| EBF MORNING BRIEF Monday 1 March 2021 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.
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FROM THE MEDIA Bloomberg: EU and U.K. near first, small step for post-Brexit finance Britain and the European Union are nearing agreement on how to cooperate on financial market rules -- a first, limited step toward working together after Brexit. The two sides are proposing a joint forum for discussing regulations and sharing information, though this accord won’t require them to open markets through so-called equivalence decisions, according to a draft memorandum of understanding seen by Bloomberg News. Read more FT: US removes stumbling block to global deal on digital tax US Treasury secretary Janet Yellen has told G20 finance ministers that Washington will drop a contentious part of its proposal for reform of global digital taxation rules that had been the main stumbling block to an agreement, writes FT. The move could unlock long-stalled multilateral negotiations at the OECD, which struggled to make progress after the Trump administration first insisted on the “safe harbour” measure in late 2019. The provision would have allowed technology companies to abide by any agreement on a voluntary basis and was strongly opposed by several European countries. Read more (€)
International Banker: Banking in Europe: Through the pandemic and beyond Banks have been hit by the economic repercussions of the COVID-19 public-health crisis, as have other sectors. Unlike in previous crises (most prominently the global financial and the European debt crises), this crisis did not start in the financial sector, but it has quickly become clear that the financial sector (especially its banks) is critical in mitigating the impact of the crisis and in supporting the recovery process, write Thorsten Beck and Elena Carletti. Read more |
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MAIN EVENTS today -
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EBF Financing Growth Steering Committee virtual meeting
For a full-year overview of key financial regulation events: click here |
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FROM THE EBF MEMBERS
Finance Norway: Shopping, doctor visits and home shopping - all digital
March 12 is one year since Norway closed down for the first time. It has been a strange year and when everything closed down, it was good that we were already digital people. But who is responsible if something goes wrong in the digital world we have created? It is urgent to find out just that, writes Finance Noway in its latest post. Read more (NO)
Bankenverband: Banks ON SCREEN: On the way to the digital euro?
Even though the introduction of a digital euro has not yet been finally decided, it is already fuelling the fantasies of many people and has stimulated intense discussions. The European Central Bank has increasingly taken up the issue and wants to clarify by the middle of the year whether and when it will introduce a digital euro, the Association of German Banks (Bankenverband) reports. Read more (DE)
NVB: Banks want to be able to report financial abuse of elderly people
The Dutch Banking Association (NVB) argues for a basis in the law that enables banks to always be able to report financial abuse of elderly people. Banks are doing a lot to protect elderly customers against financial abuse but are limited in their options. At the moment, they can only report financial abuse with the client's permission. Sometimes the client is unwilling to cooperate, for example because he or she is under the influence of a care provider (often a family member) who handles his or her finances. Read more (NL) |
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Join and register for free The Evolution of Cloud Banking:
Successful Implementation & Frameworks Online webinar, Tuesday 2 March, 15:30 CET / 14:30 GMT
 On Tuesday 2 March, EBF together with S&P Global Market Intelligence will organise the "Evolution of cloud banking: Successful Implementation & Frameworks" webinar. Panellists Melanie Posey, S&P Global Research Director, Cloud & Managed Hosting Transformation, and Julian Schmücker, EBF Senior Policy Adviser, Innovation & Cybersecurity, will illustrate to the audience the benefits coming from cloud technologies for banks and businesses and the IT transformation needed to shift to a digital economy and respond to disruptive shocks such as the global coronavirus pandemic. The panel will be moderated by Ben Meggeson News Desk Manager – European financials at the S&P Global Market Intelligence. Register HERE |
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FROM THE INSTITUTIONS ESMA Crowdfunding Regulation The ESMA launched a consultation on draft technical standards on crowdfunding. The new Regulation will regulate lending-based and equity-based crowdfunding services, for the first time at EU-level. The regulation requires the ESMA to develop 12 technical standards on a variety of issues on which this consultation is seeking input. The closing date for responses from stakeholders is 28 May 2021. Read more Statement of the Members of the European Council on Cybersecurity/NIS II Following the Council Summit, EU27 leaders have signed a joint statement. In regard to cybersecurity, member states aim to strengthen European cyber resilience and responsiveness and to improve the cybersecurity crisis management framework. They also invite the institutions to make progress on the revised Directive on security of network and information systems (NIS 2 Directive). Read more
ESAs issue recommendations on the application of the Regulation on sustainability-related disclosures
The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have published a joint supervisory statement on the effective and consistent application and national supervision of the Regulation on sustainability-related disclosures in the financial services sector (SFDR). The statement aims to achieve an effective and consistent application and national supervision of the SFDR, promoting a level playing field and protecting investors. Read more European Commission weekly schedule Find out more about the European Commission's engagement and activities for the upcoming week. Read more European Central Bank weekly schedule Find out more about the ECB's engagements and activities for the upcoming week. Read more
European Parliament weekly schedule Find out more about the Parliament's engagements and activities for the upcoming week. Read more |
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FROM THE EUROPEAN BANKING FEDERATION
European Banking Federation is hiring!
The European Banking Federation is looking for two trainees to join the Communications and Events team and the Financing Growth team. 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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