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26 May 2016

This week in "Brussels"
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Asset Management Corporate Governance/Accounting Graham's Articles, Comments & Speeches
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  Articles from 19 May 2016 - 26 May 2016

  Banking
 
 
ECB: Euro area systemic stress contained despite bouts of global financial market turbulence
The euro area financial system was able to absorb the strong turmoil around the turn of the year according to the latest Financial Stability Review of the ECB. Bank, financial and sovereign stress all stood at low levels in early May.   View Article
EBA publishes final Guidelines on stress tests for deposit guarantee schemes
The EBA published its final Guidelines on stress tests for deposit guarantee schemes (DGSs). The Guidelines provide a systematic methodology for planning, running and reporting on stress tests conducted by DGSs to assess their resilience to various types of scenarios in times of banking stress.  View Article
Reuters: ECB preparing fresh non-performing loan proposal
Euro zone banks need to reduce their high running costs and strengthen their balance sheets, ECB supervisory chief Daniele Nouy said, adding that fresh proposals on dealing with a long legacy of bad loans was coming.  View Article
EBF Board members affirm commitment to responsible financing
The EBF affirmed the commitment to financing households and businesses, to supporting economic growth and to contributing to prosperity in Europe and to push for an acceleration of the sector’s collective drive towards raising standards and improving culture and conduct in European banks.  View Article
Reuters: ECB says legal costs burn one-third of Europe bank profits since '08
European banks have spent a third of their net profits on provisions to cover expected legal costs since the start of the economic crisis in 2008, European Central Bank data showed.  View Article
City AM: Traditional banks' dominance of lending market set to continue despite peer-to-peer growth, report finds
Banks will fight off competition from non-traditional lenders and continue to dominate the borrowing market over the next decade, a Deloitte report has suggested.  View Article
 
  Securities
 
 
European Parliament: Report on STS securitisation is published
Rapporteur Paul Tang published a working document on common rules on securitisation and creating a European framework for STS securitisation that will form the basis for the discussions that will take place in the Parliament, starting with the first exchange of views amongst ECON Committee members.  View Article
ISDA: Clearing members analyze the resolution of central counterparties in new white paper
As CCPs continue to play an increasingly important role in the global financial system, The Clearing House and ISDA issued a white paper identifying key issues that regulators should consider as they develop a comprehensive resolution framework for systemically important CCPs.  View Article
ESMA clarifies the reporting of reference data under MAR from 3 July 2016
The European Securities and Markets Authority issued a Communication clarifying the reporting of reference data under the Market Abuse Regulation.  View Article
FSB publishes Thematic Review on the Implementation of the FSB Policy Framework for Shadow Banking Entities
The Policy Framework sets forth principles that authorities should adhere to in their oversight of non-bank financial entities posing financial stability risks from shadow banking.  View Article
ECB's Cœuré: Interview with Risk Magazine
Benoît Cœuré talked about central counterparties, related guidelines, stress test, and initial margins, among other topics.  View Article
 
  Insurance
 
 
EIOPA launches the EU-wide Insurance Stress Test 2016
This regular exercise aims to assess insurers' vulnerabilities and should not be interpreted as a pass-or-fail test. It is designed to assess the resilience of the European insurance sector to severe adverse market developments based on a common analytical framework.   View Article
Insurance Europe: Concerns raised on EIOPA advice on the identification and calibration of infrastructure corporates
Insurance Europe has responded to a consultation on the European Insurance and Occupational Pensions Authority’s (EIOPA) advice to the European Commission on the identification and calibration of infrastructure corporates in Solvency II.  View Article
Insurance Europe: New-look Annual Report published
Insurance Europe’s 2015–2016 Annual Report contains articles setting out Insurance Europe’s positions on all the major regulatory issues facing EU insurers.  View Article
 
  Asset Management
 
 
Hedgeweek: Asset management industry must adapt to cope with ‘triple whammy’ of threats in 2016
The asset management industry faces a ‘triple whammy’ of challenges in 2016 – comprising a growing threat from disruptors, a tsunami of regulation and market turmoil.  View Article
AIC:Private equity boosts growth in specific industries in Q1 2016
The American Investment Council (AIC) released its Q1 2016 Industry Investment Report, highlighting the activity of private equity firms in specific industries.  View Article
 
  Corporate Governance/Accounting
 
 
ECIIA: Starting gun fired for EU data regulation compliance
The ECIIA has published a special report on how internal auditors can prepare for the Directive on General Data Protection and the General Data Protection Regulation in European Governance  View Article
FEE: Audit exemption thresholds in Europe
Following the transposition of the Accounting Directive, the FEE shares the updated thresholds defining “small undertakings” in EU Member States, Norway, Switzerland and Iceland. Consequently, companies identified as “small undertakings” are no longer required to have a statutory audit.  View Article
IAASB commented on US PCAOB’s efforts to enhance the auditor’s report
The IAASB welcomes the release by the PCAOB of its re-proposed auditing standard, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion.   View Article
FRC: Audit quality review reports
The FRC has published reports on audit quality reviews of the six largest audit firms. The reports set out the principal findings arising from the 2015/16 reviews of BDO, Deloitte, EY, Grant Thornton, KPMG and PwC.  View Article
ACCA, FEE respond to IAASB’s proposal on enhancing audit quality
ACCA and FEE have responded to IAASB’s Invitation to Comment 'Enhancing Audit Quality in the Public Interest: A Focus on Professional Skepticism, Quality Control and Group Audits'.   View Article
Market Integrity Insights: Novel proposals on corporate reporting reforms - Will investor needs be met?
CFA Institute’s Director, Vincent Papa, published an article including interviews to Hilde Blomme, FEE Deputy CEO and Mark Vaessen, Chair of the FEE Corporate Reporting Policy Group that highlight key proposals from the FEE’s cogito paper The Future of Corporate Reporting.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
120th Brussels for Breakfast/12th Brussels for Brunch: A month to the Brexit Referendum
With the Referendum imminent, this blog covers some of the main Brexit topics discussed, as well as summarising key regulatory events since the last Brussels for Breakfast.  View Article
 

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