| EBF MORNING BRIEF Tuesday 12 July 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
FT: Pressure grows on regulators to scrutinize ESG data providers
Pressure is growing on regulators to formally scrutinize the data and rating providers who award investments high or low scores on environmental, social, and governance (ESG) principles, the Financial Times (FT) reports. Pierre Bollon, who serves on the European Economic and Social Committee (EESC) said data providers were playing an increasingly important role in the investment industry and should be subject to the same regulatory scrutiny as other parts of the financial services sector. Read more
Bloomberg: ECB says stablecoin rules must be implemented urgently
Stablecoins must “urgently” be brought under increased regulatory oversight before they can become a risk to financial stability, according to the European Central Bank (ECB). As reported by Bloomberg, the ECB said that with some stablecoins already playing critical roles in providing crypto markets with liquidity, there could be significant spillover should a large stablecoin fail. It also warned of “contagion effects” if links between digital assets and the traditional financial system continue to expand. Read more
Reuters: Independent watchdogs are key to UK's global standing
Keeping Britain's regulators independent is key to London's standing as a competitive global financial center, Bank of England (BoE) Governor Andrew Bailey said ahead of pending financial market legislation. Britain's government is due this month to set out financial market reforms following the country's departure from the EU, Reuters says. Read more |
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MAIN EVENTS
For a full-year overview of key financial regulation events: click here
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FROM THE EBF MEMBERS
NVB: The impact partner strategy for banks
The Impact Partner Strategy for banks aims to provide a coherent, effective vision, strategy, and roadmap for the role of Dutch banks in sustainable transformations. The plan was drawn up by a group of professionals from various banks under the supervision of Nyenrode Business University. The Dutch Banking Association (NVB) shared and bundled its knowledge, experiences, and ideas to draw up this action-oriented plan that offers banks, individually and collectively, a concrete action perspective. Read more (NL)
Finance Denmark: More homes for sale at higher prices
The increasing supply of houses for sale partly covers the fact that new homes are for sale to a normal extent, but relatively few are removed from the market. Despite this, the offer prices are 6.7 percent higher for houses and 3.9 percent higher for owner-occupied flats than in June 2021, figures from Finance Denmark show. Read more (DK)
Finance Latvia: The merge of Signet Bank and Expobank completed
After receiving the approvals of the Financial and Capital Market Commission and the European Central Bank (ECB), the merger transaction between Signet Bank and Expobank was completed, Finance Latvia reports. The combined bank will work under the Signet Bank brand, serving Latvian businessmen and their companies, with an emphasis on financing and investment management solutions. Read more (LAT) |
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FROM THE INSTITUTIONS
ESMA: Review Clearing and Derivatives Trading Obligations
The European Securities and Markets Authority (ESMA) launched a consultation exploring the extension of the scope of both the Clearing Obligation (CO) and the Derivatives Trading Obligation (DTO). The proposals contained in the consultation introduce additional classes to the scope of the CO and of the DTO. These changes complement the first set of changes developed also in the context of the benchmark transition. Read more
ECB: Shifting challenges, stable priorities: euro area banks in times of war and interest rate normalisation
Andrea Enria, Chair of the Supervisory Board of the European Central Bank (ECB) discussed the structural challenges to rebuild banks’ profitability on a sustainable basis at the 6th European Banking Federation (EBF) Boardroom Dialogue. Read more
EIOPA: Input on supervisory statement on differential pricing practices
The European Insurance and Occupational Pensions Authority (EIOPA) is launching a three-month-long public consultation relating to a draft supervisory statement on differential pricing practices. Read more |
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FROM THE EBF
EBF statement: ECB climate-risk stress test: A key learning exercise for banks’ climate-risk preparedness
The European Banking Federation (EBF) recognizes the supervisory climate risk stress test as an important step in identifying and managing climate risks. The exercise conducted by the European Central Bank (ECB) was aimed at assessing banks’ climate-risk preparedness. It showed that banks managed to report comprehensive and innovative information on climate risk, but more should be done to incorporate climate risk into the stress-testing frameworks and internal models. Read more
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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