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17 November 2016

Friends 'Weekly' Newsletter


IFRS 9, supervisory reporting, central securities depositories, OTC, CCPs, MiFID II, MAR, PRIIPs, financial benchmarks, Brexit and more.

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Corporate Governance/Accounting Financial Services Policy Political
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  Articles from 10 November 2016 - 17 November 2016

  Banking
 
 
EBA provides its views on the implementation of IFRS 9 and its impact on banks across the EU
The report includes some qualitative and quantitative observations of EBA's first impact assessment of IFRS 9. This exercise also contains some recommendations relevant to the observations as well as some future actions, including the interaction of IFRS 9 with existing prudential requirements.
EBA consults on revised standards on supervisory reporting
The EBA published for consultation revised Implementing Technical Standards (ITS) on supervisory reporting. The proposed amendments concern new requirements for the reporting of information on sovereign exposures and changed requirements for the reporting of operational risk data.
EBA consults on guidelines for the application of the IRB approach
These draft Guidelines are part of the EBA's broader work on the review of the IRB approach aimed at reducing the unjustified variability in the outcomes of internal models, while preserving the risk sensitivity of capital requirements.
 
  Securities
 
 
Commission adopts measures to implement rules on central securities depositories
The five regulatory and implementing technical standards were developed by the ESAs and have been endorsed by the European Commission without modification. The Commission developed the delegated act based on ESMA’s technical advice.
BIS: Central clearing predominates in OTC interest rate derivatives markets
Central clearing predominates in the OTC interest rate derivatives markets but is less prevalent for other OTC derivatives, as the combined results of the BIS semiannual and Triennial surveys of outstanding OTC derivatives positions show.
ESMA defines common supervisory approach for CCPs’ service extensions and change of risk models
ESMA issued an opinion defining a common supervisory approach for supervisors dealing with central counterparties wishing to extend their existing authorisation or change their risk models under EMIR.
ESMA consults on transparency rules for package orders under MiFID II
ESMA opened a public consultation on draft RTS regarding the treatment of package orders under the amended MiFID II and MiFIR. Overall, MiFID II aims at increasing market integrity, transparency and efficiency.
ESMA updates MAR guidelines on market soundings
ESMA re-issued the official translations of its final guidelines clarifying the implementation of the Market Abuse Regulation for persons receiving market soundings.
 
  Insurance
 
 
European Commission invites European Supervisory Authorities to amend PRIIPs rules and develop guidance
The ESAs have received a letter from the European Commission setting out the amendments it proposes to make to the draft RTS on key information documents for packaged retail and insurance-based investment products, accompanied by draft amended RTS.
 
  Corporate Governance/Accounting
 
 
ESMA prepares for new IFRS 9
ESMA has published a Public Statement on Issues for consideration in implementing IFRS 9: Financial Instruments which highlights both the need for consistent, high-quality implementation of IFRS 9 and the need for transparency on its impact to users of financial statements.
 
  Financial Services Policy
 
 
ESMA finalises advice on future rules for financial benchmarks
ESMA has finalised its technical advice to the European Commission on important aspects of future rules for benchmarks.
Comments by ECB's Mersch at Financial Services summit
Yves Mersch said the prospect of the UK’s exit from the EU creates uncertainty regarding the future of the supervision of non-euro area CCPs that clear significant amounts of euro currency.
 
  Political
 
 
Speech by the President of the Eurogroup, Jeroen Dijsselbloem, at the UBS in London
Dijsselbloem said Brexit "is a lose-lose situation, which we must manage as well as possible", and talked about the achievements of the Banking union project so far and how it is to be developed further.
Financial Times: UK faces Brexit bill of up to €60bn as Brussels toughens stance
The EU’s Brexit negotiators are pushing for a draft UK exit deal by mid-2018 as part of a narrow, divorce-first negotiating approach that would demand an exit bill of as much as €40bn-€60bn.
Pricewaterhousecoopers: Economic prospects after Brexit
PwC projects UK growth to slow to around 1.2% in 2017 due to the drag on business investment from increased political and economic uncertainty following the Brexit vote, but says there will be no recession next year. Britain may borrow £100bn more than previously forecasted over the next five years.
Mandelson: Hard Brexit will lead to £1.2 billion bombshell for British businesses
New research for the Open Britain campaign shows the cost of the UK losing access to the European Union’s Free Trade Agreements (FTAs) with over 50 countries across the world. Importers in the UK would face an additional £1.2 billion in the costs of importing goods from these countries.
Hitachi Capital: Businesses abandon £65.5bn of investments due to Brexit
A third of all British businesses have abandoned investments totalling £65.5 billion as a result of the Brexit vote, according to Hitachi Capital and the CEBR in a study into British businesses.
Financial Times: Trump win raises question of Europe’s financial security
Will the US president-elect ditch rule-maker Dan Tarullo, member of the FSB board, in favour of a deregulator?
Financial Times: Losing euro-denominated clearing would cost London 83,000 jobs
A private report by EY has been circulated among UK lawmakers and government estimating 83,000 related job losses over the next seven years if euro-denominated clearing is forced out of London into continental Europe.
Financial Times: London-only work visa plan laid out for Brexit Britain
Under the proposals from the London Chamber of Commerce and Industry, businesses in the UK capital would be able to sponsor skilled workers with a job offer for a visa.
 
  Economic
 
 
ECB's Constâncio: Euro Area: Economic Outlook and Financial Sector Challenges
The Vice-President of the ECB warned of the economic and political risks from Donald Trump's win in the US election.
 

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