This week in "Brussels"
11 May 2017
Commission proposed derivatives rules' reform, Washington warning against euro-clearing relocation, recovery and resolution planning, OTC derivatives statistics, benchmarking of internal approaches, Shadow Banking, blockchain, derivatives market and more.
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Articles from 04 May 2017 - 11 May 2017 |
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Banking |
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EBA launches public consultation on RTS on the eligibility criteria for granting simplified obligations for recovery and resolution planning
The European Banking Authority launched a public consultation on its draft Regulatory Technical Standards further specifying the eligibility criteria to determine whether institutions should be subject to simplified obligations when drafting their recovery and resolution plans. View Article |
EBA issues amended technical standards on benchmarking of internal approaches
These amendments aim at ensuring a better quality of the submitted data and ultimately will assist the EBA and competent authorities in their 2018 assessment of internal approaches for credit and market risk. View Article |
Bank of England: MREL data for UK banks published
Bank of England published indicative data on the minimum amount of loss-absorbing resources that the larger UK banks and building societies will be required to hold. This is known as MREL (minimum requirements for eligible liabilities and own funds). View Article |
EBA publishes final draft RTS under the Payment Accounts Directive to enhance transparency and comparison of payment account fees
The European Banking Authority (EBA) published its final draft Technical Standards setting out the standardised terminology for services linked to a payment account, and the standardised formats and common symbol of the fee information document (FID) and the Statement of Fees (SoF). View Article |
EBA consults on Guidelines on security measures for operational and security risks under the PSD2
The Guidelines are in support of the objectives of PSD2, such as strengthening the integrated payments market in the EU, mitigating the increased security risks arising from electronic payments, and promoting equal conditions for competition. View Article |
BIS: Addressing NPLs at a European level - leaving the crossroads
Carlos da Silva Costa, Governor of the Bank of Portugal, addressed the high level of NPLs which was one of the SSM's supervisory priorities for 2016. It remains one of the major supervisory challenges in 2017. View Article |
Bruegel: How will Europe’s banking system respond to future challenges?
After the financial crisis, the EU has taken measures to create conditions for a safer banking sector. One of the key measures to do that is the creation of the banking union. How successful has the implementation of the new framework been so far? View Article |
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Securities |
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Commission proposes simpler and more efficient derivatives rules
The reforms provide simpler and more proportionate rules for over-the-counter derivatives to reduce costs and regulatory burdens for market participants without compromising financial stability. View Article |
TheCityUK: A forced re-location of euro clearing is in no one’s interests
TheCityUK responded to new EU Commission proposals on derivatives rules, which include references to possible location requirements for central counterparties (CCPs) involved in euro clearing. View Article |
EuropeanIssuers: Corporate end-users welcome EC proposal on EMIR review
On behalf of the European Association of Corporate Treasurers, EuropeanIssuers, US Coalition of Derivatives End-Users, Deutsches Aktieninstitut, Assonime and French Association of Large Companies, EuropeanIssuers shares their joint press release concerning EC´s proposal for EMIR review. View Article |
BIS: OTC derivatives statistics at end-December 2016
The increase in OTC derivatives positions that took place in the first half of 2016 reversed in the second. View Article |
ISDA Chairman Eric Litvack's remarks at ISDA 32nd Annual General Meeting
Mr Litvack spoke about the importance of derivatives for the economy. View Article |
AMF consults on changes to its General Regulation ahead of MiFID II
Ahead of the directive’s transposition into the General Regulation, the Autorité des Marchés Financiers has opened a public consultation that will run until 10 June 2017. View Article |
FSB publishes Global Shadow Banking Monitoring Report 2016
The report presents the results of the FSB’s sixth annual monitoring exercise to assess global trends and risks in the shadow banking system, reflecting data up to the end of 2015. View Article |
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Insurance |
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Insurance Europe: Concerns raised on IAIS draft application paper on group corporate governance
Insurance Europe has responded to the International Association of Insurance Supervisors’ (IAIS) consultation on its draft application paper on group corporate governance. View Article |
Commercial Risk Europe: Bermuda’s negotiations with EU should not be affected by Brexit, says BMA
The Bermuda Monetary Authority (BMA) has said that Brexit should not impact Bermuda’s ability to successfully negotiate with the EU on matters of regulation, and securing fair access to the EU market for the island’s insurance and financial services sector. View Article |
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Asset Management |
