Proposals from the European Commission to improve the system of pan-European banking supervision address some central industry concerns. Key to making the new framework operate well will be how the proposed new pan-European supervisory authorities co-ordinate the rules, while the independence of the local supervisors is maintained, said the British Bankers’ Association.
The BBA said a single rulebook could help those banks operating across EU borders but that while there is a role for someone to clarify the interpretation of rules, day-to-day supervision must remain with national regulators.
BBA’s chief executive Angela Knight said: “[The] package of reforms from the European Commission that looks at banking supervision needs to focus on ensuring that there are high quality, well functioning, colleges of supervisors for the cross-border banks, both for ‘business as usual’ and for stressed situations. The creation of the new framework and a single rulebook will also require care if we are to achieve an outcome that does not result in a tick box culture of supervision. We believe the Financial Services Authority and the Bank of England should now start preparing the ground for the new authorities to ensure the UK financial services sector is properly represented on these new European bodies.”
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more