EBF MORNING BRIEF Tuesday 17 October 2023 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. Recommend the EBF newsletters to a colleague. Click here to sign up! |
|
|
FROM THE MEDIA Bloomberg: Banks to review clients in historic ESG crackdown in EU Banks in Europe will need to adjust the risk assessments they conduct of their clients to reflect new ESG requirements enforced by their watchdog. The European Banking Federation (EBF) is worried there’s inadequate data to justify imposing Pillar 1 ESG adjustments, rather than so-called Pillar 2 rules, which are specific to individual banks, said Denisa Avermaete, senior adviser at the EBF. Read more The Banker: EU Taxonomy challenges: How banks can navigate sustainable finance reporting Neil Sandle, Head of Product Management at Alveo discusses the opportunities and challenges of the EU Taxonomy in an opinion piece published by The Banker. "Effective data-management systems will be critical to navigate this complex ESG environment successfully," he says. Read more FT: Bond market rout supports ECB pause A surge in global borrowing costs means eurozone rate-setters have probably done enough to tame inflation, Pablo Hernández de Cos told the Financial Times (FT). Hernández said the rise would strengthen last month’s assessment by the European Central Bank (ECB) that “keeping the current level of rates for a sufficiently long period will be broadly consistent” with rate-setters hitting their 2 percent inflation target “in the medium term”. Read more |
|
MAIN EVENTS European Banking Authority (EBA) Board of Supervisors meeting |
|
EBF & European Network EU Retail Investement Strategy Seminar 25 October 2023 \ IN-PERSON ONLY |
|
The European Banking Federation (EBF) in collaboration with the European Network - Gide, Cuatrecasas, Gleiss Lutz, and Chiomenti law firms - are delighted to invite you to their upcoming policy seminar on the Retail Investment Strategy (RIS). Together, we will explore key regulatory changes introduced by the RIS, discuss a wide range of implications for investors and MiFID firms, and explore their significance for innovation and competition in the European financial ecosystem. This seminar is exclusively an in-person event so online attendance will not be possible. |
|
FROM EBF MEMBERS Finance Latvia: Latvia confirms its intention to apply to host the AMLA As reported by Finance Latvia, Latvia confirms its intention to apply to host the new European Union agency, the European Anti-Money Laundering Authority (AMLA). The candidacy is key to strengthening the country’s image and reputation, positioning Latvia as a safe investment and sustainable economic destination. Read more SBA: Together for better cybersecurity The risk of cyber-attacks has increased significantly in Switzerland in recent years. When such attacks are carried out on banks, they pose a major reputational risk and a risk to the stability of the financial center. The Swiss Bankers Association (SBA) is active in strengthening the resilience of the financial sector against cyber risks and creating the necessary structures so that cyber attacks can be identified early. Read more (DE) Finance Denmark: Danish investment funds in September All categories of mutual funds delivered negative returns in September, with the exception of the Shares Japan category. In the last 20 years, it has happened 18 times that either all fund categories or all but one fund category have delivered negative returns in the same month. This is shown by new figures from Finance Denmark. Read more (DK) |
|
FROM THE INSTITUTIONS ECB: The CMDI package: a vital building block to improve crisis management framework "The Commission’s crisis management and deposit insurance proposal provides a sound basis to improve our crisis management framework," says European Central Bank (ECB) Supervisory Board Chair Andrea Enria. The timely adoption of these proposals will be good for depositors, taxpayers, and financial stability. Read more BIS: Big techs in finance Big techs' reliance on large networks, non-traditional data, and machine learning can improve financial inclusion, for example, access to credit. At the same time, the business model of big techs can create new risks of market dominance, price discrimination, algorithmic discrimination, and threats to consumer privacy. This is the key finding from a paper published by the Bank for International Settlements (BIS). Read more EC: John Berrigan at the SRB/SSM seminar on CMDI John Berrigan, European Commission (EC)'s Director General for Financial Stability, Financial Services and Capital Markets Union, gave a keynote speech at the SRB/SSM seminar on the crisis management and deposit insurance (CMDI). "Banks’ internal resources (MREL) should, of course, remain the first line of defense," he says. Read more |
|
FROM THE EBF New 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 |
|
This newsletter is published by the EBF Mediacentre. For questions or suggestions contact v.barbieri@ebf.eu European Banking Federation Avenue des Arts 56, B-1000 Brussels, Belgium |
|
|
|