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Articles from 30 January 2020 - 6 February 2020
General Policy
ESMA amends guidelines to further harmonise the enforcement of financial information by national regulators : The Guidelines apply to national competent authorities’ enforcement of financial information which issuers, listed on regulated markets, are required to publish under the Transparency Directive. View Article
Banking Union
EBA launches 2020 EU-wide stress test exercise : The adverse scenario follows for the first time a ‘lower for longer’ narrative, a recession coupled with low or negative interest rates for a prolonged period. The EU real GDP would decline by 4.3% cumulatively by 2022, resulting in the most severe scenario to date. The EBA expects to publish the results of the exercise by 31 July 2020. View Article
ECB to stress test 35 euro area banks as part of the 2020 EU-wide stress test led by EBA : The ECB will examine 35 significant euro area banks as part of the 2020 EU-wide stress test coordinated by the European Banking Authority (EBA). In line with the EBA’s selection criteria, these banks, which are directly supervised by the ECB, represent about 70% of total euro area banking assets. View Article
EBA releases its annual assessment of the consistency of internal model outcomes : The EBA published two Reports on the consistency of risk weighted assets (RWAs) across all EU institutions authorised to use internal approaches for the calculation of capital requirements. The reports cover credit risk for high and low default portfolios (LDPs and HDPs), as well as market risk. View Article
ECB launches public consultation on its guide to assess how banks calculate counterparty credit risk : The ECB published for consultation a guide that outlines the methodology it uses to assess the internal models banks apply to calculate their exposure to counterparty credit risk (CCR). The guide also describes how the ECB will assess the advanced methods banks use to calculate the own funds required to account for the risks related to credit valuation adjustments. View Article
BIS: Financial Stability Institute: Convergence in the prudential regulation of banks - what is missing? : This paper leverages off the FSB’s report and identifies specific sources of regulatory divergence in the banking sector. The findings are based upon a synthesis of earlier publications of the Financial Stability Institute that identified the methods that authorities use to implement international standards and to develop policies in areas for which no sufficiently prescriptive guidance exists. View Article
EBA consults on revised guidelines on money laundering and terrorist financing risk factors : This update takes into account changes to the EU Anti Money Laundering and Counter Terrorism Financing (AML/CFT) legal framework and new ML/TF risks, including those identified by the EBA’s implementation reviews. View Article
EBA acts to improve AML/CFT supervision in Europe : The EBA published its first Report on competent authorities’ approaches to the anti-money laundering and countering the financing of terrorism (AML/CFT) supervision of banks. This publication is part of the EBA’s new role to lead, coordinate and monitor the fight against money laundering and terrorist financing (ML/TF) in all EU Member States. View Article
Bruegel: Europe’s banking union must be cyberproofed : The EU urgently needs to conduct joint preparedness exercises and create uniform information and disclosure requirements that help build a true pan-European insurance market for cyber risks. View Article
Capital Markets Union
ESMA advises the European Commission on Product Intervention : ESMA has taken into account the opinion of the Securities Markets Stakeholder Group, the replies to the call for evidence and its experience in the application of the measures to prepare its final report. View Article
IOSCO publishes annual work program : IOSCO published its 2020 annual work program, to further its core objectives of protecting investors, maintaining fair, efficient and transparent markets and addressing systemic risks. View Article
ESMA consults on MiFIR transparency regime for equity instruments : The consultation paper contains proposals, based on in-depth data analysis of the effects of the current regime since January 2018, for possible amendments to the transparency regime. View Article
ESMA consults on MiFIR transparency regime for systematic internalisers : ESMA launched a consultation on the MiFIR pre-trade transparency regime for systematic internalisers active in non-equity instruments. View Article
ESMA consults on the new MiFIR and MiFID II regimes for third-country firms : ESMA launched a consultation on draft technical standards on the provision of investment services and activities in the European Union by third-country firms under MiFIR and MiFID II. View Article
EBF: German position paper on MiFID review: EBF comments : German Ministry of Finance position papers have started an important discussion amongst market participants, investors and trade associations, well ahead of the upcoming MiFID 2 refit. The purpose of this EBF note is to contribute to the discussion by identifying some of the issues that EBF members consider to be particularly important for the future well-functioning of the EU securities secondary markets. View Article
