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25 January 2018

This week in "Brussels"
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  Articles from 18 January 2018 - 25 January 2018

  Banking Union
 
 
European Commission: Banking Union: First Progress Report on the tackling of non-performing loans to support the risk-reduction agenda
The Commission has welcomed the headway made in tackling non-performing loans (NPLs) in the EU as part of ongoing work at the national and EU level to reduce remaining risks in parts of the European banking sector.  View Article
Bruegel: Risk reduction through Europe’s distressed debt market
The resolution of non-performing loans is central to the recovery of Europe’s banking sector and the restructuring of the excess debt owed by private sector borrowers. Could the development of distressed debt markets be a new element of capital market deepening in Europe?, wonders Alexander Lehmann.  View Article
EBA updates list of credit institutions subject to an LCR inflow cap derogation
The European Banking Authority published an updated list of credit institutions exempted from or subject to a higher cap on inflows in the calculation of the Liquidity Coverage Ratio in accordance with the provisions laid down in the LCR Delegated Act.   View Article
Financial Times: The banking reform that can help unite the EU
The risk sharers and the risk reducers in Europe might seem diametrically opposed. They are not, and the two approaches can be synthesised. The key to unlocking a solution is, as prosaic as it may sound, a common deposit insurance scheme, in the FT's view.  View Article
BIS: New report assesses structural change in global banking
Bank profitability has fallen from pre-crisis peaks but banks have become more resilient to risks, finds a new by the Committee on the Global Financial System (CGFS).  View Article
EBA to launch the 2018 EU-wide stress test on 31 January 2018
The European Banking Authority will formally launch the 2018 EU-wide stress test on 31 January 2018 at 5pm UK time.   View Article
ECB: Results of the January 2018 euro area bank lending survey
Loan growth continued to be supported by increasing demand across all loan categories. Credit standards remained broadly unchanged for enterprises and consumer credit, while they continued to ease for housing loans. Credit terms and conditions eased for loans to enterprises and housing loans. Banks continued to strengthen capital positions in response to regulatory and supervisory actions.  View Article
Deutsche Bundesbank: January results of the Bank Lending Survey in Germany
German banks adjusted their lending policies in the fourth quarter of 2017, chiefly with regard to credit terms and conditions, according to the Eurosystem’s latest Bank Lending Survey (BLS) among banks domiciled in Germany.  View Article
Commission welcomes new rules that benefit consumers by promoting more competition in processing of card payments
The European Commission has issued new requirements that ensure independence of payment card schemes and processing entities, to enhance competition in the card payment market. Retailers will be able to choose the most suitable processor for their card transactions, to the benefit of consumers.  View Article
 
  Capital Markets Union
 
 
Financial Times: MiFID II caution hits small business research
Small companies and their brokers are increasingly concerned about fund managers who are overcautious with regard to MiFID II.  View Article
ESMA updates transparency calculations for MiFID II/MiFIR
ESMA published an extended version of the MiFID II/MiFIR transitional transparency calculations for equity and bond instruments, adding further instruments.   View Article
ESMA consults on potential CFD and binary options measures to protect retail investors
ESMA has published a call for evidence on potential product intervention measures relating to the provision of contracts for differences, including rolling spot forex, and binary options to retail investors.  View Article
 
  Clients Union
 
 
Insurance Europe: Data protection guidelines must not overreach the GDPR
Insurance Europe has responded to the Article 29 Working Party consultation on its draft guidelines on transparency and on the consent needed to process people’s data under the General Data Protection Regulation (GDPR).  View Article
AIMA GDPR Implementation Guide
The AIMA GDPR Implementation Guide is intended to assist members in their compliance with the updated EU data protection regime contained within the EU General Data Protection Regulation (GDPR), which is due to become effective on 25 May 2018.  View Article
 
  Insurance
 
 
FCA: Statement on communications in relation to PRIIPs
This statement relates to concerns raised about the performance scenarios in the Key Information Document (KID).  View Article
Commercial Risk Europe: Government responds to Treasury Select Committee Solvency II recommendations
The UK Government has said it believes that it would be wrong to give the Prudential Regulation Authority's (PRA) secondary competition objective equal primacy with the PRA’s other statutory objectives.  View Article
 
