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30 March 2017

This week in "Brussels"

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  Articles from 23 March 2017 - 30 March 2017

Follow-up Basel III implementation assessment reports published by the Basel Committee
The Basel Committee on Banking Supervision published overviews of post-RCAP follow-up actions taken by member jurisdictions to address deviations from the Basel standards identified in their RCAP assessments.  View Article
Progress report on banks' implementation of the principles for effective risk data aggregation and reporting issued by the Basel Committee
The Basel Committee on Banking Supervision’s report notes that, while some progress has been made, most G-SIBs have not fully implemented the Principles and the level of compliance with the Principles is unsatisfactory.  View Article
Introductory statement to the press conference on the ECB Annual Report on supervisory activities 2016
Danièle Nouy, Chair of the Supervisory Board of the ECB, and Sabine Lautenschläger, Vice-Chair of the Supervisory Board of the ECB, spoke about the main issues the European banking supervision dealt with last year: NPLs, TRIM, Brexit and banking union.  View Article
Bank of England: 2017 stress test scenarios explained
The Bank of England has published the key elements of its 2017 stress tests and has asked UK banks, insurers and other financial institutions to draw up comprehensive plans for how they will deal with challenges such as Britain’s exit from the EU.  View Article
European Payments Council: 2016 payment threats trends report
The present document aims to provide an insight in the latest developments during the last years on threats affecting payments, including cybercrime. It attempts to create awareness on these matters in order to allow stakeholders involved with payments to decide on possible actions.  View Article
The Economist: An earthquake in European banking
New European rules will open the door to a host of innovative services that analyse transactions, so “an app could tell you there’s a cheaper mortgage available and start the switching process for you.”   View Article
VOX EU: New ICMB/CEPR Report: Bail-ins and bank resolution in Europe
Failed financial firms should not be bailed out by the taxpayers. Europe has a weak track record of following this principle of good governance and sound economic policy. This column introduces a new Geneva Special Report on the World Economy which reviews the resolution side of the banking union.  View Article
Bruegel: A call for uniform sovereign exposure limits
Authors argue for a uniform limit to reduce flight-to-quality effects on northern European bonds. Such a uniform limit would also be more acceptable politically.  View Article
ESMA publishes two sets of guidelines under CSDR
ESMA issued final reports on two sets of guidelines regarding the implementation of the Central Securities Depositary Regulation.   View Article
ESMA discusses haircuts in EU securities financing transactions
ESMA issued a research piece on shadow banking published in its recent report on trends, risks and vulnerabilities.  View Article
The AMF launches a public consultation on its policy to strengthen the framework for French ETFs
AMF wants to update its policy to reflect the rapid growth in exchange-traded funds (ETFs) and is submitting three proposed amendments to public consultation.  View Article
Commercial Risk Europe: Europe’s new regime on insurance distribution: Germany adopts controversial approach to implementation
Directive (EU) 2016/97 of the European Parliament and of the Council on insurance distribution sets a new European legal framework for insurance distribution. The IDD has to be implemented in the member states by 23 February 2018, and first steps are being taken in this direction.  View Article
  Asset Management
Investment Association launches public consultation on the standardisation of disclosure for charges and transaction costs
The consultation sets out an industry code, which provides a blueprint for the reporting of charges and transaction costs using a consistent approach across the market and in line with regulatory requirements.  View Article
ALFI: Luxembourg Stock Exchange and ALFI publish the second edition of the Compendium of investment fund laws and regulations
The Luxembourg Stock Exchange in cooperation with the Association of the Luxembourg Fund Industry has announced the publication of the second edition of the compendium of Luxembourg laws and regulations on investment funds.  View Article
PensionsEurope calls for ‘legislative calm’ until IORP II review
PensionsEurope wants “no further changes” to the regulations regarding pension funds, as it prepares for the launch of a continent-wide stress test regime.  View Article
Investment & Pensions Europe: Industry casts doubt on German reform draft
The current German pension reform draft will not help to increase SME participation in occupational pensions, according to delegates at an industry conference.  View Article
EFAMA: Worldwide bond fund assets see a sharp decrease in net inflows in Q4 2016
The European Fund and Asset Management Association (EFAMA) has today published its latest International Statistical Release, which describes the developments in the worldwide investment fund industry during the fourth quarter of 2016.  View Article
ALFI response to the European Supervisory Authorities’ consultation on PRIIPs with environmental or social objectives
The Association of the Luxembourg Fund Industry supports the promotion of a sound and transparent Responsible Investment market (or Sustainable and Responsible Investment - SRI).   View Article
Investment & Pensions Europe: Not all 'systems-level' ESG issues are created equal: TIIP
The Investment Integration Project (TIIP) has produced guidelines aimed at helping asset owners and managers sift through “systems-level” environmental, societal, and financial issues to decide which are relevant to their investment processes.  View Article
