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22 October 2015

Friends 'Weekly' Newsletter


Visa deal, FTT, IFAC, Completing EMU, political convergence in the euro area, Brexit, CMU, anti-money laundering, ECB's euro area bank lending survey and more.

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  Articles from 15 October 2015 - 22 October 2015

  Banking
 
 
Financial Times: Visa deal set to deliver windfall for european banks
Visa Inc, the US payments company, is closing in on a deal to acquire its former European subsidiary for $20bn as early as next week in a move that will land thousands of European banks large windfalls.
EBA, EIOPA and ESMA consult on anti-money laundering and countering the financing of terrorism
These Guidelines promote a common understanding of the risk-based approach to AML/CFT and set out how it should be applied by credit and financial institutions and competent authorities across the EU.
 
  Securities
 
 
European Commission: Commissioner Hill at the ECMI Annual Conference
Main topics of the speech were urgent measures under the CMU: relaunching securitisation markets, establishing a European market for simple personal pensions, overhauling the Prospectus Directive, supporting venture capital, and developing a pan-European venture capital fund of funds.
 
  Insurance
 
 
Insurance Europe: Key concerns regarding the Financial Transaction Tax reiterated
Insurance Europe remains convinced that an FTT would have a negative impact on the real economy, and argues that all retirement products should be exempt from the scope of the FTT.
 
  Asset Management
 
 
CityUK: Lack of awareness of alternative forms of finance could hinder potential of EU growth companies
A new report published by TheCityUK and EY finds that future European financial stability could be at risk over the long-term because of a lack of sufficient knowledge and awareness about complementary and alternative forms of finance among EU growth companies.
 
  Corporate Governance/Accounting
 
 
IFAC urges G-20 Action on Growth: Good regulation and improved public sector financial management critical
The IFAC has submitted 12 recommendations for endorsement by the G-20, urging action on issues impacting the G-20 priorities of robust, inclusive growth.
 
  Political
 
 
Completing Europe's Economic and Monetary Union: Commission takes concrete steps to strengthen EMU
The package of measures adopted include the introduction of an advisory European Fiscal Board; a more unified representation of the euro area in the IMF, and specifies the steps towards completing the Banking Union, notably via a European Deposit Insurance Guarantee Scheme.
Bank of England: EU membership and the Bank of England
This report analyses how membership of the EU affects the Bank of England’s ability to fulfil its objectives. The BoE concludes that overall, the openness of the UK economy has almost certainly increased as a result of EU membership, and that necessary EU reform must safeguard non-euro members.
Fondation Robert Schuman: What Fair Deal between UK and EU Member States?
UK’s exit from the European Union would undoubtedly change the future of European integration by confirming true political disunion from a regional experiment that is unprecedented in the world.
ECB's Cœuré: Towards a political convergence process in the euro area
The Europeans need to define a new convergence process which is political in nature, involving converging economic structures and more integrated markets. This requires a revived political narrative for euro area integration, and a coherent European social contract.
 
  Financial
 
 
FeBAF and TheCityUK: increased European competitiveness relies on a Capital Markets Union
Current topics related to the new developments in the field of CMU and SMEs were discussed at the meeting of AIFSD. Both Italian and British delegations agreed on welcoming the CMU and the EC's securitisation proposal, and on avoiding the FTT.
 
  Economic
 
 
ECB: Results of the October 2015 euro area bank lending survey
The main highlights of the survey are: Further improvement in borrowing conditions for businesses; tighter borrowing conditions for households seeking housing loans; and further increase in demand for loans to businesses and for housing loans. The ECB’s APP continues to support bank lending.
 

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