This week in "Brussels"
23 July 2015
BCBS guidelines for identifying weak banks, EBA, BCBS, Bank of England, ESMA, CMU, Banking Union, Europe’s listings regime, ICMA, buy-ins, ISDA, Dodd-Frank Act, Insurance distribution, EIOPA, AIMFD, FRC, IFAC, EFRAG and more.
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Articles from 16 July 2015 - 23 July 2015 |
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Banking |
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BCBS: Guidelines for identifying and dealing with weak banks
The report discusses the underlying supervisory preconditions for dealing with weak banks and techniques that will allow the supervisor to identify problems, as well as corrective measures available to turn around a weak bank and tools for dealing with failing or failed banks. View Article |
EBA publishes RWA assessment as the next step in improving consistency of internal model outcomes
The European Banking Authority’s reports summarise the findings obtained from two benchmarking exercises conducted in line with the mandate laid down in the Capital Requirements Directive and related draft technical standards. View Article |
EBA publishes report on macroprudential policy measures
The objective of the EBA’s report is to take stock of the range of practices applied by EU Member States in relation to the provisions for macroprudential policies set out in the CRR/CRD IV, focusing on the interaction of macroprudential and microprudential objectives and tools. View Article |
BCBS: General guide to account opening - consultative document
The Basel Committee on Banking Supervision has issued for public consultation a revised version of the General guide to account opening, which was first published in February 2003. View Article |
EBA: Assessment of the suitability of members of the management body and key function holders - divergent supervisory practices
The European Banking Authority’s report shows that National Competent Authorities (NCAs) largely comply with the EBA guidelines. The EBA analysis identified best practices carried out by some NCAs, but also highlighted significant differences remaining between NCAs' supervisory approaches. View Article |
Bank of England: CRD IV - Interim LCR reporting
This supervisory statement sets out the specific liquidity coverage requirement reporting arrangements which the PRA expects firms to follow on an interim basis in the period between 1 October 2015 and the introduction of mandatory reporting of the new LCR. View Article |
BBA: Chief Executive’s newsletter – July 2015
The British Bankers’ Association comments on further bank tax in UK's summer budget, describes research results linked to bank-customer relationship and brings information to impact of new rules on excessive risk-taking. View Article |
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Securities |
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ESMA’s Maijoor speaks to ECON members at MiFID II/MiFIR scrutiny hearing
Steven Maijoor stressed that ESMA will not be able to find a system balancing transparency and liquidity and at the same time satisfy the preferences of all stakeholders. However, significant progress towards a more adaptable and better calibrated system has been achieved over the past half year. View Article |
BIS / Dombret: Monetary union, banking union, capital markets union - financial integration in Europe
The speech by Deutsche Bundesbank's Dombret focuses on Greece, strengthening the capital markets by diversification, and establishing a single capital market in Europe. View Article |
EurActiv: Ten tips for a successful CMU
The European Union plan for a Capital Markets Union can help unlock the latent potential in financial markets. The banking industry is ready to support this proposal. View Article |
ESMA publishes responses received to consultation on clearing obligation
ESMA invited responses to the questions listed in this Consultation Paper on the Clearing Obligation under EMIR (no.4). View Article |
TheCityUK: improving Europe’s listings regime and unlocking growth
TheCityUK, supported by King & Wood Mallesons, published 'Capital markets for growing companies: a review of the European Listings Regime' report, setting out its proposals for how Europe’s listings regime could be improved to the benefit of investors and issuers across the whole of the EU. View Article |
ICMA: Buy-ins, how they work, and the challenge of CSDR
The ICMA Briefing Note on the buy-in process illustrates how buy-ins work currently, and how they are proposed to work under CSDR. CSDR does not define what a buy-in is, it does provide for who should be responsible for, and be affected by, a buy-in, as well as the related cash-flows. View Article |
ISDA: Dodd-Frank five years on - progress and challenges
Five years after the enactment of the Dodd-Frank Act, much of the framework envisaged by US legislators is in place. All swap transactions involving a US person are now required by the CFTC to be reported to an SDR, giving regulators the ability to spot systemic risks. View Article |
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Insurance |
