Joint Committee of ESAs opinion on money laundering and terrorist financing risks

The Joint Committee of the European Supervisory Authorities (ESAs) has published an opinion on the risks of money laundering and terrorist financing affecting the EU's financial sector. The aim of the opinion is to inform the Commission's risk assessment work, as well as the ESAs' work on ensuring supervisory convergence and a level playing field in the area of anti-money laundering (AML) and countering the financing of terrorism (CFT). It is also intended to assist member states' competent authorities in their application of the risk-based approach to AML/CFT supervision. ESAs, 20 February 2017                                   


Concerns raised on European Commission CCCTB proposal

Insurance Europe has published a position paper on the European Commission’s proposals for a Common Corporate Tax Base (CCTB) and consolidation. While Insurance Europe supports the Commission’s aim to simplify the determination of taxable income for cross-border companies, it believes that certain aspects of the Commission’s proposals must be refined to ensure added value for European businesses. Insurance Europe also emphasised that it is only through consolidation that the expected advantages of the CCTB, in terms of reinforcing the European Single Market, can truly be achieved. Insurance Europe, 20 February 2017


IRSG report on CCPs post-Brexit

The International Regulatory Strategy Group (IRSG) has published a report on the implications for users of financial markets in the UK and EU27 if the current legal and regulatory framework for central counterparties continues unchanged after Brexit.

In the report it warns that a lack of clarity on the future status of UK-based clearing houses could pose market disruption and a sharp increase in costs to banks and end-users of financial markets in the EU27 countries. The report shows the need for a transitional period to avoid a significant risk of market disruption when UK clearing houses will no longer meet current EU regulations once the UK formally leaves the EU. IRSG, 20 February 2017

IOSCO final report on loan funds survey

The International Organization of Securities Commissions (IOSCO) has published its final report setting out its findings following a survey on loan funds. IOSCO launched a questionnaire, in December 2015, to gather information from the members of its Committee on Investment Management on existing practices and experience as regards loan funds in the area of investment funds.

The report concludes that further work on loan funds is not warranted at this stage. However, it notes that IOSCO will continue to monitor this segment of the fund industry with a view to possibly revisiting it for further work, depending on market developments. IOSCO, 20 February 2017