EBF MORNING BRIEF Monday 28 June 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: Lagarde tells EU leaders they must âwater the green shootsâ
European Central Bank (ECB) President Christine Lagarde urged leaders to keep their fiscal purse strings loose, warning that a premature break on stimulus measures could derail a nascent recovery, according to Bloomberg. Lagarde said that more dynamic and sustainable growth is needed and that monetary policy will continue to play a role in bolstering confidence. Read more
S&P Global: A digital euro must not become 'too successful' â ECB executive
The European Central Bank (ECB) wants its digital euro to become successful, "but not too successful," according to Fabio Panetta, an ECB executive board member. "We have been discussing amounts in the order of âŹ2,000, âŹ3,000; not more than that. In that way, you can use a digital euro as a means of payment, but not as a form of investment", Panetta said at a virtual conference organized by the European Banking Federation (EBF). S&P Global reports that the ECB does not want to crowd out banks and that it does not have either the expertise or the resources to deal with end-users. Read more. Speaking at the EBF seminar, Pablo Urbiola, from BBVAâs digital regulation team, urged a "cautious and pragmatic approach" that relies on public-private cooperation, Finextra reports in its coverage of the event. Read more
Reuters: Britain bans Binance's UK ops in latest cryptocurrency crackdown
The Financial Conduct Authority (FCA) has said Binance, one of the world's largest cryptocurrency exchanges, cannot conduct any regulated activity and issued a warning to consumers about the platform. Binance Markets Ltd, Binance's only regulated UK entity, "must not, without the prior written consent of the FCA, carry out any regulated activities... with immediate effect", Reuters reports. 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
SBA: Discussion Paper on Digital Currencies
The Swiss Bankers Association (SBA) published a discussion paper that traces the international developments in the field of digital currency. The paper presents the opportunities and challenges for the Swiss banking industry and asks critical questions on the correct positioning of relevant means of adjustment. Read more
CBA: Czechs and Payments 2021 survey
Compared to last year, the number of people using "smart" payment methods has increased. Today, a fifth of Czechs pay by mobile phone and 82% of people prefer contactless card payment. However, Czechs do not want to give up cash. Two-thirds of people would even consider its abolition a restriction on freedom. This follows from a survey by the Czech Banking Association (CBA) on the payment habits of Czechs. Read more (CZ)
UK Finance: The transition to net-zero
Paul Chisnall, Director, Sustainability at UK Finance discusses the key messages that emerged from the final webinar on COP26, in collaboration with EY Banking. Panellists were united in calling for banking and finance to invest in ambitious net-zero goals, for bold steps within government strategies and in seeing a firm role for market discipline, regulation and standards to guard against a potential ocean of pale and fake green. Read more |
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FROM THE INSTITUTIONS EBA: Final draft technical standards on supervisory disclosure under the Investment Firms Directive The European Banking Authority (EBA) published its final draft Implementing Technical Standards (ITS) on information on supervisory approaches and aggregate statistical data concerning the new prudential requirements that competent authorities will have to disclose publicly for all types of investment firms authorized under the Markets in Financial Instruments Directive (MiFID). These final draft technical standards will ensure that the disclosed information is comprehensive and comparable across all Member States. Read more
European Commission: Prudential rules for investment firms
On 26 June, most investment firms became subject to a new prudential framework, composed of the Investment Firms Regulation (IFR) and the Investment Firms Directive (IFD). This is designed to better reflect the nature, size, and complexity of investment firmsâ activities. One key aspect of the new framework is that it provides for simpler and more bespoke capital requirements for investment firms. Read more
ESMA: Registration of European DataWarehouse GmbH and SecRep B.V. as Securitisation Repositories
The European Securities and Markets Authority (ESMA) has approved the registrations of the first two securitization repositories (SRs) under the Securitisation Regulation (SECR). The registration decisions will become effective on 30 June 2021. 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 bank practices in supporting and implementing the UN Sustainable Development Goals: EBF Press Release
The European Banking Federation (EBF) together with KPMG Spain published a report which outlines European bank practices in supporting and implementing the UN Sustainable Development Goals (SDGs). The study provides an overview of best practices and main challenges for the banking industry in implementing the 17 global goals more than five years after their adoption. 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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