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Articles from 23 January 2020 - 30 January 2020
Banking Union
Financial Times: Eurozone bankers launch fresh push against negative rates : Eurozone bank executives have launched a fresh lobbying push to convince policymakers of the dangers of long-term negative interest rates, warning they will hurt savers and pensioners while fuelling price bubbles in riskier assets. View Article
ECB keeps capital requirements and guidance for banks stable and increases transparency : The ECB published the outcomes of its 2019 Supervisory Review and Evaluation Process (SREP). The overall SREP requirements and guidance for Common Equity Tier 1 (CET1) capital remained stable at 10.6% in 2019, the same level as in 2018. The average Pillar 2 requirement, set by the supervisor for each bank, stood at 2.1% and the non-binding Pillar 2 guidance at 1.5%, both unchanged from the previous year. View Article
Deutsche Bundesbank and Deutsche Börse publish concept study on DLT-based collateral management : The study outlines that, in principle, DLT is capable of delivering further benefits in terms of the velocity and usability of collateral. View Article
BIS: Cross-border resolution cooperation and information-sharing: an overview of home and host authority experience : This paper examines cross-border cooperation and information-sharing arrangements for G-SIBs and other foreign-owned locally systemic banks, with a particular focus on arrangements other than CMGs. The paper is based on a survey of authorities from 16 jurisdictions that are home or host to G-SIBs and/or domestic systemically important banks (D-SIBs), including non-CMG host jurisdictions. View Article
BIS: Bad bank resolutions and bank lending : The paper asks whether bad banks, more formally known as impaired asset segregation tools, and recapitalization lead to a recovery in the lending of the originating banks and a reduction in their non-performing loans. View Article
PIIE: A European anti–money laundering supervisor: From vision to legislation : Joshua Kirschenbaum and Nicolas Véron write that the European Commission should act fast to capitalize on the political momentum toward creating a central AML supervisory authority and present a full proposal to EU co-legislators (i.e., European Parliament and Council) by the summer of 2020. View Article
FCA: Andrew Bailey calls on tech giants to collaborate with the FCA to help protect consumers : In his final interview as Chief Executive, Andrew Bailey looks back at the last year and his time at the FCA, and underlines the important work ahead as the UK leaves the European Union. View Article
Capital Markets Union
Bruegel: European capital markets union, by rule and by choice : While the euro is now a leading global currency and the European Central Bank has become a comprehensive banking supervisor, Europe’s markets have been treading water, writes Rebecca Christie. View Article
The AMF adopts its action plan to promote investment research : The AMF is planning to clarify its policy and support certain adjustments at the European level as part of the targeted review of MiFID II. These concern the regulation of issuer-paid analysis, pricing, proportionality, third-party research and ESG research. View Article
SEC publishes annual reports on credit rating agencies : Two SEC staff reports highlight the important work of the Office of Credit Ratings in examining and monitoring nationally recognized statistical rating organizations (NRSROs). View Article
EIOPA: European insurers face stable risk exposures, but macro and market risks remain high : The EIOPA published its updated risk dashboard based on the third quarter 2019 Solvency II data. The results show that the risk exposures of the European Union insurance sector remained overall stable compared to October. View Article
Insurance Europe: Solvency II 2020 review. : Excessive conservativeness hinders insurers’ ability to help Europe’s transition to a sustainable economy and to provide the long-term products their clients demand, according to Insurance Europe president and CEO. View Article
EIOPA publishes information on the use of limitations and exemptions from reporting under Solvency II : The EIOPA published its annual report on the use on the use of exemptions and limitations from the regular supervisory reporting during 2018 and Q1 2019 by national competent authorities (NCAs) under Solvency II. View Article
Commercial Risk Europe: Ferma and ECIROA flesh out proposals to boost proportionality for captives under SII : The EIOPA must use this year’s Solvency II review to recognise that national supervisors have so far failed to apply the principle of proportionality (PoP) to captives and force the issue by issuing clear guidelines, according to risk management federation Ferma and ECIROA, the captive owners body. View Article
Environmental, Social, Governance (ESG)
EUbusiness: MEPs endorse a climate role for ECB : MEPs on the European Parliament’s Economic Affairs committee just endorsed a report saying that climate action is within the mandate of the ECB. The ECB must pay heed to this, and rapidly take forward the objectives set out by Christine Lagarde when she became President, such as making climate risk part and parcel of its economic modelling. View Article
Executive Vice-President Dombrovskis at the Conference on implementing the European Green Deal: Financing the Transition : European Commission Executive Vice President Valdis Dombrovskis announced at a conference on implementing the European Green Deal how the plan will be backed up financially and that the European Commission will support a process to develop European non-financial reporting standards. View Article
