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08 June 2017

This week in "Brussels"
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  Articles from 01 June 2017 - 08 June 2017

  Banking
 
 
BIS: Rules on combating money laundering and terrorist financing in correspondent banking clarified by the Basel Committee
Banks have clearer guidance on how to best manage risks related to money laundering and the financing of terrorism under final revisions issued by the Basel Committee on Banking Supervision.   View Article
BBA: Regulators: better together
Bill Coen, the Secretary General of the Basel Committee on Banking Supervision, hinted that the Basel III framework could be finalised in the new future – and it has been reported that the BCBS have agreed a 75% output floor.  View Article
EBF: Bank associations present feedback principles on SME credit
The European Banking Federation, together with four other European banking associations (EAPB, EACB, EMF-ECBC and ESBG), presented a set of high-level principles regarding the communication between SMEs and banks around loan applications.   View Article
ECMI: The Transmission Mechanism of Credit Support Policies in the Euro Area
In this ECMI Working Paper, authors use a sample of 131 banks and find that the credit support policies of the Eurosystem have been successful in stimulating bank credit to the private sector.   View Article
Financial Times: Why Santander rescue of Banco Popular is a European test case
Spain’s Banco Santander said it would acquire its struggling rival Banco Popular for a symbolic €1 in a deal engineered by Europe’s new bank resolution authority that imposes heavy losses on shareholders and bondholders.  View Article
Bloomberg: EU sees taxpayers funding bank bad-loan fix within current rules
European Union member states can use public funds to help struggling banks dispose of soured loans, but only within the limits of laws put in place since the financial crisis, according to an EU report.  View Article
BIS: Banking regulation and supervision after the crisis - where are we now, and what lies ahead?
The BIS' Financial Stability Institute Chairman Fernando Restoy spoke about how cooperation between various stakeholders in the financial services is essential for the development and implementation of sound global prudential standards.  View Article
BBA: A step in the right direction
The PRA’s proposals in CP3/17 are a very welcome workaround in correcting over-conservatism in Pillar 1, according to the BBA. An even better way of achieving this would be to address the Pillar 1 risk weightings in their own right. This is part of the Basel Committee’s work programme.  View Article
BIS Statistical Bulletin, June 2017
Statistics published in the Bulletin are compiled in cooperation with central banks and other national authorities and are designed to inform analysis of financial stability, international monetary spillovers and global liquidity.  View Article
Reuters: EU banking watchdog says little sense in merger with insurance counterpart
The European Union's banking watchdog said a merger with the bloc's insurance regulator would yield few savings as staffing was already cut to the bone in core areas.  View Article
EBF: Banks support ecosystem of interoperable APIs in EU
The EBF underlined that banks in the European Union fully support the creation of an efficient and effective EU ecosystem of interoperable interfaces for secure and reliable communication via the banks’ infrastructure between third-party payment service providers, known as TPPs, and clients.  View Article
 
  Securities
 
 
Looking to the future - Steven Maijoor addresses FIA IDX Conference
Steven Maijoor keynote address focused on preparation for MiFID II/MiFIR, the UK exiting the European Union and the review of the European Supervisory Authorities.  View Article
City A. M.: Forced relocation of euro clearing from London would be "severely detrimental" to EU, global trade body warns
The Futures Industry Association has told the European Commission it holds “grave concerns” over the proposal to force euro clearing activity away from London to the EU.  View Article
ESMA updates MiFID II/ MIFIR Investor Protection Q&A
The new Q&As cover the topics of ‘information on costs and charges’, ‘post-sale reporting’, and ‘appropriateness’.  View Article
 
  Insurance
 
 
EIOPA invites for comments on the 2.2.0 draft version of Solvency II XBRL Taxonomy
EIOPA published the 2.2.0 draft version of the Solvency II XBRL Taxonomy to be applied by insurance companies for reporting with the reference date of 31 December 2017.   View Article
Commercial Risk Europe: Buyers lobby for post-Brexit access to London market
UK insurance and risk management bodies are lobbying to keep insurance markets as open as possible following Brexit, but some experts believe European partners need to put their case to EU negotiators for continued access to the London insurance market.  View Article
Insurance Europe: EU insurance rules must be digital-friendly to reflect consumers’ needs
The European insurance and reinsurance federation’s president, Sergio Balbinot, said the constantly evolving demands of consumers mean that rules governing insurers must allow them to provide innovative products to meet those needs.  View Article
Commercial Risk Europe: Structural and technological changes head list of insurance sector ‘banana skins’
Change management is the greatest risk faced by the global insurance industry, according to a survey by the Centre for the Study of Financial Innovation (CSFI) and PwC.  View Article
 
  Asset Management
 
 
Hedgeweek: Hedge fund investor group publishes guidance on fees
The Alignment of Interests Association, (AOI) a non-profit investor-driven organisation, has released Hedge Fund Fees: Achieving Greater LP/GP Economic Alignment, a set of guidelines aimed at creating increased investor-manager alignment on the issue.  View Article
Investment & PensionsEurope: German pension law passes despite Green party opposition
The law introducing defined contribution pension plans without guarantees to Germany has passed the larger house of parliament, the Bundestag.  View Article
 
  Corporate Governance/Accounting
 
 
IAESB proposes revised continuing professional development standard to focus more fully on learning outcomes
The IAESB released an ED revision of IES 7, Continuing Professional Development, that places greater emphasis on learning and development directly related to an accountant’s professional responsibilities rather than simply focusing on a minimum number of hours of continuing professional development.  View Article
ACCA: Revisions to the Code of Ethics for professional accountants
ACCA responded to the IESBA's consultation and said the Code needs to be clear and consistent. Removing much of the repetition in the current draft circulated for comment is a simple way to achieve this clarity and make the document less lengthy.  View Article
 
  Financial Services Policy
 
 
ESMA responds to Commission consultation on Fintech
ESMA sent its response to the European Commission consultation paper on “Fintech: a more competitive and innovative financial sector”, welcoming the initiative to take a stock-take of the EU’s Fintech industry.  View Article
FSB RCG for Europe discusses regional financial developments, financial regulatory reform implementation and digital currency
Members of the FSB RCG for Europe reviewed a draft report from its Working Group on Private Pension Schemes Resilience.  View Article
 
  International/G20
 
 
Remarks by President Donald Tusk after the EU-China summit in Brussels
European Council President briefed the press on China and the European Union's talks on issues like trade and investment, climate change, the migration crisis, North Korea, and a security partnership in Africa.   View Article
 
  Political
 
 
George Soros: Standing up for Europe
Today’s EU needs both salvation and radical reinvention. Saving the EU must take precedence, because Europe is in existential danger. But reviving the support that the EU used to enjoy is no less essential, said philanthropist Soros at the Brussels Economic Forum.  View Article
 
  Economic
 
 
Banque de France’s Villeroy de Galhau: Europe must seize window of opportunity
The European Union has a rare chance to reform its economic architecture by creating a common stabilisation fund and a euro area finance minister, the Governor of the Bank of France, François Villeroy de Galhau told the 2017 Brussels Economic Forum.  View Article
Pierre Moscovici: Now Europe is recovering, it’s time to build a better euro
The European Union must use the current recovery to press ahead with long overdue economic reforms, EU Economic and Financial Affairs Commissioner Pierre Moscovici told the Brussels Economic Forum.  View Article
LSE: Seizing the moment for euro area reform: A three-step action plan
Authors outline proposals that they believe should have been contained in the reflection paper on the deepening of the EMU. Their plan includes three key building blocks for a lasting and workable reform: a first aid kit, a structural reform and investment agenda, and significant risk-sharing.  View Article
 

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