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26 January 2017

This week in "Brussels"

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  Articles from 19 January 2017 - 26 January 2017

TheCityUK: The EU's Third Country Regimes and Alternatives to Passporting
A new report, released by the International Regulatory Strategy Group (IRSG) in collaboration with Hogan Lovells, concludes that the focus of the Brexit negotiations should be on designing and delivering a bespoke UK-EU deal rather than reforming or adapting existing frameworks.  View Article
British Bankers Association: How will IFRS 9 affect regulatory capital requirements?
IFRS 9 is a new accounting standard that introduces a fundamental shift in how loan losses are treated, with the effect that they will be recognised earlier than under the existing IAS 39 approach to the treatment of credit impairments.   View Article
EBF response to the ECB Draft Guide on “fit and proper assessments”
It is not clear how the ECB draft guide relates to the EBA/ESMA guidelines on the assessment of the suitability of members of the management body. One set of principles and one uniform assessment process should be established.   View Article
ECB provides further details on APP purchases of assets with yields below the deposit facility rate
The ECB decided that purchases of assets with yields below the DFR will only occur under the PSPP, while no such purchases are foreseen for the CBPP3, ABSPP and CSPP. For each jurisdiction, priority will be given to PSPP purchases of assets with yields above the DFR.  View Article
Financial Times: HSBC signals end to UK branch closure programme
HSBC is shutting 62 branches with the loss of up to 180 jobs in a final round of network cuts that signal the end of a restructuring programme in the UK.  View Article
Reuters: As attacks grow, EU mulls banking stress tests for cyber risks
The European Union is considering testing banks' defences against cyber attacks, EU officials and sources said, as concerns grow about the industry's vulnerability to hacking.   View Article
Bruegel: Will better insolvency standards for banks help Europe’s debt deleveraging?
Insolvency regimes in the euro area are on the whole costly, lengthy, and recover little value. A new directive proposed by the Commission sensibly aims to strengthen preventive restructuring and to give once-failed entrepreneurs a second chance.   View Article
Bank for International Settlements: De Galhau: Technological innovations in payments and beyond
Speech by Mr François Villeroy de Galhau, Governor of the Bank of France, which focuses on three challenges for payments raised by digitalisation, from the perspective of a central banker.  View Article
European Commission: Public consultation on the Capital Markets Union mid-term review
The consultation offers an opportunity for stakeholders to provide targeted input to complement and advance the actions put forward in the CMU action plan, ahead of the 2017 mid-term review of the action plan.  View Article
ESMA Chair speaks on reforms in OTC derivatives markets and benchmarks
ESMA's Maijoor focused on two major regulatory reforms taking place in EU financial markets currently: the reform of the OTC derivatives markets and the reform of the way benchmarks are compiled and administered.  View Article
ECB: Results of the survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets
Credit terms offered to counterparties in the provision of finance collateralised by euro-denominated securities and in OTC derivatives markets became somewhat less favourable for banks and dealers and for hedge funds, but remained basically unchanged for other counterparty types.  View Article
Financial Times: ECB steps up warning on UK euro clearing after Brexit
The European Central Bank has stepped up its warning that it will be difficult for the UK to hang on to its valuable euro-clearing business after Brexit, calling for EU institutions to seek more, not less, oversight of the trade in London once Britain leaves the bloc.  View Article
Financial Services Negotiating Forum: Euro Clearing and Brexit - The Practitioners' View
The FSNForum published its second research piece, considering the EU’s proposal that the clearing of euro-denominated products should be restricted to the Eurozone.  View Article
Commercial Risk Europe: US and EU in covered agreement for reinsurers
US and EU representatives have announced a covered agreement that will lead to the elimination of collateral and local presence requirements. The agreement covers 3 areas of prudential insurance oversight: reinsurance, group supervision and the exchange of insurance information between supervisors.  View Article
Commercial Risk Europe: Interest rising in Malta as onshore option for UK insurers post Brexit
Interest among UK insurers in Malta as an option to access the European Union via freedom of services post Brexit is rising steadily, based on attendance at a briefing on the market held recently in London.  View Article
Commercial Risk Europe: May’s Brexit speech will not stop Lloyd’s search for new home in Europe
Lloyd’s will plough on with its contingency plans to open a subsidiary within the EU regardless of the UK government’s position on Brexit, the corporation’s CEO Inga Beale said.  View Article
  Asset Management
EFAMA preliminary view on FSB policy recommendations to address structural vulnerabilities from asset management activities
EFAMA welcomes the FSB policy recommendations to address structural vulnerabilities from asset management activities. These come as the result of an extended consultation process in which EFAMA has participated very actively.  View Article
European Parliamentary Research Service: Reviving risk capital: The proposal to amend EuVECA and EuSEF