European Commission: Executive Vice President Timmermans' remarks at the Conference on the first European Climate Law : Executive Vice President Timmerman explained the importance of the European climate law and its connection with the Green Deal Investment Plan and the Just Transition Mechanism at a conference on implementing the European Green Deal. View Article
European Commission and IMF strengthen cooperation to support sustainable development : EC President, Ursula von der Leyen, on behalf of the EU, and IMF's Managing Director Kristalina Georgieva concluded a new Financial Framework Partnership Agreement that will boost their cooperation to tackle key challenges including climate change, and help countries achieve the Sustainable Development Goals. View Article
IIF & EBF: Global industry survey finds firms seek alignment on climate risk analysis, measurement, and disclosure approaches : With a growing focus on sustainable finance, and particularly the need for a robust toolkit for climate risk management and disclosure, the Institute of International Finance (IIF) and the EBF published the findings of a joint survey of their members. View Article
ICMA: Green Bond Principles establishes a Working Group on sustainability/KPI-linked bonds : The Executive Committee of the Green Bond Principles, the Social Bond Principles and the Sustainability Bond Guidelines, supported by ICMA, decided to establish a working group on emerging sustainability/KPI-linked bond products. View Article
Chartered Institute of Internal Auditors: Internal Audit Code of Practice : The Chartered Institute of Internal Auditors published an Internal Audit Code of Practice. The paper aims to enhance the overall effectiveness of internal audit, and its impact, within organisations operating in the UK and Ireland. View Article
IASB clarifies requirements for classifying liabilities as current or non-current : The IASB has issued narrow-scope amendments to IAS 1 Presentation of Financial Statements to clarify how to classify debt and other liabilities as current or non-current. View Article
EurActiv: Piecing together Europe’s climate finance puzzle : The climate neutrality puzzle is massive. As EU affairs ministers met in Brussels, they should ensure €260 billion are invested annually to lead a fair and just transition away from fossil fuels, campaigners write. View Article
Project Syndicate: Who pays for the Green Deal? : As laudable as they are, the European Commission's proposals for addressing climate change rely overwhelmingly on forms of financing that violate EU rules, writes Hans-Werner Sinn. View Article
Protecting Customers
Insurance Europe: More work needed for GDPR to achieve its aims : William Vidonja, head of conduct of business at Insurance Europe, reflected on whether the European General Data Protection Regulation (GDPR) has fully achieved its aims since it became fully applicable in May 2018. View Article
Fin Tech Regulation
BIS: Impending arrival - a sequel to the survey on central bank digital currency : This BIS paper updates an earlier survey that asked central banks how their plans in this area are developing. The latest responses show emerging market economies reporting stronger motivations and a higher likelihood that they will issue digital currencies, with central banks representing a fifth of the world's population reportedly likely to issue very soon. View Article
Bruegel: Libra as a currency board: are the risks too great? : The Libra Association claims it will be analogous to a currency board regime, but they have overlooked the problems of monetary management that come with it, warn Julia Anderson and Francesco Papadia. View Article
Eurojust: Focus on virtual currencies in latest Cybercrime Judicial Monitor : The rapidly increasing use of virtual currencies raises questions for judicial practitioners who deal with cybercrime. Due to the unclear legal nature, transactional anonymity and high volatility in prices of cryptocurrencies, prosecutors often face difficult decisions on which measures to take in criminal investigations and prosecutions. View Article
ACCA: ‘We can act now’ – accountants and regulators urged to tackle technology being used in economic crime : A new report, Economic Crime in a Digital Age, features analysis from senior practitioners at ACCA and EY. It focuses on the challenges business faces in fending off breaches from sophisticated attackers. View Article
ACCA: Building trust and ethics in AI to combat fraud and economic crimes : EU experts discussed how Artificial Intelligence (AI), machine learning (ML) and robotic process automation (RPA) can help transform the fight against money laundering, fraud and economic crimes, stressing the need for international cooperation and collaboration at a joint ACCA-EY-Visa conference in Brussels. View Article
EurActiv: LEAK: EU charts 6G future in ambitious industrial plan : The European Commission has set out a series of comprehensive plans to revolutionise the bloc’s industrial sector, with a heavy interest in developing key technologies with ‘strategic importance’, including measures to go ‘beyond 5G’ and ‘towards 6G.’ View Article
Financial Times: Freetrade stakes claim in Europe’s fee-free stock trading markets : Freetrade, the UK commission-free stock trading service, is expanding into other European countries in the latest shake-up of the investment market by app-based brokerages. View Article
Friends' Standard Services
Graham Bishop video invitation for next Brussels for Breakfast : Graham Bishop suggests - and requests - ideas for the next Brussels for Breakfast debate on February 11th 2020. View Article
Economic Policies Impacting EU Finance
Christine Lagarde - FT
