EBF MORNING BRIEF Monday 28 March 2022 Good morning. Here are the top news stories and events in European banking, financial regulation and EU policy, brought to you by the European Banking Federation.
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FROM THE MEDIA Reuters: ECB objects to EU's plan to water down banking rules European Union lawmakers should not grant banks exceptions from new global rules designed to avoid a new financial crisis, highlighting risks relating to housing and derivatives, the European Central Bank (ECB) said. As reported by Reuters, the ECB welcomed the European Commission's proposal to implement the Basel III rules but it objected to some "deviations" from the letter of the globally agreed standards. Read more
ING Think: Does EU crypto regulation lay out the red carpet for banks?
The introduction of an EU regulatory framework for crypto assets edged one step closer in March as the European Parliament adopted the Markets in Crypto Assets Regulation (MiCAR). As crypto markets are brought under the regulatory umbrella, banks may find it easier to enter the field, ING Think says in an opinion piece. Yet a number of issues still need to be resolved with regards to prudential treatment, “decentralized finance” (DeFi), stablecoin issuance, uncertainty, central bank competition, and sustainability. Read more
Bloomberg: Central banks must add biodiversity to financial stability risks
Biodiversity loss poses a “significant and under-appreciated” threat to financial stability and its status needs to be elevated by regulators, according to a study by central bankers, financial supervisors, and academics. The report makes five recommendations for central banks and regulators and sets out a research agenda for central banks and academics to continue to address data gaps, Bloomberg reports. Read more |
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MAIN EVENTS European Parliament Subcommittee on Tax Matters
For a full-year overview of key financial regulation events: click here
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REGISTRATION OPEN "Demystifying AI for Anti-Money Laundering" |
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| | The European Banking Federation (EBF) and SAS have partnered to help banks fight financial crime with innovative technologies and shared solutions. This collaboration resulted in the launch of a virtual AML Masterclass series to spotlight how artificial intelligence (AI) and machine learning can boost the effectiveness of banks’ efforts in fighting financial crime. Coming on Thursday 31 March, the inaugural session will examine how AI and machine learning technology for AML works. It will also explore shared transaction monitoring facilities as an opportunity for enhancing AML transaction monitoring and how it fits into the current regulatory framework. |
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FROM THE EBF MEMBERS BdB: What is advocacy? In the latest episode of the Association of German Banks (BdB)'s podcast "Banking Secrets", financing experts Emily Frank and Hendrik Hartenstein ask BdB Chief Executive Christian Ossig if lobbying is good or bad, and if the term "lobbying" is still appropriate. He emphasized the role of banks in major tasks such as the sustainable transformation of the economy and society. Transparency, objectivity and integrity are the basic rules of democratic advocacy that the BdB has internalized. Read more (DE)
UK Finance: Looking beyond the pandemic – the SME Finance Monitor
The SME Finance Monitor, commissioned by the banking industry, tracked SME sentiment throughout 2021 as businesses navigated the impacts of Covid-19, as well as faced increasing costs and supply chain issues. The report for the Q4 2021 results provides insight into SME perspectives and borrowing behavior after almost two years of pandemic-related challenges, demonstrating that concerns over the lasting impact of the pandemic have begun to improve in many sectors, writes UK Finance. Read more
Finance Finland: Financial sector agreement
The signatories of the collective agreement in the financial sector adopted a revised collective agreement which will be in force until February 2024. The whole financial sector in Finland is now covered by collective agreements, as the insurance sector agreement was adopted in February. "Agreeing together is the best way forward", said Juha Koponen, Chairman of the Board of Finance Finland, adding that "negotiations were not easy, but an agreement was reached." Read more (FI) |
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FROM THE INSTITUTIONS ESAs issue updated supervisory statement on the application of the Sustainable Finance Disclosure Regulation The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have updated their joint supervisory statement on the application of the Sustainable Finance Disclosure Regulation (SFDR). This includes a new timeline, expectations about the explicit quantification of the product disclosures under Article 5 and 6 of the Taxonomy Regulation, and the use of estimates. Read more
ECB: Optionality in our monetary policy
The war is expected to have a considerable impact on the global economy, and especially on the European economy, says European Central Bank (ECB) President Lagarde. It is likely to lower euro area growth and push up inflation in the short term. More than ever, we need optionality in our monetary policy. Read more ESMA extends UK CCPs’ recognition decisions The European Securities and Markets Authority (ESMA) has announced its decision to extend the application of the recognition decisions under Article 25 of EMIR (Regulation (EU) 648/2012) for the three CCPs established in the United Kingdom. Read more |
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FROM THE EBF
EBF Vacancies: Work with us!
Visit our Vacancies page to learn more about the opening positions at the EBF. Read more |
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ABOUT THE EUROPEAN BANKING FEDERATION
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The federation is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu |
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