| EBF MORNING BRIEF Monday 24 January 2022 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
CNBC: Europe not experiencing anything like ‘The Great Resignation,’ ECB Lagarde says
Inflation in the euro area is unlikely to surge to levels seen in the US, European Central Bank (ECB) President Christine Lagarde said. Speaking at the World Economic Forum’s Davos Agenda event, Lagarde defended the ECB’s policy, arguing that Europe did not share the United States’ “state of excessive demand”, CNBC reports. Read more ING Think: Banks are reducing exposure to more polluting activities Since the beginning of the year, European banks have had to start disclosing their exposure to taxonomy eligible and non-eligible activities. Based upon the EBA transparency statistics, ING Think found that most European banking sectors seem to be making an effort in reducing exposure to more polluting companies. Read more
AML Intelligence: McGuinness to ‘count on French Presidency’ to ‘continue the momentum’ needed for AML package
European Commissioner Mairead McGuinness said she could “count on the French Presidency of the EU to continue the momentum” needed for the implementation of the Commission’s Anti-Money Laundering (AML) package. As reported by AML Intelligence, the Commission stands ready to help and support the French Presidency in its efforts. Read more |
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MAIN EVENTS
For a full-year overview of key financial regulation events: click here
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FROM THE EBF MEMBERS
UK Finance: The National Security and Investment Act: Impact on M&A
The mergers and acquisitions (M&A) landscape in the UK changed on 4 January 2022 when the National Security and Investment Act 2021 came fully into force. This article was published in collaboration with UK Finance and its Corporate Finance Committee to highlight some key considerations for M&A transactions in relation to the Act. Read more
ABBL: Directive on credit services providers and credit purchasers
The directive on credit services and credit purchasers aims to create a secondary market for non-performing loans (NPLs) so that banks can deal with them on their balance sheets and reduce the risk of NPL accumulation. Depending on the role they intend to play, banks will now be able to provide new services that comply with the requirements of the Directive. The Luxembourg Bankers Association (ABBL) has identified various business cases that could constitute opportunities for banks in relation to this new legislation. Read more
Finance Finland: Dispute over insurance compensation
If the client needs help interpreting the terms of the investment agreement or disagrees with the insurance company's decision on compensation, FINE Insurance and Financial Advice will help. Founded by the Finnish financial sector and the authorities, FINE advises customers and makes recommendations for resolving disputes related to the financial sector free of charge, Finance Finland reports. Read more (FI) |
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FROM THE INSTITUTIONS
EBA: Consultation on draft Guidelines on remuneration and gender pay gap benchmarking exercise for banks and investment firms
The European Banking Authority (EBA) launched a consultation to update its Guidelines on the remuneration benchmarking exercise under the Capital Requirements Directive (CRD). The review integrates additional requirements introduced by CRD V. Besides, it also includes guidance on how to harmonize the benchmarking of approvals granted by shareholders to use higher ratios than 100% between the variable and fixed remuneration. Read more
ECB: Reforming money market funds
Money market funds play a key role in the financial system by linking the short-term funding and cash-management needs of market participants. Proposals to reform the regulation of these funds and enhance their resilience are assessed in this issue of the European Central Bank (ECB) Macroprudential Bulletin. Read more
BIS: Banking by tech firms
Tech firms have obtained banking licenses in several jurisdictions. This paper by the Financial Stability Institute (FSI) published by the Bank for International Settlements (BIS) assesses the merits of extending a banking license to tech firms, explores the regulatory landscape, and highlights risks. Read more |
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FROM THE EBF
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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