  Asset Management
 
 
Financial Times: Regulators meet over ‘absurd’ performance forecasts
European regulators stand ready to provide “additional guidance” to investment managers after the publication of wildly misleading performance projections by some product providers, which suggested savers could earn annual returns of more than 1m per cent.  View Article
Investment & Pensions Europe: Netherlands seeks to implement IORP II Directive
The Dutch government is set to introduce a proposal to embed the amended European Pensions Directive – known as IORP II – into local law. EU member states have to implement the changes by January 2019 at the latest.  View Article
 
  Corporate Governance/Accounting
 
 
EFRAG: Comment letter and feedback statement on the definition of material
EFRAG has issued its comment letter and feedback statement on the IASB's ED/2017/6 Definition of Material - Proposed amendments to IAS 1 Presentation of financial statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.  View Article
IASB: Required IFRS Standards 2018—new books available
The IFRS Foundation is publishing the Required IFRS Standards 2018 in two new editions available to purchase in January 2018. The Required Standards are published annually and have previously only been available as a single publication, the ‘Blue Book’.  View Article
 
  Financial Services Policy
 
 
ICMA AMIC responds to publication of the ESAs Review
ICMA’s Asset Management and Investors Council has published its response to the publication of the proposals to review the European Supervisory Authorities and the European Systemic Risk Board.  View Article
The Autorité des Marchés Financiers unveils #Supervision2022, its 5-year strategic plan
Over the 2018-2022 period, the AMF intends to act as part of a strong and competitive future EU27, while taking on board the digital revolution under way and helping to meet the new needs for the financing of the economy.  View Article
Bank of England: Financial Services Compensation Scheme – management expenses levy limit 2018/19
This Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) consultation paper sets out proposals for the management expenses levy limit (MELL) for the Financial Services Compensation Scheme (FSCS).   View Article
Financial Times: Davos: Blockchain can no longer be ignored
The world’s big financial institutions are wrestling with a cryptocurrency dilemma: whether to stand by and denounce a technology many distrust but also fear — or join those investing in it.  View Article
EBF: European Money Quiz aspires to boost financial education
The first European Money Quiz takes place this spring as part of a fun new financial education initiative that reaches out to thousands of young people in thirty European countries. Boosting financial literacy levels and raising awareness on benefits of better financial education are among the objectives of the quiz.  View Article
 
  Political
 
 
EU elections 2019: MEPs pave way for pan-European constituency post Brexit
The European Parliament should shrink from 751 to 705 MEPs when the UK leaves the EU, to make room for EU-wide electoral lists, say Constitutional Affairs MEPs.  View Article
 
  Economic
 
 
Main results of the Economic and Financial Affairs Council
The Council revised the EU's list of non-cooperative jurisdictions in taxation matters, and discussed non-performing loans and the programme of the Bulgarian presidency.  View Article
Main results - Eurogroup of 22nd January
The Eurogroup reached a political agreement on the third review of Greece's economic adjustment programme. Ministers appointed Hans Vijlbrief as the new President of the Eurogroup Working Group and discussed further steps towards deepening the Economic and Monetary Union.  View Article
OMFIF: IMF, ECB join forces on Germany
The International Monetary Fund and the European Central Bank have joined forces in an unusual attempt to persuade Germany to adopt more Europe-orientated economic measures as part of the convoluted round of policy discussions in Berlin.  View Article
European Commission: More flexibility on VAT rates, less red tape for small businesses
The European Commission has today proposed new rules to give Member States more flexibility to set Value Added Tax (VAT) rates and to create a better tax environment to help SMEs flourish.  View Article
ACCA: The European Commission’s work on VAT rates
ACCA commends the EC’s work on VAT rates, acknowledging the sensitivity of the issue. According to ACCA there is a need of flexibility around VAT rate setting, to take into account lower revenues in periods of recession, and to benefit small businesses.  View Article
 

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