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01 June 2017

This week in "Brussels"
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  Articles from 25 May 2017 - 01 June 2017

  Banking
 
 
Reuters: EU needs simple capital rules for euro zone banking union: Villeroy
The European Union needs to set simple rules on bank capital to complete its project of bringing banks in the euro zone under a sole EU supervisor, ECB Governing Board member Francois Villeroy de Galhau said.  View Article
Reuters: Global regulators expect deal soon on finalizing capital rules
Global regulators will soon finalize a suite of rules to ensure banks across the world hold enough capital to withstand rocky markets without taxpayer aid, one of their top officials said.   View Article
EBA announces details of its 2017 EU-wide transparency exercise
The European Banking Authority announced that it will publish data for its fourth annual EU-wide transparency exercise in December 2017 together with the Risk Assessment Report (RAR).   View Article
AFME: Draft EBA RTS on the specification of an economic downturn
The Association for Financial Markets in Europe welcomes the opportunity to respond to the EBA’s consultation on the draft RTS on the specification of the nature, severity and duration of an economic downturn.  View Article
OECD: Solving Non-Performing Loans in Europe to speed up the recovery
Almost 10 years after the outset of the financial crisis, European growth remains modest, constantly underperforming the OECD average. One key factor that may continue to cripple growth is the persistently high level of non-performing loans (NPLs or impaired assets) in several countries.  View Article
EU structural financial indicators: End of 2016 (preliminary results)
The European Central Bank has updated its comprehensive dataset of structural financial indicators for the banking sector in the European Union.   View Article
EBA consults on scope of its draft guidelines on connected clients
The European Banking Authority launched a consultation focusing on the scope of its draft Guidelines on connected clients, on which it had already sought the stakeholders' views in July 2016.   View Article
BIS: Central Bank Governors welcome global code of conduct for currency markets
The Governors of the Global Economy Meeting welcome the publication of the FX Global Code, a single global code for the wholesale foreign exchange market, as well as the establishment of the Global Foreign Exchange Committee to maintain the Code in the future.  View Article
EBA welcomes enhanced FX Global Code
The objective of the Code is to promote a robust, fair, liquid, open, and transparent market underpinned by high ethical standards, which shall benefit all wholesale FX market participants.   View Article
Bruegel: The governance and ownership of significant euro-area banks
This Policy Contribution shows that listed banks with dispersed ownership are the exception rather than the rule among the euro area’s significant banks , especially if one looks beyond the very largest banking groups.   View Article
 
  Securities
 
 
Capital Markets Union: EU reaches agreement on reviving securitisation market
The European Commission has welcomed the agreement to revive the EU's securitisation market, in a move that will broaden investment opportunities for investors and boost lending to Europe's households and businesses.  View Article
European Council: Capital markets union - agreement reached on securitisation
The presidency reached agreement with European Parliament representatives on proposals aimed at facilitating the development of a securitisation market in Europe.   View Article
AFME welcomes agreement on STS legislation
Following the outcome of the securitisation trilogues, Simon Lewis, Chief Executive of AFME said that attention must turn to implementation.  View Article
MiFID II: ESMA clarifies transparency and position limit regimes for instruments traded on non-EU trading venues
ESMA issued two opinions regarding the implementation of the Market in Financial Instruments Directive and Regulation.  View Article
ESMA updates its MiFID II Q&As
ESMA updated its Q&As on practical questions regarding the implementation of Market in Financial Instruments Directive.  View Article
ESMA announces launch of reference data submission under MAR
ESMA issued a Communication regarding the launch of reference data submission under the Market Abuse Regulation and updated its MAR Q&As.  View Article
 
  Insurance
 
 
Insurance Europe: Annual report for 2016-2017 published
This year’s Annual Report sets out Insurance Europe’s positions on all the main insurance topics of the day. It also contains guest articles, including contributions from Commission vice-president Jyrki Katainen and Lloyd’s CEO Inga Beale.  View Article
Commercial Risk Europe: EIOPA to issue guidelines to prevent “race to bottom” on regulation
The European Insurance and Occupational Pensions Authority is to publish guidelines for national regulators in the EU, to prevent them from undercutting each other in trying to attract companies looking to move from London as a result of Brexit.  View Article
 
  Asset Management
 
 
EFAMA: Bond funds reach highest monthly net sales ever in March 2017
The European Fund and Asset Management Association has published its latest Investment Funds Industry Fact Sheet, which provides net sales of UCITS and AIFs for March 2017. 29 associations representing 99 percent of total UCITS and AIF assets provided EFAMA with their net sales data.  View Article
Financial Times: Regulator demands detailed Brexit plans from UK asset managers
The FCA has sent letters to several of Britain’s largest asset management companies requesting detailed information about their Brexit contingency plans as concern mounts about the impact of the EU divorce process on the City of London.   View Article
Financial Times: Asset managers fine tune Brexit contingency plans
Britain’s departure from the EU has pushed many of the UK’s largest investment companies to take action to protect their businesses even before formal negotiations over the terms of Brexit begin.  View Article
Investment & PensionsEurope: German pension reform back on track after coalition agreement
The German government’s pension reform package is back on track after the coalition parties came to an agreement on the proposed legislation last week, leaving untouched a proposed ban on guarantees for new defined contribution plans.  View Article
 
