Welcome to our Gold Friends weekly e-mail.
Highlights of my week: First, the good news: It was wonderful to celebrate the 30th anniversary of the signing of the Treaty of Maastricht in the very room where it was negotiated and signed. But the financial risk sharing that was a central tenet is still not complete. The political risks flowing from the election in Italy of a right-wing government are not yet clear. Political risks easily intrude into financial markets – and later turn into a new wave of reviews of financial regulation to guard against the consequences. But the” run of the mill” financial regulation has not been suspended as there are now new problems to be milled – such as inflation, energy and cyber money. The “bond market vigilantes” have finally been forced to start expressing their view on the Brexit fantasists who now run the UK. Phase One can be solved by the BoE’s printing press, but later phases of correcting the now-ridiculed Brexit fantasies will be far harder.
Graham Bishop
Articles from 23-29 September
Policy impacting Finance
DNB's Knott: Working on progress. On public and private risk sharing in the EMU : ...whatever way you look at it, going forward means, at least partly, increasing risk sharing. And I mean cross-border risk sharing... View Article
FT's Beattie: The Italian populists won’t be mindlessly destructive on trade : Despite repellent views on immigration and nationalism, the European hard right isn’t generally all-out protectionist View Article
UKandEU: What Meloni's victory means for Europe : Luigi Scazzieri examines the result of the Italian general election and sets out what the victory of Giorgia Meloni and the right-wing Brothers of Italy party means for Italy and for Europe. View Article
Robert Schuman Fondation: Victory for the right-wing coalition led by Giorgia Meloni in the Italian parliamentary elections : View Article
Vox/CEPR: The ECB’s asset purchase programme granted debt sustainability in the pandemic. Its termination should not derail it : The pandemic threatened to spark another debt crisis in the euro area. Instead, it prompted a strong fiscal response that buffered the shock and underpinned a shift recovery. View Article
Bruegel: Enlarging and deepening: giving substance to the European Political Community : The EPC would not be, and should not be, regarded as a substitute for EU accession, but should be designed to work as an accelerator. View Article
Christine Lagarde, President of the ECB: Hearing of ECON : In line with the topics chosen for this hearing, I will provide you with a brief overview of the economic outlook and then explain our recent monetary policy decisions in greater detail. View Article
Banking Union
EBA launches 2022 EU-wide transparency exercise : The EBA expects to release more than 1 million data points, on average more than 10,000 data points per bank, with about 120 participating banks. View Article
EBA publishes Guidelines on transferability to support the resolvability assessment for transfer strategies : The transferability Guidelines complement the resolvability Guidelines, which were published on 13 January 2022. Institutions and resolution authorities should comply with these Guidelines in full by 1 January 2024. View Article
CRR quick fix: changes to SRB policy for multiple point of entry banks : The SRB welcomes the adoption of the review of the Capital Requirements Regulation (CRR)[1], known as ‘CRR quick-fix’. View Article
Capital Markets Union
ESMA publishes final guidelines on MiFID II suitability requirements : The assessment of suitability is one of the most important requirements for investor protection in the MiFID framework. It applies to the provision of any type of investment advice, whether independent or not, and to portfolio management. View Article
ESMA consults on guidance on market outages : The consultation paper seeks feedback from market participants on its proposed guidance View Article
ESMA reminds firms of the impact of inflation in the context of investment services to retail clients : Over the past months inflation rates have risen in the EU, as in the rest of the world, and this growth in inflation has impacted households both in their daily lives and in their investments and investment decisions. View Article
EFAMA: Net outflows from UCITS slowing in July : EFAMA published its latest monthly Investment Fund Industry Fact Sheet, which provides net sales data on UCITS and AIFs for July 2022, at European level and by country of fund domiciliation. View Article
EBF: Joint industry letter on proposed lowering of beneficial ownership thresholds : We fully agree with the Parliament in its draft report that the concept of beneficial ownership is crucial to increasing transparency of complex corporate structures and ease compliance with AML/CFT rules. View Article
AFME underlines the importance of level playing field for responsible data sharing. Association recommends four key principles for Open Fina : This paper precedes the European Commission’s framework for data access in financial services which is due to be published in the coming months as announced by the EU’s chief of financial policy, Mairead McGuinness. View Article
Finextra: Swift to bring end-to-end view of post-trade processing : Following a successful pilot, Swift is gearing up to launch a service designed to increases transparency in post-trade processing and prevent settlement fails. View Article
Environmental, Social, Governance (ESG)
SSM's Tuominen: The way towards banks’ good climate change risk management : While recognising the importance of social and governance factors, I will focus today on climate-related and environmental risks for banks. View Article
ECB's Elderson: The ECB’s monetary policy strategy: delivering our mandate in all circumstances: EP conference : Delivering the introductory remarks at this conference on greening monetary policy at a time when inflation is far too high. View Article
ICMA publishes updated version of its SFTR reporting recommendations : This is the eighth update to the public version of the SFTR Guide since its initial release in February 2020. View Article
UK Finance: Is cloud technology the key to improving ESG data? : There has been growing attention placed on Environmental, Social, and Governance (ESG) in recent years as more businesses look to be environmentally conscious. View Article
Protecting Customers
Commissioner McGuinness at ESAs Consumer Protection Day 2022, ‘Steering a new path: supporting consumers to meet today's and tomorrow's chal : We can steer a new path for today and tomorrow's financial system: a path that is open to all, that is clearly signposted, and that allows the consumer themselves decide which route to take. View Article
Fin Tech Regulation
Commissioner McGuinness at Banque de France conference, “Opportunities and challenges of the tokenisation of finance: which role for Central : Tokenisation started as a challenge to the existing financial system. It emerged from a desire to disrupt. It was about bypassing the traditional financial system, seen by some as stacked against the man on the street. View Article
Economic Policies Impacting EU Finance
ECON: Structured Dialogue on Taxation with Paolo Gentiloni, Commissioner for Economy : ECON Committee held a structured dialogue with Commissioner Paolo Gentiloni in order to discuss ongoing and upcoming priorities of the Commission in the area of taxation. View Article
IFAC/ACCA:Views on corruption drive attitude to tax systems across the globe : Trust in tax systems is at its highest when taxpayers perceive low levels of corruption and diversion of funds View Article
Brexit and the City
LSE: More questions than answers? The EU’s new Anti-Money Laundering Authority : The EU is set to establish a new Anti-Money Laundering Authority next year. Sebastian Diessner writes that while the new authority is a step in the right direction, there remain more questions than answers over how it will function and where it will be based. View Article
Brexit
Federal Trust's Donnelly: VIDEO: The Hard Brexit Budget Is Breaking the Pound & the UK : View Article
NIESR: An Independent Assessment of the Mini-Budget : The tax changes announced today, together with recent announcements around support for households and firms in covering their energy costs, mark a significant ‘fiscal event’. View Article
Bloomberg's Authers: The UK Cannot Afford to Look This Ridiculous : That leads to the extraordinary situation where the new government in the UK, installed only three weeks ago, looks so ridiculous after a revolt from international markets that the jobs of its new finance minister, and even the prime minister, have been called into question. View Article
Reuteres: Britain's market rout stokes contagion fears around the globe : The scale and speed of the sell-off in British assets has jolted world markets, raising concern about contagion as chaos in a major developed economy adds to unease already generated by sharp interest rate rises from the United States and elsewhere View Article
FT: ‘Told you so’: EU struggles to contain Schadenfreude at UK turmoil : European capitals believe new government’s tax-cutting, high-borrowing plan exposes flawed thinking that drove Brexit View Article
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