This week in "Brussels"
24 September 2015
ECB, EBA, BBA, BoE, IOSCO, CCPs, PRA Principles, FSB, ISDA, CFTC, ESMA, EFAMA, UCITS Directive, ALFI, SIFMA AMG, IASB, FEE, ECIIA, Federal Reserve's decision to keep interest rates low and more.
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Articles from 17 September 2015 - 24 September 2015 |
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Banking |
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Reuters: Most big euro zone banks have capital way above requirement
Most euro zone banks directly supervised by the European Central Bank have capital levels way above minimum regulatory requirements, ECB President Mario Draghi said before the ECON meeting. View Article |
ECB: Eurosystem adjusts purchase process in ABS programme
The Governing Council of the ECB decided to increase the proportion of purchases by national central banks rather than external managers in the Asset-Backed Securities Purchase Programme, as announced when the programme was first launched. View Article |
EBA consults on harmonised definition of default
The EBA launched a consultation on its draft Guidelines specifying the application of the definition of default. The work is in line with an EBA Discussion Paper on the topic which described the EBA's upcoming work on improving consistency and comparability in capital requirements. View Article |
BBA: Banks’ tax contribution climbs to £31.3 billion
The data shows that the six main UK banks have seen their tax contribution jump 55% in the first four years of the last Parliament, following the introduction of five new bank-specific tax measures in as many years. View Article |
Bank of England: The implementation of ring-fencing: the PRA’s approach to ring-fencing transfer schemes
In its consultation, the PRA seeks views on a draft statement of policy setting out its approach to ring-fencing transfer schemes. View Article |
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Securities |
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IOSCO publishes Report on Cross-Border Regulation
The report presents a series of concrete next steps aimed at supporting cross-border regulation and embedding the consideration of cross-border issues more effectively into IOSCO´s work. View Article |
IOSCO: Progress Report on the CCP Workplan
As noted in the FSB's Ninth Progress Report on Implementation of OTC Derivatives Market Reforms the BCBS, CPMI, FSB and IOSCO are implementing a workplan on the resilience, recovery planning, resolvability and interdependencies of CCPs. This is a progress report on that work. View Article |
ECB publishes enhanced statistics on loans to the euro area private sector adjusted for sales and securitisation
The refined adjustment method also uses data on repayments and stocks of securitised loans that have been derecognised and are serviced by monetary financial institutions, which results in somewhat lower adjusted flows and growth rates in general. View Article |
ECB: Standards for the use of central counterparties in Eurosystem foreign reserve management operations
These standards will ensure that the selection of providers of clearing services meets two objectives: ensuring safe and efficient use of infrastructure by the Eurosystem; and ensuring neutrality vis-à-vis the clearing industry. View Article |
IOSCO Publishes Second Implementation Review of PRA Principles
IOSCO issued second review of the Implementation of the Principles for Oil Price Reporting Agencies, prepared in collaboration with the IEA, IEF and OPEC. View Article |
Recent FSB reports to G20 Finance Ministers and Central Bank Governors
The FSB released three reports that were sent to G20 Finance Ministers and Central Bank Governors ahead of their meetings in Ankara on 4-5 September: The Corporate Funding Structures and Incentives, The Financial Crisis and Information Gaps and Work on Foreign Currency Exposures. View Article |
ISDA launches new industry initiative for a Derivatives Product Identification Standard
ISDA has launched an industry data project, aimed at developing an open-source standard derivatives product identification system that can be applied consistently and comprehensively across all derivatives facilities, including trading venues, clearing houses, repositories and other infrastructures. View Article |
Hedgeweek: CFTC settles charges against Bitcoin options trading platform operator Coinflip and CEO
The CFTC has settled charges against Bitcoin options platform operator Coinflip and its chief executive officer Francisco Riordan for conducting commodity options transactions without complying with the Commodity Exchange Act and CFTC Regulations. View Article |
ICMA-NAFMII Working Group issues report on Practices and Procedures in the Chinese and International Primary Debt Capital Markets
The ICMA-NAFMII Working Group, which brings together experts from financial institutions in China and the UK, has issued its first report, covering bond issuances in the international investment grade public markets and the Chinese onshore interbank market. View Article |
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Insurance |
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Reuters: Accounting standard setter proposes temporary fix for insurers
A global accounting standard setter has proposed a temporary fix for insurers caught in the crosshairs of a new bookkeeping rule aimed mainly at forcing banks to recognise losses on loans earlier. View Article |
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Asset Management |
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ESMA: Draft Implementing Technical Standards on penalties and measures under UCITS Directive
The ESMA has delivered its implementing technical standards (ITS) on penalties and measures under UCITS V to the European Commission for endorsement. These technical standards set out the procedures and forms NCAs must use when submitting this information to ESMA. View Article |
EFAMA: Significant recovery of net sales of UCITS in the summer supported by strong investors’ confidence
EFAMA has published its latest Investment Funds Industry Fact Sheet, which provides data for net sales of UCITS and non-UCITS for July 2015. View Article |
ALFI: International investment by pension funds increases globally but is still restricted in some markets
Pension funds around the world are increasingly looking beyond their borders to address their investment needs, according to the ALFI which released its global pension fund report, “Beyond their borders: evolution of foreign investment by pension funds,” produced by PwC Luxembourg. View Article |
SIFMA Asset Management Group joins symbology project
SIFMA's AMG has joined the International Swaps and Derivatives Association in the new industry symbology project aimed at developing an open-source standard derivatives product identification system for pre-trade, trading and post-trade workflows. View Article |
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Corporate Governance/Accounting |
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IASB: Voluntary adoption of IFRS by Japanese companies continues to grow
The Tokyo Stock Exchange (TSE) has released data showing that 112 companies, accounting for a quarter of the market capitalisation, have adopted or plan to adopt IFRS and that nearly 200 further companies are actively considering adoption. View Article |
FEE´s information paper on the compliance audit in the public sector
FEE’s project continues with the second information paper on compliance audit, an independent examination on assessing whether the activities of public sector entities are in accordance with the relevant laws, regulations and authorities that govern such entities. View Article |
ECIIA: OECD supports independent internal audit function
The ECIIA welcomes the OECD’s recognition that an independent internal audit function is best placed to assure the integrity of an organisation’s accounting and financial reporting systems. View Article |
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International/G20 |
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CEPS: What signal from the Fed? Should the ECB ease further?
The Federal Reserve left rates unchanged at its closely-watched meeting. No similar decision on exit is in sight in the euro area, despite the fact that some have argued that the ECB should consider further easing measures. View Article |
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CPD/Education and Learning |
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Brussels for Brunch Webinar September 2015
Topics included: President Juncker’s State of the Union speech; Brexit developments; G30 Report on Banking Culture and Conduct; BBA report on the rise of Fin Tech; EIOPA’s consultation on infrastructure as a new asset class and the EMIR review. View Article |
Brussels for Brunch Workbook September 2015
This is the workbook that accompanies the September 2015 Brussels for Brunch Webcast View Article |
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Graham's tweets |
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© Graham Bishop
Banking