiFID II and MiFIR. RTS 20 provides criteria to establish when a non-financial firm’s commodity derivatives trading activity is considered to be ancillary to its main business.  View Article
ESMA publishes updated Q&A on CFDs and other speculative products
ESMA published an updated version of its Q&A on the application of the MiFID to the marketing and sale of financial contracts for difference and other speculative products to retail clients (such as binary options and rolling spot forex).  View Article
ESMA consults on proposed implementing measures for benchmarks regulation
ESMA is seeking stakeholder input on draft Technical Advice it is supposed to develop in order to detail the implementation of the incoming benchmarks regulation which was introduced following the rigging of different market benchmarks such as Libor.   View Article
ESMA issues technical standards on indirect clients
ESMA's RTS clarify provisions of indirect clearing arrangements for OTC and exchange-traded derivatives and help to ensure consistency and that an appropriate level of protection for indirect clients exists.  View Article
ESMA consults on CSDR guidelines on participant default rules and procedures
ESMA has launched a consultation on Guidelines on participant default rules and procedures under CSDR.  View Article
ESMA issues Q&A on MAR implementation
ESMA's MAR Q&A document provides common answers to questions regarding practical issues related to the implementation of the new MAR regime. It also clarifies the scope of firms subject to the MAR provision to detect and report suspicious orders and transactions.  View Article
ESMA's Maijoor speech at Financial News 20th Anniversary
Steven Maijoor's keynote address focused on MiFID II, the UK referendum and ESMA's role in regulation.  View Article
 
  Insurance
 
 
EIOPA updates technical documentation for the Solvency II RFR term structures
EIOPA published updated technical documentation on the methodology to derive the relevant risk-free interest rate term structures (RFR) for Solvency II.  View Article
Insurance Europe concerns over the ESAs PRIIPs final draft RTS
Insurance Europe's new paper outlines the industry's serious concerns over issues regarding the technical content of the RTS in points such as risk indicator, performance scenarios, presentation of costs, PRIIPs offering a range of options for investments and the scope of the RTS.   View Article
Insurance Europe: Regulation must enable insurers to put customers first
Badly designed regulation can harm consumers with information overload, duplicative disclosure requirements and excessive capital charges, according to Insurance Europe’s president, Sergio Balbinot.  View Article
 
  Asset Management
 
 
Financial Times: EU regulator warns Brexit is a threat to UK funds
According to ESMA's Maijoor, British vote to leave the EU in next month’s referendum would threaten UK asset managers’ ability to sell funds across Europe.  View Article
ESMA publishes updated EuSEF and EuVECA Q&A
ESMA published an updated 'questions and answers' document on the application of the European Social Entrepreneurship Funds and the European Venture Capital Funds Regulations.  View Article
AIC: SEC enforcement proceedings driving changes in the private equity fund industry
SEC’s Ceresney discussed the impact of SEC enforcement proceedings involving private equity fund advisers on practices in the private equity fund industry.  View Article
 
  Corporate Governance/Accounting
 
 
FEE: Simplified prospectus for SMEs
FEE has published a briefing paper with the aim to add a concrete proposal to the EC’s efforts to establish a simplified prospectus regime for small- and medium-sized enterprises under the Capital Markets Union.  View Article
IASB: IFRS Foundation and IOSCO strengthen cooperation in the development and implementation of IFRSs
The IOSCO and the IFRS Foundation have announced a Statement of Protocols that describes an ambitious programme of work to promote and facilitate transparency within capital markets through the development and consistent application of IFRS Standards.  View Article
EBF letter to ESMA on IFRS 9 pre-transition disclosures
EBF published its letter in reference to ESMA plans to issue a statement on disclosures before IFRS 9 ‘Financial Instruments’ is implemented to encourage listed companies to provide timely and relevant information on the expected impact of the IFRS 9 in accordance with IAS 8.  View Article
IPE: IASB rejects demand for greater role of 'prudence' in IFRS framework
IPE analyses the fact that the IASB has dashed the hopes of long-term UK institutional investors by rejecting calls to reintroduce ‘prudence’ defined as a bias toward conservatism back into IFRS.  View Article
IFAC: IESBA releases 2015 annual report, elevating global ethics
The 2015 IESBA Annual Report summarizes the IESBA’s achievements, project developments, and operating context in 2015.  View Article
ACCA expresses concern over delays in Whole of Government Accounts publication
ACCA says that, in the pre-recess rush to publish many reports, the sixth UK Whole of Government Accounts may go unnoticed.  View Article
 
  Financial Services Policy
 
 
BIS: First phase of a global code of conduct for currency markets published
The first phase of the Global Code of Conduct for the Foreign Exchange Market and principles for adherence to the new standards were released today in New York by the Foreign Exchange Working Group (FXWG).  View Article
 
  International/G20
 
 
Global economy stuck in low-growth trap: Policymakers need to act to keep promises, OECD says in latest Economic Outlook
OECD has warned against Brexit, saying that "a United Kingdom vote to leave the European Union would trigger negative economic effects on the UK, other European countries and the rest of the world".  View Article
European Parliament: EU welcomes outcome of G7 summit in Japan
The EU-led efforts for an ambitious G7 declaration that reflects global political will to boost economic resilience, tackle the global migration challenge and fight terrorism among others. The G7 declaration warned of the economic consequences of a Brexit and called it "a serious risk to growth."  View Article
 

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