This week in "Brussels"
28 April 2016
BCBS, interest rate risk, ECB, CMU, Bank of England, EBA, CRA Regulation, Market Abuse Regulation, MiFID II, PRIIPs, EIOPA, Pan-European Personal Pension product, IPSASs, Commission Green Paper on Retail Financial Services and more.
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Articles from 21 April 2016 - 28 April 2016 |
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Banking |
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Bank of England: Cross-border regulatory spillovers: How much? How important? What sectors? Lessons from the United Kingdom
Authors examine whether UK-owned banks’ domestic lending is affected by prudential actions in other countries where they have exposures. They also examine the impact of a change in prudential policy in a foreign-owned UK-resident bank’s home jurisdiction on its lending to the United Kingdom. View Article |
Bank of England: Non-performing loans: regulatory and accounting treatments of assets
Asset quality is difficult for banking regulators and investors to assess in the absence of a common, cross-border scheme to classify assets. This paper documents divergences in the definition of NPLs across countries, accounting regimes, firms and data sources. View Article |
BIS: Andreas Dombret: Overshooting the mark? Banking regulation and its implications for banking business
The Deutsche Bundesbank's Dombret explains the next steps in the Basel Committee's reform agenda and say the BCBS will make sure that the minimum capital requirements do not continue to rise above the level already reached. View Article |
EPC: Latest news regarding Stakeholders’ Involvement
The EPC published the agenda and minutes of the latest meetings of its two stakeholder groups, i.e. the Scheme End-User Forum (SEUF), gathering representatives of the demand side of the payment market, and the EPC Scheme Technical Forum (ESTF), made up of representatives of technical players. View Article |
BCBS: Standards for interest rate risk in the banking book issued by the Basel Committee
The standards revise the Committee's 2004 Principles for the management and supervision of interest rate risk, which set out supervisory expectations for banks' identification, measurement, monitoring and control of IRRBB as well as its supervision. View Article |
EBA consults on disclosure of encumbered and unencumbered assets
The EBA launched a consultation on draft RTS on the disclosure of encumbered and unencumbered assets for the provision of transparent and harmonised information on the topic, as laid down in the Capital Requirements Regulation (CRR). View Article |
EBA discloses first list of O-SIIs in the EU
The EBA published the first list of Other Systemically Important Institutions (O-SIIs) in the EU. This list reflects also the additional capital buffers that the relevant authorities have set for the O-SIIs they have identified. View Article |
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Securities |
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ECB: Financial re-integration trend moderates, but ambitious capital markets union will boost benefits of integration
The 2016 edition of the ECB’s report on Financial Integration in Europe, published at a joint conference with the EU Commission at the ECB in Frankfurt, shows that financial integration in the euro area is advancing. View Article |
European Commission: Capital Markets Union - Taking stock of the progress made so far
The Commission is taking stock of the progress made in the first six months since the adoption of the Capital Markets Union Action Plan and it is publishing the first CMU status report. View Article |
ICMA ERCC responds to ESMA consultation on SFTR
The ICMA ERCC submitted a detailed response to ESMA’s Discussion Paper on Draft Regulatory and Implementing Technical Standards under the EU SFT Regulation. View Article |
European Commission letters to ESMA on non-equity transparency, the ancillary test and position limits
The European Commission informed ESMA about its decision to endorse draft regulatory technical standards on the non-equity transparency, the ancillary test and position limits provided that certain changes are made. View Article |
TABB: OTC derivatives under MiFID II – Transparency only through collaboration
One of the major parts of the MiFID II regulation is the introduction of controls around the over-the-counter market, specifically how certain asset classes should be traded. View Article |
ESMA published the responses received to the Consultation on draft guidelines on the Market Abuse Regulation
This paper is of interest to investors that deal in financial instruments and emission allowances subject to the MAR, issuers of instruments in the scope of the Regulation, financial intermediaries, investors receiving market soundings and operators of trading venues. View Article |
ESMA update on reporting structured finance instruments information under the CRA Regulation
The CRA Regulation requires issuers, originators and sponsor entities to report information in respect of Structured Finance Instruments (SFI) to ESMA. View Article |
