FROM THE MEDIA

Bloomberg: ECB can’t match the Fed’s jobs-for-all push

When the European Central Bank unveils the results of its grand strategy review this year, there will be at least one stark contrast with the U.S. Federal Reserve’s own exercise. Inequality in the labor market, a hot-button topic of the 2020s and a core part of the Fed’s conclusions, looks likely to get much more subdued treatment in Frankfurt, Bloomberg reports. Read more

FN: JPMorgan hires ex-Bank of America boss Elfring for vice chair role

The former European head of corporate and investment banking at Bank of America in Europe has come out of retirement after nearly three years to join JPMorgan. Bob Elfring, one of the best-known dealmakers in the City, is set to join JPMorgan as vice chair of investment banking for Europe, the Middle East and Africa, according to an internal memo seen by Financial News (FN) and confirmed by a bank spokesperson. Read more

S&P Global: EU's major banks link exec pay to diversity targets as trend gains momentum

Nearly all of Europe's major banks are now linking executive pay to diversity and inclusion targets, which experts hail as an important move but warn that banks need to go further to diversify their workforces. Of the 13 European lenders categorized as global systemically important banks, or G-SIBs, 11 confirmed to S&P Global Market Intelligence that they have incorporated diversity and inclusion metrics into executive pay decisions. Read more

MAIN EVENTS

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

FROM THE EBF MEMBERS

FROM THE INSTITUTIONS

European Commission: NPLs: Co-legislators agree on new rules in order to improve market transparency

The Commission welcomed the political agreement between the European Parliament and the Council on the proposal for a Directive on credit servicers and credit purchasers to improve the access and transparency of secondary markets for Non-Performing Loans (NPLs). "The new rules will strengthen and improve market transparency and consumer protection and help ensure that the current crisis and the potential rise of NPLs will not affect financial stability in the EU”, Mairead McGuinness, Commissioner responsible for financial services, financial stability and Capital Markets Union said. Read more

ESMA: 2021 Central Counterparties Stress Test

ESMA published the framework for its fourth Stress Test for Central Counterparties (CCPs). ESMA, as required by the European Markets Infrastructure Regulation (EMIR), initiates and coordinates this exercise to assess the resilience and safety of recognized European Union (EU) and Tier 2 Third Country CCPs (TC-CCPs) to adverse market developments and to identify any potential shortcomings. The 2021 Stress Test addresses credit and concentration risks and for the first time, in line with ESMA’s mandate, the exercise also covers the operational risk. Read more

EBA: Updates in the list of risk indicators and analysis tools

EBA published an updated list of indicators for risk assessment and risk analysis tools, together with the accompanying methodological guide. This guidance, which describes how risk indicators are computed in EBA publications, allows competent authorities and users of EBA data to interpret key bank figures in a consistent fashion when conducting their risk assessments and analyses. Updates include additional indicators on the topics of COVID-19, funding plans, resolution, and remuneration, as well as updates to other indicators, which are used to better understand institutions' profitability, exposures to sovereign counterparties, and own funds requirements for operational risk, among other things. Read more

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