This week in "Brussels"
01 December 2016
Basel Committee, CRR, TLAC/ MREL, Bank of England Financial Stability Report, BoE's UK banks stress tests, EU rules for the recovery and resolution of CCPs, MiFID II, Solvency II, FTT, IFRS 9, UK Corporate governance reform and more.
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Articles from 24 November 2016 - 01 December 2016 |
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Banking |
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European Central Bank: Global risk repricing endangers financial stability
The euro area financial system has shown resilience in the face of repeated bouts of financial market turbulence over the past six months according to the latest FSR of the ECB. However, risks to euro area financial stability related to possible global asset market corrections have intensified. View Article |
BIS' Stefan Ingves: Reflections of a Basel Committee Chairman
The Chairman of the Basel Committee gave a brief update on the Committee's progress towards finalising the Basel III reforms during the International Conference of Banking Supervisors, and said the group had agreed the “contours” of its reform package, which will be finalised in January. View Article |
EBF asks Basel Committee to respect G20 mandate
The EBF underlined its commitment to responsibly financing households and businesses in the European economy and called on international regulators and policymakers to respect the balance between economic growth and financial regulation as banks embrace the digital transformation. View Article |
London Economics: Impact of the Capital Requirements Regulation (CRR) on the access to finance for business and long-term investments
This report assesses whether increased minimum capital requirements, through observed changes in banks’ regulatory capital ratios, impact bank lending using data on a broad sample of banks in Europe. Graham Bishop was part of the London Economics team that produced the study. View Article |
Financial Times: Berlin and Paris on collision course over EU banking rules
Germany and France are set to clash over a planned overhaul of EU banking regulations amid concerns in Berlin that the proposals fail to do enough to shield taxpayers from the costs of banking crises. View Article |
AFME comments on publication of prudential and resolution proposals
Michael Lever, Head of Prudential Regulation at Association for Financial Markets in Europe, commented on the publication by the European Commission of the package of proposals including the fifth Capital Requirements Directive (CRD V)/second Capital Requirements Regulation (CRRII) and TLAC/ MREL. View Article |
ECB: Report on the results of the Survey on the Access to Finance of Enterprises in the Euro Area – April to September 2016
The report provides evidence on changes in the financial situation, financing needs and access to financing of small and medium-sized enterprises (SMEs) in the euro area in the six months from April to September 2016, as well as comparing the situation of SMEs with that of large enterprises. View Article |
Bank of England: Financial Stability Report, November 2016
The BoE reported that, since the referendum on membership of the European Union, UK financial stability has been maintained through a challenging period of uncertainty around the domestic and global economic outlook. View Article |
Bank of England: Stress testing the UK banking system: 2016 results
Bank of England has announced the results of its 2016 stress test of the UK banking system. The 2016 stress test incorporated a synchronised UK and global recession with associated shocks to financial market prices, and an independent stress of misconduct costs. View Article |
EPC: The SEPA Instant Credit Transfer Scheme Rulebook is Published!
The EPC published the first rulebook of the SCT Inst scheme. It will allow the transfer of initially up to 15,000 euro per single transaction in less than ten seconds, any time and any day, and in an international area that will progressively span over 34 European countries. View Article |
EPC: The new versions of the SEPA Credit Transfer and SEPA Direct Debit scheme rulebooks are published
The EPC published the new versions of the SEPA Credit Transfer, SEPA Direct Debit Core, and SDD Business to Business scheme rulebooks, which will take effect in November 2017. View Article |
Bloomberg: Trump’s bank-regulation rollback may get boost from EU rules
The European Union’s plan to grant banks concessions from global standards may encourage President-elect Donald Trump to follow through on his pledge to roll back regulations in the U.S. View Article |
Bruegel: What impact does the ECB’s quantitative easing policy have on bank profitability?
