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08 March 2018

This week in "Brussels"



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  Articles from 01 March 2018 - 08 March 2018

  Banking Union
 
 
Basel III monitoring results published by the Basel Committee
The Committee's finalisation of the Basel III reforms is not yet reflected in the results; the collection of relevant data for those reforms started for the end-2017 reporting date.  View Article
The EBA CRD IV-CRR/Basel III monitoring exercise shows further improvement of EU banks capital leverage and liquidity ratios
This exercise presents aggregate data on EU banks' capital, leverage, and liquidity ratios assuming full implementation of the CRD IV-CRR/Basel III framework. The results show a further improvement of European banks' capital positions.  View Article
BCBS, CPMI, FATF and FSB welcome industry initiative facilitating correspondent banking
The BCBS, the CPMI, the FATF and the FSB welcome the Correspondent Banking Due Diligence Questionnaire recently published by the Wolfsberg Group, as one of the industry initiatives that will help to address the decline in the number of correspondent banking relationships by facilitating due diligence processes.   View Article
Deutsche Bundesbank's Dombret: Where do we go from here? The future of US-EU financial relations following the finalisation of Basel III
Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank, gives his perspective on the future of US-EU financial relations, now that the most important post-crisis global reforms have now been finalised.  View Article
ECB launches public consultation on draft guides for banks on their capital and liquidity management
The European Central Bank (ECB) launches a public consultation on the draft principles underlying its expectations for banks’ internal capital adequacy assessment processes (ICAAPs) and internal liquidity adequacy assessment processes (ILAAPs).   View Article
FSB Global shadow banking monitoring report
The Financial Stability Board published the latest global shadow banking monitoring report, which assesses global trends and risks from shadow banking activities.  View Article
Financial Times: Beware threat of low-quality debt and opaque shadow banks
A recurring nightmare for financial watchdogs must be the possibility that regulatory arbitrage now works like a ratchet. As each new financial crisis prompts attempts to re-regulate the system, those attempts simply lead to more regulatory arbitrage.   View Article
EBA takes stock of lessons learned on financial education across the EU
The EBA published its first Report on financial education, covering the years 2017/18. The Report provides an opportunity for national authorities to share and compare experiences, and for others to learn about, and possibly build on, the work carried out so far in this area and the lessons learned.  View Article
VoxEU: FinTech and banks
Financial technology companies have spurred innovation in financial services while fostering competition amongst incumbent players. This column argues that although incumbents face rising competitive pressure, they are unlikely to be fully replaced by FinTechs in many of their key functions.   View Article
Deutsche Bundesbank's Dombret: Prospects for, and obstacles to, greater proportionality in regulation - a supervisor's perspective
Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank focuses on the challenges ahead for supervisors in Europe, and describes what greater proportionality in the EU might look like.  View Article
EBA launches new DPM data dictionary tools
The European Banking Authority launched a new web page including the tools to access its data point model (DPM), which compiles the harmonised data requirements included in its technical standards and guidelines.   View Article
 
  Capital Markets Union
 
 
IOSCO consults on recommendations to help trading venues manage extreme volatility
IOSCO explores the measures that trading venues use to address the risks posed by extreme volatility. The report finds that these mechanisms can be an effective way for trading venues to mitigate the effects of extreme volatility and preserve orderly trading.  View Article
ECMI: A post-2019 vision for CMU is needed
The CMU Action Plan has identified the right areas for further harmonisation at EU level but also much needed work by member states and their NCAs, writes ECMI Chairman Fabrice Demarigny.  View Article
AFME: Opportunities and challenges in developing utilities for capital markets
The report lays out best practice principles for developing utilities for the industry, providing guidance for market participants, as well as supervisors and regulators.  View Article
ESMA updates EMIR validation rules
ESMA updated its validation rules regarding the European Markets Infrastructure Regulation with regards to the revised technical standards on reporting under Article 9 of EMIR.  View Article
 
  Clients Union
 
 
Hedgeweek: Financial services organisations struggling to secure data effectively, says new research from Claranet
With the General Data Protection Regulation (GDPR) coming into force on 25 May 2018, there is an increased urgency for financial services businesses to improve the way data is managed and secured. However, new research from managed services provider Claranet has found that many companies are still not managing their data as well as they could.  View Article
 
  Insurance
 
 
EIOPA publishes monthly technical information for Solvency II relevant Risk Free Interest Rate Term Structures – end-February 2018
The European Insurance and Occupational Pensions Authority (EIOPA) published technical information on the relevant risk free interest rate term structures (RFR) with reference to the end of February 2018.  View Article
EIOPA launches selection procedure for members of its Stakeholder Groups
The European Insurance and Occupational Pensions Authority is launching a call for expression of interest to select new members of the Insurance and Reinsurance Stakeholder Group (IRSG) and the Occupational Pensions Stakeholder Group (OPSG).   View Article
Commercial Risk Europe: IAIS sets out its role and strategy for 2018 and beyond
The International Association of Insurance Supervisors (IAIS) remains on track to deliver its current commitments on ComFrame, the Insurance Capital Standard (ICS) and the mitigation of systemic risk in the insurance sector, according to Jonathan Dixon, IAIS secretary general.  View Article
GFIA cyber position paper published
The Global Federation of Insurance Associations (GFIA) has published a set of key observations on cybersecurity and cyber insurance. GFIA noted that cyber risk is a global issue that continues to evolve as the world becomes increasingly connected and supply chain interdependencies become more prevalent.   View Article
Finanstilsynet: Summary of The Danish Financial Supervisory Authority’s order to Alpha Insurance A/S to cease writing new business
The Danish Financial Supervisory Authority ordered Alpha Insurance A/S to cease writing any new business including renewal of existing contracts and business ceded 100 percent.   View Article
Insurance Europe: Insurance industry response to EU climate change consultation published
Insurance Europe has published its response to a European Commission consultation on the EU’s Adaptation Strategy. The strategy was adopted in 2013 with the aim of making Europe more climate-resilient, by promoting action by Member States.  View Article
Commercial Risk Europe: Ferma calls for EU-wide database on climate change risks
Ferma has called on the EU to collect and provide better access to climate change risk data, in a position paper submitted to the EU’s Strategy on Adaptation to Climate Change consultation. Ferma said greater access to actionable climate related data would help companies mitigate the risk and develop solutions.  View Article
 
