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13 October 2016

This week in "Brussels"
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Articles from 06 October 2016 - 13 October 2016

Banking

EBA consults on ICT risk
The EBA developed these Guidelines on its own initiative to assist competent authorities in their assessment of ICT risk as part of the SREP.  View Article
EBA updates on monitoring of Additional Tier 1 instruments
This final Report includes new provisions on triggers, calls / repurchases / redemptions, tax events and gross-up provisions and on conversion and write-down mechanisms.  View Article
EBA publishes final guidelines on corrections to modified duration for debt instruments
The objective of these Guidelines is to establish what type of adjustments to the modified duration (MD) - as defined according to the formulas in the Capital Requirements Regulation (CRR) - have to be performed in order to appropriately reflect the effect of the prepayment risk.   View Article
Reuters: Citi says 'time to buy' European banks
Citi analysts upgraded their recommendation on Europe's beleaguered banks to "overweight" within regional portfolios, citing signs of improvement in the credit cycle and loan growth as well as cheap relative valuations.  View Article
ESBG: Brexit -The future of Europe's banks rests on diversity
Commentary by Chris De Noose on diversity, subsidiarity and proportionality: the cures for the EU's post-Brexit ills.  View Article
BoE: Occasional Consultation Paper
It defines changes to areas like branch supervision, liquidity reporting, capital resources, market risk, ring-fenced bodies and notifications, credit unions, external audit and administration instruments.  View Article
EPC: What should non-PSP users do if they have a complaint about the SEPA schemes?
Non-PSP users can be individuals, corporates or SMEs.  View Article
BCBS: Regulatory treatment of accounting provisions published by the Basel Committee
The Basel Committee on Banking Supervision (BCBS) released a consultative document and a discussion paper on the policy considerations related to the regulatory treatment of accounting provisions under the Basel III capital framework.  View Article

Securities

ESMA to focus on supervisory convergence issues in 2017
ESMA published its 2017 Work Programme which sets out its priorities to enhance investor protection and promote stable and orderly financial markets.  View Article
ESMA consults on MiFID II guidelines regarding trading halts
The obligation for regulated markets to be able to halt or constrain trading in case there is a significant price movement in a “related market” requires implicitly regulated markets to monitor how trading evolves in those related markets.   View Article
ESMA publishes new Q&A on investor protection under MiFID II
MiFID II will enter into application on 3 January 2018 and will strengthen the protection of investors by both introducing new requirements and strengthening existing ones.  View Article
ESMA publishes updated Q&A on CFDs and other speculative products
The Q&As are targeted at competent authorities. However, the answers are also intended to help firms by providing clarity on MiFID rules.  View Article
ESMA provides guidance on transaction reporting, order record keeping and clock synchronisation under MiFID II
The Guidelines will help investment firms, trading venues and approved reporting mechanisms (ARMs) prepare for compliance with their reporting and order record keeping obligations in advance of their entry-into-force in 2018.   View Article
AFME: Joint trades issue new paper highlighting importance of securitisation for jobs and growth in Europe
The eight European trade associations underline their commitment to supporting a safe and sustainable market that serves the real economy.  View Article

Insurance

Reuters: Fewer British firms have cyber insurance policies
The number of British firms insured against cyber threats has fallen sharply in the past year even though many doubled their security budgets after some high-profile companies suffered attacks, a survey by PwC showed.  View Article
BoE: Reporting instructions for non-Solvency II firms (except friendly societies)
This supervisory statement sets out the Prudential Regulation Authority’s (PRA) expectations regarding the completion of the regulatory reporting requirements detailed in the Insurance Company – Reporting Part of the PRA Rulebook.   View Article

Asset Management

Investment & Pensions Europe: Brussels looks to tax reform to boost Juncker Plan
Jeremy Woolfe relates the European Commission’s latest plans for getting pension funds involved in the CMU.  View Article
ESMA publishes updated UCITS Q&A
The purpose of the document is to promote common supervisory approaches and practices in the application of the UCITS Directive and its implementing measures.  View Article
ESMA publishes updated AIFMD Q&A
The purpose of the Q&A document is to promote common supervisory approaches and practices in the application of the AIFMD and its implementing measures.  View Article
Investment & Pensions Europe: EC drops pension fund concentration limit from final EMIR rules
The Commission’s adoption of the rules this week takes the form of a Delegated Regulation and is subject to an objection period by the European Parliament and the Council. Implementation begins one month later.   View Article
Investment & Pensions Europe: Low rates 'eroding viability' of pension fund business models, says IMF
Regulators and supervisors need to “act promptly” to shore up pension funds and life insurers under pressure from sustained low interest rates, according to the IMF, which pointed to the need in Europe for a common framework for risk assessment and enhanced transparency.  View Article
Hedgeweek: Anti-money laundering regulation tops compliance concern for banking execs
The study into the regulations most difficult to comply with from a data and reporting perspective, warns that organisations are worryingly behind in developing the data architectures needed to meet evolving reporting demands and need to overhaul data delivery practices.  View Article
Hedgeweek: Outsourcing the EU regulatory burden to ease fatigue
It is fair to say that regulatory fatigue has set in when it comes to the European Union market. This has been brought about in particular by the Alternative Investment Fund Managers Directive (AIFMD).  View Article
Investment & Pensions Europe: UK Pensions Regulator calls for power to veto corporate actions
In its written submission to the UK Parliament’s Work and Pensions Committee, which is conducting a broadened inquiry into the Pension Protection Fund (PPF) and TPR, the regulator highlighted several potential improvements to pensions regulation as it now stands.   View Article

Corporate Governance/Accounting

Investment & Pensions Europe: Accounting rulebook IFRS 9 clears last hurdle in European Parliament
Once formally adopted by the European Commission, IFRS 9 will apply for annual reporting periods beginning on or after 1 January 2018.  View Article
EFRAG´s preliminary consultation document regarding the endorsement of IFRS 16 Leases
FRAG is seeking the views of constituents on the specific matters raised in this document and any other issues considered relevant to EFRAG's endorsement advice.  View Article
EFRAG: Draft endorsement advice on Classification and Measurement of Share-based Payment Transactions - Amendments to IFRS 2
EFRAG's overall preliminary assessment is that the Amendments satisfy the criteria for endorsement for use in the EU and therefore recommends their endorsement.  View Article
FRC: Advice to preparers of listed companies
The FRC has issued guidance to preparers of annual reports of around 1,200 large and smaller listed companies. The letter highlights key issues and improvements that can be made to annual reports in the 2016 reporting season to help to foster investment in the UK.  View Article
ECIIA: Non-financial reporting proposals move a step closer
Following meetings with ECIIA in September, the European Commission’s DG FISMA has provided greater clarity over the likely content of its proposed guidelines on non-financial reporting.  View Article
IFAC: IAASB amends standards to enhance auditor focus on non-compliance with laws and regulations
The IAASB released ISA 250 (Revised), Consideration of Laws and Regulations in an Audit of Financial Statements, and conforming amendments to other International Standards, which respond to new requirements in the IESBA’s Code of Ethics for Professional Accountants.  View Article

Grahams Articles, Comments & Speeches

123rd Brussels for Breakfast – Notes
Organised by the Centre for the Study of Financial Innovation (CSFI), hosted by Grant Thornton with co-presenter Hand Hack (FTI Consulting).  View Article


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