| EBF MORNING BRIEF        Tuesday 4 January 2022  Good morning. Here are the top news stories and events in European banking, financial regulation and EU policy, brought to you by the European Banking Federation.Â
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FROM THEÂ MEDIA
FT: ECB review of banks’ EU activity risks triggering stand-off with UK regulators
The European Central Bank (ECB) aims to complete a detailed assessment of how international banks manage their EU business by early next year, in a move that risks triggering a stand-off with UK regulators over the location of senior staff and capital. According to the Financial Times (FT), international banks are concerned they could face competing demands from eurozone and UK regulators over how they structure their European operations. Read more
Bloomberg: Euro-Area inflation to indicate increases may have peaked
Euro-area inflation figures for December, due this week, are likely to indicate price increases may have peaked, Bloomberg reports. The rate should drop more significantly at the start of this year, as the effect of a temporary cut in Germany’s value-added tax falls out of the annual comparison. Read more
EURACTIV:Â Macron, Draghi called for reform of EU fiscal rules
French President Emmanuel Macron and Italian Prime Minister Mario Draghi called on Brussels to reform its fiscal rules to allow greater investment spending while acknowledging the necessity to reduce debt. According to EURACTIV, the French President wants to hold a summit for EU leaders on 10 and 11 March to agree on the level of needed investments and then work on appropriate reforms. Read more |
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MAIN EVENTS
For a full-year overview of key financial regulation events:Â click here
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REGISTRATION OPEN Cloud Computing Transformation in Financial Services: A look at Cloud Migration Strategy and Cloud Security Compliance webinar |
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 | Cloud services are transforming how value is created in the finance sector. Against this backdrop, Reply has launched a survey covering more than 100 financial institutions in the EU and the UK to explore the topic of Cloud Adoption in financial services. On January 19, Nelson Phillips, Professor of Technology Management at the University of California will join the EBF/Reply joint webinar to present the key findings of the study. |
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FROM THE EBF MEMBERS
BdB: Europe must mobilize all forces
Europe's economy is still challenged and slowed down by persistent delivery and production bottlenecks as well as the new wave of corona infections. Christian Ossig, Chief Executive of the Association of German Banks (BdB) gives an outlook of the financial issues of 2022. Read more (DE)
Finance Finland: Piia-Noora Kauppi on good investment practicesÂ
"The legislator in Finland has been very cumbersome and constant regulatory changes have taken the bottom out of some good investment products," says Piia-Noora Kauppi, Managing Director at Finance Finland, in the Arkadia program podcast for young people. Changing the age limits and tax treatment every few years weakened the willingness of Finns to save for supplementary pensions. Besides, the supplementary pension saved must be increased as soon as you retire. Read more (FI)  SBA: The protection of depositors is strengthened The Swiss Bankers Association (SBA) welcomes the revision of the banking law, which Parliament has adopted during its winter session. This further improves the protection of customer assets entrusted to banks and, thereby, the security and stability of the financial market. The SBA also welcomes the reform of the withholding tax, adopted by Parliament, which will strengthen Switzerland as an economic place. Read more (FR) |
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FROM THE INSTITUTIONS
ESMA: Guidance on appropriateness and execution-only requirements under MiFID II
The European Securities and Markets Authority (ESMA), the EU’s securities regulator, has published the final report on its Guidelines on certain aspects of the MiFID II appropriateness and execution-only requirements. Read more
ECB: Celebrating euro cash
Europe and the euro have become inseparable, the European Central Bank (ECB) President Christine Lagarde writes in the ECB Blog to mark the 20th anniversary of euro banknotes and coins. She recalls her first encounter with a euro banknote and reflects on how far the euro has come and what lies ahead. Read more
The EBA introduces enhanced proportionality in supervisory reporting
The European Banking Authority (EBA) published its final draft Implementing Technical Standards (ITS) on supervisory reporting with respect to common reporting (COREP), asset encumbrance, global systemically important institutions (G-SIIs), and additional liquidity monitoring metrics (ALMM). Proportionality was key in the proposed changes, making reporting requirements better suited to the size and risk of the institutions. Read more |
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FROM THE EBF
Industry Approach to CSDR Settlement Discipline Regime: Joint Associations statement
The Joint Associations welcome clarification from ESMA that national competent authorities are expected not to prioritize supervisory actions in relation to the application of the CSDR buy-in regime. The Joint Associations advocated for a reassessment of this aspect of the settlement discipline regime as part of the broader CSDR Review while supporting a result that achieves the regulatory objectives in an effective and proportionate way, and that avoids significant negative consequences for market liquidity and stability. Read more
Between Old and New Challenges: The Role of the Capital Markets Union in Achieving Inclusive and Sustainable Growth in Europe
The European Commission’s relaunch of the Capital Markets Union (CMU) in 2020 is bound to intersect with a fast-paced revolution in the economic landscape driven by technology as well as political and societal forces pushing for the twin transition. To discuss why completing Europe’s ambitious reforms remains essential to fostering sustainable and inclusive growth in Europe, experts from the public and private sectors gathered at the event co-hosted by the EBF and the Markets4Europe Campaign on Monday 6 December 2021. Read more
EBF response to ESMAs Call for Evidence on certain aspects relating to retail investor protection
The EBF welcomes the opportunity to respond to ESMAs Call for Evidence on the European Commission’s mandate on certain aspects relating to retail investor protection. In the context of the CMU action plan, it is essential to ease retail investors’ access to financial markets while ensuring a high level of investor protection. Read more |
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ABOUTÂ THEÂ 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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