EBF WEEKLY + FINANCIAL REGULATION AGENDA
for the week starting Monday 24 January 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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BACEE and WSBI-ESBG Conference on Cyber Security in Banks

FINANCIAL REGULATION AGENDA for next week

Monday 24 January

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

• European Parliament Committee on Economic and Monetary Affairs (ECON)

• European Banking Authority hearing on the draft guidelines on the use of remote customer onboarding solutions

• IW 'Rising inflation – is it here to stay?' online event

• ESM ‘How to deepen Europe’s Economic and Monetary Union further?’ event

Tuesday 25 January

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

• European Parliament Committee on Economic and Monetary Affairs (ECON)

• European Banking Authority hearing on the consultation paper on draft RTS on crowdfunding

• European Securities and Markets Authority Board of Supervisors meeting

• European Securities and Markets Authority Management Board meeting

• Barclays, Generali and Kreab 'European Financial Services Conference'

• Finance Denmark 'Basel III and the impact on property finance' webinar 

• Carbon Market Watch ‘At what price? The role of the EU’s Emissions Trading System in combating the climate crisis’ event

• European Internet Forum ‘The EU Artificial Intelligence Act: the right framework for trustworthy AI and innovation?’ event

• Chatham House ‘Towards a vision for transatlantic digital cooperation’ event

Wednesday 26 January

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

• Council Horizontal Working Party on Cyber Issues

• European Securities and Markets Authority Board of Supervisors meeting

• European Parliament Subcommittee on Tax Matters

• European Banking Authority hearing on CP draft RTS on performance-related triggers pursuant to Article 26c(5) of Securitization Regulation

• City of London Corporation ‘Moving forward from COP26 — what’s next for the financial services sector in 2022’ webinar

• European Environmental Bureau ‘LOCOMINAR: Material requirements for the green transition’ webinar

• EBA Banking Stakeholder Group 'Finalisation of Basel III' workshop 

Thursday 27 January

• Council Working Party of Financial Counsellors

• Council Working Party on Tax Questions (Direct Taxation)

• Deutsche Bundesbank course presenting its Financial Stability Review

• UNESCO/EU 'The Role of the Financial Sector in the Fight against Illicit Trafficking of Cultural Property' online workshop (Eduard Hovsepyan, EBF Policy Adviser for Anti-Money Laundering speaking)

• Accountancy Europe 'Green Recovery Counts' online event (Burçak Inel, EBF Director for Financing Growth speaking)

• POLITICO 'Fit for 55 – ambition and implementation' workshop

Friday 28 January

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

• French Council presidency ‘European Economic Governance: A new rulebook?’ event

• BACEE and WSBI-ESBG 'Conference on Cyber Security in Banks' online conference (Alexandra Maniati, EBF Director, Innovation & Cybersecurity speaking)

• French Council presidency ‘More sustainable and responsible trade’ event

• American Bar Association and NYU School of Law ‘Next Generation of Antitrust, Data Privacy and Data Protection Scholars’ event

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

FROM THE MEDIA

Bloomberg: ECB Climate test goes easier on banks than feared

European banks are finally getting a look at the unprecedented climate stress test their trading operations will face this year, and it’s not as stark as some of them anticipated. The European Central Bank (ECB) sent banks details of the landmark test, including on how their trading books would handle a 50% drop in mining stocks over three years and a surge in fossil fuel companies’ credit spreads, according to people briefed on the scenarios who spoke to Bloomberg. Read more

FT: Christine Lagarde rejects calls for ECB to act faster on inflation

Christine Lagarde has rejected calls for the European Central Bank to raise interest rates more quickly than planned in response to record inflation, saying it had “every reason not to act as quickly or as ruthlessly” as the US Federal Reserve. According to Lagarde, inflation in the bloc would stabilise and “gradually fall” back below its target by the end of this year, the Financial Times (FT) reports. Read more

Reuters: Credit Suisse hires Berenberg analyst to lead EMEA healthcare investment banking

Credit Suisse has hired a senior Berenberg analyst to lead its healthcare investment banking franchise in EMEA in a bid to revamp the unit, according to a memo seen by Reuters. The Swiss lender has appointed Scott Bardo as its co-head of healthcare in EMEA. Read more

FROM EBF MEMBERS

SBA: It's about the attractiveness of the business location 

The President of the Swiss Bankers Association (SBA), Marcel Rohner, together with SBA CEO Jörg Gasser is campaigning for the abolition of the issuance tax on equity. Rohner and Gasser argue that the levy burdens companies in critical situations in their development. "This is one of the location factors that we can influence directly," explains Gasser in the latest episode of the SBA podcast. Read more (DE)

BdB: German banking industry discusses challenges of tax policy

The German banking industry called for the new federal government to make corporate tax law more investment-friendly. Incentives should also be provided for private investments in the transformation towards more sustainability and digitization, said a blog for the Association of German Banks (BdB). Read more (DE)

Finance Denmark: Highest number of loans for home purchases 

The Danes' desire to borrow for home purchases was at its peak in 2021. In 93 of the country's 98 municipalities, more mortgage loans were granted for home purchases than the year before. And it was especially in rural areas that many extra homebuyers got a loan for a home. This is shown by the latest figures from Finance Denmark. Read more (DK)

FROM THE INSTITUTIONS

ESMA: Common Supervisory Action with NCAs on the valuation of UCITS and open-ended AIFs

The European Securities and Markets Authority (ESMA) is launching a Common Supervisory Action (CSA) with National Competent Authorities (NCAs) on the valuation of UCITS and open-ended Alternative Investment Funds (AIFs) across the EU. Read more

EP: DSA Adopted

The European Parliament (EP) has adopted the DSA report. The Digital Services Act (DSA) defines clear responsibilities and accountability for providers of intermediary services and in particular online platforms. Another key aspect of the DSA refers to the exemption of micro and small enterprises from certain DSA obligations. Read more

ECB: Account of the December monetary policy meeting

Given the high uncertainty about the outlook for the economy and inflation, optionality was seen as important for stabilising inflation at our target. The European Central Bank (ECB) Governing Council will remain able to adjust monetary policy in line with new data and its forward guidance. Read more

FROM THE EBF  this week

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