EBF WEEKLY + FINANCIAL REGULATION AGENDA
for the week starting Monday 4 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 Recommend the EBF newsletters to a colleague. Click here to sign up! |
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Eurogroup and Ecofin take place in Luxembourg on 4-5 October |
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On 4-5 October, ministers for economic and financial affairs will meet in Luxembourg for the Eurogroup and Ecofin meetings. Ministers will discuss the implementation of the Recovery and Resilience Facility and lessons learned for the European Semester 2021. Economic and financial affairs ministers will continue preparing for meetings of G20 finance ministers and central bank governors, and the IMF annual meetings, scheduled for 12-14 October 2021. In this context, they will approve the G20 EU terms of reference and the statement to the International Monetary and Financial Committee (IMFC). EU leaders are also expected to approve conclusions on climate finance ahead of the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26) in Glasgow. Besides, the Slovenian presidency together with the Commission will provide an update, in public session, on current financial services legislative proposals. Ecofin agenda Eurogroup agenda |
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FINANCIAL REGULATION AGENDA for next week
Monday 4 October
Tuesday 5 October
European Council: Ecofin meeting Milan Fintech Summit. EBF Innovation & Cybersecurity Director Alexandra Maniati speaking
Wednesday 6 October
EFRAG Board meeting
Thursday 7 October
Friday 8 October
ACAMS 'The EU's AML Action Plan – Are You Ready?' webinar. EBF Chief Policy Officer Sebastien De Brouwer EBF Exco Financial Crime Strategy Group meeting EBF meeting on Banking Package EFRAG Board meeting
For a full-year overview of key financial regulation events: click here
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European Banking Summit 2021:
BANKING ON THE FUTURE |
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| | The fifth European Banking Summit dedicated to 'Banking on the future' brought together 450 experts, senior policymakers, and key stakeholders to discuss the industry’s future. Topics included regulation, the green transition, and digital transformation, with panels taking deep dives into the detail. You can find an executive summary of the key takeaways HERE. Thank you for joining us! Don’t miss out on extra content from the summit!
Check #EBS21 and @EBFeu for more! |
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FROM THE MEDIA
Reuters: European banks need regulation reset to catch U.S. rivals, Botin says
Banks in Europe need more dynamic regulation to enable them to improve their profitability and catch up with their peers in the United States, the Head of European Banking Federation (EBF), Ana Botin said. "Good regulation, proportionate, flexible and dynamic regulation is the route to high standards and growth. If we don't get the balance right, we will not get the investment in the European economy all of us here want," Botin told at the European Banking Summit hosted by the EBF. Read more
Bloomberg: Panetta says ECB must remain proactive in tackling cyber threats
The European Central Bank (ECB) must be “vigilant” to increased risk of cyberattacks, ECB Executive Board member Fabio Panetta says in a speech. Panetta also adds that financial experts consider cyber attacks as “number one risk” for the global financial system, Bloomberg reports. Read more
ING Think: Bank Pulse: Full Basel reforms to further increase European banks’ capital requirements
European banks will have to face 13.7% higher minimum capital requirements by 2028. This follows a monitoring exercise by the European Banking Authority regarding the full implementation of the final Basel III reforms in the EU. But banks are already prepared and the capital shortfalls are limited, ING Think reports. Read more |
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FROM EBF MEMBERS UK Finance: Anti-bribery and corruption compliance Bribery of public officials is damaging, with consequences including the distortion of fair competition, diversion of funds from public services, corrosion of rule of law, and the undermining of national security. The application of the norm is complicated by high-level international legal definitions of ‘public official’, as well as varied national legislation and guidance. UK Finance has seen how this ambiguity adds costs and delay to corporate anti-bribery and corruption efforts and can reduce appetite for doing business with new markets. It has therefore worked to develop a practical and risk-based definition of public officials for the purposes of anti-bribery and corruption compliance. Read more
FBF: Philippe Delacarte becomes Chairman of the Regional Banking Committee FBF Auvergne-Rhône-Alpes
Philippe Delacarte has been appointed Chairman of the Regional Banking Committee of the French Banking Federation (FBF) in the Auvergne-Rhône-Alpes region. "I am proud to represent the banking profession in the region and would like to salute the remarkable work carried out by Bernard Buisson over the past two years", he said. Read more (FR)
SBA: Sustainability is key for the Swiss financial center
The Swiss financial center wants to preserve the natural environment. By leading the way in sustainability, the Swiss Banking Association (SBA) aims to do more than just reduce the global ecological footprint and rather unlock new market opportunities. The financial sector can only make an effective contribution towards sustainability if it remains competitive and has the right framework conditions to realize this ambition. Read more |
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FROM THE INSTITUTIONS
ECB: Cyber risks and the integrity of digital finance
Cyber threats are steadily evolving, European Central Bank (ECB) Executive Board member Fabio Panetta tells the Euro Cyber Resilience Board. Despite the progress towards addressing cyber risks, we need to remain proactive and maintain our commitment to protecting cyber resilience. Read more
EIOPA: Interbank offered rates transitions
The European Insurance and Occupational Pensions Authority (EIOPA) published its approach for the implementation of Interbank Offered Rates (IBOR) transitions including with regards to timing and implementation. Read more
ESMA: Call for legislative changes to improve access to and use of credit ratings
The European Securities and Markets Authority (ESMA) has published an Opinion on how access to and use of credit ratings can be improved in the EU. ESMA highlights the difficulties experienced by users of credit ratings and recommends that the legislators amend the CRA Regulation or take alternative legislative action to address these. Read more |
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FROM THE EBF this week
ESMA consultation on RTS 1 & 2 under MiFIR: EBF high-level comments The EBF would like to thank ESMA for the opportunity to comment on the proposed changes on RTS 1 & 2 under MIFIR. The EBF would like to share some concerns regarding this consultation on the following: mandate, timing, alignment between MAR and transparency requirements under MIFIR, and streamlining. 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 f.indaco@ebf.eu
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