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13 July 2017

This week in "Brussels"
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  Articles from 06 July 2017 - 13 July 2017

  Banking
 
 
Council sets out action plan for non-performing loans
The Council agreed an action plan to address the problem of non-performing loans in the banking sector. It outlined a mix of policy actions to help reduce stocks of non-performing loans, which remain at high levels within the EU, and to prevent their future emergence.  View Article
EBA enhances transparency on Deposit Guarantee Schemes across the EU
The EBA published data relating to two key concepts in the Deposit Guarantee Schemes Directive (DGSD): available financial means, and covered deposits. The data provides an overview of the level of pre-funded resources available to each DGS in the EU to cover its potential liabilities to depositors.  View Article
EBA publishes final Guidelines on authorisation and registration under PSD2
These Guidelines are in support of the objective of the revised Payment Services Directive (PSD2) of contributing to an integrated payments market across the European Union, ensuring a consistent application of the legislative framework, and promoting equal conditions for competition.   View Article
EBA publishes Final Guidelines on Professional Indemnity Insurance under PSD2
The EBA published its final Guidelines under the revised PSD2 on the criteria on how to stipulate the minimum monetary amount of the professional indemnity insurance (PII) or other comparable guarantee for payment initiation services (PIS) and account information services (AIS).   View Article
EBF supports the ICC trade register
The European Banking Federation would like to express its support to the International Chamber of Commerce’s Trade Register activity to underpin a data-based objective dialogue between regulatory authorities around the world and finance practitioners active in export and import.  View Article
EPC: An update on the implementation of the SEPA Instant Credit Transfer scheme
In less than five months, the EPC’s SEPA Instant Credit Transfer (SCT Inst) scheme will be operational. To shed some light on the implementation status of SCT Inst in Europe, EPC interviewed Jean-Yves Jacquelin, who chairs the EPC Scheme Evolution and Maintenance Working Group.  View Article
 
  Securities
 
 
Capital markets union: Council agrees on action plan adjustments
The Council renewed its commitment to the action plan, which is aimed at securing a fully-fledged capital markets union by the end of 2019. It supported a number of priority initiatives set out by the Commission.  View Article
Capital treatment for simple, transparent and comparable short-term securitisations proposed by the Basel Committee
The Committee's proposed capital treatment supplements the consultative document Criteria for identifying simple, transparent and comparable short-term securitisations issued jointly with the International Organization of Securities Commissions (IOSCO).  View Article
Criteria for identifying simple, transparent and comparable short-term securitisations proposed by BCBS and IOSCO
The Basel Committee on Banking Supervision and the International Organization of Securities Commissions released the consultative document Criteria for identifying simple, transparent and comparable short-term securitisations (the short-term STC criteria).  View Article
ESMA issued final regulatory technical standards regarding the aggregation and publication of derivatives data by trade repositories.
ESMA’s RTS define the operational standards for aggregation and comparison of aggregate position data across TRs, which is important to assess risks associated to those markets.  View Article
EBA launches supplementary data collection to support the new prudential framework for investment firms
The European Banking Authority launched a supplementary data collection aimed at supporting the response to the European Commission's Call for Advice on the new prudential framework for investment firms.   View Article
ESMA provides guidelines for supervisory cooperation regarding CSDs
ESMA published its guidelines regarding the cooperation between authorities under the Central Securities Depositories Regulation (CSDR).  View Article
ESMA consults on guidelines regarding internalised settlement reporting
ESMA opened a public consultation on future guidelines further detailing the implementation of internalised settlement reporting under the Central Securities Depositories Regulation.  View Article
ESMA publishes new Q&A on Alternative performance measures guidelines
The purpose of this Q&A is to promote common supervisory approaches and practices in the implementation of these guidelines.  View Article
ESMA updates MiFID II/ MIFIR Investor Protection Q&A
The new Q&A cover the topics of recording of telephone conversations and electronic communications, and best execution.  View Article
ESMA updates Q&A on MiFID II implementation
ESMA updated its Question and Answers regarding the implementation of the Market in Financial Instruments Directive and Regulation.  View Article
 
  Insurance
 
 
EIOPA issues principles on supervisory approach to the relocations from the United Kingdom
The EIOPA published an Opinion with the aim to foster supervisory convergence and consistency in the authorisation process across the European Union Members States related to the relocation of (re)insurance undertakings from the United Kingdom.   View Article
Commercial Risk Europe: Insurance industry risk managers confident in GDPR compliance: AM Best
Risk managers at insurance companies are reviewing both their own firms’ compliance with the EU General Data Protection Regulation (GDPR) and the opportunities it could deliver from increased demand for cyber insurance, according to a new briefing from AM Best.   View Article
 
  Asset Management
 
 
ESMA publishes updated AIFMD and UCITS Q&A
The European Securities and Markets Authority has published updated questions and answers documents on the application of the AIFMD and the UCITS.  View Article
Investment & Pensions Europe: Pensions accounting in IASB’s sights as disclosure project takes shape
The International Accounting Standards Board (IASB) looks set to impact pensions accounting under International Accounting Standard 19 (IAS 19), it has emerged.  View Article
Investment & Pensions Europe: European actuarial body calls for PEPP amendments
The requirement for the default option for a pan-European personal pension product (PEPP) to offer capital protection could undermine the European Commission’s initiative, according to the Actuarial Association of Europe (AAE).  View Article
 
  Financial Services Policy
 
 
ECB contribution to the European Commission’s consultation on the operations of the European Supervisory Authorities
The European Central Bank welcomed the consultation on the operations of the European Supervisory Authorities and said it must take into account developments which have taken place over the past six years.   View Article
Hedgeweek: Cybersecurity challenges for investment managers
The Cybersecurity phenomenon has completely changed the game in both the investment management industry and the broader financial services sector.   View Article
 
  International/G20
 
 
G20 leaders´ declaration: Shaping an interconnected world
At their meeting, G20 leaders adopted a declaration focusing on sharing the benefits of globalisation, building resilience, improving sustainable livelihood and assuming responsibility.  View Article
European Council: Statement following the 24th EU-Japan Summit
Mr. Donald Tusk, President of the European Council, Mr. Jean-Claude Juncker, President of the European Commission, and Mr. Shinzo Abe, Prime Minister of Japan, met in Brussels for the 24th Summit between the European Union and Japan.   View Article
Bloomberg: Business casts doubt on U.K.-U.S. post-Brexit trade deal
The US president says it can be done "very, very quickly." But economists say, not so fast.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
An autumn bank stampede to relocate?
A string of UK-based banks and insurers has announced plans to set up “offices” around the EU, or to “go home”. What do they really have to do to achieve their goal of continuing their business in the EU – but cost-effectively?  View Article
 
  Economic
 
 
2017 country-specific recommendations
The Council issued its 2017 recommendations and opinions on the member states' economic, employment and fiscal policies.  View Article
 
  Budgetary
 
 
Council agrees its position for the 2018 EU budget and backs increase of 2017 EU budget
The EU ambassadors agreed the Council's position on the 2018 EU draft budget, ahead of the negotiations with the European Parliament starting in October.   View Article
 

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