| EBF MORNING BRIEF Tuesday 10 November 2020 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
Risk.net: EBA wants Basel to revisit prudential rules on software
Europe’s banking regulator is keen for standard-setters in Basel to develop a global regime for the prudential treatment of software assets, as the European Union prepares to ease its own rules on the topic, Risk.net reports. A final draft regulatory technical standard (RTS) proposed by the European Banking Authority on October 14 will provide some capital relief to EU banks, but will remain significantly tougher than standards in the US and Switzerland. Read more
CNBC: Britain’s fintech industry braces for a no-deal Brexit Financial technology start-ups in the U.K. are quietly rushing to get Brexit contingency plans in place as the prospect of crashing out of the European Union without a trade deal looks increasingly likely. Britain and the EU are yet to come up with a trade agreement ahead of a Dec. 31 deadline, CNBC reports. The U.K. has enjoyed continued access to Europe’s single market during a transition period this year but, once that ends, banks and fintechs are expected to lose “passporting” rights that allow them to operate throughout the bloc. Read more
Euromoney: Instant payments are getting real
Wim Grosemans, global head of product management, payments and receivables at BNP Paribas, and Steven Lenaerts, head of product management Global Channels at BNP Paribas, explain to Euromoney, the significance for corporate clients of the bank’s recent advances in instant payments. Read more
Pymnts.com: Outsourcing banking technology pose 'Systemic Risk'
An international watchdog group is cautioning banks about the risks involved with outsourcing key technology. The Financial Stability Board (FSB) warned, in particular, “about the possibility of systemic risk arising from concentration in the provision of some outsourced” services to financial institutions (FIs), Pymnts.com reports. In a press release, the Swiss-based organization said that “these risks may become higher as the number of financial institutions receiving critical services from a given third party increases.” Read more
Bloomberg: SocGen to cut 640 jobs, mostly at investment bank
Societe Generale (SocGen) plans to cut 640 jobs in France, mainly at its investment-banking operations, as Chief Executive Officer Frederic Oudea moves the bank away from risky products that backfired in the first half, Bloomberg reports. According to Bloomberg, part of the reduction relates to SocGen’s decision to stop trading in complex structured equities products, the bank said in a statement on Monday. Read more |
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MAIN EVENTS today -
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EBF Digital Strategy Group online meeting
For more events check the EBF planning calendar HERE
*All events take place in Brussels unless stated otherwise
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Join and register for free EVOLUTION IN FINANCIAL SERVICES:
TOMORROW’S TECHNOLOGY IN TODAY’S FRAMEWORK? ONLINE conference, Thursday 12 November, 15:00 CET 
Join us on Thursday, 12 November and listen to the fireside chat " Cloud and digital sovereignty: The Intesa SanPaolo-Google initiative in Italy" with Massimo Proverbio, Chief IT Digital Innovation Officer, Intesa Sanpaolo, Derek White, Global Financial Services, Google Cloud and Silvia Attanasio, Head of Innovation, Associazione Bancaria Italiana (ABI) as part of our "Evolution in financial services: Tomorrow’s technology in today’s framework?" online conference #EBFDigitalThursdays |
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FROM THE EBF MEMBERS
Finance Denmark: Online shopping becomes safer
In a short time, consumers may find that they have to enter a new personal code together with an SMS code when shopping online in the EU. It should make internet shopping even more secure. Finance Denmark supports all initiatives that can reduce fraud. Read more (DK)
SBA: Swiss financial centre on the way to more sustainability
The Swiss Bankers Association (SBA) has recommended that its members take the voluntary climate compatibility test set by the Federal Office for the Environment (FOEN). The high level of participation allows a representative analysis of the current progress in meeting climate targets. Read more
Bankenverband: Making the economy fit for the post-Corona period
In view of the renewed lockdown in large parts of Europe, the Association of German Banks (Bankenverband) president Hans-Walter Peters has praised the German state aid measures to stabilise the economy, but at the same time called for changes. The aid should be much better targeted in future. "The state aid programmes are and were right. We must now set the course for the future of the German economy," said Peters. Read more (DE)
AEB: Why always the banks?
