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23 March 2017

This week in "Brussels"

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  Articles from 16 March 2017 - 23 March 2017

EBA updates list of O-SIIs in the EU
The EBA updated the 2016 list of Other Systemically Important Institutions (O-SIIs) in the EU. This list also reflects the additional capital buffers that the relevant authorities have set for the identified O-SIIs.  View Article
Financial Times: Bank safety rules deadlock may be easing
Help has come from the unlikeliest of quarters for global bank standard-setters, whose newest reform proposals have been under threat from a transatlantic split over how tough the capital rules should be.  View Article
ECB: Guidance to banks on non-performing loans
Following a public consultation, the ECB has published its final guidance on non-performing loans (NPLs). The guidance outlines measures, processes and best practices for banks to tackle NPLs.  View Article
European Parliament: Carving out legacy assets: a successful tool for bank restructuring?
This paper assesses the effectiveness of the various resolution tools to deal with legacy assets such as NPLs under the resolution framework. On the one hand, the on-balance sheet tools and on the other hand, the tools that carve out the assets from the banks’ balances are assessed.  View Article
Quarterly Report on the Euro Area
European Commission staff looks at the problem of non-performing loans from a macroeconomic perspective. It also looks at ways to unlock investment in intangible assets in Europe and assesses the competitiveness of the euro area from a number of perspectives.  View Article
Investment & Pensions Europe: Bank trade body warns of backwards step for IFRS 9
The European Banking Association (EBA) has warned that proposals from the European Commission (EC) to transition banks to the new IFRS 9 accounting model could mean banks recognise lower loan-loss provisions or impairments than they do at present.  View Article
CEPS: Pursuing multiple objectives with the banking reform package: Who can still follow?
Multiple objectives are being pursued by the Commission with its amendments to prudential rules in the banking reform package. With Brexit looming, and the SSM in shape, the competitiveness of EU-based banks needs to be taken into account at European and global level.  View Article
BCBS: Proposed guidelines for the identification and management of step-in risk
The Basel Committee on Banking Supervision has issued a consultative document on the identification and management of step-in risk. The proposed framework will help to mitigate potential problems at shadow banks from spilling over to banks.   View Article
EBA issues Opinion on measures to address macroprudential risk
The EBA published an Opinion following the notification by the NBB of its intention to modify capital requirements in order to address an increase in macroprudential risk. Based on the evidence submitted by the NBB, the EBA does not object to the adoption of the proposed measures.  View Article
EBA publishes annual assessment of EU supervisory colleges for 2016
The Report highlighted a number of achievements made by colleges in the course of 2016, including a good level and quality of engagement, and also identified areas for improvement as well as topics for supervisory attention for 2017.   View Article
European Payments Council: SCT Inst and CSMs: an interview with José M Beltrán of STET
Clearing and Settlement Mechanisms are instrumental in making SCT Inst transactions a reality, and companies offering these services have to prepare in advance of payment service providers. STET's Beltrán -one of the leading European clearing and settlement systems- shed some light on instant CSMs.  View Article
British Bankers Association: Disruptive trends in the banking sector: are the real challenges from non-banks?
The trade finance industry’s biggest threat is from the new technology giants – Google-Apple-Facebook-Amazon found on every mobile phone. Together with Microsoft, IBM and Alibaba, the “GAFA-MIAs” have the capital, systems and, most importantly, intent to move into markets traditionally held by banks  View Article
ESMA statement to ECON Hearing on CCP Recovery & Resolution
The European Securities and Markets Authority's Steven Maijoor took part in a hearing on CCP Recovery and Resolution organised by the Economic and Monetary Affairs Committee of the European Parliament.  View Article
ESMA to cooperate with non-EU regulators on CCPs
ESMA established five Memoranda of Understanding under the European Markets Infrastructure Regulation.  View Article
City AM: Moving clearing from London to Europe is no piece of cake
While any shift in operations would clearly be a blow to the City, is it really feasible for Europe to seamlessly become the new kings of clearing given the huge costs and complexity involved?  View Article
ESMA issues implementing rules for package orders under MiFID II
ESMA published its final report on draft regulatory technical standards regarding the treatment of package orders under the amended Markets in Financial Instruments Directive.  View Article
Accountancy Europe response to the Commission consultation on the mid-term review of the CMU
Accountancy Europe has published its response to the EC on the public consultation on the mid-term review of the CMU. Accountancy Europe supports the CMU project and its objectives, and is looking forward to further steps to foster capital market integration in the EU.  View Article
Insurance Europe: Bolder action needed to deliver CMU objectives
Insurance Europe has called on the European Commission to take bolder and quicker action to tackle several outstanding concerns on investment and other barriers to making a real difference and deliver on the objectives of the CMU, in its response to a consultation on the CMU mid-term review.   View Article
European Asset Managers support direction and pace of the CMU project
The response is a reminder of the asset management industry’s views on the many CMU initiatives. Much remains to be done to achieve the CMU’s ambitious objectives, but EFAMA welcomes the new impetus brought to the overall project.   View Article
CEPS: How close are we to a Capital Markets Union?
This year will be crucial for the successful implementation of the CMU Action Plan. Nevertheless, the impact of Brexit and the French and German national elections on CMU remains to be seen. It appears that the goal of completing the Capital Markets Union by 2019 is an increasingly remote one.  View Article
