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27 September 2018

This week in "Brussels"



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  Articles from 20 September 2018 - 27 September 2018

  Banking Union
 
 
BCBS discusses a range of policy and supervisory issues, takes stock of its members' implementation of post-crisis reforms
The Basel Committee met in Basel on 19-20 September and finalised stress-testing principles, reviewed ways to stop regulatory arbitrage behaviour, agreed on annual G-SIB list, and discussed leverage ratio, crypto-assets, market risk framework and implementation.  View Article
ECB: Guide to on-site inspections and internal model investigations
The Guide describes the inspection process, from the decision to launch the inspection to the follow-up stage, and sets out the best practices to foster fruitful cooperation between the entities being inspected and the inspection teams.  View Article
EBF comments on the draft EBA guidelines on outsourcing
Outsourcing arrangements are widely used by the banking industry as they contribute to the efficiency and to the competitiveness of banks’ business models. Outsourcing indeed helps banks focus on their core business and gives them access to skills and services that are not available in house at the same level of efficiency and/or effectiveness.  View Article
EBA launches its 2018 EU-wide transparency exercise
In December 2018, together with the Risk Assessment Report (RAR), the EBA will release over 900000 data points on about 130 EU banks. The data will cover capital positions, risk exposure amounts, sovereign exposures and asset quality. This data disclosure is an important component of the EBA's responsibility to monitor risks and vulnerabilities and foster market discipline.  View Article
ECB: Waiting for ESTER: the road ahead for interest rate benchmark reform
Benoît Cœuré, Member of the Executive Board of the ECB, explained the need for a new benchmark and the process of creating it.  View Article
Financial Times: Regulation, Brexit and bad loans to dent banks’ profits 40% by 2022
Increasing regulatory scrutiny, Brexit-related costs, rising bad loan provisions and low interest rates are poised to dent European banks’ profitability by 40 per cent over the next five years, according to a new study by German banking consultancy Zeb.  View Article
Financial Times: European banks seek lighter-touch regulation in the US
European banks and US senators are warning that America’s banks face retaliation overseas if the lighter-touch regime promised to domestic lenders is not extended to foreign competitors.   View Article
Vox EU: Foreign expansion, competition, and bank risk
This column explores how banks’ decisions to enter foreign markets impacted their individual and systemic risk. Results from a sample of European banks suggest that banks’ foreign expansions decreased risk from both an individual and systemic viewpoint. The findings cast doubt on the idea that banking globalisation was one of the culprits behind the crisis.  View Article
Bruegel: Excess liquidity and bank lending risks in the euro area
Authors argue that excess liquidity is not a good indicator of whether banks’ have more incentives in risk-taking and look at indicators that might signal that bank lending in the euro area creates undue risks.  View Article
 
  Capital Markets Union
 
 
AFME: Trade bodies representing key capital markets participants publish KPIs to track the progress of CMU
AFME published a new report tracking the progress to date of the European Commission’s flagship Capital Markets Union project through seven Key Performance Indicators (KPIs).  View Article
Bloomberg: UK finance dealt another Brexit blow by Brussels lawmakers
UK-based firms would probably need to open a unit in the EU to continue underwriting stocks and bonds and doing market-making business for clients in the bloc under draft legislation endorsed by a European Parliament committee.   View Article
ESMA agrees to limit the application of tick sizes to systematic internalisers quotes for shares and depositary receipts
ESMA, considering the need to address the application of tick sizes to systematic internaliser (SIs) quotes in a timely fashion, has agreed to limit the application of tick sizes to quotes of SIs to shares and depositary receipts.  View Article
ESMA: What drives the use of CDS by EU investment funds?
As part of ongoing efforts to improve the monitoring of derivatives markets, this article investigates the drivers of credit default swaps usage by UCITS investment funds.   View Article
ESMA monitors volatility in financial markets
ESMA set out the details of its analysis of volatility in financial markets.  View Article
ESMA updates its EMIR Q&As
The purpose of these Q&As is to promote common supervisory approaches and practices in the application of EMIR.  View Article
ESMA updates Q&A on MiFIR data reporting
ESMA issued an update of its Q&As regarding data reporting under the Market in Financial Instruments Regulation (MiFIR).  View Article
ESMA finds deterioration in liquidity in stressed financial markets for both sovereign and corporate bonds
The study, reporting on different aspects of market liquidity, shows that the situation differs significantly between sovereign and corporate bonds.  View Article
ESAs’ Joint Board of Appeal decides on an individual’s appeal against a decision of ESMA in relation to binary options and contracts
ESAs published a decision in an appeal brought by "V" against the European Securities and Markets Authority.  View Article
ISDA and US chamber center for capital markets competitiveness publish CFTC-SEC safe harbor recommendation
The proposed safe harbor would allow firms to rely on their compliance with one commission’s rules to satisfy comparable requirements set by the other commission.  View Article
 
