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16 June 2016

This week in "Brussels"
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Banking Securities Insurance
Asset Management Corporate Governance/Accounting Financial Services Policy
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  Articles from 09 June 2016 - 16 June 2016

  Banking
 
 
European Commission: Public consultation on the evaluation of the financial conglomerate directive
The European Commission is launching a public consultation to gather evidence on whether existing EU rules relating to the supplementary supervision of entities in a financial conglomerate are fit for purpose and working as intended.   View Article
ECB's Constancio: Euro zone banks 'very far' from switching to cash:
Euro zone banks are benefiting from the European Central Bank's sub-zero interest rates and they are "really far" from converting their deposits to cash, ECB Vice President Vitor Constancio said.  View Article
Reuters: Euro banks repay most ECB loans to make room for cheaper ones
Euro zone banks will repay most, but not all, of the multi-year loans they have taken from the European Central Bank to make room for cheaper cash becoming available later this month, the ECB said.  View Article
ECB: Making sense of the EU wide stress test - a comparison with the SRISK approach
Authors analyse the SRISK measure with respect to its usage as a benchmark for the ECB/EBA 2014 stress test. They find out that the ECB/EBA stress impact is consistent with findings in the literature on credit losses. In contrast, the SRISK measure bears much less relation to these factors.  View Article
EBA publishes final draft technical standards on specialised lending exposures
The purpose of these RTS is to harmonise the assignment of risk weights to specialised lending exposures for institutions that apply the so called ‘supervisory slotting criteria' approach.   View Article
Antitrust: Commission welcomes entry into force of new rules to boost card payment transparency
The European Commission welcomes the entry into force of new rules to make the costs of payments with debit or credit cards more transparent to retailers and consumers and allow them to make efficient choices. All elements of the Interchange Fee Regulation are now fully applicable.  View Article
EPC blog: Reflections on the progress towards pan-european instant payments in euro - Interview with Helmut Wacket (ECB)
Helmut Wacket, Head of the Market Integration Division at the ECB’s Directorate General for Market Infrastructure and Payments, shares his thoughts on the key features of the scheme, and explains what will be the role of the ECB until and after the launch of the scheme in November 2017.  View Article
ECB: The role of euro area non-monetary financial institutions in financial intermediation
The rising role of non-MFIs that are subject to less regulation and supervision has to be assessed for its possible repercussions on monetary policy transmission. In addition, the interplay of all financial intermediaries needs to be monitored from a monetary policy perspective.  View Article
Yves Mersch: Grasping the new normal of the banking industry – a view from a European Central Banker
ECB's Yves Mersch speech at the European Financial Congress focused on the message that both change and stability are needed to secure the future of Europe’s banking sector.  View Article
 
  Securities
 
 
PCS appears at the European Parliament hearing on securitisation
PCS, together with the EBA, Santander, LBBW and an academic presented to and answered questions from Members of the European Parliament at a hearing.  View Article
ESMA's Executive Director Verena Ross speaks at European Parliament’s Public Hearing on Securitisation
The speech covers the role of securitisation in financing the real economy; ESMA’s work on securitisation; and how to make information on securitisations available to investors.  View Article
European Commission: Adoption of a delegated regulation on central clearing for interest rate derivatives
The Commission adopted a delegated regulation that makes it mandatory for certain over-the-counter interest rate derivative contracts to be cleared through central counterparties.  View Article
Bloomberg: Banks gain ground in push to change derivatives capital rule
The European Union’s financial-services chief, Jonathan Hill, and members of the bloc’s parliament recently joined the Bank of England in saying the global capital standard needs to be fixed.  View Article
Bloomberg: EU collateral rules lag U.S. in $493 trillion swap market
The European Union will push back the completion of collateral rules for the multi-trillion-dollar swap market to the end of the year, breaking with U.S. authorities who have set a September deadline for the biggest banks to comply.  View Article
 
  Insurance
 
 
Fitch: UK law change may squeeze commercial insurance margins
Changes to UK legislation intended to make it harder for insurers to dispute commercial insurance claims could lead to more intense price competition and slimmer margins for the sector.  View Article
EIOPA publishes its Annual Report 2015
EIOPA provides a detailed overview of tools and projects that it used across its goals to ensure them.  View Article
EIOPA and the China Insurance Regulatory Commission sign a Memorandum of Understanding
The EIOPA and the China Insurance Regulatory Commission (CIRC) signed a Memorandum of Understanding (MoU) in Budapest, Hungary where both authorities participate in the Executive Committee meeting of the International Association of Insurance Supervisors (IAIS).  View Article
 
  Asset Management
 
 
Money market funds: Council agrees its negotiating stance
The Permanent Representatives Committee (Coreper) agreed, on behalf of the Council, a negotiating stance on a draft regulation on money market funds, aimed at making such products more robust.   View Article
IPE: Divergent mortality trends complicate market solution for longevity risk
According to the OECD, differences in life expectancy across socio-economic groups could act as a barrier to the development of a longevity product tradable on capital markets.  View Article
 
  Corporate Governance/Accounting
 
 
ACCA: Entrepreneurs are missing vital financial skills to ensure the success of their businesses
ACCA addresses the financial literacy skills gap with a new guide for anyone starting their own business, new to financial management or simply seeking to improve their knowledge.  View Article
 
  Financial Services Policy
 
 
BBA members vote in favour of trade association merger
Members of the BBA have voted for the organisation to consolidate with three other bodies to form a new trade association for the finance sector.  View Article
City of London Corporation: Improving international access to credit markets
Improving International Access to Credit Markets is a major research report commissioned by the City of London Corporation and produced by Research Republic.  View Article
 

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