EBF WEEKLY + FINANCIAL REGULATION AGENDA for the week starting Monday 9 November 2020 An overview of the main banking stories this week and a look ahead to key events in European banking and financial regulation 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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EU Green Deal, EU Budget & EP vice presidency on EP plenary agenda |
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Next week, Members of the European Parliament (MEPs) will gather in Brussels for a plenary session. Many interesting votes and debates are scheduled to take place. On Wednesday 11 November 2020, the Committee on Budgets (BUDG) will debate on the general budget of the European Union for the financial year 2021, which sets out the general economic priorities for the EU and offers EU governments’ policy guidance for the year. On the same day, the Committee on Economic and Monetary Affairs (ECON) will express opinion and policy guidance on the European Commission Europe Green Deal Investment Plan, which aims to contribute to financing a sustainable transition, while supporting the regions and communities most exposed to its impact. On Thursday 12, the plenary will vote to elect a new first Vice-President of the European Parliament after Ms Mairead McGuinness left the chair vacant following her appointment as European Commissioner for Financial Stability, Financial Services and the Capital Markets Union. Agenda |
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Agenda for next week Monday 9 November: Tuesday 10 November: EBF Digital Strategy Group online meeting Wednesday 11 November: Thursday 12 November: European Commission online workshop Supervisory Data Strategy, two-day event EBF Public Affairs Group online meeting EBF Export Credit Working Group online meeting Friday 13 November: Joint EACB, ESBG and EBF webinar on the future role of banks in digital customer identification 'EU Banks on Digital Customer Identification – what, why and so what?' EBF VAT Working Group online meeting EBF Payment System Committee online meeting For more events check the EBF planning calendar HERE *All events take place in Brussels unless stated otherwise |
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FROM THE MEDIA this week FT: Intesa Sanpaolo chief calls for cross-border EU banking deals European banks need to do cross-border mergers in the next five years if they are to compete against rivals in the US and China, according to the chief executive of Intesa Sanpaolo, the eurozone’s second-largest bank by market capitalisation, FT reports. Read more (€) Law360: EU finance watchdogs urged to swap bank AML data The European Banking Authority urged financial regulators on Wednesday to exchange information about how banks handle money laundering risks as it works to strengthen the fight against the flow of dirty money. Money laundering and terrorist financing can damage the financial stability of a bank and the integrity of the financial system in which it operates, the EBA said as it published in an opinion, Law360 reports. Regulators can step in if they fear a lender is not being run properly and must ensure that they have sufficient resources to face the risks they take. Read more (€) Finextra: EBA embarks on ESG risk consultation The European Banking Authority (EBA) published a Discussion Paper on Environmental, Social and Governance (ESG) risks management and supervision aiming to collect feedback for the preparation of its final report on the topic, Finextra reports. The Discussion Paper provides a comprehensive proposal on how ESG factors and ESG risks could be included in the regulatory and supervisory framework for credit institutions and investment firms. The consultation runs until 3 February 2021. Read more The Paypers: CBDC – building together the future of money The international debate on central bank digital currency (CBDC) is gaining momentum. And as a result, the world has been sieged by CBDC initiatives stemming from all the parts of the world, that aim to digitalise payments, encourage financial inclusion, improve cross border payments, support fiscal transfer, etc. But what is triggering discussions around this topic and why is it important today? Some industry experts say that CBDC are coming, and whoever is in denial mood is missing the big and important picture, The Paypers reports. Read more FT: Eurozone economic forecasts slashed as fresh lockdowns imposed Fresh lockdowns announced across Europe in recent days to contain the resurgence of the coronavirus pandemic have triggered a flurry of downgrades to economic growth forecasts as restrictions on activity threaten the continent’s recovery. The eurozone economy is now expected to shrink by 2.3 per cent in the fourth quarter of this year, according to economists surveyed by the Financial Times (FT) — a worse performance than they had predicted before the restrictions were announced. Read more (€) |
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Join and register for free EVOLUTION IN FINANCIAL SERVICES: TOMORROW’S TECHNOLOGY IN TODAY’S FRAMEWORK? ONLINE conference, Thursday 12 November, 15:00 CET The EBF’s Innovation & Cyber Thursday on 12 November shines light on the importance of an appropriate framework for banks to grasp the innovative potential offered by technology, while abiding by today’s rules. Where both come together, the financial industry requires options to safely advance innovative solutions at scale. Digital operational resilience lies at the heart of these solutions, requiring 360⁰ attention to changing roles of different parties involved in the ICT landscape. The event will look at European advancement of regulation for digital operational resilience, established and aspired partnerships to implement innovative technology, and the global perspective for safeguarding innovation in finance. Register and find out more HERE |
