This week in "Brussels"
14 April 2016
Basel III, EBA's supervisory best practices and updated Risk Dashboard, consultation on the SEPA Instant Credit Transfer scheme, Commission Delegated Directive supplementing MiFID II, EMIR, CRAs, Solvency II, IFRS 15 and more.
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Articles from 07 April 2016 - 14 April 2016 |
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Banking |
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BCBS: Tenth progress report on adoption of Basel III standards published by the Basel Committee
The Basel Committee on Banking Supervision has today issued the tenth progress report on adoption of the Basel regulatory framework. This report sets out the adoption status of Basel III standards for each BCBS member jurisdiction as of end-March 2016. View Article |
EBA recommends supervisory best practices on securitisation risk retention, due diligence and disclosure
The EBA published a report analysing measures taken by Competent Authorities in 2014 to ensure compliance by institutions with securitisation risk retention, due diligence and disclosure requirements. View Article |
EBA updated Risk Dashboard shows EU banks have further increased their capital ratios in Q4 2015
The EBA Risk Dashboard update shows a further increase in EU banks' capital ratios. Profitability remains low and NPL ratios are still high. View Article |
EPC: Start of the public consultation for first pan-European scheme providing customers with euro instant credit transfers
The EPC launched the public consultation on the SEPA Instant Credit Transfer scheme. The proposed scheme is the first in the world to be interoperable in a region as large as SEPA and is a response to European customer needs for faster payments. View Article |
EPC: Publication of the clarification paper on the change of creditor or creditor reference party
The purpose of thE document is to clarify whether a new SEPA Direct Debit mandate is required in case of a change of the creditor or of the creditor reference party. View Article |
EPC Blog: Public consultations on the SCT and SDD Rulebooks: the main change requests explained
In this Blog, Jean-Yves Jacquelin, Chair of the EPC Scheme Evolution and Maintenance Working Group, outlines the change requests that could have the most significant impact on the EPC SEPA schemes. View Article |
Bank of England to become administrator of SONIA interest rate benchmark
The Bank of England and the Wholesale Markets Brokers’ Association are today announcing that the Bank of England will become the administrator of the Sterling Overnight Index Average (SONIA) interest rate benchmark on 25 April 2016. View Article |
EBA: Call for papers for the 5th Annual EBA research workshop
The EBA launches a call for research papers in view of its fifth policy research workshop taking place on 28-29 November 2016 in London on the topic ‘Competition in banking: implications for financial regulation and supervision'. View Article |
BIS: Why bank capital matters for monetary policy
In a cross-country bank-level study, authors find that a 1 percentage point increase in the equity-to-total assets ratio is associated with a 4 basis point reduction in debt financing and with a 0.6 percentage point increase in annual loan growth. View Article |
EBA's Opinion on the application of customer due diligence measures to customers who are asylum seekers from higher-risk third countries
The EBA published its Opinion setting out measures credit and financial institutions can take to comply with EU AML/CFT requirements when providing asylum seekers from higher-risk jurisdictions with access to basic financial products and services. View Article |
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Securities |
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Commission Delegated Directive supplementing MiFID II
The Directive contains provisions on investor protection, notably on safeguarding of clients' funds and financial instruments, product governance and monetary/non-monetary compensation - research inducements. View Article |
ESMA publishes new Q&A on CFDs and other speculative products
ESMA published a new Q&A on the application of MiFID to the CFDs and other speculative products to retail clients such as binary options and rolling spot forex. View Article |
IPE: MiFID II crystal ball still clouded over
Jeremy Woolfe writes that the estimates for the publication of the ‘delegated acts’ rules for MiFID II remain unclear. View Article |
ESMA finds room for improvement in national supervision of investment advice to retail clients
ESMA published a peer review on how national regulators assess compliance with MiFID’s suitability requirements when firms provide investment advice to retail clients. View Article |
ISDA publishes updated EMIR classification letter
The letter covers the clearing obligation for certain interest rate derivatives classes denominated in European Economic Area currencies and certain credit default swap index classes. View Article |
ESMA publishes updated data on performance of Credit Rating Agencies
ESMA published its latest set of semi-annual statistical data on the performance of credit ratings, including transition matrices and default rates. View Article |
