EBF WEEKLY + FINANCIAL REGULATION AGENDA
for the week starting Monday 25 March 2024 An overview of the main financial regulation and banking stories this week and a look ahead to key events for the upcoming week, brought to you by the European Banking Federation Recommend the EBF newsletters to a colleague. Click here to sign up! |
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FROM THE MEDIA
Bloomberg: Switzerland surprises with rate cut, moving ahead of ECB
The Swiss National Bank (SNB) unexpectedly cut its key interest rate by 25 basis points, moving months ahead of global peers as policymakers try to prevent gains in the franc. SNB’s move prefigures possible easing later this year by the European Central Bank (ECB) and the Federal Reserve, taking upward pressure off the franc and lessening officials' need to resort to interventions that might further swell their large balance sheet. Read more
Finextra: 'Pig-butchering' tops payment scam threats
The Spring 2024 Visa's Biannual Threats Report concluded that conusmers face increasingly organised and sophisticated attacks from scammers, thanks to the emergence of generative AI. According to Finextra, pig-butchering, an investment scam involving fake crypto companies, has emerged as one of the top payment threats facing consumers. Read more
Reuters: ECB tells banks to prepare for new types of risk
Euro zone banks must adjust how they manage risk as they face challenges from the end of ultra low interest rates to the emergence of non-traditional competitors that can quickly steal market share, Claudia Buch, European Central Bank's (ECB) top bank supervisor, said on Thursday as reported by Reuters. Read more |
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FINANCIAL REGULATION AGENDA for next week
Monday 25 March
Tuesday 26 March
Wednesday 27 March
Thursday 28 March |
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FROM EBF MEMBERS
ABBL: Response to ESMA Discussion Paper on Digital Disclosures
In the reply to the European Securities and Markets Authority (ESMA) Discussion Paper on MIFID II investor protection topics related to digitalisation, the Luxembourg Bankers' Association (ABBL) stressed the crucial role of online disclosures in the financial sector, with a focus on effectively presenting information to clients. Read more
BdB: German economy not making progress in 2024
The chief economists of the private banks see the German economy in a pronounced phase of weakness for the time being. "Industrial production in particular is still under pressure. The economy has only got off to a weak start in 2024," says Heiner Herkenhoff, Managing Director of the German Bankers Association (BdB), with regard to the current economic forecast of the private banks. Overall, the private banks expect macroeconomic performance to stagnate in 2024. Read more (DE) Finance Norway: Record growth for private occupational pensions Figures from Finance Norway show strong growth in private occupational pensions in 2023. Pension payments increased by 13% compared with 2022. In addition, the general increase in salaries will also result in higher payments. Read more (NO) |
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FROM THE INSTITUTIONS
ECB: Denmark joins T2 and TIPS
The European Central Bank (ECB) and Danmarks Nationalbank signed an agreement for Denmark to join the T2 wholesale payment system and the TARGET Instant Payment Settlement (TIPS) service. This will facilitate the settlement of high-value payments in euro and Danish krone in the T2 system and will make the Danish krone the third currency available for settlement in TIPS after the Swedish krona was included this year. Read more
ESMA: Transition to the revised MiFIR rulebook
The European Securities and Markets Authority (ESMA) received numerous questions from stakeholders on the provisions applicable on the date of entry into force of the revised Markets in Financial Instruments Regulation (MiFIR). ESMA acknowledges that public guidance is necessary, notably, on the application of Article 54(3) MiFIR which foresees the continued application of the delegated acts in place beyond 28 March 2024 until these delegated acts have been revised. Read more
EBA: Institutions involved in the 2024 supervisory benchmarking exercise
The European Banking Authority (EBA) published an updated list of institutions, which have a reporting obligation for the purpose of the 2024 EU supervisory benchmarking exercise. The EBA will be conducting the 2024 benchmarking exercise on a sample of 110 institutions from 16 countries across the EU and the European Economic Area. 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 EBF & S&P webinar: Navigating the Green Asset Ratio (GAR) On 14th March the European Banking Federation & S&P Global Market Intelligence held a webinar titled 'Navigating the Green Asset Ratio (GAR): What can it tell us about the sustainbility performance of banks?' The recording of the event is now available. 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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