  Asset Management
 
 
Investment & Pensions Europe: German workplace pensions ‘must double to cover pension gap’
Contributions to German occupational pension plans fail to cover the pension gap arising from cuts to the country’s state pension, according to Willis Towers Watson. In a study of 200 larger companies with pension plans, Willis Towers Watson found that benefits were insufficient to make up for falling payout-levels from the first pillar.  View Article
Investment & Pensions Europe: Dutch regulator: Schemes must increase control of data security
Dutch pension funds aren’t sufficiently in control of data security and outsourcing risks, according to regulator De Nederlandsche Bank (DNB).  View Article
PLSA welcomes CMA investigation’s focus on fee and performance information for trustees
The Pensions and Lifetime Savings Association has responded to the release of the first working paper from the Competition and Markets Authority’s Investment Consultants Market Investigation - Information on fees and quality.  View Article
 
  Corporate Governance/Accounting
 
 
EFRAG’s influence confirmed by European financial reporting community
EFRAG has published the report from an independent audit of stakeholder perceptions.  View Article
EFRAG: New discussion paper on equity instruments - impairment and recycling
EFRAG is publishing a Discussion Paper to gather constituents' views on recycling and impairment of equity instruments designated at fair value through other comprehensive income to develop its technical advice to the EC.  View Article
ACCA: UK Corporate Governance Code must focus on principles and outcomes
ACCA has called for a stronger focus on understanding and applying the principles of good corporate governance, rather than a compliance-led ‘box ticking’ approach, in the UK Corporate Governance Code.  View Article
 
  Financial Services Policy
 
 
Accountancy profession’s contributions to the EU sustainable finance strategy
The EU’s transition to a low-carbon, resource-efficient and sustainable economy has its benefits. The financial system has a critical role to play in this process, by ensuring that the economy contributes to long lasting welfare.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
Temporary Eurobill Fund (TEF): 30 FAQs
The Temporary Eurobill Fund offers a modest, technical but concrete step that can be expanded progressively into a financial, economic and political structure if circumstances develop propitiously. If they do not, then it can easily be wound down again ad extinguished within two years.  View Article
 
  Temporary Eurobill Fund (TEF)
 
 
Temporary Eurobill Fund (TEF): 30 FAQs
The Temporary Eurobill Fund offers a modest, technical but concrete step that can be expanded progressively into a financial, economic and political structure if circumstances develop propitiously. If they do not, then it can easily be wound down again ad extinguished within two years.  View Article
 
  Political
 
 
Carnegie Europe: From Berlin to Rome: Europe’s Latest Headache
Germany finally has a government but Italy could scupper major reforms of the European Union.  View Article
 
  Financial
 
 
PIIE: Breaking the Stalemate on European Deposit Insurance
In a Franco-German report, Isabel Schnabel and Nicolas Véron proposed, jointly with their coauthors, to end the deadlock with an EDIS design that is institutionally integrated but financed in a way that is differentiated across countries.   View Article
Financial crime: Parliament establishes new special committee
MEPs overwhelmingly decided on a show of hands to set up a new special committee on financial crime, tax evasion and avoidance.  View Article
 
  Economic
 
 
Finance ministers from Northern EU member states underline their shared views and values in the discussion on the architecture of the EMU
Against the background of the benign economic conditions, European ministers of finance from Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, the Netherlands and Sweden discussed the future of the EMU, while Leaders exchanged thoughts in December.   View Article
CEPS: Trump’s trade policy turns destructive
With his reckless imposition of import tariffs, President Trump has set in motion a nightmare scenario of tit-for-tat trade wars that the world has not seen for generations.  View Article
European Semester Winter Package: reviewing Member States' progress on their economic and social priorities
The European Commission published its annual analysis of the economic and social situation in the Member States, including progress in implementing country-specific recommendations and an assessment of possible imbalances.  View Article
GDP up by 0.6% in both euro area and EU28
Seasonally adjusted GDP rose by 0.6% in both the euro area (EA19) and the EU28 during the fourth quarter of 2017, compared with the previous quarter, according to an estimate published by Eurostat.  View Article
Volume of retail trade down by 0.1% in both euro area and EU28
In January 2018 compared with December 2017, the seasonally adjusted volume of retail trade decreased by 0.1% in both the euro area (EA19) and in the EU28, according to estimates from Eurostat.  View Article
Euro area unemployment at 8.6%
The euro area (EA19) seasonally-adjusted unemployment rate was 8.6% in January 2018, stable compared to December 2017 and down from 9.6% in January 2017.   View Article
 

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