This week in "Brussels"
14 January 2016
BCBS, EBA, G-SIIs, ICAAP, ILAAP, SEPA cards, bonus buy-outs, ICAM, ESMA, CCPs, dC rules, securities lending, EuVECA, EuSEF, pension funds, IFRS, leases, IFAC and more.
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Articles from 07 January 2016 - 14 January 2016 |
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Banking |
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BCBS: Revised market risk framework and work programme for Basel Committee is endorsed by its governing body
The Basel Committee's oversight body, the GHOS, endorsed the new market risk framework. The fundamental review of the market risk standard is a core component of the Basel III reform package. View Article |
EBA publishes revised final draft technical standards and Guidelines on methodology and disclosure for G-SIIs
The need for this revision was prompted by the new data template and some minor changes introduced by the BCBS in January 2015 for the identification of G-SIBs. View Article |
ECB: Supervisory expectations on ICAAP and ILAAP and harmonised information collection on ICAAP and ILAAP
In order to encourage institutions to develop and maintain high-quality ICAAPs and ILAAPs, and to clarify the type of information they should share with the SSM on these, respective expectations have been issued by the SSM. View Article |
Reuters: European banks set for more job cuts in Asian equities as China meltdown hits profits
European banks are set to trim more jobs in Asian equities, industry insiders said, as global cost-cutting reaches peripheral businesses in a region where a drop in Chinese trading volumes and local competition have hit profits. View Article |
EPC Blog: The SEPA cards standardisation volume is now equipped to face up to the challenge of remote payments
Claude Brun, Chair of the EPC Cards Working Group and CSG Co-Chair, outlines the major updates of the Volume version 7.1. View Article |
Fitch: EU bank north/south asset quality divide persists
EU banks are showing broadly improving asset-quality metrics, albeit with continuing divergence between the northern and southern banks, says Fitch Ratings. The improvement primarily stems from a reduction in legacy non-performing loans at some of the EU's largest banks. View Article |
Bank of England proposes tougher rules on bonus buy-outs
These proposals represent an important addition to the current remuneration rules which seek to ensure greater alignment between risk and reward, discourage excessive risk-taking and short-termism and encourage more effective risk management. View Article |
British Bankers’ Association: 7 banking trends to watch in 2016
2015 brought increased regulatory scrutiny as supervisory bodies looked to reform the banking industry and a new culture of supervision and best practice continued to be set by the Bank of England. View Article |
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Securities |
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ICMA Quarterly Report
Capital Markets Union may also have a microeconomic impact through its reforms of the structure of capital markets: eg on secondary market liquidity, infrastructure investment, product development, the balance between wholesale and retail markets, and between debt and equity. View Article |
ESMA to cooperate with Canadian and Swiss regulators on CCPs
ESMA has established three Memoranda of Understanding (MoU) under EMIR. View Article |
ISDA Determinations Committees vote to change DC rules
ISDA announced that the ISDA Credit Derivatives Determinations Committees (DC) have voted to make a series of changes to the DC rules as part of an effort to further strengthen the process for determining whether a credit event has occurred in the credit derivatives market. View Article |
Financial Times: Securities lending unsettles regulators
Securities lending is an area of growing concern to global regulators who are worried about potential risks to financial market stability. View Article |
GFMA comments in response to BCBS consultation on haircut floors for non-centrally cleared securities financing transactions
While the Global Financial Markets Association generally supports the underlying policy goal of the proposal, it has some concerns and questions about its integration into the overall capital framework. View Article |
AMF warning for fund management companies
The AMF draws the attention of fund management companies to the fact that the first requirements provided in the European Regulation on transparency of securities financing transactions apply on 12 January 2016. View Article |
ESMA issues negative opinion on extending Greek short selling ban
ESMA issued a negative opinion on a proposed extension of the emergency short selling prohibition, regarding Attica Bank S.A, proposed by the Hellenic Capital Market Commission. View Article |
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Insurance |
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IAIS releases 2015 Global Insurance Market Report (GIMAR)
The report shows that the global (re)insurance sector has proven to remain well functioning and stable as evidenced by the high capital levels held by (re)insurers, the overall stable profitability shown by the sector and an on-going inflow of additional capital. View Article |
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Asset Management |
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ALFI / LPEA response to Commission consultation on the review of the EuVECA and EuSEF Regulations
ALFI and the Luxembourg Private Equity and Venture Capital Association (LPEA) responded to the EU Commission consultation on the review of the EuVECA and EuSEF Regulations. View Article |
IPE: Dutch Pensions Federation calls for alternative to DB system
The Dutch Pensions Federation has called on the country’s pensions industry to come up with an alternative to the current, predominantly defined benefit (DB) system. View Article |
OECD: Annual Survey of Investment Regulation of Pension Funds
The survey questionnaire covers all types of pension plans financed via pension funds. View Article |
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Corporate Governance/Accounting |
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IASB: Comments on ESMA’s Consultation Paper on the European Single Electronic Format
The IFRS Foundation welcomes ESMA’s proposal to use the IFRS Taxonomy as issued by the IFRS Foundation for structured financial reporting under IFRS. View Article |
IASB: Hans Hoogervorst exchanges views with European Parliament
IASB Chairman Hoogervorst took part in an exchange of views with the Committee on Economic and Monetary Affairs. The main highlights of his speech were the upcoming Leases Standard, IFRS 9, Insurance Contracts and the Conceptual Framework. View Article |
IASB introduced a new standard on leases
The IASB issued a new accounting Standard, called IFRS 16 Leases. It replaces accounting requirements introduced more than 30 years ago that are no longer considered fit for purpose and is a major revision of the way in which companies account for leases. View Article |
IFAC: IAASB´s changes for auditor reporting on special purpose financial statements
The IAASB released ISA 800 (Revised), Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, and ISA 805 (Revised), Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement. View Article |
IFAC: Auditors’ attention to key ethics code provisions when facing downward pressure on audit fees
IESBA staff have developed a new publication, Ethical Considerations Relating to Audit Fee Setting in the Context of Downward Fee Pressure, in response to stakeholder concerns about downward pressure on fees and its potential to adversely impact audit quality. View Article |
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International/G20 |
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EUbusiness: EU opens debate on China market status
The EU said it would launch a year of delicate deliberations to decide whether China should be considered a market economy, a long-denied status that would make it harder for Europe to fight off cheap imports. View Article |
VoxEU: The TPP as a set of international economic rules
This column examines the new set of rules comprising the TPP agreement, and asks whether the TPP is, as claimed, a 21st century agreement or just an expanded version of a US-style FTA. View Article |
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Graham's tweets |
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© Graham Bishop
Banking