  Corporate Governance/Accounting
IASB consults on proposed improvements to IFRS 8 Operating Segments
The IASB has published proposed improvements to the IFRS Standard covering operating segments, IFRS 8, for public consultation.  View Article
IASB Investor Update – March 2017
The IASB has published its Investor Update which aims on an overview of the proposed amendments to IFRS 8 Operating Segments and on IAS 7 Amendments.  View Article
EFRAG Endorsement Advice on IFRS 16 Leases
EFRAG has completed its due process regarding IFRS 16 Leases and has submitted its Endorsement Advice to the EC.  View Article
IAIS extends comment period for the application paper on group corporate governance
Following requests made by stakeholders during the IAIS public background session held on 20 March 2017, the deadline for submitting comments on the Application Paper on Group Corporate Governance has been extended from 3 April to 1 May 2017.   View Article
FRC publishes Plan & Budget and Levies for 2017/18
The FRC has published its Plan & Budget, including its levies, for 2017/18. The FRC will undertake a comprehensive review of the UK Corporate Governance Code and collaborate actively with other regulators to address the opportunities and challenges of Brexit.  View Article
IFAC, OECD: Nearly 75% of OECD countries have now adopted accrual accounting practices
Nearly 75% of OECD countries have adopted accrual accounting for their year-end financial reports and more than a quarter now prepare their annual budgets on an accrual basis, according to the landmark study Accrual Practices and Reform Experiences in OECD Countries by the IFAC and the OECD.  View Article
  Financial Services Policy
Consumer Financial Services Action Plan: Better products and more choice for European consumers
At the heart of the Commission's Action Plan launch is a focus on technology, given that innovative online services will drive progress towards a more integrated market for financial services. To that end, the Commission also published a consultation on the so called ‘FinTech'.  View Article
  Grahams Articles, Comments & Speeches
Prime Minister May finally delivers the “Article 50” notification of intention to leave the EU
The 63% of British voters who did not vote to Leave may yet force Prime Minster May to ask their permission to accept the terms that result from this negotiation.  View Article
  Brexit & UK
EurActiv: German manufacturers say ‘no concessions’ to UK in EU exit talks
A powerful association of German manufacturing industries, the VDMA, has called for “fair” discussions over Britain’s departure from the EU but warned there should be “no unilateral concessions” in favour of the UK, saying the EU single market was more important to them.  View Article
CEPR Policy Insight: Post-Brexit trade and development policy
Authors suggest that the time is ripe for the UK government to embrace a new trade and development agenda that demonstrates that post-Brexit Britain is a confident, outward-looking country ready to play a key role on the world stage.  View Article
Open Europe: A plan for UK-EU trade outside the Customs Union
In a new report, Open Europe concludes that leaving the EU’s Customs Union is the only logical step for the UK to pursue an independent trade policy and achieve a truly ‘Global Britain’ outside the EU.  View Article
Fondation Robert Schuman: European Union, Brexit, USA: The strategic dimension of the new trade issues
In the run-up to the start of the Brexit negotiations, London has confirmed its wish to move towards closer cooperation with the US - but Trump's attacks on some of the economic fundamentals of the EU raise a number of questions regarding the future development of trade relations between the blocs.  View Article
EurActiv: UK manufacturers urge May to drop threat of no Brexit deal
Britain’s manufacturers told Prime Minister Theresa May to drop her threat that she might take the country out of the European Union without a new trade deal, saying they would bear the brunt of trade barriers with the EU.  View Article
The Guardian: Parts of UK that voted for Brexit may be hardest hit, study finds
Researchers say Wales and north-east are among areas most vulnerable to loss of funding, tariffs on exports and shortage of European workers.  View Article
Financial Times: David Davis confirms no post-Brexit cap on working EU migrants
David Davis, Brexit secretary, has confirmed that the government will not seek to cap the number of EU migrants working in the UK after Brexit, saying that migration would be managed according to the needs of the economy.  View Article
Bank of England: Brexit and the pound - speech by Ben Broadbent
Ben Broadbent, Deputy Governor of Monetary Policy, looks at the effect of Brexit on the pound. He discusses what economics has to say about its reaction to the referendum result and looks at depreciations impact on profitability and investment in the tradable sector.  View Article
City AM: British financial services to accelerate post-Brexit after negotiating a tricky two years
Net business lending will grow £8bn in 2017 to reach £414 bn, according to EY’s Item Club forecasters.  View Article
City AM: European Central Bank chief economist Peter Praet eyes Brexit opportunity for EU to be bigger financial player
Brexit does not pose a risk to financial stability, Peter Praet said in an interview with German website VDI Nachrichten, but the Eurozone’s financial centres could “play a more prominent role” in the global financial system once the UK has left.  View Article
CBI/PwC: Optimism stabilises as financial services get boost from solid economy
Buoyed by a broadly resilient economy, sentiment in the financial services sector stabilised in the three months to March, having deteriorated throughout 2016, according to the latest CBI/PwC Financial Services Survey.  View Article

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