• Economy-wide climate stress test

    The ECB publishes the results of its assessment of resilience to climate risks

    This paper describes the ECB’s economy-wide climate stress test, which has been developed to assess the resilience of non-financial corporates (NFCs) and euro area banks to climate risks, under three different climate policy scenarios. The results show that there are clear benefits to acting early: the short-term costs of the transition pale in…

  • Deutsche Bundesregierung begrüßt Vorschlag einer EU-Geldwäschebehörde

    Bundesregierung antwortet auf Kleine Anfrage der FDP Fraktion

    In its answer to a minor question by the FDP parliamentary group, the Federal Government welcomes the EU Commission's plan to create a European money laundering authority. This could "make an important contribution to combating money laundering and terrorist financing in the EU". When asked what it thought of the proposal for a cash payment…

  • Joint publication of DRSC and ACI on the draft CSRD

    The German Accounting Standards Committee and the Audit Committee Institute publish joint publication

    DRSC and Audit Committee Institute (ACI) are participating in the CSRD discussion in the form of a joint publication. This is intended to shed light on the Brussels proposals and their interplay with international developments from different perspectives. The report is aimed at the entire spectrum of German business to familiarise themselves…

  • International Accounting Standards Board

    The next meeting will take place on 20 - 24 September 2021

    The following items are on the agenda of the upcoming meeting of the International Accounting Standards Board:

    •  Post-implementation Review of IFRS 9—Classification and Measurement
    •  Dynamic Risk Management
    •  Financial Instruments with Characteristics of Equity
    •  Work plan
    •  Goodwill and…
  • Deferred tax assets require recognition test

    Not all insurers are able to report deferred taxes

    Insurers must include deferred taxes in their Solvency II balance sheet and they are obliged to prove the recognition of deferred tax assets. However, as BaFin has found, they are not always able to do so. Furthermore, not all recognition tests meet the requirements, which is why BaFin has taken a closer look at this issue.

    Please find…

  • The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) issued their second joint risk assessment report for 2021. The report highlights the increasing vulnerabilities across the financial sector, the rise seen in terms of cyber risk and the materialisation of event-driven risks.

    As the recovery begins, the appropriate…

  • EU implementation of outstanding Basel III reforms

    Open letter from FMA and 24 other European supervisory authorities and national banks

    The European Commission is currently preparing a legislative proposal to implement the final parts of the Basel III framework for banking regulation globally agreed in response to the global financial crisis from 2007 to 2010. In this context, a total of 25 high-ranking representatives of European banking supervisory authorities and central…

  • The European Actuary with health and pandemic issues

    AAE publishes its quarterly magazine

    AAE has published Issue 27, September 2021 of The European Actuary. The theme of this issue is Health/Pandemic. Featured Articles are

    • Managing pandemic risk Interview with Esko Kivisaari
    • Climate risk by Ben Carr
    • Are the differences in risk margins meaningful? by Andrew Henning and David Kirk
    • US…
  • The European Banking Authority (EBA) published its annual update on EU banks’ funding plans, which helps EU supervisors assess the sustainability of banks’ main sources of funding. The results of the funding plans assessment show the impact the pandemic had on EU banks’ funding composition. The plans point to a gradual ‘normalisation’ of banks…

  • ESG Ratings and Data Products Providers

    BVI position on the IOSCO Consultation Report

    BVI and its members are committed to the goals on facilitating sustainable growth, i.e. to shifting capital flows in order to accelerate transition to a more sustainable economy. The market for sustainable funds in Germany has experienced fulminant growth in the recent past. Funds that are classified as sustainable account now for EUR 361…