  Corporate Governance/Accounting
 
 
IASB begins second phase of IFRS 13 review with call for information
The IASB has issued a request for stakeholders to tell the Board about their experience with the accounting standard that explains how to measure the ‘fair value’ of assets and liabilities, IFRS 13. The aim is to check whether the Standard meets its objectives.   View Article
EFRAG: Comment letter on the IASB's ED/2017/3 Prepayment Features with Negative Compensation
EFRAG welcomes the IASB addressing the concerns related to prepayment features with negative compensation. In EFRAG's view, the negative sign of the reasonable compensation for early termination should not be the sole reason for preventing measurement of a financial asset at amortised cost or FVOCI.  View Article
ECIIA: Internal auditors and SAIs share best practice
Internal auditors and representatives from supreme audit institutions shared best practices at a recent seminar in Brussels, organised jointly by ECIIA and EUROSAI.  View Article
ACCA: New accounting rules could harm micro business
New accounting principles for micro companies in Ireland could expose them to a number of business threats, according to ACCA.  View Article
 
  Financial Services Policy
 
 
ESMA issues principles on supervisory approach to relocations from the UK
The European Securities and Markets Authority has published an Opinion setting out general principles aimed at fostering consistency in authorisation, supervision and enforcement related to the relocation of entities, activities and functions from the United Kingdom  View Article
ESMA publishes response to consultation on the operation of the ESAs
The response includes recommendations that ESMA’s Board of Supervisors believe will improve the Authority’s functioning and better allow it to achieve its objectives of investor protection, and stable and orderly EU financial markets.  View Article
EBA publishes Opinion on EU Commission consultation on the operation of the ESAs
The Opinion points to a possible way forward to confirm its role as guardian of the Single Rulebook and to increase its effectiveness in ensuring supervisory convergence across the EU. It also suggests how the EBA's role with regards to supervisory reporting could be strengthened and improved.  View Article
EIOPA’s response to the European Commission on its public consultation on the operations of the European Supervisory Authorities
In summary, EIOPA believes an integrated and holistic approach to prudential and conduct supervision, further refinements in relation to supervisory convergence, and an enhanced approach to equivalence assessments should be a high priority in the ESAs' review.  View Article
Deloitte comment letter on ESA Consultation
The EEA member firms of Deloitte Touche Tohmatsu Limited have responded to the European Commission’s consultation on “The Operations of the European Supervisory Authorities”.   View Article
ESAs consult on technical standards to strengthen group-wide money laundering and terrorist financing risk management
The ESAs' public consultation specify how credit and financial institutions should manage ML/TF risks where a third country's law prevents the implementation in their branches or majority-owned subsidiaries of group-wide policies and procedures on AML/CFT.‎   View Article
OECD: Increased international cooperation on financial and corporate issues essential to making globalisation work for all
Only by stepping up international cooperation and improving and ensuring global markets, companies and institutions play according to the same rule book can productivity growth be restored, excess capacity avoided and public confidence improved, according to a new OECD report.  View Article
 
  International/G20
 
 
EU Commissioner Malmström: 'Millions of U.S. Jobs Depend On Trade with EU'
European Commissioner for Trade Cecilia Malmström discussed with SPIEGEL the best way of dealing with free trade foe Donald Trump, unfair Chinese business practices and why it will likely take a "number of years" before the EU reaches a deal on future ties with post-Brexit Britain.  View Article
 
  Political
 
 
Remarks by President Donald Tusk after meeting with President Donald Trump
During Tusk's meeting with President Trump, the two leaders discussed foreign policy, security, climate and trade relations.   View Article
 
  Financial
 
 
Capital markets union: Agreement on venture capital rules
The proposed regulation is part of the EU's plan to develop a fully functioning capital markets union, diversifying funding sources for Europe's businesses and long-term projects. It is also linked to the EU's investment plan for Europe.  View Article
 
  Economic
 
 
Commission sets out possible ways forward for the deepening of Europe's Economic and Monetary Union
Following the Commission's White Paper on the Future of Europe, this reflection paper builds on the Five Presidents' Report of June 2015 and is intended both to stimulate the debate on the Economic and Monetary Union and to help reach a shared vision of its future design.  View Article
Mario Draghi statement at the hearing of the Committee on Economic and Monetary Affairs of the European Parliament
The ECB President spoke on the role of FinTech, reviewed the European economic outlook and discussed the monetary policy stance.  View Article
Corporate tax avoidance: Directive adopted on hybrid mismatches
The Council adopted a directive to prevent corporate groups from exploiting the disparities between two or more tax jurisdictions to reduce their overall tax liability.   View Article
Conclusions on a future EU industrial policy strategy
During the Competitiveness Council, officials adopted conclusions on a future EU industrial policy strategy.   View Article
Deutsche Bundesbank's Dombret: Current challenges for the European economy and international trade
Andreas Dombret briefed the audience at Beijing on the economic situation in the euro area and on the future of the international trading system as a whole. Namely, Dombret talked about the rise of protectionism in a number of large economies.  View Article
 
  Budgetary
 
 
EurActiv: ‘Brexit’ and ‘future of Europe’ muddle EU’s budget decision-making
Günther Oettinger presented the draft EU budget for 2018, acknowledging decision-making difficulties. He said the next long-term budget should be tabled by next summer, to take into account the Brexit context and the decisions on the future of the Union.  View Article
 

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