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FROM THE MEMBERS this week BPFI endorses UN Principles for Responsible Banking Banking & Payments Federation Ireland (BPFI) has announced its endorsement of the United Nations Principles for Responsible Banking which provide a framework for a sustainable banking system. The Principles embed sustainability at the strategic, portfolio and transactional levels, and across all business areas. Read more Finance Norway: Sustainable finance and new business opportunities Leif Arne Jensen, CEO of PwC Norway and BjornK Haugland, CEO of Skift Norway, have been invited by Jan Erik Faane and Tom Staav to join Finance Lunch, a Finance Norway (FN) podcast. Speakers have shared views on the unique opportunities in the green economy for new and old companies. Read more (NO) FFI: Ageing affects us all, but accepting diversity gives us more options Population policy has been a hot topic this autumn, and no wonder. According to a recent report by the Family Federation of Finland, we are currently experiencing a demographic change, Finance Finland (FFI) writes. With proportionally fewer working-age people in the future, everyone’s individual potential must be supported throughout their lives. How can we keep people healthy and working as long as possible? The ongoing European Online Week of Active and Healthy Ageing (EWAHA 2020) is bringing more focus on this important theme. Read more LBA: It is a time of great changes Of course, the pandemic also affects Liechtenstein banks. However, this is by no means the only challenge for the financial industry, Liechtenstein Bankers Association (LBA) reports. It is already becoming apparent that hybrid forms of work or the "flexible office" will be more widespread in the future, perhaps even become the norm. Companies will increasingly be called upon to offer their employees individualised services adapted to their work and objectives in order to remain an attractive employer. Read more (DE) CBA: Citizens' savings continue to grow at a rate of 4% per year Although this year's Savings Day is marked by the deepest recession in the world since the Second World War due to the consequences of the Covid-19 crisis, citizens' funds with Croatian banks continued to grow at an annual rate of around 4%, the Croatian Banking Association (CBA) reports. Read more (HR) |
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FROM THE INSTITUTIONS this week European Economic Forecast. Autumn 2020 Economic activity in Europe suffered a severe shock in the first half of the year and rebounded strongly in the third quarter as containment measures were gradually lifted. However, the resurgence of the pandemic in recent weeks is resulting in disruptions as national authorities introduce new public health measures to limit its spread. Read more ESMA published a consultation paper on Taxonomy Regulation The European Securities and Markets Authority (ESMA) has published its Consultation Paper containing ESMA’s draft advice to the European Commission on Article 8 of the Taxonomy Regulation. This specifies the content, methodology and presentation of the key performance indicators (KPIs) that non-financial undertakings and asset managers are required to disclose. Read more ECB: The two sides of the (stable) coin Global stablecoins signal the need for change, but they can pose serious risks, says Executive Board member Fabio Panetta. We should remain open to global competition to foster innovation, but we should first ensure that we are prepared to make the most of it. Read more Video conference of the Council: ECOFIN main results Ministers discussed Council conclusions on anti-money laundering and countering the financing of terrorism, giving them broad support. They also exchanged views on non-performing loans, the European Semester and EU statistics, and heard a presentation on the 2020 annual report of the European Fiscal Board. Read more Dombrovskis remarks at the ECOFIN press conference European Council: Main results Eurogroup Donohoe remarks ESMA published Wirecard report The European Securities and Markets Authority (ESMA), has published the results of its Fast Track Peer Review (Peer Review) which assessed the events leading to the collapse of Wirecard AG and the supervisory response by the BaFin (Bundesanstalt für Finanzdienstleistungaufsicht) and the Financial Reporting Enforcement Panel (FREP). Read more ECB: Legal aspects of the ECB’s response to the Covid-19 pandemic The ECB has acted forcefully and well within its mandate in response to the coronavirus pandemic, says Executive Board member Yves Mersch. He states that, as the crisis evolves and subsides, the ECB will reconsider its tools and supervisory practices. Read more |
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FROM THE EUROPEAN BANKING FEDERATION this week EBF Publishes Financial Literacy Playbook for Europe On Tuesday, the European Banking Federation presented its Financial Literacy Playbook for Europe. This playbook is the result of the common efforts of national banking associations across Europe and the European Banking Federation. It provides a valuable snapshot of the banking industry’s financial education initiatives across Europe and can be used as a country-by-country reference guide. 35 countries actively worked through the EBF’s Financial Education Committee to produce the playbook. It allows readers to explore what the banking sector – together with governments and leading NGOs – does to boost financial education and financial literacy. Read more Financial Literacy Playbook for Europe (PDF) EBF Cloud Banking Forum & Salesforce: Trust in the adoption of Cloud As part of the EBF Cloud series, Salesforce and the EBF Cloud Banking Forum develop trust in the adoption of Cloud, to promote additional guidance on Outsourcing Guidelines from the European Banking Authority’s (EBA). Read more EBF Cloud Banking page |
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The European Banking Federation and fTLD Registry Services (fTLD) are partnering to educate the European banking sector about the cybersecurity role .BANK plays in protecting banks against Business Email Compromise (BEC) scams, phishing and spoofing attacks that lead to breaches, identity theft and financial fraud. fTLD administers the .BANK domain and the EBF has served on its Advisory Council since 2013. To learn more about the security benefits of .BANK, visit https://www.register.bank/ebf/ or contact fTLD at EBF@fTLD.com. |
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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, with active members in 32 countries. 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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This newsletter is published by the EBF Mediacentre. For questions or suggestions contact mediacentre@ebf.eu European Banking Federation Avenue des Arts 56, B-1000 Brussels, Belgium |
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