This week in "Brussels"
22 October 2015
Basel III, Visa deal, ECB, forbearance, EBA, EIOPA and ESMA consult on anti-money laundering, EBF, LEI, BoE's stress testing the UK banking system, EBA's working programme, CMU, OTC derivatives, MiFID 2, FTT, TTIP, IORP, ELTIF regulation, AIFMD, AIMA, SEC and more.
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Articles from 15 October 2015 - 22 October 2015 |
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Banking |
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BCBS: Ninth progress report on adoption of the Basel regulatory framework
This updated Progress report on adoption of the Basel regulatory framework provides a high-level view of Basel Committee members' progress in adopting Basel III regulations as of end-September 2015. View Article |
BCBS: Frequently asked questions on the Basel III Countercyclical Capital Buffer
To promote consistent implementation of the Basel III countercyclical capital buffer, the BCBS has issued FAQ and other supporting information. The information includes a list of all prevailing and pre-announced buffers, as well as developments related to domestic rule-making. View Article |
Financial Times: Visa deal set to deliver windfall for european banks
Visa Inc, the US payments company, is closing in on a deal to acquire its former European subsidiary for $20bn as early as next week in a move that will land thousands of European banks large windfalls. View Article |
ECB: What drives forbearance – evidence from the ECB comprehensive assessment
This paper provides the first empirical analysis of forbearance in Europe, using the adjustment of non-performing exposures due to the asset quality review (AQR) and the associated increase in required provisions as measures of forbearance. View Article |
EBA, EIOPA and ESMA consult on anti-money laundering and countering the financing of terrorism
These Guidelines promote a common understanding of the risk-based approach to AML/CFT and set out how it should be applied by credit and financial institutions and competent authorities across the EU. View Article |
EBF comments on the consultation on collecting data on parents of legal entities in the global LEI system
EBF considers that accounting definitions, and in particular the definition of “ultimate accounting consolidating parent” provide the best basis for identifying data to support the purpose of the GLEIS. View Article |
Bank of England publishes approach to stress testing the UK banking system
The Bank of England has published its approach to stress testing the UK banking system. This approach aims to provide clarity for firms and the wider public about the BoE's plans for stress testing for the next three years until 2018. View Article |
Bank of England announces further proposals to strengthen the financial system through structural reform
The Bank of England proposals (on ring-fencing and on operational continuity) will ensure that ring-fenced banks are protected from shocks originating in other parts of their groups, as well as the broader financial system, and can be easily separated from their groups in the event of failure. View Article |
Bank of England: The PRA’s approach to identifying other systemically important institutions (O-SIIs)
In this consultation paper, the PRA sets out the criteria and scoring methodology it proposes to use to identify other systemically important institutions (O-SIIs). View Article |
EBA publishes work programme for 2016
The EBA'S annual work programme for 2016 includes completing the liquidity and leverage framework under the CRDIV/CRR; input to the Commission's legislative initiatives, such as in the area of covered bonds and securitisation under the CMU; and completion of the EBA's mandates under the BRRD. View Article |
Financial Times: Barclays to speed up investment bank cuts
Barclays plans to accelerate the shrinkage of its investment bank by exiting trading operations in continental Europe, Asia and Latin America in a plan supported by incoming chief executive Jes Staley. View Article |
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Securities |
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European Commission: Commissioner Hill at the ECMI Annual Conference
Main topics of the speech were urgent measures under the CMU: relaunching securitisation markets, establishing a European market for simple personal pensions, overhauling the Prospectus Directive, supporting venture capital, and developing a pan-European venture capital fund of funds. View Article |
FeBAF and TheCityUK: increased European competitiveness relies on a Capital Markets Union
Current topics related to the new developments in the field of CMU and SMEs were discussed at the meeting of AIFSD. Both Italian and British delegations agreed on welcoming the CMU and the EC's securitisation proposal, and on avoiding the FTT. View Article |
CFS: Financial industry considers Capital Markets Union useful
The German financial industry considers the Capital Markets Union planned by the European Commission as a useful supplement to the European banking union, as stated by 60% of the participants of a survey by the CFS. View Article |
ECB: Results of the September 2015 survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives market
Less favourable price terms being offered to counterparties across the entire spectrum of securities financing and OTC derivatives transaction types for the fourth consecutive quarter. View Article |
