| EBF MORNING BRIEF Wednesday 4 May 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: New EU sanctions to hit Russian oil, target more banks The EU will slap new sanctions on Russia for waging war against Ukraine, targeting Moscow's oil industry, more Russian banks, and those responsible for misinformation, an EU's top diplomat said. As reported by Reuters, the latest round of sanctions would also affect Sberbank, Russia's top lender, adding it to several banks that have already been excluded from the SWIFT messaging system. Read more
PYMNTS.com: EU urges global collaboration for crypto regulation
Mairead McGuiness, the European commissioner for Financial Services, Financial Stability, and Capital Markets Union, called on regulators to adopt a global approach to regulate cryptocurrencies and suggested that Europe and the US could work together to lead the way. According to PYMNTS.com, she proposed a global agreement on cryptocurrency ensuring that “no product remains unregulated” and called for the cryptocurrency ecosystems to fully integrate environmental considerations. Read more
Bloomberg: BoE poised to hike interest rates to 13-Year high
This week, the Bank of England (BoE) is expected to raise interest rates to their highest level in 13 years and clarify how it plans to sell off some of its 847 billion pounds in government bond holdings. The UK central bank leads the way on quantitative tightening, Bloomberg reports. 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 Febelfin: Phishing figures for 2021 In 2021, €9 million less was stolen through phishing compared to 2020, marking a decrease of 26%. However, Febelfin warns of a shift towards forms of fraud in which victims are encouraged to transfer money themselves. In response, the banking sector and the Centre for Cybersecurity Belgium (CCB) have developed several awareness campaigns and are intensifying their cooperation with other sectors to stop fraudsters. Read more (FR)
Finance Norway: Consumer debt stable at NOK 150.2 billion
Figures from Norwegian Debt Information show that the total unsecured debt is NOK 150.2 billion. Consumer debt now appears to have stabilized at around SEK 150 billion, with a slight increase of SEK 0.2 billion since last month. "The measures to limit the growth in consumer debt work, and there is no reason to introduce new measures such as a ban on additional benefits for taking out credit or interest rates for consumer loans", says Gry Nergård, Consumer Policy Director at Finance Norway. Read more (NO)
Finance Latvia: Financing for small businesses exceeds €14 million
In Q1 2022, Swedbank's financing for small businesses exceeded €14 million, which is 40% more than in the same period last year, reports Finance Latvia. The volume of disbursements has increased for working capital and small investment needs, as well as for leasing (cars, agricultural machinery, etc.). Read more (LV) |
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FROM THE INSTITUTIONS ECB: Financial cycles under diagnostic beliefs Swift changes in investors' sentiment, such as the one triggered by the COVID-19 global outbreak in March 2020, lead to financial tensions and asset price volatility. A paper published by the European Central Bank (ECB) studies the interactions of behavioral and financial frictions in an environment with endogenous risk-taking and capital accumulation and discussed implications for policy interventions. Read more EBA: Updates in the Guidelines for assessing equivalence of professional secrecy regimes of third-country authorities The European Banking Authority (EBA) published its updated Guidelines for assessing equivalence of professional secrecy and confidentiality regimes of third-country authorities, to widen the scope and the purpose of the assessment. In addition, the EBA has also updated the document showing how the principles that govern the EU confidentiality regime are reflected in the EU framework as defined by the relevant provisions in the CRD, BRRD, AMLD, and PSD2. Read more
ESMA objects to European Commission’s proposed amendments to draft ITS on insider lists
The European Securities and Markets Authority (ESMA) published two Opinions regarding the amendments proposed by the European Commission to the Regulatory Technical Standards (RTS) on liquidity contracts for SME Growth Market issuers and the Implementing Technical Standards (ITS) on insider lists initially adopted by ESMA in October 2020. Read more |
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FROM THE EBF EBF Position paper – ESMA Consultation TV perimeter The European Banking Federation (EBF) welcomes the opportunity to comment on ESMA’s draft “Opinion on Trading Venues’ Perimeter”. In general terms, we understand that ESMA’s intention is to provide more clarity on the concept of “multilateral system”. However, EBF members fear that ESMA will in fact achieve the opposite result. Indeed, several of the examples and figures included in the draft Opinion have left our members with a large number of new questions, worries and a significant level of legal uncertainty. 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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