EBF WEEKLY + FINANCIAL REGULATION AGENDA
for the week starting Monday 19 July 2021 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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What to expect from next week’s ECB monetary policy meeting? |
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The ECB's meeting next Thursday will see President Christine Lagarde facing a debate on the new monetary policy strategy, which says inflation should be allowed to edge above 2% for some time. While the discussion will start this month, it will likely continue in September. We can expect monetary policy not to be tightened for a long period said the ECB's Governing Council member Ignazio Visco in an interview with Bloomberg TV. As confirmed by ECB's Isabel Schnabel, the Council will take its time before tightening monetary policy to ensure price developments are entrenched. Read more |
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FINANCIAL REGULATION AGENDA for next week
Monday 19 July
Tuesday 20 July
Wednesday 21 July Thursday 22 July ECB Governing Council 'Monetary policy' meeting
Friday 23 July
Council Horizontal Working Party on Cyber Issues meeting For a full-year overview of key financial regulation events: click here |
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FROM THE MEDIA
Reuters: ECB's Visco wants easy policy to support recovery, markets
The European Central Bank (ECB) should keep its policy ultra-easy to support the economic recovery in the euro area and insulate its financial markets from higher interest rates in the United States, ECB policymaker Ignazio Visco said. As reported by Reuters, the ECB will review its policy path next week and align it with its new strategy, which says inflation should be allowed to edge above 2% for some time when interest rates are near their trough as they are now. Read more
S&P Global: Banks to play 'very important role' in Sweden's digital currency project
Commercial banks will play "a very important role" in Sweden's project to create a central bank digital currency. S&P Global reports. This despite concerns that it could erode traditional lenders' deposit bases, according to a payment executive at Svenska Handelsbanken AB. A CBDC could become a "game-changer" for Swedish society, said Benny Johansson, Handelsbanken's head of Nordic payments, in an interview. The pilot will evaluate the potential benefits of the e-krona to the bank and its customers, Johansson said. Read more
POLITICO: It’s Germany vs. Italy in standoff over top finance job
The candidates to lead the European Securities and Markets Authority (ESMA) are Italian regulator Carmine di Noia and German national Verena Ross, formerly the authority’s No. 2. After the top boss Steven Maijoor’s term ended March 31, attempts to decide his successor have so far been thwarted by competing national ambitions and gender politics. Politico reports that the issue should be treated “as a matter of urgency” as the vacuum presents a “risk" to "ESMA’s ability to effectively deliver on its mandate,” wrote Anneli Tuominen, head of Finland’s financial regulator. Read more |
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FROM EBF MEMBERS
SBA: Biometric authentication as added value for customers and businesses
In the financial services industry, the question is no longer whether to digitize, but how much to digitize. In this context, the Swiss Bankers Association (SBA) published a guide on data management in banking activities. The document presents the relevant use cases for customer-oriented data processing, data protection, and communication with customers. Among these use cases, biometric authentication procedures in banking operations are also addressed. Although still seldom used in banking, voice recognition could bring improved security and efficiency. Read more (FR)
BPFI: Over €3 billion spent by retail banks on technology and innovation in last five years
A new Banking & Payments Federation Ireland (BPFI) survey on innovation in banking has shown that retail banks here have collectively spent over €3 billion in the last five years on technology and innovation projects to deliver a range of new digital services for customers. These included end-to-end online mortgages, new and secure payment apps, personal loan applications, instant account opening, data analytics, money management tools, and SME lending. Read more
NVB: Towards a public digital Euro?
The European Central Bank has announced to launch an investigation phase for a Digital Euro. Consistently, the Dutch Banking Association (NVB) shared its policy paper on the possible aims, necessary preconditions, and principles for the introduction of a Digital Euro in the European financial system. Read more |
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FROM THE INSTITUTIONS
ESMA: Disclosure and investor protection guidance on SPACs
The European Securities and Markets Authority (ESMA) has issued a public statement on the prospectus disclosure and investor protection issues raised by special purpose acquisition companies (SPACs). The statement sets out ESMA’s expectations on how issuers should satisfy the specific disclosure requirements of the Prospectus Regulation to enhance the comprehensibility and comparability of SPAC prospectuses. Read more
EBA: Consultation on the draft Guidelines on the limited network exclusion under the revised Payment Services Directive
The European Banking Authority (EBA) launched a public consultation on draft Guidelines providing clarity on the application of the limited network exclusion requirements, which certain payment instruments might benefit from, as laid down in the revised Payment Services Directive (PSD2). The proposed Guidelines aim at clarifying specific aspects, including the use of payment instruments within limited networks, the provision of excluded services by regulated financial institutions, and the submission of notifications to competent authorities (CAs). It runs until 15 October 2021. Read more
European Commission: EMIR Draft Act
The European Commission has published a European Market Infrastructure Regulation (EMIR) draft act: Commission Delegated Regulation amending Regulation (EU) No 236/2012 of the European Parliament and of the Council as regards the adjustment of the relevant threshold for the notification of significant net short positions in shares. The consultation is open for feedback until 12 August 2021. Read more |
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FROM THE EBF this week
Joint Association Letter on the implementation of the CSDR Settlement Discipline Regime
EBF together with fifteen trade associations, representing buy-side, sell-side and market infrastructures, wrote to ESMA and the European Commission regarding the timeline for implementation of the mandatory buy-in rules as part of the CSDR Settlement Discipline Regime. The Joint Associations welcome the Report from the Commission on the CSDR Review published in July 2021 and fully support the Commission’s intention to consider amendments to the mandatory buy-in regime, subject to an impact assessment. Read more
Digital euro: EBF committed to actively participating in digital euro investigation The European Banking Federation (EBF) expressed support for the investigation phase into the issuance of a digital euro by the European Central Bank (ECB). The project seeks to clarify the demand, design, and interaction of an electronic form of money with the European payments and banking system. For a digital euro to ultimately benefit the economy while safeguarding the stability of the financial system, the close collaboration of the ECB with the European banking sector in the newly launched investigation phase will be fundamental. 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 f.indaco@ebf.eu
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