EBF WEEKLY + FINANCIAL REGULATION AGENDA
for the week starting Monday 18 October 2021

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

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19-20 October 2021: Second edition of the Finance in Common Summit

Building upon the positive results of the first edition of the Finance in Common Summit (FiCS), Public Development Banks will convene for a second time to reiterate and reinforce their commitments in support of common actions for climate and sustainable development. The Summit will be hosted by Cassa Depositi e Prestiti (CDP), the Italian National Promotional Institution and Financial Institution for Development Cooperation, in partnership with the International Fund for Agricultural Development (IFAD). It will be held 19-20 October 2021 in Rome. The second edition of the FiCS will provide an opportunity to emphasize the role of Public Development Banks (PDBs) in reconciling short-term response to the pandemic with longer-term measures for the economic recovery, engaging the development finance community in mobilizing financial resources towards the implementation of the Paris Agreement on climate change and the 2030 Agenda for Sustainable Development. Read more

FINANCIAL REGULATION AGENDA for next week
 

Monday 18 October

• EIB, EBRD, EDFI and the European Commission ‘Sustainable Finance in emerging and developing economies’ webinar

• European Parliament plenary session

• EUROPOL ‘Human after all — Data Protection in Policing’ event

• CEPS 'Public debt: virtue and vice of the government' webinar

• EBF Financial Sanctions Expert Group hybrid meeting

Tuesday 19 October

• Council Working Party on Financial Services and the Banking Union (Financial Services)

• Council Working Party of Financial Counsellors

• European Commission relaunches its consultation into reviewing the Stability and Growth Pact

• CERRE ‘What is the harm in Very Large Online Platforms (VLOPS)?’ event

• Cassa Depositi e Prestiti (CDP) Finance in Common Summit

• Financial Times 'The Banking Revolution' Summit (Wim Mijs, EBF CEO speaking)

Wednesday 20 October

• Financial Market Authority ‘A sustainable way out of the crisis’ conference

• Bruegel ‘Monetary policy in the time of climate change’ event

• Financial Times 'The Banking Revolution' Summit

• Council Working Party on Financial Services and the Banking Union (Financial Services)

• Council Working Party on Tax Questions (Indirect Taxation)

• 4th SSM Banks CIO/CTO Roundtable Virtual meeting

Thursday 21 October

• European Council meeting

• AFME ‘Are we reaching a turning point for European capital markets?’ webinar

• POLITICO ‘The EU green deal under scrutiny ahead of COP26’ workshop

• ISDA Europe conference

• EBI Academic Debate virtual meeting

• European Commission “How to improve the contribution of the EU sectoral social dialogue to policy-making” technical seminar

Friday 22 October

• Deadline for submissions on European Banking Authority discussion paper on proportionality assessment methodology

• IADI ‘New Frontiers in Machine Learning: Coverage’ webinar

• EESC ‘Green, digital and social recovery — How the recovery plans are supporting a wellbeing economy for people and planet?’ conference

• European Environmental Bureau ‘LOCOMINAR: Five science-based tips for the EU’s green transition’ webinar

• The Bank Association of Slovenia (SBA) 'Challenges, opportunities and key risks in banking' Summit (Gonzalo Gasos, EBF Senior Director of Prudential Policy & Supervision speaking)

For a full-year overview of key financial regulation events: click here 

DEMYSTIFYING AI FOR AML:

EBF AND SAS HELP BANKS WORLDWIDE FIGHT FINANCIAL CRIME

FROM THE MEDIA

Reuters: Europe at risk of higher inflation; ECB'S PEPP should end in March: ECB's Knot

Euro zone inflation could exceed expectations in the short and medium term, and this outlook for price growth warrants an end to the European Central Bank (ECB)’s emergency bond purchases next March, Klaas Knot said. According to Reuters, Knot argued that even if these upside risks do not materialise, the bank’s baseline projection alone warrants an end to the 1.85 trillion Pandemic Emergency Purchase Programme (PEPP). Read more

