This week in "Brussels"

21 July 2016

Brexit, ECB's euro area bank lending survey, EBF, EBA, supervisory practices, prospectus, PRIIPs, global Insurance Capital Standard, CMU, funds passport, ESMA, AIFMD and UCITS, IMF and more.

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  Articles from 14 July 2016 - 21 July 2016

  Banking
 
 
Deutsche Bundesbank's Dombret: What does Brexit mean for European banks?
Whatever the legal outcome of Brexit negotiations may be - it better be arranged swiftly. For banks, as for the economy as a whole, any uncertainty should be kept to the very minimum, said Andreas Dombret.  View Article
ECB: Results of the July 2016 euro area bank lending survey
Euro area banks reported a further net easing of credit standards on loans to enterprises in the second quarter of 2016 (a net percentage of -7%, compared with -6% in the previous quarter) in the July 2016 bank lending survey (BLS) by the European Central Bank (ECB).   View Article
EBF response to BCBS guidelines: Prudential treatment of problem assets -definitions of non-performing exposures and forbearance
EBF welcomes the aim of the Basel Committee to harmonise definitions of non-performing exposures and forbearance to ensure consistency in its application, transparency, and comparability of risk parameters among banks.   View Article
EBA notes progress in convergence of supervisory practices across the EU
The Report, which is addressed to the EU Parliament and the Council, reviews consistency in the application of the Supervisory Review and Evaluation Process (SREP) and supervisory practices in the assessment of recovery plans.   View Article
 
  Securities
 
 
ESMA updates its Q&A document on prospectus related issues
The purpose of the Q&A document is to promote common supervisory approaches and practices in the application of the Prospectus Directive and its implementing measures.  View Article
EBA launches data collection to support the new prudential framework for investment firms
The EBA launched a data collection aimed at supporting the response to the European Commission's Call for Advice on a new prudential framework for MiFID investment firms, which should be less complex, more risk sensitive and more proportionate than the current regime.  View Article
 
  Insurance
 
 
Insurance Europe: Joint letter calls for substantial flaws to be addressed in PRIIPs RTS
Insurance Europe has written a joint letter to the European Commission, European Parliament and Council and the European Supervisory Authorities to reiterate serious concerns about the RTS for the PRIIPs Regulation providing for a KID.  View Article
Insurance Europe: Comment on publication of consultation on proposed global Insurance Capital Standard
Olav Jones, deputy director general of Insurance Europe, commented on the publication of the International Association of Insurance Supervisors’ (IAIS) consultation on the Insurance Capital Standard (ICS).  View Article
Insurance Europe: Rushed changes to UFR unnecessary and could threaten investment returns for policyholders
Rushed changes to the ultimate forward rate (UFR) risk pushing insurers towards sub-optimal investment strategies, which could unnecessarily negatively impact policyholders’ returns, according to Insurance Europe.  View Article
Commercial Risk Europe: Risk managers need to sell value of captives
Europe's risk managers need to energetically sell the benefits and added value of captives or risk facing problems brought by new international tax rules, according to Ferma.  View Article
Insurance Europe: Harmonisation not answer to difficulties arising from different rules on limitation periods
There is no need to harmonise rules on limitation periods across the EU, according to a speech that Nicolas Jeanmart, head of personal insurance, general insurance and macroeconomics at Insurance Europe, gave at a hearing at the European Parliament.  View Article
 
  Asset Management
 
 
Capital Markets Union: new rules to support investment in venture capital and social enterprises
The European Commission proposed amendments to the European Venture Capital Funds and the European Social Entrepreneurship Funds regulations, marking another step towards the creation of the Capital Markets Union.  View Article
Financial Times: Lord Hill plans EU cross-border investment legacy
Britain’s outgoing EU commissioner has ended his tenure in Brussels with a proposal to help venture capital funds do business throughout Europe, by wiping out national fees and other barriers to cross-border investing.  View Article
ESMA advises on extension of funds passport to 12 non-EU countries
ESMA published its Advice in relation to the application of the Alternative Investment Fund Managers Directive passport to non-EU Alternative Investment Fund Managers and Alternative Investment Funds in twelve countries.  View Article
ESMA consults on asset segregation and custody services under AIFMD and UCITS
ESMA published a Call for Evidence on Asset Segregation and Custody Services under the Alternative Investment Fund Managers Directive and the Directive on Undertakings for Collective Investment in Transferable Securities.  View Article
IPE: UK pensions regulator seeks to calm trustees over Brexit volatility
The Pensions Regulator in the UK is warning schemes to stay focused on the longer term and avoid knee-jerk reactions as market volatility following the country’s EU referendum sparks fears about funding plans and investments.  View Article
 
  Corporate Governance/Accounting
 
 
IFAC: IESBA redefines accountants’ ethical role when laws and regulations broken
The IESBA released a new standard, Responding to Non-Compliance with Laws and Regulations. It addresses breaches of laws and regulations that deal with fraud, corruption and bribery, money laundering, tax payments, financial products and services, environmental protection, public health and safety.  View Article
FRC: Confidence grows in audit, but more needs to be done
According to a report issued by the FRC, confidence in audit has grown, but more needs to be done in terms of market competition and improving good practice in the profession.  View Article
 
  International/G20
 
 
IMF cuts global growth forecasts on Brexit, warns of risks to outlook
Brexit causes ‘substantial’ increase in economic, political, institutional uncertainty, according to its latest World Economic Outlook. Global forecast for 2017 cut by 0.1 percentage point, to 3.4 percent.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
Impact of Brexit on Banking Union
Could Brexit scupper the drive for `more Europe’ and thus de-rail the completion of banking union – a financial project to de-link governments from their banks?  View Article
Referendum on Brexit Terms: Worst-case WTO rules are the only way to avoid it
Graham Bishop sets out scenarios why the European Union Act 2011 will probably require a referendum on the UK’s exit trade deal with the EU, against a background highly influenced by the British current account deficit.  View Article
 

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