Trésorier/Treasurer magazine - N°92 - Jan/Fev/Mar 2016 - (Page 8)

LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE - N°92 - JAN / FEB / MAR 2016 INTERVIEW 8 ANNI MYKKANEN, POLICY ADVISOR EACT REGULATORY RISKS - Where are we on the new EU regulation long path? Could you summarize the major achievement so far? In terms of the post-crisis financial reform, a lot of the legislative work is behind us and the main 'building blocs' of the financial reform are now finalised - at least on paper. Some of these reforms have already been at least partially implemented but others will be implemented over the years to come, so a lot more work remains to be done. The main areas of the reform are: increased bank capital (both in quantity and quality), liquidity and leverage; financial market reform: regulating the derivatives market; reviewing the regulation for market structure with a focus on transparency; bank supervision: establishing a common supervisor for the biggest EU banks; bank resolution: putting in place a framework for bank bail-in. Of course there are still some important ongoing discussions in order to finalise the post-crisis regulatory agenda, especially regarding the structural reform of the banking sector. - With regulations, could we consider that once adopted, it will not or never change later on? No, at least for two reasons: firstly, the post-crisis financial legislative pieces typically contain a review clause mandating the Commission to review the implementation and the impact of the legislation. This does not however mean that there would automatically be a legislative proposal for a review, but at least the Commission is obliged to issue a review report to the Parliament and the Council, therefore most of the issues will be at least re-discussed when a review report is being drafted. Secondly, there may be some "tweaking" of some of the details of the rules (as is already done as part of the Capital Markets Union initiative) but we believe that at this stage the Commission would prefer to focus on other things than completely re-opening one of the major regulatory files. - Do you see for example on EMIR any chance to improve current provisions by removing intercompany transaction reporting? The main improvements that the EACT called for as part of our response to the Commission's public consultation on EMIR are indeed single sided reporting, abandoning the reporting of NFCs' intragroup transactions and the elimination of the cross-asset class clearing threshold test for NFC+s which forces them to centrally clear or to post margin on their transactions - even hedging ones - on all asset classes and not only the one in which the clearing threshold has been exceeded. The Commission is currently evaluating the feedback it received in the public consultation and is expected to issue a report but it is difficult at this stage to evaluate the chances of pushing through amendments that would give further relief to non-financial counterparties.

Table of Contents for the Digital Edition of Trésorier/Treasurer magazine - N°92 - Jan/Fev/Mar 2016

Cover
Table of contents
EDITORIAL
FINANCIAL HIGHLIGHTS Luxembourg Tax News
INTERVIEW Anni Mykkanen, Policy Advisor EACT
FOCUS
Trésorier d'entreprise : homme- orchestre ou nouveau Business Partner?
IFRS 9: Time to prepare
Uberization' of the economy
What if the new regulations were a new source of risk?
FORUM
Risk and compliance
Is it really your CEO asking for that offshore transfer?
Navigation par gros temps : budgétez vos risques
Commodities hedging
Commodity risk management
Identity and access management
Enabling treasury transformation
CORPORATE FINANCE
Treasury survey: the dynamics of change in treasury
The perfect solution for portfolio management
Meeting market liquidity needs
Automatiser la gestion des comptes bancaires
The age of business simplification is upon us
15 MINUTES WITH Vallstein
THE FINANCIAL RISK OBSERVATORY
NEWS
LIFE BEYOND NUMBERS

Trésorier/Treasurer magazine - N°92 - Jan/Fev/Mar 2016