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Investment & Pensions Europe: Further three-year delay on derivatives clearing for pension funds
European pension funds have received a further three-year exemption from derivatives clearing rules in a move the European Commission claims will save them “up to €1.6bn”. View Article |
Investment & PensionsEurope: PensionsEurope challenges Better Finance pension savings report
PensionsEurope has urged European consumer finance campaign group Better Finance to make changes to the research behind a report on the real returns of pension savings of Europe, arguing that it is otherwise “comparing apples and pears”. View Article |
Investment & Pensions Europe: Sweden’s regulator worried by Trump deregulation plan
US president Donald Trump’s plan to reduce financial sector regulation is worrying and could even pose risks for Sweden, according to the head of the country’s financial regulator. View Article |
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Corporate Governance/Accounting |
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EFRAG: IASB’s DP-2017-1 Disclosure Initiative - Principles of Disclosure
EFRAG has published its preliminary responses to the questions in the IASB's Discussion Paper DP/2017/1 Disclosure Initiative - Principles of Disclosure. View Article |
EFRAG: Draft comment letter on the IASB's ED-2017-3 Prepayment features with negative compensation
EFRAG has published its draft comment letter in response to the IASB's Exposure Draft ED/2017/3 Prepayment Features with Negative Compensation (proposed Amendments to IFRS 9) and seeks constituents' views on the proposals. View Article |
Financial Times: Brexit could be a corporate governance car crash in slow motion
Brexit represents a waypoint in the trajectory of corporate governance and stewardship in both continental Europe and the UK, and it carries risks for investors, first and foremost the potential erosion of the rights and protections of minority shareholders. View Article |
ACCA: Auditor scepticism in the spotlight
As policymakers and regulators call for more professional scepticism in audit, ACCA has recommended changes to the standard-setting, regulatory and audit processes to improve and encourage audit quality and tackle cognitive bias. View Article |
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Financial Services Policy |
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ISDA AGM focuses on push for derivatives market efficiency
With the G-20 derivatives reforms in place, there have been calls in the US and Europe to consider the various regulations implemented since the crisis to eliminate duplication and inconsistencies, and to reduce compliance challenges that add to costs without contributing to systemic-risk reduction. View Article |
Joint public statement FSMA-ESMA regarding Euribor
ESMA and the Financial Services and Markets Authority of Belgium have issued a joint statement regarding the Euribor benchmark. View Article |
ACCA issues new guide to blockchain
Distributed ledgers and blockchain technology has the potential to improve trust in financial transactions but seems more likely to support, rather than replace, the work of professional accountants, according to a new report from ACCA. View Article |
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Grahams Articles, Comments & Speeches |
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CCP Location in EU: Endgame now in sight
The location of Central Counterparties (CCPs) seems to have become a totemic issue for the City of London in the Brexit negotiations. Indeed, the White Paper in February devoted one of its 77 pages to financial services – a sector that provides 11% of the UK’s GDP. View Article |
European Commission proposal on CCPs
Commission VP Dombrovskis laid out some principles on CCP supervision today and there is not much need to read between any lines! View Article |
130th Brussels 4 Breakfast/22nd Brussels 4 Brunch - Notes: The Brexit talks - temperature rising, clearing end-game!
The EU27 leaders agreed their red lines for the upcoming Brexit negotiations while PM May announced a snap election and called for a strong mandate to secure a good deal. But the election won't change talks one bit, the EU warned, and Brussels is closing in on London euro-clearing business. View Article |
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Friends Services |
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130th Brussels 4 Breakfast Notes: The Brexit talks - temperature rising, clearing end-game!
The EU27 leaders agreed their red lines for the upcoming Brexit negotiations while PM May announced a snap election and called for a strong mandate to secure a good deal. But the election won't change talks one bit, the EU warned, and Brussels is closing in on London euro-clearing business. View Article |
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Political |
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The Economist: Angela Merkel should seize this chance to remake Europe
Emmanuel Macron’s election win creates a new faultline in German politics. View Article |
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Financial |
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Paul Tang MEP: The CMU midterm review: How not to miss an opportunity
As the midterm review of the financial flagship initiative nears, pragmatism is no excuse to miss an opportunity, writes Paul Tang. View Article |
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Graham's tweets |
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© Graham Bishop
Banking