FROM THE MEDIA

SeeNews: ECB to directly oversee 5 Bulgarian, 8 Croatian banks 

The European Central Bank from today will start directly supervising five Bulgarian and eight Croatian banks as of October, as part of the two countries' preparations to join the eurozone, SeeNews has reported.The move comes after the ECB established close cooperation with the central banks of Bulgaria and Croatia and assessed the significance of the two countries’ banks earlier this year. Read more Croatia News

Politico: EU AML watchdog to target riskiest firms, says Commissioner

EU policymakers agreed Wednesday that the bloc’s future dirty-money watchdog should be in charge of supervising the riskiest financial firms, rather than the biggest, Politico Pro reports. Executive Vice President Valdis Dombrovskis outlined “the flavor of our thinking” during the European Commission’s online conference on its anti-money laundering plans. “I would be in favor of creating a dedicated AML authority with significant and direct supervisory powers regarding the most-risky obliged entities," said the Executive Vice President. Read more (€)

Independent: Guarding integrity in banking must be Europe-wide project

The integrity and competence of a bank's directors is one of the most important lines of defence against mismanagement and fraud. ECB Board Member Yves Mersch writes in the Irish Independent newspaper that, unfortunately, this is not always the strongest. First and foremost, it is the banks that shoulder the responsibility for ensuring the suitability of their directors. Read more

COMING UP TODAY: EBF High-Level Public Dialogue

EUROPEAN BANKING BEYOND THE PANDEMIC

The EBF High-Level Public Dialogue seeks to outline how European banking will look like beyond the pandemic by bringing together leading industry representatives with top supervisors and regulators. For more information and registration click HERE

MAIN EVENTS today

• Special European Council, two-day event. Agenda

• EBF High-Level Public Dialogue: European Banking Beyond the Pandemic

• ECB closes consultation on its supervisory approach to consolidation

• EBF Banking Supervision Committee virtual meeting

• EBF ERPB Working Group on transparency for retail payment virtual meeting

• Global Coalition to Fight Financial Crime virtual meeting

FROM THE EBF MEMBERS

Estonia: Common payment holiday regime for banks has expired

As of the end of May, Estonian banks had granted payment holidays due to the corona crisis to 22,820 individuals and companies. As new requests for payment break are now made at the normal level, banks will apply the appropriate solution according to the situation of each client reports the Estonian Banking Association. Read more (EST)

Denmark: Banks notified authorities fraud with aid packages

According to Finance Denmark, since the corona crisis hit the country, and the government implemented the first business aid packages in April, the country's banks have now notified State Prosecutor for Serious Economic and International Crime (SØIK) of suspected fraud in more than 2,800 cases. At the beginning of June, the number was 100. Read more (DK)

UK: Achieving more explainable AI in financial services

How can financial services firms explain artificial intelligence (AI)? UK Finance, along with EY, published a paper examining the issues surrounding the ‘explainability’ of AI in financial services and potential next steps in AI regulation. Read more

Germany: How long must account statements be kept?

Many people keep asking themselves how long they have to keep bank statements. The Association of German Banks gave an answer to this question and provided with more facts about bank statements. Read more (DE)

FROM THE INSTITUTIONS

EBA publishes work programme for 2021

The European Banking Authority (EBA) published its annual work programme for 2021, describing the activities and tasks of the Authority for the coming year and highlighting its key strategic areas of work. Read more

ESMA Publishes Final Report for Guidelines on Internal Control

The European Securities and Markets Authority (ESMA) published the Final Report for its Guidelines on Internal Control for Credit Rating Agencies. Read more
 

ECB: Statement explaining how ECB administers €STR

The European Central Bank (ECB) published a statement of compliance with the Principles for Financial Benchmarks developed by the International Organization of Securities Commissions (IOSCO). The statement explains how the ECB administers €STR, the compliance of the ECB with IOSCO Principles and an independent assurance by external auditor. Read more

Council: Agenda: Financial Services Committee videoconference

The Council published the agenda of an informal videoconference of the members of the Financial Services Committee on 7 October 2020. It will cover AML, CMU, and the upcoming NPL action plan. Read more

IFRS: Consultation paper on sustainability reporting

The Trustees of the IFRS Foundation published a consultation paper to assess demand for global sustainability standards and, if demand is strong, assess whether and to what extent the Foundation might contribute to the development of such standards. The consultation is open until 31 December 2020. Read more

UNEP FI Global Roundtable
FINANCING A RESILIENT FUTURE
Virtual event, 13-14 October, 14.00 CEST

UN Environment Programme Finance Initiative (UNEP FI) is hosting its 16th Global Roundtable virtually on 13–14 October 2020, in collaboration with Responsible Investor. UNEP FI’s biennial Global Roundtable (GRT) is a major global agenda-setting event on sustainable finance. Held under the theme of “Financing a Resilient Future”, the GRT will bring together decision-makers, experts and thought leaders on a virtual event platform, and help shape approaches to integrating environmental, social and governance (ESG) issues and accelerating sustainable banking, insurance and investment. To find out more and register please visit: unepfi.org/grt2020

ABOUT THE EUROPEAN BANKING FEDERATION
 

The European Banking Federation is the voice of the European banking sector, bringing together national banking associations. The EBF 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.

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