ESMA publishes responses to the Discussion Paper Benchmarks Regulation
According to the Benchmarks Regulation, some of the ESMA technical standards will not be applicable to a subset of benchmarks, namely the non-significant benchmarks. ESMA may issue guidelines specifying how such provisions could be applied in the context of non-significant benchmarks. View Article |
ESMA publishes responses to the Consultation on Guidelines on transaction reporting, reference data, order record keeping and clock synchron
ESMA considered comments received by 25 March 2016. View Article |
IOSCO issues study of regulatory approaches and tools to deal with cyber risk
IOSCO published a report that brings together insights and perspectives from IOSCO’s various policy, stakeholder and regional committees on the topic of cyber resilience. View Article |
Five industry associations publish SFTR information statement
AFME FIA,ICMA, ISDA and ISLA jointly published a statement that can be used to help market participants comply with new requirements under the European Union’s Securities Financing Transaction Regulation. View Article |
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Insurance |
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EIOPA: ESAs finalise key information documents for retail investors in the EU
The Joint Committee of the European Supervisory Authorities has finalised its proposal for regulatory technical standards on Key Information Documents for PRIIPs. View Article |
Bank of England: Solvency II - Remuneration requirements
This consultation paper seeks feedback on a draft supervisory statement which sets out the Prudential Regulation Authority’s expectations with regards to the Solvency II Regulation. View Article |
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Asset Management |
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ESMA publishes Opinion on EU framework for loan origination by investment funds
ESMA published an Opinion addressed to the European Parliament, the Council and the Commission on the components necessary for a common European framework which applies to loan origination by investment funds. View Article |
ESMA issues opinions on DK pension schemes to be exempt from central clearing under EMIR
ESMA issued a set of opinions regarding the exemption of 3 DK pension schemes from the obligation to centrally clear OTC derivative contracts under the European Market Infrastructure Regulation. View Article |
PEGCC: Private equity returns far exceed declining market returns on multiple time horizons
PEGCC released its Performance Update Report, which highlights private equity fund performance as of Q3 2015 and analyzes the extent by which private equity outperformed the public markets and pension returns from private equity investments during these periods. View Article |
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Corporate Governance/Accounting |
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IASB: Amendments to IFRS 15 Revenue from Contracts with Customers
The IASB has issued amendments to the Revenue Standard, IFRS 15 Revenue from Contracts with Customers, clarifying some requirements and providing additional transitional relief for companies that are implementing the new Standard. View Article |
EFRAG: Request for comments on its draft endorsement advice on disclosure initiative – amendments to IAS 7
EFRAG is consulting on both its assessment of the amendments against the technical criteria in the EU and on its assessment of whether the amendments are conducive to the European public good. View Article |
ISDA: Industry associations recommend global adoption of entity-based reporting
ISDA published a paper, in partnership with 12 other trade associations, which recommends an entity-based approach to derivatives trade reporting in a bid to cut costs and complexity for end users. View Article |
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Financial Services Policy |
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ESAs identify vulnerabilities affecting the EU financial system and suggest actions to address the main risks
The Joint Committee of the European Supervisory Authorities published its Spring 2016 Report on Risks and Vulnerabilities in the EU Financial System. View Article |
ESAs finalise Key Information Documents for retail investors in the EU
The Joint Committee of the European Supervisory Authorities has finalised its proposal for regulatory technical standards on Key Information Documents for Packaged Retail and Insurance-based Investment Products. View Article |
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Grahams Articles, Comments & Speeches |
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Why Britain should “Remain In” the EU: Three Project Fs - Future, Fantasy and Fear
Graham Bishop illustrates the three 'Project Fs' that now dominate the Brexit debate and explains why Project Future is the one British people should have in mind when voting in June 23rd. View Article |
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Graham's tweets |
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© Graham Bishop
Banking