EBF WEEKLY + FINANCIAL REGULATION AGENDA for the week starting Monday 25 July 2022 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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FROM THE MEDIA Reuters: ECB goes with 50 basis-point hike, ending negative rates era The European Central Bank (ECB) delivered its first interest rate hike in over a decade, joining other major central banks in the race to get on top of surging inflation. The ECB hiked its deposit rate by 50 bps in its first rate rise since 2011. As reported by Reuters, the move brought an end to eight years of experimenting with negative rates. Read more FT: EU lawmaker calls for ban on âpayment for order flowâ Danuta HĂŒbner, a senior lawmaker in the European Parliament, said in a draft statement seen by the Financial Times (FT) that the concerns around the practice known as payment for order flow are âsymptomatic of a broader issueâ of national EU regulators interpreting rules differently. In her note, she said, âthe rapporteur maintains the initial proposalâ of the European Commission, which is to ban the practice. Read more Finextra: UK to regulate stablecoins as part of Finance bill Fintechs and crypto asset providers have welcomed the UK governmentâs decision to bring stablecoins into regulatory scope as part of the recently published Financial Services and Markets Bill. It marks the first time that the UKâs licensing regime will cater specifically to a crypto asset, Finextra reports. Read more |
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FINANCIAL REGULATION AGENDA for next week Monday 25 July Council Working Party on the Environment Tuesday 26 July Wednesday 27 July Council Working Party on the 2030 Agenda for Sustainable Development (Agenda 2030) Thursday 28 July Friday 29 July For a full-year overview of key financial regulation events: click here |
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The latest EBF Cloud Banking Forumâs paper is out! |
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| European banks created the EBF Cloud Banking Forum to promote cooperation with Cloud Service Providers (CSPs) on cloud auditing in the European financial service sector. The latest paper is now out and offers a comprehensive overview of Cloud auditing in banking and presents the best practices for the pooled audit exercise. Read more |
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FROM EBF MEMBERS AEB: Banks and Correos to collaborate to improve access to cash The Spanish Banking Association (AEB), CECA, and Unacc associations sign a General Collaboration Protocol with Correos to facilitate the withdrawal of money in cash and improve access to basic financial services in rural areas throughout the national territory. This General Protocol for Action in rural areas reflects the will of banking associations to contribute to accelerating progress towards an inclusive economy and not leaving any group unattended. Read more (ES) SBA: Digital assets into the mainstream The Swiss financial center has a solid foundation and the best framework conditions to exploit the innovation potential of digital assets. Two central concerns of the Swiss Bankers Association (SBA) are particularly relevant to achieving this goal: on the one hand, a stablecoin issued by regulated and supervised institutions and denominated in Swiss francs, on the other hand, an âequal playing fieldâ for all market players. Read more (DE) UK Finance: Response to formation of the Capital Markets Taskforce UK Finance welcomes the formation of the Capital Markets Industry Taskforce, an important initiative that builds upon the work done to boost competition and drive efficiencies in the UKâs capital markets. This will be a forum for policymakers and industry to work together and help ensure capital markets are working to effectively drive investment. Read more |
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FROM THE INSTITUTIONS ECB: Commitment to price stability Raising interest rates was the latest step on the European Central Bank (ECB)'s journey to normalize monetary policy, "and it wonât be the last," says ECB President Christine Lagarde. "There should be no doubt that we are committed to maintaining price stability. That is our job, and we will deliver," she added. Read more ESMA and EBA publish guidelines to harmonise the supervisory review and evaluation process of investment firms The European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) published final Guidelines on common procedures and methodologies for the supervisory review and evaluation process (SREP) for investment firms. Read more EBA: Discussion on 2023 EU-wide stress test methodology The European Banking Authority (EBA) published its 2023 EU-wide stress test draft methodology, templates, and template guidance, which will be discussed with the industry. The methodology covers all risk areas and builds on the one prepared for the 2021 EU-wide stress test. Some aspects of the methodology have been improved based on the lessons from the 2021 exercise. As a new feature, the projections on net fee and commission income (NFCI) will be based on a top-down model. Read more |
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FROM THE EBF this week EBF response to the European Commissionâs targeted questionnaire on Open Finance The EBF has responded to the European Commissionâs targeted consultation on Open Finance. The EBF response notes that the focus for an Open Framework should be in addressing existing gaps in data sharing aspects, including consumer protection, technical obstacles, liability, and a fair distribution of value and incentives for all market actors. Read more EBF response to European Commissionâs Targeted Consultation on the review of the revised Payment Services Directive (PSD2) The EBF has responded to the European Commissionâs targeted consultation on PSD2. The EBF response notes that overall, PSD2 has contributed to increasing levels of innovation, competition and security, consistent with the objectives of the Directive. Elements such as Strong Customer Authentication (SCA) measures and regulating Third Party Provider (TPP) access to payment accounts are welcomed as overall positive developments in the payments landscape. Read more EBF/Enerdata joint report on the consequences of the war in Ukraine The EBF and Enerdata have published a joint report on the consequences of the war in Ukraine. This data-driven report explores the short-term impact and simulates the long-term consequences of the war on European energy and climate policies. 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 v.barbieri@ebf.eu European Banking Federation Avenue des Arts 56, B-1000 Brussels, Belgium |
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