FROM THE MEDIA

FT: Europe regulator warns of ‘cautionary lesson’ from crypto crash

Crypto investors should take the market crash as a “cautionary lesson” about putting money into risky unregulated assets and cannot count on any kind of a bailout, said Verena Ross, chair of the European Securities and Markets Authority (ESMA). As reported by the Financial Times (FT), ESMA is preparing to assume licensing responsibility for Europe’s largest crypto asset services providers. Read more

Reuters: Trading could come under BoE climate test scrutiny

Future Bank of England (BoE) tests of how banks will cope with a net-zero economy could focus on specific activities such as trading and also include individual results, a senior official said. A conference will be held later this year on potentially linking climate risks to capital requirements, Sarah Breeden, BoE executive director for financial stability and lead on climate change told Reuters. Read more

Bloomberg: ‘Strong’ ECB crisis tool could stay on shelf, Stournaras says

European Central Bank (ECB) Governing Council member Yannis Stournaras said a new tool to keep debt-market turmoil at bay as interest rates rise may not need to be used if it’s powerful enough to persuade investors not to test it. In a Bloomberg interview, he said there’s a “very good debate” underway, expressing confidence in a “consensual, efficient solution” that he hopes will surprise markets “on the positive side.” Read more

MAIN EVENTS

• Eurogroup

• Council Financial Services Attachés

• European Parliament Subcommittee on Tax Matters

• CEPS "In conversation with Petra Hielkema, Chair of EIOPA" event

For a full-year overview of key financial regulation events: click here

FROM THE EBF MEMBERS

BdB: ECB climate stress test 2022

The European Central Bank (ECB) published the results of its climate stress test. "Both the credit institutions and the ECB understood the stress test as a 'learning exercise' to further improve their methods and processes for dealing with climate risks," said Christian Ossig, Managing Director of the Association of German Banks (BdB). "The results show that banks do not expect significant losses from the scenarios of the stress test." Read more (DE)

Finance Latvia: LPB Bank provides full service for Fintech companies

According to Finance Latvia, LPB Bank has created all the necessary infrastructure to provide a full range of services to Fintech companies. In addition, the bank has the experience to help companies start operations easily and without any hitches, complying with all legal and financial regulations. Read more (LAT)

Finance Denmark: Government's new money laundering strategy

The Danish government has announced a new money laundering strategy for 2022-2025. The fight against money laundering, terrorist financing, and economic crime is highly dependent on the private and public sectors taking on the task together. Finance Denmark welcomes the strategy, which is based on close cooperation and includes all important parties in society's efforts. Read more (DK)

FROM THE INSTITUTIONS

ESMA: Reviews MiFID II product governance guidelines

The European Securities and Markets Authority (ESMA) is consulting on reviewed guidelines on MiFID II product governance guidelines. ESMA proposes updating the 2017 product governance guidelines following several recent regulatory and supervisory developments, including the outcome of the 2021 common supervisory action (CSA) on product governance. Read more

ECB: A catalyst for greening the financial system

The European Central Bank (ECB) is reducing the carbon footprint in its portfolio and pushing banks to better manage climate risks. Within its mandate, the ECB incorporates climate change considerations into its monetary policy and banking supervision, say Frank Elderson and Isabel Schnabel. Read more

BIS: Solvency II - striking the balance

In a speech published by the Bank for International Settlements (BIS), Sam Woods, Deputy Governor for Prudential Regulation of the Bank of England and Chief Executive of the Prudential Regulation Authority (PRA) discussed Solvency II. "Following Brexit, we have a once-in-a-generation opportunity to re-shape insurance regulation to work better for the UK," he says. Read more

FROM THE EBF

EBF statement: ECB climate-risk stress test: A key learning exercise for banks’ climate-risk preparedness

The European Banking Federation (EBF) recognizes the supervisory climate risk stress test as an important step in identifying and managing climate risks. The exercise conducted by the European Central Bank (ECB) was aimed at assessing banks’ climate-risk preparedness. It showed that banks managed to report comprehensive and innovative information on climate risk, but more should be done to incorporate climate risk into the stress-testing frameworks and internal models. Read more

EBF Cloud Banking Forum’s paper on Cloud auditing 

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 Forum led banks’ auditors and CSP experts to co-draft guidance and educational background about auditing the cloud. By combining the expertise of both users and providers of cloud in financial services, they have put together a comprehensive technical paper that addresses the key considerations and presents best practices for the pooled audit exercise. Read more

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