ESMA launches a Common Supervisory Action with NCAs on UCITS liquidity risk management : ESMA is launching a Common Supervisory Action with national competent authorities on the supervision of UCITS’ managers liquidity risk management across the European Union during 2020. View Article
Commercial Risk Europe: Insurance market for digital assets and blockchain set to grow : Increased use of digital assets and better regulation are set to boost growth in the cryptocurrency insurance market, according to Marsh. View Article
ECB: Working paper: Pensions and household savings: cross-country heterogeneity in Europe : Authors address the question of whether the heterogeneity in savings is partly due to differences in pension wealth across individuals and across countries, using a European harmonised wealth survey (HFCS) combined with estimates of pension wealth (OECD). View Article
Environmental, Social, Governance (ESG)
European Commission: Non-financial reporting by large companies : The European Commission has published a new update on the Non-financial reporting by large companies’ regulation proposal. EU law requires large companies (more than 500 employees) to disclose non-financial information on their social and environmental impact. View Article
IIRC response to European Commission announcement on European non-financial reporting standards : The IIRC welcomes the announcement by the European Commission Executive Vice-President Dombrovoskis on the development of European non-financial reporting standards. View Article
EFRAG’s advice to the European Commission on the measurement of long-term investments in equity instruments : EFRAG publishes its advice to the European Commission on alternative accounting treatments to measurement at fair value through profit or loss for equity and equity-type instruments held in long-term investment business models. View Article
EBA calls for measures to ensure a more balanced composition of management bodies in institutions : The European Banking Authority (EBA) issued a new benchmarking report on diversity practices in credit institutions and investment firms analysing the development since its 2015 diversity benchmarking exercise. View Article
CDSB publishes changes needed to ensure successful revision of the EU Non-Financial Reporting Directive : Non-financial reporting must be in the management report to satisfy investor needs and ensure that the Directive on Non-Financial Reporting is fit for purpose to achieve Europe’s ambitious sustainable finance goals. View Article
FRC plan for greater regulatory oversight : The FRC has announced a major shakeup of its oversight and supervisory functions to speed up the pace of Enforcement investigations. The regulator is also broadening its stated purpose which is to serve the public interest by setting high standards of corporate governance and by holding to account those responsible for meeting them. View Article
SASB launches online implementation guidance for companies : The SASB launched the SASB Implementation Primer, an online resource for companies seeking to incorporate SASB standards into their core communications with investors. View Article
IPSASB completes Guidance on Social Policy Expenditure : The IPSASB has issued Collective and Individual Services (Amendments to IPSAS 19), which addresses a wide range of significant government expenditures that directly impact the lives of citizens globally. View Article
Protecting Customers
ESMA launches a Common Supervisory Action with NCAs on MiFID II suitability rules : ESMA is launching a common supervisory action with national competent authorities on the application of MiFID II suitability rules across EU. The CSA will be conducted during 2020. View Article
IFAC: The second installment of "Exploring the IESBA Code" : IFAC released the second installment of its Exploring the IESBA Code educational series: The Conceptual Framework – Step 1, Identifying Threats. View Article
BIS: Markets Committee calls for wider adoption of global code of conduct for foreign exchange markets : The BIS Markets Committee has called for more participants in the foreign exchange (FX) market to adopt the FX Global Code. Launched in 2017, the Code is a set of good market practices for the global FX market, with its turnover of more than $6.6 trillion a day. View Article
Fin Tech Regulation
BIS: Financial Stability Institute: Policy responses to fintech: a cross-country overview : This paper surveys 31 jurisdictions on their policy responses to fintech developments. The key aim of this study is to provide a cross-country overview of the responses that financial authorities have pursued in relation to fintech. The paper is based on responses to a survey conducted in early 2019 by the Financial Stability Institute (FSI). View Article
ECA: Big data & digital audit : The ECA has made Big data and digital audit the topic of its journal in 2020, to find out, amongst others, how far the EU institutions and others are with their own digital transformation. View Article
FSB: The value of the LEI for identification in digital processes : Klaas Knot outlined the background to the Legal Entity Identifier (LEI), and described the valuable role it can play in managing financial risks and enhancing the quality and accuracy of financial data. Mr Knot also emphasised how authorities and market participants alike can reap the benefits of more widespread adoption of the LEI. View Article
