EBF WEEKLY + FINANCIAL REGULATION AGENDA
for the week starting Monday 27 June 2022 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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The European Commission's Forum on protecting and facilitating investment in the single market is coming on 28 June 2022! |
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On 28 June, the European Commission will host a forum to discuss the regulatory framework protecting and facilitating investment in the EU with stakeholders and Member States. Commissioner McGuinness will present the policy approach and a toolbox of possible targeted measures on investment protection and facilitation. Besides, there will be a discussion on how to ensure effective implementation of the measures, including optimizing feedback channels and follow-up mechanisms to deal with investment protection issues of single market concern. Read more |
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FROM THE MEDIA
Reuters: EU banks ace US Fed's stress test, show strong capital levels
The US units of major European lenders sailed through the Federal Reserve's annual "stress tests", showing they hold enough capital to weather an economic shock. For the seven European bank subsidiaries that the Fed oversees, the average capital ratio remained well above the regulatory minimum of 4.5%. It was also higher than the average ratio for the broader group of 34 banks tested, according to a Reuters analysis of the results. Read more
Bloomberg: Eurozone recession still avoidable, Donohoe says
A recession in the euro area is a risk, but it can be avoided with the right support and budgetary policy, according to Paschal Donohoe, who runs the meetings of finance ministers in the common currency area. The group is implementing measures to support countries in need, Donohoe said in an interview with Bloomberg. He also added that EU borrowing will be lower next year and steps to tackle the rising cost of living will be āmore targetedā than the broad measures used during the Covid-19 pandemic. Read more FT: UK-EU financial services cooperation hit by Northern Ireland row The breakdown of regulatory co-operation between the UK and EU over financial services has become ācollateral damageā in the dispute over the Northern Irish protocol, according to peers heard by the Financial Times (FT). According to the House of Lords committee looking at how Brexit is hitting the City of London, a Memorandum of Understanding on regulatory cooperation should be a priority for the government alongside other āpolitical and diplomatic engagement with the EU regarding financial servicesā. Read more |
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FINANCIAL REGULATION AGENDA for next week
Monday 27 June
European Parliament Subcommittee on Tax Matters Tuesday 28 June Council Horizontal Working Party on Cyber Issues Wednesday 29 June IEEP and IDDRI 'Think2030' conference Thursday 30 June Friday 1 July Council Horizontal Working Party on Cyber Issues
For a full-year overview of key financial regulation events: click here
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FROM EBF MEMBERS
Finance Denmark: Political agreement paves the way for greater diversity in bank management
The government has announced a political agreement on the future requirements for the management of the financial companies in Denmark, including the so-called fit & proper rules. It is positive that the agreement paves the way for a broader and more flexible recruitment basis. According to Finance Finland, this will provide better opportunities to ensure the best possible composition of the banks' managements. Read more (DK)
SBA: Conversion of Ukrainian currency into Swiss francs
The federal government has worked closely with the Swiss National Bank, the Swiss Bankers Association (SBA) and selected commercial banks to develop a solution for converting Ukrainian currency into Swiss francs. The Federal Council announced that asylum-seekers from Ukraine with protection status S will be allowed to convert their Ukrainian cash into Swiss francs. The exchange rate will be set by the National Bank of Ukraine. Read more
Febelfin: This is what you must know on payments abroad
The holidays are fast approaching and for many of us it is synonymous with great prospects for traveling abroad. If this is your case, the question of how to pay on the spot will certainly arise. To give you peace of mind, Febelfin explains everything you need to know about payments abroad. Read more (FR) |
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FROM THE INSTITUTIONS ECB: Economic Bulletin out now The Economic Bulletin by the European Central Bank (ECB) presents the economic and monetary information which forms the basis for the Governing Councilās policy decisions. In the publication, the ECB notes that high inflation is a major challenge for everyone. The Governing Council will make sure that inflation returns to its 2% target over the medium term. Read more
EBA replies to the European Commissionās call for advice on the review of the Payment Services Directive
The European Banking Authority (EBA) published an Opinion and Report in response to the European Commissionās Call for Advice (CfA) on the review of the Payment Services Directive (PSD2). In its response, the EBA puts forward more than 200 proposals that would contribute to the development of the single EU retail payments market and ensure a harmonized and consistent application of the legal requirements across the EU. Read more
European Commission: The test of time: Banking Union a decade on
Mairead McGuinness, European Commissioner for Financial Services, Financial Stability, and Capital Markets Union discussed the banking union in her opening speech at the SRB and ECB Joint Conference. "The third pillar of the Banking Union, a European Deposit Insurance Scheme (EDIS), is still missing. EDIS would increase the resilience in the overall system by pooling some funds at the Banking Union level," she says. Read more |
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FROM THE EBF this week
Joint statement on Responsible Private Funding of Litigation
The EBF together with Airlines for Europe (A4E), AmCham EU, BUSINESSEUROPE, DIGITALEUROPE, DOT Europe, EFPIA, EUROCHAMBRES, EuroCommerce, European Justice Forum, InsuranceEurope, MedTech Europe, and U.S. Chamber Institute for Legal Reform, support fair and balanced civil justice systems with effective enforcement of claimantsā rights. Read more
EBF Position paper: Corporate Sustainability Due Diligence Directive
The EBF has published its position on the Corporate Sustainability Due Diligence Proposal. According to the EBF, the directive should clarify whether it is asking financial entities to identify the adverse impact just once during the onboarding of the client or for each new product/service contract a company is selling to the same client. Besides, obligations of this Directive should apply at the consolidated group level and subsidiaries should be expressly exempted. Read more 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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