This week in "Brussels"
17 March 2016
Basel III, EBF, ICAAP and ILAAP, PRA, TLAC, blockchain, securities financing, ESMA, CCPs, Solvency II, MiFID II, UCITS, financial reporting, retail financial services, FAMR, FinTech payments and more.
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Articles from 10 March 2016 - 17 March 2016 |
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Banking |
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The Basel Committee consults on revisions to the Pillar 3 disclosure framework
The proposed enhancements include the addition of a "dashboard" of key metrics; a draft disclosure requirement of hypothetical risk-weighted assets calculated based on the Basel framework's standardised approaches, and enhanced granularity for disclosure of prudent valuation adjustments. View Article |
Basel III implementation assessments of Russia and Turkey published by the Basel Committee
Overall, the assessment outcomes are positive and reflect various amendments to the risk-based capital and LCR rules undertaken by the authorities during the respective assessments. Several aspects of the domestic rules in both countries are more rigorous than required under the Basel framework. View Article |
EBF: EBA consultation on guidelines on ICAAP and ILAAP information
The EBF welcomes EBA's consultation paper, saying that having detailed guidance on the required content of an ILAAP and ICAAP is vital to ensuring the consistency and comparability of ILAAPs and ICAAPs, because it allows supervisors to consistently assess their reliability. View Article |
EBF response to the 2nd BCBS consultation on the revision of the CRSA
The EBF welcomes the second consultative paper on the revision of the Standardised Approach for Credit Risk as it improves certain aspects of the first paper following a quick but thorough analysis throughout 2015. View Article |
Bank of England: The contractual recognition of bail-in: amendments to Prudential Regulation Authority rules
In this consultation paper the PRA puts forward proposals to amend the Contractual Recognition of Bail-In Part of the PRA Rulebook, along with a draft supervisory statement reflecting the PRA’s expectations. View Article |
PIIE: A ticking time bomb: TLAC and other attempts to privatise bank bail-outs
Regulators and bankers have struck a deal where big banks have to carry a significant amount of additional “total loss absorbing capital” (TLAC) but the additional amount can be in forms of capital that are cheaper to raise than equity. View Article |
EPC: Blockchain: a short-lived illusion or a real game changer?
Experts discussed at the EPC’s last General Assembly meeting if, and how, blockchain can revolutionise payments. View Article |
VocaLink: Payments in the blink of an eye: the rise of biometric banking
A few years ago, few would have imagined that paying a bill could be as simple as tapping your ring or watch against a screen. But this is now becoming a familiar sight as consumers are demanding faster and simpler transactions to complement ever-busier lifestyles. View Article |
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Securities |
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ESMA consults on Securities Financing Transaction Regulation
The discussion paper sets out proposals for implementing the reporting framework under the SFTR, including tables of the fields with the proposed data to be reported, and the registration requirements for those TRs which want to accept reports on security financing transactions. View Article |
European Commission adopts equivalence decision for CCPs in USA
The European Commission grants the USA the equivalent regulatory regime for central counterparties as the European Union. View Article |
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Insurance |
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Financial Times: Solvency II: Insurers split over EU’s shared rules
Even after more than a decade and a half of planning, discussion and fine tuning, the EU’s Solvency II insurance rules are displaying their potential to divide opinion in the industry. View Article |
Financial Times: Banks’ and insurers’ systems creak under regulatory pressure
Companies are under increasing regulatory pressure to revamp their reporting and internal systems. While companies have had to invest to update their IT infrastructure, some executives and investors question whether the resulting disclosures will achieve their aim of boosting market oversight. View Article |
Insurance Europe: Boosting financial literacy key to ensuring growth and stability in European economy
Improving people’s financial literacy and understanding of insurance will play an important role in underpinning economic growth and in enabling society to overcome the significant pension challenge it faces, according to Insurance Europe. View Article |
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Asset Management |
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TABB: European asset managers are using MiFID II as a weapon in the battle for global asset flows
Fund-level monetary research budgeting is an opportunity for European asset managers to increase returns, create greater alignment with client investment objectives, and capitalize on the regulatory fatigue of their US competitors. View Article |
ALFI: Luxembourg UCITS footprint
ALFI released figures outlining the footprint of Luxembourg domiciled UCITS, showing the volume of assets under management in various markets globally as at December 2015, giving a breakdown in those markets of the percentage of Luxembourg UCITS, other foreign and domestic open-ended funds. View Article |
IPE: UK government accused of pension tax overhaul 'via back door'
The UK government has shied away from a complete overhaul of pension taxation, but it stands accused of introducing reforms via the back door. View Article |
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Corporate Governance/Accounting |
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IPE: MEPs reignite war of words over prudent accounting standards
Members of the European Parliament’s Committee on Economic and Monetary Affairs have launched a stinging attack on the IFRSs and the IASB. A neutrally worded draft of the now explosive report emerged in January. It hinted that the Parliament had softened the tone of its rhetoric against IFRSs. View Article |
EFRAG´s feedback statement in response to ED/2015/3 Conceptual Framework for Financial Reporting
EFRAG has published a feedback statement following the publication of its comment letter on the IASB ED/2015/3 Conceptual Framework for Financial Reporting. View Article |
EBF and ESBG respond to EBA consultation on FINREP using IFRS 9
EBF and ESBG comment on the EBA Consultation paper on Draft ITS amending Commission Implementing Regulation 680/2014 on supervisory reporting of institutions with regard to financial reporting following the changes in IFRS 9 Financial Instruments. View Article |
EFRAG and ICAS: New investor insights into financial reporting
EFRAG and ICAS published a new international research study that investigates professional investors’ views on and use of financial reporting information. The study is a follow on to the earlier EFRAG/ICAS Report “The use of information by capital providers”. View Article |
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Financial Services Policy |
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The EPC responds to the European Commission´s green paper on retail financial services
The EPC notes that, overall, the paper seems to rely largely on anecdotal evidence. The Payments Council expects this to be complemented with analysis and rigorous quantitative research as the basis for public policy or any legislative initiative. View Article |
FCA: Final report on Financial Advice Market Review
This report presents a series of measures aimed at stimulating the development of a market that provides affordable and accessible financial advice and guidance for everyone, at all stages of their lives. It also contains proposals designed to increase consumer engagement with financial advice. View Article |
Pensions and Lifetime Savings Association comments on FAMR Final Report
This report outlines some ways in which employers might be able to help without causing themselves regulatory risk – for example signposting savers to their own employer scheme offering retirement income products. View Article |
Investment Association response to the joint FCA/HM Treasury review of the financial advice market
Mr Lipkin of IMA recognised the need to move beyond a regulatory environment in which the boundary between advice and guidance is confusing even for the industry. View Article |
Financial Times: FCA proposes reforms to close ‘advice gap’
The UK Treasury and the Financial Conduct Authority want to open up and automate the financial advice industry after seeing evidence that a swath of Britain is worryingly ignorant about money. View Article |
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Grahams Articles, Comments & Speeches |
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`Fin Tech’ Payments: the Revolution Ahead
`Instant payments’ may change the financial system far more than can be imagined easily today. A deeply technical part of the financial infrastructure may surprise us all by launching a revolution. View Article |
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Graham's tweets |
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© Graham Bishop
Banking