EBF MORNING BRIEF Wednesday 19 July 2023 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: EU puts ESG laggards on notice amid investing ‘revolution’
Firms that fail to take ESG seriously face a bleak future in the EU, as the bloc pushes ahead with the world’s most ambitious set of environmental, social and governance (ESG) regulations. Given the regulatory changes underway, “big and small companies know that if they don’t change, they do not have a future,” Mairead McGuinness, the EU’s commissioner for financial markets and services said in an interview with Bloomberg. Read more
Reuters: ECB hawk says bank will weigh inflation data after July
The European Central Bank (ECB) will look for signs of inflation cooling down to avoid taking rate hikes too far, governing council member Klaas Knot said as heard by Reuters. Referring to the possibility of further rate hikes, he adds: "For July it is a necessity, for anything beyond July it would at most be a possibility, but by no means a certainty." Read more
Finextra: Generative AI: Why data protection needs to be emphasized
As financial institutions harness the power of generative AI, it is vital to emphasize data protection considerations. In this article, Finextra delves into generative AI and explores how it is reshaping the financial landscape while safeguarding sensitive data. 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 EBF MEMBERS
BdB: Secure standard of living in old age
The association of German Banks (BdB) on the report of the "Focus group on private pension provision": "Funded pension provision is imperative to relieve the burden on the statutory pension insurance system," said Miye Kohlhase, head of the Customers and Markets division. The report is the right starting point for this. Read more (DE)
UK Finance: Strong Customer Authentication: 18 months on
Strong Customer Authentication (SCA) is a set of rules that changed how a consumer confirms their identity when making purchases online, UK Finance writes. This could mean their bank or provider using a number of tools to verify a purchase or mobile banking login such as a passcode via text message, receiving a phone call to a landline, a card reader or using an app on a smartphone. Read more
ABI: Banks channeling incentives toward businesses
The Director General of the Italian Banking Association (ABI), Giovanni Sabatini, underlined the role that banks can play in channeling incentives toward businesses. The ABI has developed a specific proposal to make the possibility of participating in public tenders more efficient, with specific reference to public guarantees in the event of tenders. Read more (IT) |
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FROM THE INSTITUTIONS
EC: Monitoring the level of financial literacy in the EU
The European Commission (EC) published the results from the first EU-wide survey on financial literacy. Figures show that 18% of EU citizens display a high level of financial literacy, with vast differences across Member States. The results also point to the need for financial education to target women, younger people, people with lower income and lower levels of general education who tend to be on average less financially literate. Read more
EBA: Institution’s data on ESG risks to set up a monitoring system
The European Banking Authority (EBA) published the Decision on an ad hoc data collection of institutions’ ESG data. The Decision will provide competent authorities and the EBA with the necessary data and tools to fulfill monitoring functions and ESG-related mandates by collecting the information already available to institutions as part of their Pillar 3 disclosure obligations concerning ESG risks. Read more
ESMA: 2022 UCITS and AIFMD sanction reports
The European Securities and Markets Authority (ESMA) publishes its 2022 reports on the use by National Competent Authorities (NCAs) of sanctions under the Undertakings for Collective Investments in Transferable Securities (UCITS) and the Alternative Investment Fund Managers Directive (AIFMD). Read more |
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FROM THE EBF
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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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