This week in "Brussels"
24 November 2016
Capital requirements, bank resolution, money laundering, G-SIB, EMIR Review, CMU, MiFID II, G-SII, UCITS, results of the Commission's Call for Evidence, Donald Trump, TPP and more.
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Articles from 17 November 2016 - 24 November 2016 |
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Banking |
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Commission proposes new rules on banks and announces further measures to fine-tune the EU financial regulatory framework
The new proposals amend the rules on capital requirements and on bank recovery and resolution. View Article |
EBA publishes list of public sector entities for the calculation of capital requirements
The EBA published the list of PSEs that may be treated as regional governments, local authorities or central governments in the area of credit risk, in accordance with the CRR. This list will assist EU institutions in determining their capital requirements for credit risk. View Article |
BCBS: Proposals clarify rules on combating money laundering and terrorist financing in correspondent banking
Banks will have clearer guidance on how to best manage risks related to money laundering and the financing of terrorism under proposals issued by the Basel Committee on Banking Supervision. View Article |
EBA publishes final standards on assessment methodology to validate market risk models
These draft RTS ensure consistency in models' outputs and comparability of risk-weighted exposures and will contribute to harmonise the supervisory assessment methodology across all EU Member States and to restore confidence in the use of such models for regulatory purposes. View Article |
FSB publishes 2016 G-SIB list
The Financial Stability Board (FSB), in consultation with the Basel Committee on Banking Supervision (BCBS) and national authorities, published the 2016 list of global systemically important banks (G-SIBs). View Article |
BCBS: Further details on the assessment of global systemically important banks
In connection with today's publication by the Financial Stability Board of the updated list of global systemically important banks (G-SIBs), the Basel Committee on Banking Supervision has released further information related to the 2016 G-SIB assessment. View Article |
EBA provides overview on the proportionate application of remuneration requirements across the EU
The EBA published additional information on the application of the proportionality principle to the remuneration provisions laid down in the Capital Requirements Directive in response to a request for advice from the European Commission. View Article |
Bank of England: Consultation on restoring the deposit protection limit to £85,000
The Prudential Regulation Authority is restoring the deposit protection limit to £85,000 because it considers that a structural shift in the GBP/EUR exchange rate has occurred after the developments in financial markets following the UK’s referendum vote to leave the EU. View Article |
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Securities |
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European Commission: EMIR Review
Complementing the follow-up to the Call for Evidence, the Commission has today also published a report on the review of EMIR, the Regulation on Over-The-Counter (OTC) derivatives, central counterparties and trade repositories. View Article |
ESMA Chair says safeguarding investors is key to Capital Markets Union’s success
ESMA's Maijoor gave a speech entitled "Safeguarding investors is key to ensuring the Capital Markets Union’s success" at the Börse Stuttgart MiFID-Kongress. View Article |
ESMA publishes MiFID II Q&As on transparency and market structure topics
ESMA published two Questions and Answers documents regarding implementation issues relating to market structures and transparency topics under the Market in Financial Instruments Directive and Regulation. View Article |
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Insurance |
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FSB publishes 2016 G-SII list
The Financial Stability Board (FSB), in consultation with the IAIS and national authorities, has identified in 2016 nine insurers as G-SIIs as part of its annual identification process of global systemically important financial institutions (G-SIFIs). View Article |
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Asset Management |
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FCA finds weak price competition in some areas of the asset management sector
The Financial Conduct Authority has published the interim findings of its asset management market study, which suggests that there is weak price competition in a number of areas of the asset management industry. View Article |
Investment Association issues initial response to Asset Management Market Study Interim Report
The Investment Association has issued an initial response to the FCA’s Interim Report to its Asset Management Market Study. View Article |
Investment Association issues second response to Asset Management Market Study Interim Report
The Investment Association has issued a second response to the FCA’s Interim Report to its Asset Management Market Study. View Article |
ESMA publishes updated UCITS Q&A
ESMA published an updated questions and answers document on the application of the Undertakings for the Collective Investment in Transferable Securities Directive. View Article |
Hedgeweek: MiFID II is top concern for asset managers, says State Street research
Nearly three quarters (73 per cent) of asset managers are concerned about the challenges presented by MiFID II, research by State Street Corporation shows. View Article |
Investment & Pensions Europe: Pensions industry underestimating threat of cybercrime, experts warn
The pensions industry worldwide is underestimating the risks posed by cybercrime, and too few experts are available to help tackle the problem, internet security experts have claimed. View Article |
Investment & Pensions Europe: Sweden urged to equalise protection offered to pension savers
Sweden must change its approach to pension regulation and place insurers offering occupational pensions on equal footing with traditional life insurers, the IMF has urged. View Article |
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Corporate Governance/Accounting |
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ACCA response to the new European Commission Directive on preventive restructuring frameworks and second chance for entrepreneurs
ACCA generally supports the second chance approach to insolvency, but calls for clearer definitions and a balanced approach. View Article |
ECA: Audit priorities and expected reports in 2017
The ECA's work programme for 2017 provides a list of the audit topics on which the ECA plans to start work in 2017. These address key concerns such as energy and climate, the single market, poverty and social exclusion, migration, integration and European security challenges. View Article |
IFAC: The future of audit
IAASB Chairman Arnold Schilder pointed out four kinds of challenges and opportunities in the audit field at the ACCA-Grant Thornton Future of Audit Conference in Brussels. View Article |
IFAC: Accountancy profession critical in fight against fraud and corruption
IFAC President Olivia F. Kirtley responded to Pope Francis' call to action to do more in the global fight against fraud and corruption. View Article |
AMF assesses the social, societal and environmental responsibility information published by listed companies
The report highlights best practices in terms of non-financial information and presents recommendations on the transparency and coherence of the information. The AMF also published its annual report on corporate governance and executive remuneration of listed companies. View Article |
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Financial Services Policy |
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Commission publishes results of Call for Evidence on EU financial services
The Commission has concluded that overall the financial services framework does not need to be changed, but targeted follow-up actions to fine-tune the framework have been proposed in access to financing, proportionality, reducing regulatory burdens and consistency of the rules. View Article |
Insurance Europe response to European Commission communication on its call for evidence: More ambition required to boost EU economic growth
Following the publication of the European Commission communication on the call for evidence on the EU regulatory framework for financial services, Michaela Koller, director general of Insurance Europe, issued a response. View Article |
Financial Stability Board agrees 2017 work-plan
The Financial Stability Board met to discuss current vulnerabilities ongoing policy work and its work plan for 2017. View Article |
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International/G20 |
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The Telegraph: Donald Trump's abandonment of TPP free trade deal may hand economic power to China
Donald Trump’s pledge to pull out of the planned Trans-Pacific Partnership (TPP), a free trade deal with 12 nations on both sides of the Atlantic, could give China more power in determining the future of the global economy, analysts believe. View Article |
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Graham's tweets |
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© Graham Bishop
Banking