ESMA sees relatively ample liquidity in sovereign bond markets
ESMA’s latest research piece on market liquidity published in its recent report on trends, risks and vulnerabilities finds improved liquidity in European sovereign bonds markets.   View Article
Commercial Risk Europe: Insurance supervisors must be aware of FinTech developments
Insurance supervisors must be alert to the potential impact of innovative financial technologies and make necessary adjustments in their supervisory practices and skills, according to a report from the International Association of Insurance Supervisors (IAIS).  View Article
  Asset Management
Eurogroup Statement on the structural reform agenda - thematic discussions on growth and jobs: benchmarking pension sustainability
Following agreement in June 2016 on common principles guiding euro area Member States' reforms to strengthen pension sustainability, the Eurogroup has discussed benchmarking as a tool to provide further support and impetus to reforms in this area.  View Article
Investment & Pensions Europe: CDC pensions a step towards 'more purposeful' finance: PIC
The UK’s version of the defined contribution (DC) pension system “is not a pension” as it fails to account for the true “purpose” of a retirement arrangement, according to a report sponsored by Pension Insurance Corporation (PIC).  View Article
  Corporate Governance/Accounting
European Parliament: Stronger rights for shareholders in EU companies
New tools to sharpen big EU firms’ focus on their long-run performance, by fostering their shareholders’ commitment to it, were approved by Parliament. They will include giving shareholders a say on directors’ pay and making it easier for firms to identify their shareholders.  View Article
ESBG response to the EFRAG consultation on IFRS 16 LEASES Draft Endorsement Advice
ESBG believes that EFRAG’s draft endorsement advice should include a suggestion that the European Commission reviews the wording in CRR/CRD IV sufficiently in advance before IFRS 16 is in place.   View Article
Accountancy Europe: Pursuing the conversation on the future of corporate reporting
This paper is a follow-up to the 2015 Accountancy Europe Cogito paper, The Future of Corporate Reporting – creating the dynamics for change. It presents a summary of the responses received to the paper in writing as well as during several public and private events.  View Article
  Financial Services Policy
European Commission: public consultation on the operations of the European Supervisory Authorities
The results of the consultation should provide a basis for concrete and coherent action by way of a legislative initiative, if required.  View Article
ESAs welcome European Commission’s public consultation on their operation
The European Supervisory Authorities welcomed the European Commission’s public consultation to seek views on possible changes to their current framework of operation.  View Article
Insurance Europe response to ESAs consultation: big data analytics provides clear benefits to consumers
Insurance Europe has responded to a European Supervisory Authority (ESAs) consultation on a joint discussion paper on the use of big data analytics by financial institutions.  View Article
Financial Times: Brussels considers tougher powers for EU’s financial watchdog
Brussels is looking at giving tougher powers to the ESAs as part of a move to tackle weaknesses in supervision ahead of Brexit.  View Article
ALFI response to the ESAs joint committee discussion paper on the use of big data by financial institutions
The Joint Committee of the European Supervisory Authorities (ESAs) has published a discussion paper for consultation regarding the potential benefits and risks of big data for consumers and financial firms in order to determine whether any further regulatory or supervisory actions may be needed.  View Article
City A.M.: Why a red tape bonfire won’t help fintech
Regulation arguably doesn’t have the best reputation in the cutting-edge tech sector. Critics slam red tape for stifling creativity, while the regulators themselves get stick for failing to keep pace with ever-changing markets, according to the FCA's Christopher Woolard.  View Article
Christine Lagarde: Fintech—A Brave New World for the Financial Sector?
From smartphones to cloud computing, technology is rapidly changing virtually every facet of society, including communications, business and government. The financial world is no exception, writes the IMF's Lagarde.  View Article
Bank of England FinTech Accelerator launches new community and latest proofs of concept
The Bank of England‘s Fintech Accelerator has launched a new community which brings together fintech-related organisations.   View Article
Bloomberg: G-20 drops anti-protectionist pledge as price of US assent
Finance chiefs of the world’s largest economies set aside a pledge to avoid protectionism and signed up to a fudged statement on trade instead, in response to the Trump administration’s call to rethink the global order for commerce.  View Article
FSB Chair sets out need for full implementation of agreed reforms and the FSB’s priorities for the G20 German Presidency
In his letter, the FSB Chair highlights the good progress made in implementing the post-crisis reforms, as a result of which the global financial system is moving from a state of fragility to greater resilience.  View Article
Bruegel: Europe should lead the way with multilateralism
Despite the unique partnership with the USA, Europe needs to reflect on its place in an unstable world. Especially if the US Administration moves towards protectionism, the EU will need to build and deepen relationships with other partners.  View Article
CEPS: EU-China Leadership in Trade Policy: Feasible? Desirable?
The EU and China both disagree with Trumpism and have every reason to withstand it if they take firm leadership. They could even consider an EU-China Free Trade Area (FTA), although China is sending ambiguous signals here.  View Article
  Grahams Articles, Comments & Speeches
Resolution Capital: A Doomsday Machine for Europe’s Banks?
The post-Crash re-ordering of Europe’s financial system is coming to an awkward phase – rather like striding across a chasm. One foot is still on the shaky ground after the Crash and the other is past the point of no-return on the way to the presumed financially stable ground on the other side.   View Article

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