EBF WEEKLY + FINANCIAL REGULATION AGENDA
for the week starting Monday 4 July 2022

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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Call for a subcontractor to provide expertise as part of the implementation of the Social Partners in the European Banking Sector’s project on “Banking in 2030”

The European Banking Federation (EBF) published a call for tender for subcontracting external expertise in the implementation of a project on “Banking in 2030 – How will the current global trends, especially AI, shape the post Covid19 pandemic future of the European banking industry and its employees?,” an EU-funded Project of the banking sector social partners (UNI Europa with EBF, ESBG, and EACB). 

The deadline for submission of bids is Friday 22 July 2022. 

FROM THE MEDIA

Bloomberg: ECB to ask banks to weigh gas embargo in dividend plans

The European Central Bank (ECB) plans to ask the region’s lenders to factor in the economic hit of a potential cut-off of Russian gas when considering payouts to shareholders, Bloomberg reports. “We will propose to ask banks to recalculate their capital trajectories under a more adverse scenario including also potentially a gas embargo or a recession,” said Andrea Enria, who leads the ECB’s supervisory board. The watchdog would “use this also for the purpose of vetting their distribution plans going ahead.” Read more

Reuters: ECB to channel cash from north to south in bid to cap spreads

The European Central Bank (ECB) will buy bonds from Italy, Spain, Portugal, and Greece with some of the proceeds it receives from maturing German, French, and Dutch debt in a bid to cap spreads between their borrowing costs, sources told Reuters. The ECB will kick off this rebalancing on Friday to prevent financial fragmentation among eurozone countries from getting in the way of its plan to raise interest rates, with an additional scheme due to be unveiled next month. Read more

CoinDesk: EU agrees on landmark crypto authorization law, MiCA

EU policymakers have struck a deal on landmark legislation to regulate crypto assets and service providers throughout the bloc's 27 member nations: the Markets in Crypto Assets (MiCA) framework. As reported by CoinDesk,  the legislative package sets up requirements for crypto issuers to publish a kind of technical manifesto called a "white paper," to register with the authorities, and to keep proper bank-style reserves for stablecoins. Read more

FINANCIAL REGULATION AGENDA for next week

Monday 4 July  

• European Parliament plenary session

• Council Financial Services Attachés

• Deutsche Bundesbank ‘Digital transformation at central banks’ event

Tuesday 5 July

• Council Working Party of Financial Counsellors

• Bruegel ‘Green public investment after COVID-19’ event

• Morningstar Investment Conference

• Annual Economist Government 'Antitheses, transformations, achievements in a changing world' Roundtable

• Handelsblatt 'The future of retail banking in 2022: Turnaround in interest rates: new opportunities for private customer business?' event

• LSFI 'Analysing the EU Sustainable Finance Regulation: expectations, challenges and solutions' event

Wednesday 6 July

• Council Horizontal Working Party on Cyber Issues

• PIIE ‘Global financial infrastructure amid shifting geopolitics’ event

• Bruegel ‘Shifting taxes in order to achieve green goals’ event

• Afore Consulting 'Sustainable Finance Workshop' event

Thursday 7 July

• Council Working Party on Financial Services and the Banking Union (Financial Services)

• UCL ‘Buying time: how can government shape markets for sustainable societies?’ event

• PWM 'Russia and Ukraine: How private banks can mitigate risk associated with clients' event

Friday 8 July

• European Securities and Markets Authority joint Board of Supervisors and SMSG meeting

• Council Financial Services Attachés

• Council Horizontal Working Party on Cyber Issues

• IRSG and Clifford Chance ‘The use of Central Bank Digital Currencies in the wholesale markets’ webinar

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

FROM EBF MEMBERS

Finance Denmark: EU needs a balanced implementation of Basel III

The mortgage market is a cornerstone of the European economy. An important source of financing for homes and businesses and crucial for the recovery after COVID-19. And not least, mortgage credit and housing finance play a major role in climate change, according to Finance Denmark. Read more (DK)

FBF: Provisional assessment of the national strategy on means of payment of the CNPS

The National Cashless Payments Committee (CNPS), chaired by the Banque de France and of which the French Banking Federation (FBF) is a member, coordinates the implementation of the French strategy on means of payment. In this context, the CNPS has implemented a strategy whose objective is to steer the modernization of cashless means of payment, by supporting the development of payment solutions innovative. Read more (FR)

UK Finance: Green finance strategy update

UK Finance welcome the opportunity to respond to the government’s call for evidence on the Green Finance Strategy update. The banking and finance sector plays a key role in supporting the UK’s transition to net zero and its sustainability commitments. Read more

FROM THE INSTITUTIONS

ECB: Organizational structure as a driver of mergers and acquisitions in the European banking sector

The European Central Bank (ECB) published a paper about the organizational structure as a driver of mergers and acquisitions in the European banking sector. The paper studies the bilateral drivers of mergers and acquisitions (M&As) between European banks and investigates how the business model of acquiring banks determines their selection of targeted banks. Read more

EBA: Guidelines on data collection exercises regarding high earners

The European Banking Authority (EBA) published its final updated Guidelines on the data collection exercise on high earners, which were originally released in 2012 and revised in 2014. The update of the data collection exercises reflects the amended remuneration framework laid down in the Capital Requirements Directive (CRD), including the introduction of derogations to pay out a part of the variable remuneration in instruments and under deferral arrangements. Read more

BIS: Basel Committee publishes second consultation document on the prudential treatment of banks' cryptoasset exposures

The Basel Committee on Banking Supervision has issued a second public consultation on the prudential treatment of banks' cryptoasset exposures. The standards that the Committee aims to finalise may be tightened if shortcomings in the consultation proposals are identified or new elements of risks emerge and based on the Committee's overall assessment of the risks, says the Bank for International Settlements (BIS). Read more

FROM THE EBF  this week

EBF: Call for a subcontractor to provide expertise as part of the implementation of the Social Partners in the European Banking Sector’s project on “Banking in 2030”

The EBF published a call for a subcontractor to provide expertise as part of the implementation of the Social Partners in the European Banking Sector’s project on “Banking in 2030”. The deadline for submission of bids is Friday 22 July 2022. Read more

EBF Vacancies: Work with us!

Visit our Vacancies page to learn more about the opening positions at the EBF. Read more

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

European Banking Federation