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European Commission: Council agrees on bank contributions for Single Resolution Fund
The SRF will be built up over 8 years to reach a target level of at least 1% of the amount of covered deposits of all credit institutions authorised in participating member states. View Article

European Commission: Statement on Basel Regulatory Consistency Assessment of Basel III implementation
The European Commission endorses the efforts of international financial standards setters that seek to ensure coherent implementation across member jurisdictions. View Article

Reuters: Banks take barely more than half of cheap ECB funds on offer
Banks borrowed 129.8 billion euros of four-year loans December 11. View Article

ECB: ERPB to address instant payments in euro and remaining SEPA issues
The ERPB also issued a set of recommendations to address some remaining issues in the SEPA credit transfer and direct debit schemes. View Article

Reuters: EU banks' capital gaps just "tip of iceberg" - ECB official
A member of the ECB Supervisory Board, said that while this year's regulatory checks on banks had focussed on capital levels, ECB supervisors would now look at "the roots of the problems". View Article

Financial Times: France and Germany share the pain over fund for bank failures
Germany and France are to share the pain for funding Europe’s banking union, under a deal that eases French lenders’ required payments towards a new €55bn bank rescue fund. View Article

BCBS: Assessment of Basel capital regulations in the European Union
The assessment was conducted under the Committee's Regulatory Consistency Assessment Programme. View Article

BCBS: Assessment of Basel capital regulations in the United States
The RCAP framework promotes full and consistent adoption of the Basel framework by identifying domestic regulations for internationally active banks that are not in line with the letter and spirit of the relevant Basel standards. View Article

EBF assesment of a regulation on structural measures improving the resilience of EU credit institutions
This report analyses the likely consequences of the European Commission’s proposal for bank structural reform for end users of financial products and the real economy. View Article

EBA provides overview on the implementation and transposition of the CRD IV package
The EBA has published all the information disclosed by EU Competent Authorities on supervisory disclosure. View Article

IPE: European Commission to fast-track Capital Markets Union reform
The European Commission is planning to publish a ‘green’ paper, or consultation document, on the subject before the end of January 2015. View Article

Reuters: France seeks to keep EU 'Robin Hood tax' plan despite missed deadline
Having missed a self-imposed year-end deadline to agree the broad outlines of the tax among the 11 euro zone countries that back the plan, French Finance Minister Michel Sapin told other finance ministers a deal was still possible early next year. View Article

ESMA to cooperate with Australian regulators on CCPs
ESMA is working closely with other third-country authorities on similar cooperation arrangements. View Article

BIS: Quarterly Review: Buoyant yet fragile?
Contracts with CCPs rose to 27% of all CDS contracts at the end of June this year, up from 23% in June 2013. View Article

DerivAlert: Clearing is coming for interest rate swaps in Europe
Mandatory clearing will be phased by type of counterparty. View Article

ISDA: Ensuring CCPs are not TBTF
ISDA has issued a report that crystallizes and makes recommendations on the adequacy and structure of central counterparty loss-absorbing resources and on CCP recovery and resolution. View Article

Financial Times: London Stock Exchange presses Europe to open derivatives trading
LSE’s chief executive said the forthcoming drafts from the European Securities and Markets Authority were “the key test of European willingness to embrace reforms,” he said. View Article

EIOPA deliveres a common application package for internal models
The package aims to promote consistent supervisory practices for the application processes related to internal models. View Article

Financial Times: Insurance innovation and expertise drives traffic into Guernsey
Mention Guernsey and insurance in the same breath and people usually think of captive insurers, a risk management tool by which companies self-insure part or all of their risks without recourse to traditional markets. View Article

IPE: IORP II compromise highlights cross-border provision in talks with MEPs
A finalised negotiating mandate, which outlines the 28 states’ agreed position on the IORP Directive, said that removing the “remaining prudential barriers” to cross-border provision should be one of the four objectives. View Article

IPE: OECD calls for standardisation to create tradable longevity market
The 2014 Pensions Outlook reiterated calls for the issuance of longevity bonds and governments to back the creation of functional longevity markets. View Article

IPE: HBS best way to grow cross-border schemes
HBS would allow pension funds to operate across borders while running a deficit. View Article

AIMA publishes updated guide for selecting a prime broker
The guide incorporates changes to the regulatory framework that affects the relationship between managers and prime brokers, including reporting requirements and other measures introduced under the Dodd-Frank Act, and Europe’s AIFMD and EMIR. View Article

The AMF published a guide for Midcaps to draft registration documents
The guide sets out the 5 key principles for putting together a more synthetic document and giving meaning to financial information. View Article

IPE: Dutch government satisfied with changes to revised IORP II proposals
The latest draft of the IORP II Directive now “fits closely” with the Dutch pensions system after the European Commission made a number of “important concessions”, according to Jetta Klijnsma, State Secretary for Social Affairs. View Article

Deloitte commented on IOSCO's non-GAAP financial measures proposals
Deloitte supports addressing the issue of non-GAAP financial measures at a global level, as it is pervasive. View Article

IASB/Ian Mackintosh: Growing relevance of IFRS in a US context
Mackintosh highlighted the necessity for a strong ongoing relationship with the FASB. View Article

FASB and FAF: Voluntary disclosure of IFRS information
"We believe that voluntarily providing IFRS information on a supplemental basis, subject to audit, SEC review and other regulatory scrutiny, could be an important tool in fostering further convergence of Generally Accepted Accounting Principles and IFRS.” View Article

FCA: New strategic approach to ensure “sharper focus” to regulatory challenges ahead
Several structural changes will complement this new approach. View Article

Bruegel: The European Union is the global laggard on Basel III
The Basel Committee found the EU “materially non-compliant” with Basel III. View Article

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This week in "Brussels"

11 December 2014

© Graham Bishop