This policy contribution shows that the effect of the ECB’s QE programme on bank profitability has not yet had a dramatically negative effect on bank operations. View Article |
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Securities |
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European Commission: New EU rules for the recovery and resolution of Central Counterparties
The European Commission proposed new rules to ensure that systemic market infrastructures in the financial system, known as CCPs, can be dealt with effectively when things go wrong. View Article |
FSB: Public responses to the August 2016 discussion note on Essential Aspects of CCP Resolution Planning
These comments will assist the FSB in developing standards or guidance for CCP resolution and resolution planning. The FSB will consult on proposals for such guidance by early 2017. View Article |
Bank of England: Implementation of MiFID II - Part 2
This consultation includes proposals to enhance governance through MiFID II management body requirements and key organisational requirements which will apply to MiFID and non-MiFID business. View Article |
Joint Deutsche Bundesbank and Deutsche Börse blockchain prototype
Deutsche Bundesbank and Deutsche Börse jointly presented a functional prototype for the blockchain technology-based settlement of securities. View Article |
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Insurance |
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Bank of England: Solvency II - consolidation of Directors’ letters
This PRA policy statement provides feedback on the responses, and final supervisory statements for Consultation Paper ‘Solvency II: consolidation of Directors’ letters’. View Article |
ECIIA insurance committee to strengthen industry ties
The ECIIA’s Insurance Committee has set out an ambitious strategy aimed at enhancing the professionalism of internal auditors working in the industry and at building stronger ties between firms, regulators and other stakeholders. View Article |
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Asset Management |
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Investment & Pensions Europe: Tobin tax would hurt Belgian cross-border IORP appeal – PensioPlus
PensioPlus, the Belgian pension fund association, has warned the country’s government against implementing a financial transactions tax (FTT), saying it would undermine its efforts to make the country a prime location for cross-border pension funds. View Article |
Investment & Pensions Europe: French asset managers put pan-European personal pensions at heart of promotional drive
The French asset management association has proposed creating a pan-European personal pensions product as one of a host of measures to boost the standing of the country’s industry. View Article |
Hedgeweek: Irish Funds welcomes proposals to amend loan fund rules
Irish Funds, the representative body for the international cross-border investment funds industry in Ireland, has welcomed the Central Bank of Ireland’s announcement on its intention to amend the requirements for Loan originating Qualifying Investor AIFs (L-QIAIFs), as set out in the AIF Rulebook. View Article |
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Corporate Governance/Accounting |
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European Commission: Official IFRS 9 adoption
The Commission has published a Regulation endorsing IFRS 9 'Financial Instruments' in the Official Journal of the EU, confirming the decision to adopt IFRS 9. View Article |
EBA launches second impact assessment of IFRS 9 on EU banks
The EBA expects that institutions will be able to provide more detailed and accurate insights into their implementation of IFRS 9 as the information provided by the respondents in the first exercise reflected the early stage of implementation. View Article |
UK Government: Corporate governance reform
This Green Paper seeks views on three areas for updating the British corporate governance framework: on executive pay, on employee and customer voice and on corporate governance in large private businesses. View Article |
PLSA welcomes Government consultation on executive pay
The Pensions and Lifetime Savings Association has commented on the Government’s proposal to publish a green paper on executive pay. View Article |
AFME welcomes publication of Insolvency Directive
Simon Lewis, Chief Executive of Association for Financial Markets in Europe (AFME), commented on the publication by the European Commission of the legislative proposal on insolvency. View Article |
FEE´s response to PIOB on its 2017- 2019 strategy
In accordance with FEE´s opinion, the Public Interest Oversight Board (PIOB) and the IFAC Monitoring Group should align and present together their suggestions for potential reform. An oversight body should not be directly involved in the standard setting itself. View Article |
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Financial Services Policy |
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EBF takes note of EU plans to revise regulatory framework
The European Banking Federation responded to the comprehensive package that the European Commission has presented to revise the regulatory framework for financial services in the EU. View Article |
Insurance Europe: European Commission should put VAT modernisation back on its agenda
Insurance Europe has published a position paper that calls for the modernisation of Value Added Tax (VAT) rules for financial services to be put back on the European Commission’s agenda. View Article |
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International/G20 |
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Policy Network: Why CETA is a good and necessary agreement
The signing of the Comprehensive Economic and Trade Agreement between Canada and the European Union is set to open a new political battle in Europe. View Article |
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Graham's tweets |
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© Graham Bishop
Banking