| EBF MORNING BRIEF Tuesday 23 November 2021 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
GRR: EU finalization of Basel III leaves banks concerned
The European Commission released a legislative package to inscribe Basel III rules into the capital requirements directive and capital requirements regulation along with amendments to resolution procedures, the Global Risk Regulator (GRR) reports. The European Banking Federation (EBF) has reflected on the €27bn in extra capital needed for banks to meet the proposed minimum capital requirements while calling for the authorities to disclose the amount of capital needed to restore the current 15% capital ratio after implementing Basel III. The federation expressed concern over ‘double counting’ in the package. Read more
FT: Brussels curb banks’ use of cross-border permissions to access EU
Brussels plans to crack down on national arrangements that allow banks outside the EU to sell services into the bloc, dealing a blow to lenders in London that rely on the arrangements to cushion the impact of Brexit. The proposal would stop almost all cross-border selling from non-EU countries into the bloc’s single market, the Financial Times (FT) says. Read more
Reuters: Eurozone banks still missing ECB's climate risk goals
No big eurozone lender meets the European Central Bank (ECB)'s climate risk management goals, the ECB said just months before it is due to run the biggest climate stress test to date. Banks have made progress in meeting ECB expectations regarding management bodies, risk appetite, and operational risk management. But they are failing in areas like internal reporting, market, and liquidity risk management, and stress testing, Reuters reports. Read more |
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MAIN EVENTS -
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28th RegTech Convention -
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EBF Retail Committee Virtual Meeting -
EBF Payment Systems Committee Virtual Meeting
For a full-year overview of key financial regulation events: click here
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REGISTRATION OPEN! Wake up to the pension challenge
JOINT EVENT BY EBF, INSURANCE EUROPE
AND BETTER FINANCE
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 | As part of the European Retirement Week, the EBF, Insurance Europe & Better Finance will host the "Wake up to the pension challenge" online event. On 2 Dec, start the day with a stimulating short exchange between BETTER FINANCE's Aleksandra Maczynska, EBF's Wim Mijs, and Insurance Europe's Michaela Koller on the importance of financial literacy in boosting pension resilience. Anne Nolan, associate research professor at Ireland's Economic and Social Research Institute will also join to share her insights.
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FROM THE EBF MEMBERS
UK Finance: Strategy for open banking payments
UK Finance brought the payments industry together to consider the future opportunity for open banking payments and how the market could collaboratively shape that future. Recommendations have been published in a new report that calls for further development of open banking payment standards while opening to a voluntary framework for open banking payments. Read more
BdB: Climate protection and banks: How do they fit together?
Germany wants to be climate-neutral by 2045. This can only happen with the support of banks, the Association of German Banks (BdB) says. The fight against climate change will indeed cost an enormous amount of money and will require unprecedented investments. Read more (DE)
Finance Denmark: New and better EU standards in the area of investment are ready
For many years, Danes have been informed of the key figure annual percentage rate of charge (APR) for investment funds. In 2022, new detailed EU rules will be introduced on the information that investment funds must publish. Therefore, ÅOP will be phased out during 2022, Finance Denmark announces. Read more (DK) |
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FROM THE INSTITUTIONS
European Commission: Mortgage Credit Rules
The European Commission has launched a consultation on a review of EU rules regarding mortgage credit. This review will assess how to ensure that consumers are provided with simplified, timely, and relevant information as well as how to adapt the rules to the digital environment and foster the cross-border provision of mortgage credit. The deadline for feedback is 14 February 2022. Read more
ESMA: Draft commodity derivative technical standards under MiFID II Recovery Package
The European Securities and Markets Authority (ESMA) has published its Final Report on draft Regulatory Technical Standards (RTS) for commodity derivatives under the MiFID II Recovery Package. The draft RTS includes proposals on the application procedure for position limit exemptions, a methodology to determine position limits, and position management tools for trading venues, which will contribute to stable and orderly commodity derivative markets at a time of heightened scrutiny. Read more EBA publishes its final revised Guidelines on internal governance for investment firms under the Investment Firms Directive The European Banking Authority (EBA) has published its revised Guidelines on internal governance for investment firms and final Guidelines on remuneration for investment firms, both under the Investment Firms Directive (IFD). The Guidelines provide further details on how the IFD governance provisions should be applied by Class 2 investment firms, specifying the tasks, responsibilities, and organization of the management body, and the organization of investment firms, including the need to create transparent structures that allow for supervision of all their activities. Read more |
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REGISTRATION OPEN! GLOBAL BANKING SUMMIT |
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 | As global banking undergoes a radical transformation, this Summit will gather the world's top banking CEOs to plot the route to differentiation, profitability, and growth. Covering themes including better banking, financial crime, disruptech, geo-politics, and banking strategy, join over 100 speakers as they assess the national and international landscape in key markets all around the world. Be part of the conversation with the industry’s leaders to share insights, knowledge and plans for the crucial period ahead. Register HERE |
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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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