TabbForum: Coming to grips with best execution under MiFID 2
Tucked away in Article 27 of MiFID 2 is a potentially disruptive requirement – the ‘Obligation to execute orders on terms most favourable to the client.’ Unfortunately, what constitutes best execution, and when the rules apply, aren’t clear. View Article |
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Insurance |
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Insurance Europe: Key concerns regarding the Financial Transaction Tax reiterated
Insurance Europe remains convinced that an FTT would have a negative impact on the real economy, and argues that all retirement products should be exempt from the scope of the FTT. View Article |
Insurance Europe: EU and US insurers renew call for inclusion of financial services in the TTIP
The American Insurance Association (AIA), Insurance Europe, and the American Council of Life Insurers (ACLI) wish to reiterate support for the full inclusion of insurance in the Transatlantic Trade and Investment Partnership (TTIP). View Article |
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Asset Management |
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CityUK: Lack of awareness of alternative forms of finance could hinder potential of EU growth companies
A new report published by TheCityUK and EY finds that future European financial stability could be at risk over the long-term because of a lack of sufficient knowledge and awareness about complementary and alternative forms of finance among EU growth companies. View Article |
IPE: IORP rapporteur rewrites own draft on cross-border pension funds
Irish MEP Brian Hayes, IORP rapporteur for the Economic and Monetary Affairs Committee, proposed a number of changes to the legislation to lift the burden of full funding imposed on cross-border funds. View Article |
EFAMA’s reply to ESMA’s CP on Draft RTS under the ELTIF regulation
EFAMA considers the ELTIF framework to be a concrete step forward in the debate on boosting long-term investment in the EU and towards meeting Europe’s pressing needs for financing growth and long-term development. View Article |
ESMA publishes responses to the Consultation on draft RTS under the ELTIF Regulation
The European Securities and Markets Authority published the responses received to the Consultation on draft Regulatory Technical Standards under the ELTIF Regulation. View Article |
Hedgeweek: AIFMD and the mutation of risk management
Risk managers are making a more conscious effort to not only understand the virtues, but also the limitations, to risk models as they adjust to life under greater regulatory scrutiny, in particular the AIFM Directive in Europe. View Article |
AIMA publishes Guide to Liquid Alternative Funds
The AIMA Guide to Liquid Alternative Funds summarises a range of issues that hedge fund firms and other asset managers face in setting up a UCITS fund in Europe or a mutual fund registered under the Investment Company Act of 1940 in the US, known as a ’40 Act fund. View Article |
SEC staff publishes private funds statistics report
The Securities and Exchange Commission staff published a report that provides private fund industry statistics and trends, reflecting aggregated data reported by private fund advisers on Form ADV and Form PF. View Article |
The Pensions Regulator welcomes independent assurance for latest master trust
The Pensions Regulator welcomed the news that NEST has become the latest occupational defined contribution master trust to obtain independent assurance. View Article |
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Corporate Governance/Accounting |
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IFAC urges G-20 Action on Growth: Good regulation and improved public sector financial management critical
The IFAC has submitted 12 recommendations for endorsement by the G-20, urging action on issues impacting the G-20 priorities of robust, inclusive growth. View Article |
IPSASB´s ED 57, Impairment of Revalued Assets, and ED 58, Improvements to IPSAS 2015
The IPSASB released for comment two EDs: ED 57, Impairment of Revalued Assets, and ED 58, Improvements to IPSASs 2015. Comments on the EDs are requested by January 15, 2016. View Article |
FEE comments on the IAASB’s ED: “Responding to Non Compliance or Suspected Non Compliance with Laws and Regulations”
FEE appreciates the IAASB’s efforts to ensure consistency between its ISAs and the recent IESBA proposals to amend the Code of Ethics on NOCLAR. As a general principle, FEE thinks that the IAASB should avoid repeating the principles of the IESBA Code of Ethics in the ISAs and vice versa. View Article |
ACCA: Innovative not-for-profit guide to financial reporting
The guide, produced by ACCA, helps people operating in this sector to produce more meaningful reports using a recognised global standard. The guide also contains a section about management commentary and the purpose of it accompanying and complementing the financial statements and its notes. View Article |
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Grahams Articles, Comments & Speeches |
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114th Brussels for Breakfast
Hosted by the BBA and organised by the CSFI – with Graham Bishop. Main topics included: Brexit, Capital Markets Union and financial supervision architecture. View Article |
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Graham's tweets |
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© Graham Bishop
Banking