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Welcome to our Gold Friends weekly e-mail.The German Presidency gets underway amidst a welter of historic developments – with a stark warning to the UK. Germany also makes some unfortunate history: a staggering fraud at formerly–iconic Wirecard. The Commission’s digital finance strategy consultation draws very positive feedback. The Single Market for ordinary people takes some genuine steps forward: consumers can now get effective redress cross-border, the Commission consults on the retail payments strategy and the Instant Credit Transfer limit is raised to €100,000 (so why do we need cyber money??). Brexit: the “extension” window shuts, Merkel is blunt that the talks could fail and EU negotiator Barnier on UK financial service proposals “I will be blunt: its proposals are unacceptable” Graham Bishop
Articles from 26 June to 2 JulyGeneral Financial Policy
Programme for Germany’s Presidency of the Council of the European Union: together for Europe’s recovery. : It is more important now than ever before to set clear priorities and to join forces. Germany is well aware of its responsibility for the European Union. View Article
EURACTIV: Merkel kicks off EU presidency with Brexit warning : The European Union must prepare for the possibility that talks with Britain on their post-Brexit relationship could fail, Chancellor Angela Merkel warned Wednesday (1 July) as Germany took the helm of the bloc’s rotating presidency. View Article
Eurogroup presidency: three ministers put forward their candidacies : Three ministers have put forward their candidacy to become president of the Eurogroup View Article
POLITICO: Nadia Calviño’s daunting Eurogroup bid : Spanish finance minister, who held top Commission jobs, must win over frugal skeptics. View Article
FCA: Building a financial regulatory system suitable for the UK in the new era : The ‘new era’ will be defined by developments brought about by Brexit, Covid-19 and technological and societal changes. On Brexit, we all need to continue to prepare for a range of scenarios, to be ready for the end of the year View Article
EURACTIV: ECB stimulus plan meets court requirements, says German finance minister : The European Central Bank (ECB) has met the principle of proportionality with its flagship stimulus programme, Germany’s finance minister and lawmakers said, ending a legal conflict that threatened to undermine central bank policy. View Article
Banking Union
Clarifying the ECB’s supervisory approach to consolidation : Blog post by Edouard Fernandez-Bollo, Member of the Supervisory Board of the ECB View Article
SSM: Public consultation on the ECB Guide on the supervisory approach to consolidation in the banking sector : The European Central Bank (ECB) today published a guide for consultation that aims to clarify its supervisory approach to consolidation projects involving euro area banks. View Article
European Liberal Forum: Banking Union: imminent crisis and possible solutions : The Banking Union is an essential pillar of the Economic and Monetary Union. However, it is still not completed and not as resilient and weather-proof as one would wish (includes article from Graham Bishop). View Article
VOX: Usable bank capital : The COVID-19 induced ‘Great Lockdown’ has cast doubt on the efficacy of bank buffers in supporting the real economy in times of crisis. Despite accommodative regulatory and supervisory action, banks remain hesitant to draw on their buffers to maintain credit provision. View Article
SRB launches 2019 Annual Report : The SRB today published its 2019 Annual Report detailing the progress made in promoting financial stability while protecting the taxpayer through Europe's banking resolution framework. View Article
EBA launches discussion on further enhancing supervisory powers of competent authorities : The European Banking Authority (EBA) published today a discussion paper exploring ways on how to enhance the Bank Recovery and Resolution Directive (BRRD) framework on early intervention measures. The objective is to further enhance crisis management tools available for competent authorities View Article
Retail payments strategy for the EU: EBF response to the Commission consultation : The EBF has responded to the Commission consultation on retail payments strategy for the EU. View Article
SCT Inst transaction limit increased to 100,000 euros : As of today, the maximum amount per Instant Credit Transfer transaction went up from 15,000 to 100,000 euros. Payment end-users can use the scheme in higher-value business-to-business and business-to-consumer transactions. View Article
