The European Securities and Markets Authority (ESMA) publishes its 2017 annual report on the enforcement and regulatory activities of accounting enforcers within the European Union (EU). In 2017 ESMA and European Enforcers continued to engage in regular supervisory convergence activities on IFRS. Moreover, considering the new standards IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers, in October 2017 ESMA published the results of a separate fact-finding exercise on the transitional disclosures regarding these standards. In addition, ESMA conducted a Peer Review on the application of its Guidelines of Enforcement of Financial Information by the National Competent Authorities (NCAs).

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The Financial Conduct Authority (FCA) has published the latest step in its response to the concerns identified through its asset management market study. This is part of a package of remedies to ensure fund managers compete on the value they deliver, and act in the interests of the millions who entrust them with their savings. It includes: Final rules following a previous consultation, focused on the duties of fund managers as the agents of investors in their funds and a consultation on proposed rules and guidance, focused on improving the information that investors get about funds.

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In his speech of Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank, will focus on regulatory topics in Europe that are of special interest to Brazil as well, namely the finalisation of global post-crisis regulation and the regulatory challenges to be met in a digital financial world.

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Members of the WP29 have issued guidance on how individuals may exercise their rights as data subjects and make use of the controls currently provided by social media platforms. The Working Party 29 (WP29), the group uniting European data protection authorities, announces its full support for the ongoing investigations by national privacy authorities into the collection and use of personal data by and through social media. In addition, the WP 29 will create a Social Media Working Group to develop a long-term strategy on the issue.

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On the 27th of May more than 40,000 runners from 120 different nationalities will occupy the lanes and parks of Brussels, on the occasion of the 20km of Brussels – one of the largest amateur sport events in Europe. Among them will be Team RUN FOR #ZEROCORRUPTION – as you may have guessed this is an initiative from the Belgian chapter of Transparency International. Initiator Evert-Jan Lammers: “The idea came up three years ago at the time of the scandals at FIFA and the Russian Athletics Federation. The Olympics in Rio and the European Soccer championship in France were under preparation. For some years already, Transparency International had its spotlight on the weak governance in the sport industry, and also the increasing problems of match fixing, illegal betting and doping.
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The Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) proposed a rule that would further tailor leverage ratio requirements to the business activities and risk profiles of the largest domestic firms. Currently, firms that are required to comply with the “enhanced supplementary leverage ratio” are subject to a fixed leverage standard, regardless of their systemic footprint. The proposal would instead tie the standard to the risk-based capital surcharge of the firm, which is based on the firm’s individual characteristics. The resulting leverage standard would be more closely tailored to each firm.
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Christine Lagarde, IMF Managing Director  on th global economy: “Like others, I am always struck by Hong Kong SAR’s unique flavor. Think of the incredible ingenuity and energy of its people. And think of their ability not just to adapt to change, but to actively shape their future. Hong Kong’s transformation – from manufacturing powerhouse, to global trade engine, to world-class financial center – reflects its unique commitment to openness, to combining home-grown talent with fresh ideas and expertise from across the world. Of course, greater economic openness increases one’s sensitivity to shifting trends. Hong Kongers are keenly aware that economic history never moves in a straight line but in cycles. And they know that when the economy is moving – up or down – policymakers cannot afford to stand still. This is also the story of our global economy.”

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The European Central Bank (ECB) has launched a public consultation calling on financial market infrastructures (FMIs) and other interested parties to give their input on draft cyber resilience oversight expectations. Cyber resilience is an important aspect of FMIs’ operational resilience and is thus also a factor affecting the overall resilience of the financial system and the broader economy.

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The Financial Conduct Authority (FCA) have published an easy read guide on everyday banking, aimed at helping autistic consumers better understand financial services. FCA have developed this guide in partnership with The National Autistic Society (NAS). FCA will publishing the guide during World Autism Awareness Week, in an effort to raise awareness of the issues some autistic people face when accessing financial services.
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In January 2016, the Basel Committee on Banking Supervision published the standard Minimum capital requirements for market risk. This new market risk standard was developed to address a number of structural shortcomings in the Basel II market risk framework (and its subsequent revisions), and served as a key component of the Basel Committee’s reform of global regulatory standards in response to the global financial crisis. In the time since its publication, the Basel Committee has monitored the pace of implementation of the market risk standard as well as its impact on banks’ market risk capital requirements. In acknowledgment of ongoing challenges related to implementation of the standard, the Basel Committee’s oversight body, the Group of Governors and Heads of Supervision (GHOS), has endorsed an extension of the implementation date to 1 January 2022 (which will constitute both the implementation and regulatory reporting date for the standard). This deferred implementation date is intended to allow banks additional time to develop the systems infrastructure needed to apply the standard and for the Committee to address certain specific outstanding issues.

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