Financial Times: ECB kicks off policy battle as Christine Lagarde launches strategic review : The European Central Bank will examine whether it should alter its €200bn corporate bond holdings to take account of climate change, Christine Lagarde promised as she launched its first strategic review in 16 years. View Article
ECB launches review of its monetary policy strategy : The Governing Council of the European Central Bank (ECB) launched a review of its monetary policy strategy. The monetary policy strategy was adopted in 1998 and some of its elements were clarified in 2003. View Article
ECB: Christine Lagarde: How can a united Europe meet the challenges it faces today? : Opening remarks by Christine Lagarde, President of the ECB, at the World Economic Forum, in which she focuses on three key aspects for European countries to address joint exposures to the climate, the global economy, multinational firms and foreign powers. View Article
New Europe: Several European nations will introduce a digital tax if no OECD deal is reached : France, Italy, and Spain have said they would move ahead with their national digital tax if no international deal on digital taxation is reached within the OECD by the end of this year. View Article
Trade: EU and 16 WTO members agree to work together on an interim appeal arbitration arrangement : The EU and Ministers from 16 Members of the World Trade Organization (WTO) have agreed to develop a multi-party interim appeal arrangement that will allow the participating WTO members to preserve a functioning and two-step dispute settlement system at the WTO in disputes among them. View Article
City AM: German economy picks up pace while Eurozone growth stagnates : The German economy expanded at its quickest rate in five-months in January suggesting the “storm clouds may be starting to clear”. View Article
European Commission: Debt sustainability monitor 2019 : The Debt Sustainability Monitor 2019 provides an overview of fiscal sustainability challenges faced by EU Member States over the short, medium and long term. View Article
Global Research: Prospects for China-US Relations After “Phase 1 Trade Deal” : Last week the US and China finally signed phase 1 of their long awaited trade deal. Despite Trump’s hyperbole financial markets reacted in a rather muted way to the ‘deal of the century’. View Article
Broadening the International Role of the Euro
Paul Goldschmidt: Could the ECB turn out to be the Achilles tendon of the EU’s democratic legitimacy? : Goldschmidt warns that the ECB’s current status and its lack of oversight could make it the Achilles tendon through which nationalists and populists will contest the democratic legitimacy of the EU itself, further weakening the € and precipitating a financial crisis that would spread globally. View Article
EU27 Politics
Vote Watch: European Parliament: current and future dynamics : How are coalitions built on specific topics and who wins? At such a pivotal moment for EU stakeholders, Vote Watch provides its public with a detailed analysis of the trends observed during the first 6 months of the new EP term and what these mean for how future EU legislation is going to be shaped. View Article
European Commission 2020 Work Programme: An ambitious roadmap for a Union that strives for more : The European Commission has adopted its 2020 Work Programme. It sets out the actions the Commission will take in 2020 to turn the Political Guidelines of President von der Leyen into tangible benefits for European citizens, businesses and society. View Article
Main results - General Affairs Council : The Council discussed the proposed Conference on the Future of Europe and heard a presentation on the priorities of the Croatian presidency. View Article
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Guy Verhofstadt
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#Brexit is a failure of the Union. There is a lesson to learn from it: to deeply reform the Union. To make it into a real Union, a Union without opt-in, without opt-outs, without rebates, without exceptions. Only then we can defend our interests and defend our values. pic.twitter.com/asW7C5YK7A
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POLITICO Europe
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BBC Politics
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LSE Brexit
@lsebrexitvote
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“The UK’s major concessions during its first EU membership – the budget rebate, opt-outs on the euro and Schengen, special justice and home affairs arrangements – would not be on offer.” blogs.lse.ac.uk/brexit/2020/01…
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The Guardian
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Bloomberg Brexit
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U.K., European and American banks plan to ask the British government for as much as $5.2 billion annually in tax breaks post-Brexit trib.al/LwmQKfS
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Law Society Gazette
@lawsocgazette
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UK should create one-stop-shop of financial services legislation to improve accessibility of law after Brexit, according to study by Linklaters and International Regulatory Strategy Group: lawgazette.co.uk/news/financial…
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BBC Politics
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Brexit: US 'wants to reach trade deal with UK this year' bbc.in/2Rq19mi
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FT Brussels
@ftbrussels
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FT Brussels
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