EBF MORNING BRIEF Thursday 8 February 2024 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
Risk.net: Europeâs new AI Act threatens supervisory âchaosâ for banks
Policy insiders heard by Risk.net say EU banks could find themselves in a supervisory turf war because the recently agreed Artificial Intelligence Act will create new regulators purely for the technology. Besides, Julia Sterling, vice president for big data and advanced analytics at Commerzbank, noted that the definition of AI in the Act is relatively broad. Read more
FT: Brussels weakens plans to shift derivatives clearing from London
Brussels has adopted plans to force derivatives traders to funnel some of their deals away from London, after agreeing that only five trades a year should go through clearing houses in the bloc. As reported by the Financial Times (FT), the revised rules will force EU-based banks to open active accounts at a clearing house in the bloc, which will handle categories of derivatives that the blocâs regulators have deemed âsystemicâ. Read more S&P Global Market Intelligence: Path to net-zero: 'Jungle' of bank climate goals fueling greenwashing A lack of standardization around climate goals and progress not only makes meaningful comparison difficult but it can also confuse investors and blur the lines of accountability at banks. The initiatives created under the umbrella of the Glasgow Financial Alliance for Net Zero (GFANZ) have failed to standardize targets, leaving "diverse and largely incomparable plans and objectives," Paul Schreiber, senior policy adviser at Reclaim Finance told S&P Global Market Intelligence. Read more |
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MAIN EVENTS Thursday 8 February Council Working Party on the Environment EIB Group Forum 2024 (Wim Mijs, EBF CEO, speaking)
Friday 9 February
Council Horizontal Working Party on Cyber Issues |
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FROM EBF MEMBERS
Finance Finland: Cryptoassets used for criminal purposes
Finance Finland supports the uniform regulation of the EU cryptoassets market. Head of Financial Crime and Cybersecurity Mika Linna is pleased that comprehensive cross-border regulation will soon cover cryptocurrency operators. Read more
FBF: New Chairman of the Bretagne Regional Banking Committee
Karim GanaĂŻ succeeds BenoĂźt Catel as Chairman of the banking committee of the French Banking Federation (FBF) Bretagne. As questioned in a study, 78% of the region's inhabitants consider that banks are essential to developing the territories. Read more (FR)
Finance Latvia: The association will no longer regulate AML issues
Finance Latvia abolished the Anti-Money Laundering (AML) and Countering the Financing of Terrorism Policy and Sanctions Compliance Guidelines, thus no longer regulating anti-money laundering issues at the level of industry standards. Read more (LAT) |
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FROM THE INSTITUTIONS
ECB: Patience and caution
Incoming data speak against adjusting the policy stance soon, says European Central Bank (ECB) Executive Board member Isabel Schnabel. Given sticky services inflation and resilient labor markets, we must be patient to avoid inflation flaring up again. Read more
ESMA: Seeking members for its Securities Markets Stakeholder Group
The European Securities and Markets Authority (ESMA) is looking for candidates representing the interests of all types of financial markets stakeholders. Verena Ross, ESMAâs Chair, said: âI am particularly inviting stakeholders who can give a strong voice to consumers, users of financial services, employees in the financial sector, and small and medium-sized enterprises (SMEs) to put yourselves forward". Read more
SRB: List of consultations and requests to the industry
The Single Resolution Board (SRB) has published the list of all public consultations, data requests, and deliverables stemming from the Expectations for Banks (EfB) planned for 2024. This disclosure marks an important milestone in the SRBâs efforts to cater to the industryâs wish for more predictability and transparency. Read more |
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FROM THE EBF
New 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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This newsletter is published by the EBF Mediacentre.
For questions or suggestions contact v.barbieri@ebf.eu
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