This week in "Brussels"
29 January 2015
Headlines include: Financial Times: European banks warns capital rules will blunt QE
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Articles from 22 January 2015 - 29 January 2015 |
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Banking |
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Financial Times: European banks warns capital rules will blunt QE
Bankers meeting in private sessions at the World Economic Forum in Davos said the concern has been expressed most forcefully by Deutsche Bank, Germany’s largest bank, and Société Générale, France’s second-biggest bank. View Article |
Reuters: Bankers say big is beautiful, safe and economic
Europe's bankers defended the big bank model in Davos as the mounting cost of regulation puts a question mark over its future. View Article |
Vox EU: Bank resolution in Europe - The unfinished agenda of structural reform
Bank resolution is a key pillar of the European Banking Union. This column argues that the current structure of large EU banks is not conducive to an effective and unbiased resolution procedure. View Article |
Financial Times: Bank supervisor to review sovereign debt rules
The move by the world’s top banking supervisor could reignite a politically sensitive debate on the relative safety and creditworthiness of different countries’ bonds. View Article |
EBA published revised version of its final draft technical standards on prudent valuation
All occurrences of ‘volatility' in Article 9 and Article 10 of the final draft RTS should be replaced by ‘variance' for the purposes of computing market price uncertainty and close-out costs additional valuation adjustments. View Article |
The Basel Committee's work programme for 2015 and 2016
The programme is structured around four themes: Policy development; ensuring an adequate balance between simplicity, comparability and risk sensitivity across the regulatory framework; monitoring and assessing implementation of the Basel framework and improving the effectiveness of supervision. View Article |
BCBS issued revised Pillar 3 requirements
The revised disclosure requirements will enable market participants to compare banks' disclosures of risk-weighted assets. View Article |
BCBS: Progress in adopting the principles for effective risk data aggregation and risk reporting
Published in 2013, the principles aim to strengthen risk data aggregation and risk reporting at banks to improve their risk management practices and decision-making processes. View Article |
EPC published the SDD core rulebook version 9.0 and SDD Business to Business rulebook version 7.0
The rulebooks will take effect on 20 November 2016. View Article |
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Securities |
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Markets Media: MiFID II urgency grows
The MiFID II regulatory regime is progressing toward its 2017 implementation date, with implications for US companies that do business in Europe. View Article |
EFAMA calls to restart negotiations on the review of IMD II
Director General, EFAMA: "While we applaud the EU for having concluded its widest reform of the European financial markets since 2007, we are disappointed that not all financial products have been treated equally." View Article |
IOSCO published final report on risk mitigation standards for non-centrally cleared OTC derivatives
This set of risk mitigation standards, developed in consultation with the BCBS and the Committee on Payments and Market Infrastructures, will further strengthen the non-centrally cleared OTC derivatives market. View Article |
Reuters: EU says near deal with Washington on derivatives rules
The EU and the United States are poised to accept each other's rules on financial derivatives trading in a bid to prevent a global market that supports economic growth from fragmenting. View Article |
ISDA proposes CCP Recovery and Continuity Framework
The paper sets out tools that can be used to re-establish a matched book following the default of one or more clearing members. View Article |
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Insurance |
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Insurance Europe: Response provided to EIOPA on product oversight and governance
"Basic principles on product oversight and governance are acceptable, but the risks and the level of administrative burden lie in the prescriptiveness of such guidelines." View Article |
Insurance Europe: Proposed EU data protection rules could increase cost of insurance
The current wording of the proposed rules would enable people to demand the removal of their data from insurers’ databases. This would have several negative effects on the insurance market and result in higher prices. View Article |
Reuters: Bank of England says UK insurer capital won't rise under EU rules
Solvency II rules aim to ensure insurers hold enough capital to honour policyholder commitments even when markets turn sour. View Article |
Bank of England: Solvency II - transitional measures and the treatment of participations
This consultation paper seeks views on draft rules to implement Solvency II transitional measures for risk-free rates and technical provisions. View Article |
Insurance Europe: EIOPA consultations on Solvency II equivalence of Switzerland, Bermuda and Japan
EIOPA’s work is an important signal in upcoming full equivalence determinations that need to be made by the Commissions in the coming weeks and then scrutinized by the European Parliament and Council before they take legal effect. View Article |
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Asset Management |
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IPE: ECB move provides ‘toxic cocktail’ for pension scheme funding
As additional capital flows into sovereign bond markets across the currency union, historically low yields will be squeezed even further – affecting the discount rate used in pension fund liability accounting. View Article |
AIMA and CAIA launch series of hedge fund papers for pension fund trustees
The first paper tackles how existing investors have managed issues and challenges associated with their hedge fund investments and details the advantages of allocating to hedge funds. View Article |
PEGCC files regulatory comment letter
The letter submitted to ESMA responded to a “call for evidence” on the Alternative Investment Fund Managers Directive passport and whether it should be extended to third country AIFM. View Article |
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Corporate Governance/Accounting |
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IFAC: IAASB proposes changes for reporting on special purpose financial statements
Changes are proposed to ISA 800, Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, and ISA 805, Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement. View Article |
FRC welcomes IAASB’s revised international standards for auditor reporting
These revised standards respond to calls from users of audited financial statements for more informative and insightful reports. View Article |
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Grahams Articles, Comments & Speeches |
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Greece: Additonal positive thinking by EU can bring a transformation
Few commentators seem to be aware of the major debt relief that the EU has already given Greece to open the way for it to grow into the position in a decade where the debt might seem realistic to manage over 30 years. View Article |
Greece: the `1789’ moment - but via the ballot box rather than guillotine
The exit polls are predicting an upheaval though the precise magnitude will only become clear as election results are declared formally. But Syriza should be able to govern adequately. View Article |
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Think Tanks/EP groups |
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Bruegel: Retaking the Greek Test
For about five years now, Greece has been giving the euro area authorities a test in economics and politics. The test must be retaken until the authorities produce the right answers, writes Ashoka Mody. View Article |
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© Graham Bishop
Banking