The health crisis has brought out the best in a sector that has devoted all its human and economic resources to minimising the impact of the pandemic on families and businesses. Spanish banks are now a point of reference at European level for the effectiveness of the measures taken, and for the guarantees and security they offer when providing their digital services, which are essential in these difficult times in which we are living. In a terrible and exceptional situation like the present one, their main success is that everything works normally, writes José Luis Martínez Campuzano, spokesman for the Spanish Banking Association (AEB). Read more (ES)
UK Finance: The future of UK financial services
UK Finance has welcomed the chancellor Rishi Sunak's plans setting out his ambition for the future of the UK's financial services. Read the response of UK Finance executive chair Bob Wigley. Read more |
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FROM THE INSTITUTIONS EBA reminds the need for readiness in view of the Brexit The European Banking Authority (EBA) reminds financial institutions affected by the end of the transition period to finalise the full execution of their contingency plans in accordance with the conditions agreed with relevant competent authorities before the end of the transition period on 31 December 2020. The EBA also reminds institutions to ensure adequate communication regarding their preparations and possible changes to any affected EU customers. Read more ECB: PISA framework ‒ what is it? What’s new? The ECB is running a public consultation on a harmonised and future-oriented oversight framework for electronic payment instruments, schemes and arrangements, also known as the PISA framework. Read more
ESMA: Q&As for prospectus and transparency rules linked to Brexit
The European Securities and Markets Authority (ESMA) issued Questions and Answers (Q&As) concerning the Prospectus Regulation (PR) and the Transparency Directive (TD) in the context of the Brexit transition period. ESMA has also updated prospectus Q&As as part of an ongoing Q&A revision exercise. Read more
BIS: Inside the regulatory sandbox: effects on fintech funding
The UK experience shows that regulatory sandboxes help fintechs raise funding by reducing regulatory costs and providing information about start-ups’ quality. Over 50 countries have established regulatory sandboxes for fintechs - but are sandboxes effective in spurring innovation? Read the latest BIS
BIS Working Papers. Read more
FSB: Regulatory and supervisory issues relating to outsourcing & TPR
The Financial Stability Board (FSB) published a discussion paper for public consultation, on Regulatory and Supervisory Issues Relating to Outsourcing and Third-Party Relationships (TPR). The discussion paper draws on findings from a survey conducted among the FSB members. The FSB welcomes comments and responses to the questions set out in the discussion paper by 8 January 2021. Read more |
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FROM THE EUROPEAN BANKING FEDERATION
EBF CBF & Oracle: Harmonizing the approach to cloud adoption
As part of the EBF Cloud series, Oracle and the EBF Cloud Banking Forum (CBF) collaborate to harmonize the approach to cloud adoption, according to the Forum's technical paper on "The use of Cloud Computing by Financial Institutions.” Read more Cloud Banking at EBF
EBF Publishes Financial Literacy Playbook for Europe
On Tuesday 3 November, the European Banking Federation presented its Financial Literacy Playbook for Europe. This playbook is the result of the common efforts of national banking associations across Europe and the European Banking Federation. It allows readers to explore what the banking sector – together with governments and leading NGOs – does to boost financial education and financial literacy. Read more Financial Literacy Playbook for Europe (PDF) |
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Liechtenstein Initiative|FAST - Expert Seminar Modern Slavery: Investment Risks and Opportunities Friday 13 November; 14:00 CET 
Join the 'Modern Slavery: Investment Risks and Opportunities Expert Seminar' on investment and modern slavery on 13 November 2020. The goals of this virtual event are to: 1) Raise awareness of the investment risks surrounding modern slavery; 2) Discuss concrete measures investors can use to exercise leverage with companies they are invested in for greatest impact; 3)Consider how financial sector actors can develop innovative financing solutions toward the achievement of the goals of the FAST Blueprint. Register HERE |
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The European Banking Federation and fTLD Registry Services (fTLD) are partnering to educate the European banking sector about the cybersecurity role .BANK plays in protecting banks against Business Email Compromise (BEC) scams, phishing and spoofing attacks that lead to breaches, identity theft and financial fraud. fTLD administers the .BANK domain and the EBF has served on its Advisory Council since 2013. To learn more about the security benefits of .BANK, visit https://www.register.bank/ebf/ or contact fTLD at [email protected]. |
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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. The EBF 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. |
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