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Insurance |
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Insurance Europe: Insight briefing: Draft PRIIPs rules would mislead consumers
Insurance Europe has published a new insight briefing that outlines why the final draft packaged retail and insurance-based investment products (PRIIPs) rules would mislead consumers about insurance-based investment products. View Article |
Insurance Europe: Digitalisation cannot remove all barriers to cross-border insurance
Insurance Europe published an insight briefing arguing that, even though digitalisation is shaping the way insurers innovate, distribute and interact with their customers, it cannot remove all barriers to increasing the volume of cross-border insurance. View Article |
Insurance Europe: Concerns raised over misunderstanding of UFR
There seems to be a misunderstanding over how Solvency II liabilities are currently calculated, including the discount rates, according to Insurance Europe, which notes that some observers appear to believe that the Ultimate Forward Rate (UFR) is the discount rate. View Article |
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Asset Management |
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IPE: European Commission should pursue EU-wide fiduciary duty definition
Brussels-based think tank Bruegel has suggested the European Commission should seek an EU-wide definition of “fiduciary duty”, echoing a call made by Aviva Investors in its response to a consultation the asset manager said could be “a game changer”. View Article |
Financial Times: Asset managers discount fees for big investors by a third
Asset managers are discounting the fees they charge big investors by up to a third in a bid to gather assets at a time when regulation and competition among fund houses are making it harder to win and retain business. View Article |
Financial Times: New tax rules for large European funds
Europe’s largest asset managers will be forced to publicly disclose additional information about their tax affairs for the first time under new rules put forward by the EU earlier this month. View Article |
EFAMA response on Treaty Entitlement of non-CIVs
EFAMA believes that the starting point for any discussion regarding the treaty entitlement of non-CIVs lies in the clear definition of a CIV (calculated intangible value). View Article |
EIOPA: Final Report on the public consultation on a Pan-European Personal Pension product
EIOPA published a Final Report on its public consultation related to the creation of a standardised pan-European Personal Pension Product. View Article |
IPE: European personal pensions market a CMU priority
Jonathan Hill, the commissioner for Financial Stability, Financial Services and Capital Markets Union, said the commission would “shortly kick off work on laying the foundations for a stronger European personal pensions market”. View Article |
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Corporate Governance/Accounting |
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IFAC: IPSASB publishes the applicability of IPSASs
The IPSASB has published The Applicability of IPSASs and a revised Preface to International Public Sector Accounting Standards (Preface), which change how the IPSASB communicates the type of public sector entities that it considers when developing an IPSAS or Recommended Practice Guideline (RPG). View Article |
ECIIA: Three lines of defence model crucial to success of non-financial reporting
The ECIIA has comment to the EC that internal audit can contribute most effectively to the successful implementation of the EC’s directive on non-financial reporting in organisations that have adopted the three lines of defence model of corporate governance. View Article |
ECIIA: Non-financial reporting: building trust with internal audit
According to new guidance published by ECIIA, internal audit can help organisations build trust with key stakeholders by assuring the quality of the information in their non-financial reports. View Article |
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Financial Services Policy |
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ESMA publishes response to Commission Green Paper on Retail Financial Services
ESMA published its response to the European Commission’s Green Paper on Retail Financial Services. View Article |
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Grahams Articles, Comments & Speeches |
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£350m p.w. Falsehood by the Leave Campaigns
The Leave campaign's claim of £19 billion annually/£350m per week as the cost of being a member of the EU has been rebutted both officially and by commentators. Yet the Brexiteers persist in spreading this major falsehood that is intended to mislead electors. View Article |
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Graham's tweets |
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© Graham Bishop
Banking