Luxembourg Finance: Trend of increased global use of digital payment technology to be accelerated : The Covid-19 pandemic will accelerate a worldwide trend towards contactless payments, according to a new report from the Emerging Payments Association EU (EPA EU), which was commissioned by Luxembourg for Finance (LFF). View Article
ESBG: EU retail payments strategy: level playing field needed : ESBG response to EU Commission consultation: Promote financial stability, protect consumers, spur EU innovation View Article
FSB statement on the impact of COVID-19 on global benchmark reform : The FSB maintains its view that financial and non-financial sector firms across all jurisdictions should continue their efforts in making wider use of risk-free rates in order to reduce reliance on IBORs where appropriate and in particular to remove remaining dependencies on LIBOR by end-2021. View Article Capital Markets Union
IOSCO publishes Good Practices on processes for deference : Good Practices identified in this Report cover all phases of deference assessments – from the initial stages to the processes put in place once an assessment determination has been made. They derive from a general consensus by members on the foundational philosophy behind deference determinations. View Article
ICSA, EFAMA & MFA Call for Global Principles to Address Escalating Market Data Costs : They call for the implementation of internationally recognized principles to address excessively high market data fees and unfair licensing provisions. View Article
IA: Traders call for an end to outdated market hours in Europe : Traders in the investment management and banking industries have continued their call for a reduction to market trading hours, making the case to the pan-European exchange, Euronext. View Article
ISDA: New Survey on Derivatives Market Liquidity and COVID-19 : The survey explores the impact of the coronavirus pandemic on derivatives market liquidity. The survey investigates the causes of the liquidity disruption that occurred in March 2020, the scope and extent of the problem, and the impact of government intervention. View Article
CRE: IASB releases final IFRS 17 but concerns remain over business implications, says WTW : A survey from Willis Towers Watson (WTW) has found that just 10% of the surveyed companies already have a clear view on the business implications of IFRS 17. View Article
Insurance Europe: Views on EIOPA’s Solvency II holistic impact assessment : Insurance Europe considers Solvency II to be unnecessarily conservative and that a net reduction in aggregate capital levels is justified. View ArticleEnvironmental, Social, Governance (ESG)
FT: Audit review head calls for urgent reform after Wirecard scandal : Firms should have ‘obligation to find fraud rather than stumble over it’, says City heavyweight Donald Brydon View Article
Better Finance: Wirecard AG: an outrageous case of corporate governance, external auditing and supervisory failures, once again at the expen : It is with surprise that BETTER FINANCE and its member organisations representing financial services users read the headline on 18 June 2020 that Wirecard AG (“WD”), one of Europe’s FinTech success stories, may have mis-reported €1.9 bn in its balance sheets, filling for insolvency in a few days. View Article
Bruegel: Veron - The Wirecard debacle calls for a rethink of EU, not just German, financial reporting supervision : The spectacular collapse of Wirecard AG should serve as a wake-up call for the European Union on the need to pool the relevant supervisory mandates at EU level. View Article
IAASB: AUDITING ACCOUNTING ESTIMATES IN THE CURRENT EVOLVING ENVIRONMENT DUE TO COVID-19 : View Article
SSEI: UNCTAD WIR 2020 Looks at Sustainable Finance : The World Investment Report, now in its thirtieth year, includes a special chapter, on investment in the Sustainable Development Goals. Capital markets that are aligned with sustainable development can be instrumental in filling the financing gap for the SDGs. View Article
SSE joins GRI, SASB, and Arabesque for Data & Sustainability Summit - highlighting EU's NFRD : Crux Informatics organized a two-day virtual summit to discuss data and sustainability. The Data & Sustainability Summit gathered 25 of the leading experts and thought leaders in the sustainable technology and ESG investing sectors. View Article
IBA: The rise of ESG engagement : Investor engagement with environmental, social and governance (ESG) factors has risen over the last two years. Business reaction to the Covid-19 pandemic has underscored the importance of these three areas to the long-term survival of businesses and societies ...likely to bring about lasting change. View Article
