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30 June 2016

This week in "Brussels"
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Asset Management Corporate Governance/Accounting Graham's Articles, Comments & Speeches
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  Articles from 23 June 2016 - 30 June 2016

  Banking
 
 
ECB is closely monitoring financial markets
Following the outcome of the UK referendum, the European Central Bank (ECB) is closely monitoring financial markets and is in close contact with other central banks.  View Article
Statement from the Governor of the Bank of England following the EU referendum result
The BoE released its statement on the outcome of the UK's referendum over EU membership.  View Article
EBF: Statement on result of UK referendum on EU membership
Wim Mijs, Chief Executive of the European Banking Federation (EBF) provides statement on result of UK referendum on EU membership.  View Article
Reuters: ECB happy to stay put after Brexit vote as markets regain poise: sources
The European Central Bank is in no rush to ease its monetary policy in response Britain's vote to leave the European Union, taking comfort in a calmer-than-feared market reaction.  View Article
Financial Times: Banks press regulators for Brexit clarity
The world’s biggest banks are pushing regulators and politicians for answers so they can plan for the future of their London operations after the UK’s vote to leave the EU.  View Article
EBF draft response to the BCBS consultation on internal models
The EBF welcomes the international debate on the use of internal rating based (IRB) models for regulatory purposes.  View Article
EBF comments on the ECB public consultation on the exercise of options and discretions (part 2)
The European Banking Federation provided its comments to ECB public consultation and pointed out the short consultation period as one of the key aspects to gather all relevant comments from its members.  View Article
EBF response to DG FISMA consultation paper on further considerations for the implementation of the NSFR in the EU
The EBF supports a Net Stable Funding Ratio (NSFR) as a structural liquidity risk metric but advocates that the ASF and RSF factors in the NSFR should reflect a sustainable business-as-usual approach that is consistent with the role of the banking industry in liquidity maturity transformation.  View Article
BIS: Policy remix needed to tackle pent-up risks
There is an urgent need to rebalance policy in order to shift to a more robust and sustainable global expansion and address accumulated vulnerabilities, the BIS writes in its Annual Report, calling for prudential, fiscal and structural policies to play a greater role.  View Article
How to improve the cost-efficiency of cash in Europe: the EPC publishes the single euro cash area framework
With the aim of helping shape an efficient “Single Euro Cash Area” (SECA), and subsequently to reduce the cost of cash in Europe and improve its quality and trustworthiness, the European Payments Council published the updated SECA Framework.  View Article
ECB: Shadow banking in the euro area: risks and vulnerabilities in the investment fund sector
This paper highlights the structural features of shadow banking in the euro area, focussing on investment funds. It also discusses the potential systemic risks that the recent expansion of the investment fund sector presents.  View Article
 
  Securities
 
 
Steven Maijoor gives speech on CCP Recovery and Resolution
Steven Maijoor, Chair of the European Securities and Markets Authority, gave a speech at the Banque de France’s policy conference on the recovery and resolution of CCPs.  View Article
EDHEC-Risk: Initial margin for non-centrally cleared OTC derivatives: overview, modelling and calibration
This paper provides a detailed overview and analysis of the forthcoming new framework to be used by large financial institutions to determine initial margin and variation margin payments when trading non-cleared over-the-counter derivatives.  View Article
ISDA: Industry groups urge focus on risk controls in CFTC’s proposed rule on automated trading
The FIA, FIA PTG, ISDA, MFA, and SIFMA AMG sent a joint letter to the Commodity Futures Trading Commission in response to the reopened comment period on their proposed rule on regulation automated trading.  View Article
BIS: CPMI-IOSCO release guidance on cyber resilience for financial market infrastructures
This Cyber Guidance is the first internationally agreed guidance on cyber security for the financial industry. It has been developed against the backdrop of a rising number of cyber attacks against the financial sector and in a context where attacks are becoming increasingly sophisticated.  View Article
 
  Insurance
 
 
Commercial Risk Europe: No need for London and UK insurers to panic over Brexit
The UK insurance sector and many international firms that use London as their European base will likely be less affected by the historic Brexit vote than other financial sectors. A mass exodus of firms and premiums from London to continental Europe is not expected overnight.  View Article
 
  Asset Management
 
 
ESMA publishes the responses to its Discussion Paper on UCITS share classes
The European Securities and Markets Authority has published the responses received to the Discussion Paper on UCITS share classes.  View Article
FSB publishes Proposed Policy Recommendations to Address Structural Vulnerabilities from Asset Management Activities
The document sets out 14 proposed policy recommendations to address the following structural vulnerabilities from asset management activities that could potentially present financial stability risks.  View Article
Investment & Pensions Europe: IORP II compromises on cross-border funding, requires stranded-asset check
Sweeping reforms of European pension regulation are set to be announced imminently, including a concession on funding for cross-border IORPs and new requirements to assess the environmental, social and governance (ESG) risks of holdings.  View Article
Investment & Pensions Europe: 'I understand', Commissioner Hill tells pension funds on EMIR concerns
The European Commission will feed pension funds’ calls for a permanent exemption from central clearing obligations into a review of the European Market Infrastructure Regulation that is coming to a close, commissioner Jonathan Hill said.  View Article
Janwillem Bouma makes policy recommendations to make pensions work at PensionsEurope 2016 Conference
Janwillem Bouma, Chair of PensionsEurope, welcomed delegates attending the second PensionsEurope conference to discuss among others how to get more people saving for retirement.   View Article
 
  Corporate Governance/Accounting
 
 
EFAA: Report on implementation of the EU Accounting Directive
The EFAA has published a report on implementation of the Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings.   View Article
IASB: Proposal of narrow-scope amendments to IFRS 3 and IFRS 11
The IASB published for public consultation proposed amendments to IFRS 3 Business Combinations and IFRS 11 Joint Arrangements. It clarifies both the definition of a business and how to account for previously held interests.  View Article
FEE responds to IPSASB exposure draft on public sector combinations
FEE has submitted its comments to IPSASB on ED 60, Public Sector Combinations. FEE supports the approach taken in this ED that aligns, as far as possible, Public Sector Combinations with IFRS 3.  View Article
ECIIA: EU’s non-audit “blacklist” services include internal audit
ECIIA supports the move to make the statutory audit more transparent. Internal audit is now officially on a “blacklist” of services that accountancy firms are forbidden from providing to their statutory audit clients.  View Article
IASB/Hans Hoogervorst: Living on borrowed time
Hans Hoogervorst, IASB Chairman, delivered his speech on the risks faced by the global economy resulting from post-crisis economic policies and regulatory reforms.  View Article
ACCA: New report on mapping the sustainability reporting landscape
At a recent ACCA-CDSB roundtable in Brussels, EU and international experts discussed the relevance and interaction of the various existing non-financial and sustainability reporting frameworks.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
Graham Bishop 30 minute webcast: Brexit effects on the UK financial services industry and economy
Graham Bishop spoke at a CSFI lunchtime debate yesterday with John Redwood MP, Alexandria Carr (Mayer Brown), Wes Himes (Instinctif) and Mark Foster (Kreab). Afterwards, he recorded a webcast live via Periscope on Twitter with George Littlejohn of CISI.  View Article
A sad day for Britain: Brexit
The Achilles Heel that has bedevilled the UK’s economy for the last century may yet force the British public to confront an inconvenient reality: a classic balance of payments crisis with the rest of the world.  View Article
 

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