Bloomberg: In the digital currency race, Mark Carney tops Mark Zuckerberg : Central banks rather than giant tech companies are considered the preferred issuers of digital currency, according to a survey published by Omfif. View Article
Economic Policies Impacting EU Finance
Commission presents review of EU economic governance and launches debate on its future : The Commission presented a review of the effectiveness of the economic surveillance framework and launches a public debate on its future. View Article
New Europe: What kind of great power can Europe become? : Germany's former Foreign Minister and Vice-Chancellor Joschka Fischer asserts that Trumpism, the rise of China, and Russian revisionism have left Europeans with no choice but to pursue great-power status. Becoming a climate-policy great power should be Europe’s top priority. View Article
Project Syndicate: What the European Central Bank’s strategy review must do : The ECB’s new strategy review must recognize that economists are still a long way from understanding the dynamics of low inflation. Given this uncertainty, the ECB should aim to adopt robust policies that cause the least damage under a broad range of scenarios, writes Lucrezia Reichlin. View Article
BIS: Jens Weidman: Change and continuity : Speech by Jens Weidman, delivered at Deutsche Börse’s New Year’s reception, in which he shares thoughts on the strategy for monetary policy. View Article
Bruegel: The US-China trade agreement will not put an end to geopolitical risks : The agreement between the US and China should not be read so positively in Europe, especially in Germany, writes Alicia García-Herrero. View Article
OECD: International community renews commitment to multilateral efforts to address tax challenges from digitalisation of the economy : The international community reaffirmed its commitment to reach a consensus-based long-term solution to the tax challenges arising from the digitalisation of the economy, and will continue working toward an agreement by the end of 2020, according to the Statement by the Inclusive Framework on BEPS released by the OECD. View Article
Basic Enconomic Indicators
GDP up by 0.1% in both euro area and EU28 : Seasonally adjusted GDP rose by 0.1% in both the euro area (EA19) and the EU28 during the fourth quarter of 2019, compared with the previous quarter, according to a preliminary flash estimate published by Eurostat. View Article
Volume of retail trade down by 1.6% in euro area : In December 2019 compared with November 2019, the seasonally adjusted volume of retail trade decreased by 1.6% in the euro area (EA19) and by 1.3% in the EU27. View Article
Euro area unemployment at 7.4% : The euro area (EA19) seasonally-adjusted unemployment rate was 7.4% in December 2019, down from 7.5% in November 2019 and from 7.8% in December 2018. This is the lowest rate recorded in the euro area since May 2008. View Article
EU27 Politics
Verfassungsblog: The Conference on the Future of Europe: an Open Letter : Alberto Alemanno, Kalypso Nicolaidis, Niccoló Milanese warn the EU that "there is a tangible risk that by raising expectations it cannot easily deliver on, the Conference may erode citizens’ trust at a time when the demand for public engagement is at record highs across the continent." View Article
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The Guardian
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European Commission ????
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It’s time now to start looking forward. The interests of the EU, of each and every EU country, and of all our citizens come first. @MichelBarnier on draft negotiating directives for the future relationship negotiations with the UK #NewBeginnings ???????? pscp.tv/w/1zqJVlmBMwLKB
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EURACTIV Politics
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UK to diverge from EU data protection rules, Johnson confirms bit.ly/36YXTD0
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Bloomberg Brexit
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???? Free trade is possible, but with conditions ???? Whatever the outcome, the U.K. will "prosper mightily" Boris Johnson and Michel Barnier clash over who sets the rules for post-Brexit trade trib.al/tUPP1ty pic.twitter.com/7WpisWfgiZ
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FT Brussels
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The Guardian
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Charles Michel
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The Economist
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Britain's future is full of uncertainty. Boris Johnson must now look to liberalism and build a system open to all comers econ.st/38VfL2X
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Daniel Ferrie
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Bloomberg Brexit
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London’s fight to remain a global financial hub rests on a once-obscure process controlled by politicians in Europe trib.al/Cgoo2ZW
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