CRE: Climate risk guide fires starting gun for regulatory oversight of UK financial firms : View Article
IOSCO encourages issuers’ fair disclosure about COVID-19 related impacts : The Board of IOSCO issued a public statement highlighting the importance to investors and other stakeholders of having timely and high-quality information about the impact of COVID-19 on issuers´ operating performance, financial position and prospects. View Article
Protecting Customers
EU consumers obtain access to collective redress : Consumers across the EU are about to be granted broader opportunities for the collective defence of their rights. View Article
CRE: GDPR review finds room for improvement but doesn’t recommend changes : The EC’s GDPR review has found that harmonisation across member states and cross-border cooperation need improving, but concludes it is too early to revise the regulation. View Article
Fin Tech Regulation
EIOPA responds to the European Commission’s Digital Finance Strategy consultation : EIOPA highlights that a sound approach to financial innovation should strike a balance between enhancing financial innovation and ensuring well-functioning consumer protection and financial stability frameworks. A level playing field and technological neutrality are crucial. View Article
The EBA supports the Commission’s proposal for a new Digital Finance Strategy for Europe : The EBA is committed to securing technology neutrality in regulatory and supervisory approaches and strongly supports the Commission’s initiative towards a new Digital Finance Strategy. View Article
ESMA response to EC consultation on a new Digital Finance Strategy for Europe : ESMA welcomes the Commission’s consultation and notes that it builds on the 2018 FinTech Action Plan that set a number of deliverables for the ESAs, all of which were completed. View Article
Accountancy Europe: EC’s consultation on a new digital finance strategy for Europe/FinTech action plan : Accountancy Europe has responded to the European Commission’s consultation on a new digital finance strategy for Europe/FinTech action plan. View Article
ICMA responds to European Commission Consultation on a new digital finance strategy for Europe / FinTech Action Plan : ICMA has responded notably to questions on the use of identifiers (LEI, UTI, UPI), access to publicly available data, areas for AI-applications in the financial sector, and standardising concept definitions and reporting obligations. View Article
ALFI responds to EU Commission consultation on digital finance strategy for Europe : The financial ecosystem is continuously evolving, with technologies moving from experimentation to pilot testing and deployment stage (e.g. blockchain, artificial intelligence, internet of things) and new market players entering the financial sector. View Article
Bundesbank: New BIS Innovation Hub Centre for global financial innovation to be set up jointly in Frankfurt and Paris : The Deutsche Bundesbank is about to become a partner in joint digital financial innovations developed by central banks from all over the world. Together, the French central bank and the Bundesbank will set up an innovation centre at their locations in Frankfurt am Main and Paris. View Article IMF blog: DIGITAL FINANCIAL INCLUSION IN THE TIMES OF COVID : The COVID-19 pandemic could be a game changer for digital financial services. Low income households and small firms can benefit greatly from advances in mobile money, fintech services and online banking. View Article Economic Policies Impacting EU Finance
POLITICO: OECD’s Gurría: No digital tax deal before US election : A global digital tax deal will probably need to wait until after the U.S. election, the Organization for Economic Cooperation and Development’s Secretary-General Angel Gurría said today. View Article
Brexit
Eurofi: Barnier Update on EU-UK financial services relations in the post Brexit context : "We are proposing to include...a chapter on financial services..Our proposals would give UK operators legal certainty that they would not face discrimination ... And the same for EU operators in the UK. The UK, however, is looking to go much further.I will be blunt: its proposals are unacceptable." View Article
FT: Recriminations fly between EU and UK over financial services : Talks over market access rights for City of London after Brexit make little headway View Article
EPC: Vox, bank capital, drawdown : Negotiations of the post-Brexit agreement has stalled. The British still seem to be fighting the Brexit referendum campaign. The EU reacts with orthodox positions to defend the single market. View Article
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