EBF WEEKLY + FINANCIAL REGULATION AGENDA
for the week starting Monday 11 September 2023

An overview of the main financial regulation and banking stories this week and a look ahead to key events for the upcoming week, brought to you by the European Banking Federation

 

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FROM THE MEDIA 


FT: Banks and investors step up opposition to EU derivatives plans

Asset managers, pension funds, and brokers across Europe have stepped up their opposition to EU plans to shift trillions of euros of derivatives out of London, warning the move could hurt European companies and investors. As reported by the Financial Times (FT), the groups said the proposals would make the EU firms less competitive. Read more


Bloomberg: Bank watchdogs told to ratchet up oversight of ESG risks

Regulators need to step up oversight of banks’ environmental footprints as loss of natural capital exacerbates the impact of climate change, according to the Network for Greening the Financial System (NGFS). In separate reports, the NGFS laid out a series of actions that supervisors can take to minimize risks from climate litigation, Bloomberg reports. Read more


Reuters: Digital euro package should be focus of next EU Commission

Mairead McGuinness, EU financial services chief said that a draft law to underpin a digital euro should not be rushed out ahead of European elections next June and instead be examined "quietly and slowly" for the new Commission. According to Reuters, the European Central Bank (ECB) is due to decide in October whether to push ahead with a digital euro, which aims to tackle a shortage of European payment service providers. Read more

FINANCIAL REGULATION AGENDA for next week


Monday 11 September

 

Tuesday 12 September

 

Wednesday 13 September

 

Thursday 14 September

 

Friday 15 September

FROM EBF MEMBERS


ABI: Comments on bank taxation

With reference to what was released by Unimpresa on the subject of bank taxation, the deputy general director of the Italian Banking Association (ABI), Gianfranco Torriero, reports that the data released is incorrect and misleading. The calculation of the incidence of taxes on profits must be carried out considering the amount of taxes that the banks have already paid in advance and which they compensate. Read more (IT)


Finance Latvia: Residents are invited to familiarize themselves with information on critical financial services

In cooperation with its partners, Latvijas Banka has prepared an informative booklet on critical financial services. Residents are invited to familiarize themselves with the information, Finance Latvia writes. Read more (LAT)


BdB: Bank transfer or direct debit: Retrieve payments

It can happen: You accidentally transfer money to the wrong recipient or discover that the wrong amount has been debited by direct debit. What can you do? The Association of German Banks (BdB) shares tips on how to retrieve payments. Read more (DE)

FROM THE INSTITUTIONS


BIS: The oracle problem and the future of DeFi

Crypto-based DeFi relies on oracles to import real-world data into their blockchain applications, but these centralized third parties introduce risks and inefficiencies. Can we overcome these problems? The Bank for International Settlements (BIS) tries to answer this question in a new paper. Read more


EC: Sanctions: Guidance to assess sanctions circumvention risks

The European Commission (EC) has published a guidance note addressed to European operators to help them identify, assess, and understand the possible risks of sanctions circumvention – and how to avoid it. Mairead McGuinness, Commissioner for Financial Services, Financial Stability and Capital Markets Union, said: “This practical guidance will help EU exporters spot red flags and reduce the risk of sanctions evasion.” Read more


ECB: Why fast-tracking to net zero is essential

Moving towards carbon neutrality as quickly and boldly as possible is the best way to slow climate change, says European Central Bank (ECB) Vice-President Luis de Guindos. It may require more effort in the short run, but in the long run, it will cost less overall. Read more

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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