This week in "Brussels"
15 January 2015
Headlines include: Financial Times: Withering regulations will make for shrivelled banks
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Articles from 08 January 2015 - 15 January 2015 |
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Banking |
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Financial Times: Withering regulations will make for shrivelled banks
Europe has no Frederica Mac to finance mortgages, writes Simon Samuels. |
ECB: Interview with Der Spiegel
Interview with Sabine Lautenschläger covering purchases of European government bonds. |
Reuters: European banks face $52 billion in litigation costs
Royal Bank of Scotland and Barclays may have to pay some of the biggest bills from an estimated $52 billion in fines and other litigation costs facing Europe's banks in the next two years, Morgan Stanley analysts said. |
Financial Times: Regulators right to cut biggest banks down to size
Goldman Sachs caused a bit of a stir this week by issuing an analysts’ report suggesting JPMorgan Chase might want to break itself up. |
Financial Times: Deutsche considers retail bank spin-off
The politically sensitive move could be announced by Anshu Jain and Jürgen Fitschen, its co-chief executives, as part of a new strategic plan they are preparing to present in the second quarter. |
EBA consults on ITS procedures, forms and templates for resolution planning
These ITS have been developed within the framework established by the Bank Recovery and Resolution Directive. |
G-SIBs: Assessment methodology and the additional loss absorbency requirement
The Basel Committee's assessment methodology for global systemically important banks requires a sample of banks to report a set of indicators to national supervisory authorities. |
EPC: EU regulatory initiatives impacting the security of euro payments – the 2015 outlook
This blog tackles the proposed revised PSD2, the proposed new Network and Information Security Directive, the guidelines on the security of internet payments released by the EBA and initiatives considered by the EC with regard to virtual currencies. |
EBF: European banks takes note of European Parliament report on bank separation
The banking industry in Europe supports measures that will help to make banks safer in the future but it is important that such measures do not unnecessarily undermine economic growth in Europe. |
Reuters: UK banking, other trade bodies to consult on merger
A consultation this month will propose folding the British Bankers' Association, tarnished by the Libor interest rate rigging scandal, into a new retail banking association, three people familiar with the plans said January 12. |
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Securities |
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ESMA announces open hearing on MiFID II/MiFIR
This hearing will be of interest to competent authorities and firms that are subject to MiFID II and MiFIR – in particular, investment firms and credit institutions performing investment services and activities. |
EPRS: Covered bonds – ripe for expansion?
Covered bonds in Europe are characterised by the double protection offered to their holders, the separation of collateralised assets in a dynamically managed cover pool, and strict regulatory and supervisory frameworks. |
ESMA updates list of authorised CCPs – CME Clearing Europe re-authorised for extended activities and services
This update concerns CME Clearing Europe Ltd. which has extended its activities and services, a fact which under EMIR requires a new authorisation by the competent authority. |
ESMA publishes review of CCP colleges
This report is focused on the supervisory activities of competent authorities in relation to the authorisation of CCPs under EMIR and is based on the experience of ESMA in the CCP colleges |
ICMA Quarterly Report First Quarter 2015
The report outlines developments in main areas such as response to the financial crisis, sovereign bond markets, short-term markets, primary markets, secondary markets, asset management and market infrastructure. |
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Insurance |
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New prudential rules for banks and the insurance sector to become EU law
The European Parliament and the Council have given their backing to three new rules designed to bolster the resilience of Europe’s banking and insurance sector. |
Comments on "Preventing the Artificial Avoidance of the Permanent Establishment Status"
Input from Insurance Europe and the Global Federation of Insurance Associations. |
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Asset Management |
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IPE: European pension funds reject HBS 'undermined by its own flexibility'
In their responses to EIOPA's latest consultation pension fund representative groups across Europe, as well as consultancies, criticised the project. |
EFAMA response to ESMA call for evidence AIFMD passport and third country AIFMs
Processing fees charged by the Host State authorities amount to a problem in both procedural and financial terms. |
ALFI response to ESMA call for evidence AIFMD passport and third country AIFMs
ALFI is of the view that an extension of the passport to non-EU managers in 2015 would be premature. |
IPE: Actuaries raise alarm over ability to transfer pension assets cross border
The UK’s Association of Consulting Actuaries has raised concerns that the latest draft of the IORP Directive will hamper a pension fund sponsor’s ability to transfer pension assets across European borders. |
AMF Position on Agreements on the distribution of financial instruments
Analysis of practices and agreements revealed that relations between the entities responsible for publishing information documents relating to certain financial instruments and ISPs, and financial investment advisers, were generally governed by written agreements, even prior to January 2010. |
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Corporate Governance/Accounting |
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ECIIA: Response to Basel Committee on Banking Supervision’s consultation
The consultation document – Corporate governance principles for banks – sometimes erroneously describes internal audit as a control function of banks. |
EBA: Comment letter to IFRS IC on presentation of negative interest rates in the statement of comprehensive income
The EBA has a strong interest in promoting sound and high quality accounting and disclosure standards for the banking and financial industry, as well as transparent and comparable financial statements that would strengthen market discipline. |
EFRAG: Final comment letter on the IASB proposed amendments to IAS 12
EFRAG supports the core of the proposals in the Exposure Draft. |
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Financial Services Policy |
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AFME/IIF respond to Discussion Paper on ensuring operational continuity in resolution
The Associations strongly support the objectives of establishing credible and effective resolution plans and preparing for resolution with minimum disruption. |
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Grahams Articles, Comments & Speeches |
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A day to shake the financial markets: unbundling execution costs from research
On 19th December, ESMA gave the capital markets a nice Christmas present of 1615 pages of light reading. The document relates to delegated legislation that the Commission must introduce to implement MiFID II. |
Legal underpinnings for CMU
The serious groundwork on Capital Market Union (CMU) is now underway but the most difficult areas of commercial law still lie ahead. |
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Friends Services |
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106th Brussels for Breakfast
Organised by the CSFI and hosted by the British Bankers Association - with Jon McLeod of Weber Shandwick as fellow speaker. |
Blog: A revolution in the EU financial system on 3 January 2017? Unbundling execution costs from research
ESMA's Technical Advice to the European Commission on improving investor protection as part of MiFID II could have profound implications. |
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Think Tanks/EP groups |
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Bruegel: The nod-and-wink lender of last resort
How unlimited are “unlimited” purchases of sovereign bonds, and can the ECB legally accept losses on par with private creditors? |
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© Graham Bishop
Banking