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Insurance distribution: Council confirms agreement with EP
The text recasts and repeals directive 2002/92/EC on insurance mediation with a threefold objective: improving retail insurance regulation, establishing the conditions necessary for fair competition between distributors of insurance products, and strengthening policyholder protection. View Article |
EIOPA seeks input to its Solvency II risk free interest rate coding
EIOPA has kicked off an exercise to challenge the "beta"-version of its risk free interest rate coding used in the current preparatory phase. The published coding fully reflects the methodology set out in the Risk Free Interest Rate technical documentation. View Article |
Commercial Risk Europe: Insurers urged to review policies as Greek crisis rumbles on
Despite the latest €86bn bailout agreement between eurozone and Greek leaders, the future of Greece's long-term membership of the European currency remains in jeopardy. View Article |
Palgrave Journals: The Geneva Papers on Risk and Insurance - Special issue on insurance and finance
The first group of papers weaves through global financial stability and Solvency II issues in macro and micro regulations. The second delves into value creation through M&A and reinsurance for the global insurance. The third looks at added value and insurers’ market power. View Article |
Commercial Risk Europe: Large M&A deals to continue as shift in insurance landscape takes hold
In a briefing the rating agency AM Best said it expects larger M&A deals to continue as many triggers fan the flames of consolidation. View Article |
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Asset Management |
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ESMA to delay publishing opinion and advice under Article 67(1) of the AIFMD
ESMA is in the process of finalising its opinion and advice to the European Commission, Council and Parliament on Article 67 (1) of the AIFMD and intends to publish them during the week beginning 28 July. View Article |
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Corporate Governance/Accounting |
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FRC responds to EC's recommendation on the quality of corporate governance reporting
The FRC has updated the Commission on the United Kingdom’s ‘comply or explain’ system in the context of the Recommendation on the quality of corporate governance reporting 2014/208/EU. View Article |
ESMA publishes 17th extract from EECS’ enforcement decisions
ESMA published extracts from the European Enforcers Coordination Sessions (EECS), with the aim of providing issuers and users of financial statements with relevant information on the appropriate application of the International Financial Reporting Standards. View Article |
IFAC: Sovereign debt crises - focus on accounting matters
IFAC holds that Greece must build trust and confidence by making transparency and accountability its most urgent and important reform. A fresh start for Greece should begin with government financial information based on accrual-based IPSASs. View Article |
IFAC: IAASB finalizes amendments to ISAs to promote greater focus on financial statement disclosures
The IAASB released its revised ISAs, Addressing Disclosures in the Audit of Financial Statements. The revisions to the standards aim to focus auditors more explicitly on disclosures throughout the audit process and drive consistency in auditor behavior in applying the requirements of the ISAs. View Article |
IFAC: Integrated and external reporting
The IAASB has released the publication 'Exploring Assurance on Integrated Reporting and Other Emerging Developments in External Reporting', to inform stakeholders about the board’s ongoing work in this area. View Article |
EFRAG: Short discussion series “The statement of cash flows: issues for financial institutions”
EFRAG has published a paper in the Short Discussion Series. This paper discusses the relevance of the Statement of Cash Flows for financial institutions and investigates alternatives that could either supplement or replace the information currently portrayed by these entities. View Article |
EFRAG requests extension of the comment period on the ED dealing with the conceptual framework
EFRAG has requested the IASB to extend the comment period related to the exposure draft Conceptual Framework for Financial Reporting until 26 December 2015. View Article |
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Grahams Articles, Comments & Speeches |
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Greece: the problem of social culture, not just finance, economics and politics
Greek `No’ voters scored 61% of the vote on a surprisingly low turnout of 62% of the 9.3m eligible voters. The concept is now quite clear: Greek PM Tsipras will claim that the 3.6 million Greeks who voted `No’ should now be entitled to debt relief from the rest of the eurozone. View Article |
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Graham's tweets |
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© Graham Bishop
Banking