In its 2016 review, the Commission noted that these funds remain small and concentrated in a few Member States and that, while the take-up of EuVECA could be considered successful, the EuSEF results have been disappointing.   View Article
Financial Times: Asset managers to face tougher systemic risk tests
Asset managers are to face tougher tests to assess whether they could become the centre point of systemic risk, according the head of Europe’s main markets regulator.  View Article
Investment & Pensions Europe: Global asset owners bracing for Brexit impact
Four in five institutional investors are expecting an impact on operations from Brexit, according to a survey conducted by State Street.  View Article
European Parliamentary Research Service: Revision of the Institutions for Occupational Retirement Provision Dire
The proposed revision aims to improve the governance, risk management, transparency and information provision of IORPs and help increase cross-border IORP activity.  View Article
Investment & Pensions Europe: French AM association calls for cross-border IORP, PEPP-consistent product
The French asset management association is calling for the creation of an individual pensions product consistent with the pan-European personal pension being explored in the EU, and for the creation of cross-border pension funds.  View Article
Investment & Pensions Europe: Pension funds’ liquidity problems are getting worse, says Northern Trust
Liquidity problems are getting worse for asset owners, and particularly for pension funds, due to low interest rates and new regulation, Northern Trust has warned.  View Article
ESMA issues opinion on Spanish pension schemes to be exempt from central clearing under EMIR
ESMA issued an opinion regarding the exemption of Spanish pension schemes from the obligation to centrally clear OTC derivative contracts under the European Market Infrastructure Regulation.  View Article
AIMA: Hedge funds beat stocks and bonds on risk-adjusted basis in 2016
Hedge funds out-performed equities and bonds on a risk-adjusted basis in 2016, producing net gains for their investors worth around $120 billion, according to the Alternative Investment Management Association and data provider Preqin.  View Article
  Corporate Governance/Accounting
IESBA takes decisive step forward on restructured International Code of Ethics
The IESBA announced completion of the major first phase of its strategic project to restructure its Code of Ethics for Professional Accountants. It also released new proposals that will enhance and complete the fully restructured Code with strengthened ethics requirements for accountants.  View Article
Financial Times: May told to toughen line on executive excess
Organisations representing company directors, company secretaries, investors and trade unions have come together to outline their arguments in a letter, sent to Theresa May on Tuesday, that urges the government to go beyond incremental reforms suggested late last year.  View Article
Bloomberg: May set to defy EU by opening pre-Brexit global trade talks
UK officials are preparing to fire the starting gun on trade negotiations with countries outside the European Union within months, defying warnings from the bloc that such action would be illegal.  View Article
CETA: Trade Committee MEPs back EU-Canada agreement
The EU-Canada Comprehensive Economic and Trade Agreement (CETA), which aims to boost goods and services trade and investment flows, was approved by the International Trade Committee. The full House is to vote on the deal in February.  View Article
EurActiv: Europe moves to pick up free trade scraps as Trump ditches TPP
President Donald Trump signed an executive order formally withdrawing the United States from the 12-nation Trans-Pacific Partnership trade deal as Europe sniffed a chance to pick up the free trade the US is turning its back on.  View Article
Financial Times: Take the US president’s protectionism seriously
When the US president said in his inaugural address that “protection will lead to great prosperity and strength”, he was proposing the most dramatic changes in trade policy in years.   View Article
  Grahams Articles, Comments & Speeches
Supreme Court on withdrawing the Article 50 Notice: No view! So over to ECJ
Following yesterday’s judgement, anyone with commercial interests in the UK must wonder if this historic `game’ of having/eating cake is now over. The answer will depend on whether giving notice of an “intention” can be withdrawn. The common man would say “of course it can”...  View Article
126th Brussels for Breakfast – Notes
Brussels for Breakfast debate focused on the latest political, economic and financial developments in the European Union: Theresa May's speech, the potential influence of US President Trump, the drive for Capital Markets Union, the location of euro-denominated clearing after the UK leaves the EU...  View Article
State of Play for CMU – Now in a Brexit World
Back in the now-distant days when UK’s European Commissioner Hill was in charge of financial services, his concept of Capital Market Union was widely seen as a major benefit to Britain. Now that the UK is about to serve notice of its intention to quit the EU, what is the outlook for progress on CMU?  View Article
  Friends Services
126th Brussels for Breakfast – Notes
Brussels for Breakfast debate focused on the latest political, economic and financial developments in the European Union: Theresa May's speech, the potential influence of US President Trump, the drive for Capital Markets Union, the location of euro-denominated clearing after the UK leaves the EU...  View Article
  Structured CPD: Workbook Brussels4Brunch
Brussels for Brunch Workbook January 2017
This is the monthly Roundup that accompanies the January 2017 Webinar   View Article

  Graham's tweets

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