Bloomberg: Development Banks told to ramp up green ambitions ahead of COP26

The world’s multilateral development banks must boost their green ambitions to stop carbon emissions from soaring in the most powerful economies, according to the Climate Transparency Report 2021. “G-20 countries are really late. Late with 2030 climate targets, fossil fuel phase-out plans and climate finance packages,” said Laurence Tubiana, Chief Executive Officer of the European Climate Foundation. G-20 nations are responsible for 75% of global greenhouse gas emissions, Bloomberg reports. Read more  

Finextra: EBF and SAS join forces to fight financial crime

The European Banking Federation (EBF) and SAS ally to help banks worldwide fight financial crime. Finextra reports that they will launch a two-part AML Masterclass in 2022. The announcement was made at Sibos 2021, the world’s premier financial services conference, organised and facilitated by SWIFT. Read more

FROM EBF MEMBERS

Finance Denmark: Lowest buying desire among investors for two years

In September, investors in Danish funds bought for DKK 0.9 billion, which is the lowest in two years. "This may be due to the fact that September has been characterized by market turmoil and negative returns in most equity and bond categories. However, it is telling for the great desire to invest among the Danes that even in a month with a lot of market turmoil, more is bought than is sold for”, says investment manager Kåre Valgreen, Investment & Savings at Finance Denmark. Read more (CK)

Finance Norge: Good collaboration with the government

Both in job creation, digitalisation and sustainability, the financial industry will have a key role for the government to achieve its objectives, Finance Norway believes. Within this context, the Hurdal platform is a good starting point for a constructive collaboration with the Støre government. Read more (NO)

NVB: Financial Gateway 

The Dutch Banking Association (NVB) has published the video of the the Financial Gateaway of 13 October 2021. During the event, members of the Parliament and the financial sector discussed the social role of banks in 2025. Watch it here (NL)

FROM THE INSTITUTIONS

EBA points to still elevated benchmark rate transition risks

The European Banking Authority (EBA) published a thematic note on the transition risks of benchmark rates as LIBOR (the London Interbank Offered Rate) and EONIA (the Euro Overnight Index Average) are close to being phased out. EU banks reported significant derivatives and loan exposures linked to various LIBOR currencies and tenors as well as EONIA rates that will cease at the end of the year, EBA noted. Read more

ECB: Lagarde at International Monetary and Financial Committee

The European Central Bank (ECB) has published a statement by Christine Lagarde, President of the ECB, at the forty-fourth meeting of the International Monetary and Financial Committee. In her speech, she discussed the euro area developments and outlook, the monetary policy as well as Europe’s response to the coronavirus shock.In addition, she addressed the euro area banking sector developments and financial stability issues and how to bolster the recovery to transform the global economy. Read more

BIS: Basel Committee reports on Basel III implementation progress

The Basel Committee on Banking Supervision has issued its Progress report on the adoption of the Basel regulatory framework. It states that since the previous report, published in July 2020, member jurisdictions have made further progress in adopting the Basel III standards despite the disruptions resulting from Covid-19 and the required shift in regulatory and supervisory priorities. Read more

FROM THE EBF  this week

Demystifying AI for AML: European Banking Federation and SAS help banks worldwide fight financial crime

In early 2022, the EBF and SAS will launch a joint, virtual AML Masterclass series, led by AML experts versed in using advanced analytics for AML. This series will spotlight how artificial intelligence (AI) and machine learning can boost the effectiveness of banks’ efforts in fighting financial crime. “The future of AML is rooted in the use of innovative technologies and shared solutions that enhance experts’ judgment. We are confident that this collaboration with SAS will help us prepare our members, and the broader banking community, for this new reality”, said EBF CEO Wim Mijs. Read more

EBF paper on the review of the EU securitisation framework

Under the Capital Markets Union 2020 Action Plan, the European Commission will engage in a review of the regulatory framework for securitisation in order to scale up the securitisation market in the EU. This provides an important opportunity to discuss the topic more broadly and the benefits that securitisation can bring to the European economy. In this context, the European Banking Federation has produced a paper that discusses fundamental aspects of the securitisation topic and how those link to the current discussions. Read more

EBF Vacancies: Work with us!

Visit our Vacancies page to learn more about the opening positions at the EBF. Read more

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

European Banking Federation