  Clients Union
 
 
ACCA: Human rights metrics - reaching scale through the Sustainable Finance agenda
European and international experts discussed reaching scale on high-quality human rights metrics through the sustainable finance agenda.  View Article
 
  Insurance
 
 
EIOPA: Newly appointed Members of EIOPA’s Insurance and Reinsurance Stakeholder Group elect its Chair and Vice Chair
The EIOPA Insurance and Reinsurance Stakeholder Group Members elected Greg van Elsen as its Chair and Michaela Koller, Director General of Insurance Europe, as the Group's Vice Chair representing the insurance industry.   View Article
 
  Asset Management
 
 
EFAMA: Assets under Management in Europe rose to EUR 25 trillion in 2017
The EFAMA has published the 10th Edition of its Asset Management Report. The report focuses on the value of assets managed by regulated third-party asset managers in Europe, providing detailed data on the location of the asset management activity, the asset owners, the evolution of the asset allocation, and the contribution of the industry in terms of employment.   View Article
Investment & Pensions Europe: Pension funds ‘should begin derivatives clearing now’ to save costs
The cost of using derivatives is set to climb by as much as 10 times current levels under new European rules, according to analysis firm OpenGamma – and pension funds should act soon.  View Article
Financial Times: Legacy of Lehman Brothers is a global pensions mess
Pension funds have taken on many of the risks that were once held by banks. Low bond yields, which make it more expensive to guarantee an income, have forced them to take extra risks.  View Article
EFAMA appoints Tanguy van de Werve as its new Director General
EFAMA has announced the appointment of Tanguy van de Werve as its new Director General. Mr Van de Werve will take up his position on 1st January 2019.  View Article
 
  Corporate Governance/Accounting
 
 
IFAC and IIA: New report outlines keys to sound governance
Effective governance is the outcome of a mosaic of organizational policies, processes, and cross-functional interactions, according to experts featured in a new report from the IIA and IFAC.  View Article
ACCA: One in two finance organisations admit failing to embrace robotics and risk becoming irrelevant
A new report commissioned by ACCA, CA ANZ and KPMG explores the significant opportunities automation presents for the finance function, after results found many CFOs are still uncertain how implementing robotics solutions can be applied to benefit their finance functions.  View Article
ECA: Putting EU law into practice effectively is essential for delivering results
This was the first time the ECA, as the guardian of the EU’s finances, has looked in a focused manner and from a cross-cutting perspective at a topic related to the application of EU law.  View Article
 
  Anti-Money Laundering
 
 
POLITICO: EU watchdog to probe Danish, Estonia supervisors over Danske Bank
The EU’s banking watchdog is set to probe the actions of Denmark and Estonia’s national supervisors to see how they failed to pick up on Danske Bank’s massive money laundering scandal — and if their actions broke EU laws.  View Article
EBA notifies the European Commission and MEPs on the outcome of its enquiry into the application of EU law on AML in Malta
The EBA notified the European Commission and Members of the European Parliament on the outcome of its enquiries in relation to the application of EU law on anti-money laundering (AML) in Malta by the Malta Financial Services Authority (MFSA).   View Article
 
  Financial Services Policy
 
 
OMFIF: Christine Lagarde: A regulatory approach to fintech
The IMF Director Christine Lagarde explains why some enthusiasts say crypto assets may represent the beginning of a breakthrough similar to that of Alexander Graham Bell's telephone.  View Article
 
  Economic
 
 
ECB's President Mario Draghi: Economic and Monetary Union: past and present
The President of the ECB highlighted the key planks to a successful EMU: advancing the single market agenda through completing banking union and capital markets union.   View Article
EurActiv: Draghi warns on protectionism as a risk for the Eurozone
The Eurozone should prepare for US and China protectionist measures if they materialise, President of the European Central Bank Mario Draghi said at the European Parliament.  View Article
VAT: EU Member States still losing almost €150 billion in revenues according to new figures
EU countries lost almost €150 billion in Value-Added Tax (VAT) revenues in 2016, according to a new study published by the European Commission.  View Article
 

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