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29 October 2015

Friends 'Weekly' Newsletter


ECB, BRRD, EIOPA, Solvency II, EFAMA, AIFMD, ESMA, Jeremy Corbyn, Spanish General Election, new Ipsos-Mori Political Monitor, EU deal on automatic exchange of tax data and more.

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  Articles from 22 October 2015 - 29 October 2015

  Banking
 
 
ECB's Mersch: Challenges of retail payments innovation
Yves Mersch says that for the Eurosystem, the main focus is on pan-European retail payment solutions in euro; the EU must ensure the safety of innovative payment services, which market needs to be based on a level playing field; and that he expects the adoption of instant payments to be set shortly.
Commission refers six Member States to the Court of Justice of the EU for failing to transpose EU rules on BRRD
The European Commission has decided to refer the Czech Republic, Luxembourg, the Netherlands, Poland, Romania and Sweden to the Court of Justice of the EU over failure to transpose legislation on Bank Recovery and Resolution.
 
  Insurance
 
 
EIOPA modifies the methodology for calculating the relevant risk-free interest rate term structures for Solvency II
Since February 2015 EIOPA publishes on a monthly basis relevant risk-free interest rate term structures that are based on the Solvency II Directive. The methodology for deriving those term structures is set out in a technical documentation published on EIOPA's website.
 
  Asset Management
 
 
EFAMA reply to the Guidelines on sound remuneration policies under the UCITS Directive and AIFMD
EFAMA supports and endorses ESMA’s course of action to seek a proper alignment of the UCITS-specific draft remuneration Guidelines with the existing ones for AIFMs for the sake of consistent remuneration requirements for investment management companies holding UCITS and AIFM management license.
European Commission:Investment Plan for Europe over €1 billion of EIF equity investments for SMEs and start-ups across Europe since January
Since the start of 2015, the European Investment Fund and equity funds across Europe have signed investment agreements worth over €1 bn which will provide equity financing for businesses. These 28 transactions benefit from the support of the EFSI, the heart of the Investment Plan for Europe.
 
  Corporate Governance/Accounting
 
 
ESMA: Quality improvement of disclosures in financial statements
The ESMA has published a Public Statement on improving the quality of disclosures in financial statements following growing concern over their relevance.
 
  Grahams Articles, Comments & Speeches
 
 
The amazing rise of Jeremy Corbyn to the leadership of the UK’s Labour Party: What are the policy implications?
In particular, what might it mean for the Labour Party’s policy towards Europe - critical for both Britain's economic and foreign policies?
 
  Friends Services
 
 
The next Spanish Parliament will be a pact between the 'old politics' and 'new politics'
The Spanish parliament was dissolved earlier this week and PM Mariano Rajoy announced that the General Election will take place on 20th December. Although the electoral campaign will not kick off until the 4th December, many opinion surveys are being published and show a very fragmented outcome.
 
  Political
 
 
Ipsos-Mori: Stay's lead narrows in EU Referendum debate
Ipsos MORI’s latest Political Monitor reveals that support for Britain’s continued membership of the EU has fallen. Over half of Britons could be persuaded to change their mind in Europe vote depending on the effects on Britain of remaining or leaving the EU.
 
  Economic
 
 
European Parliament: Ending EU citizens' bank secrecy in Switzerland
Parliament adopted its stance on a deal with Switzerland to make it harder for EU citizens to hide cash from the tax man in Swiss bank accounts. Under the deal, the EU and Switzerland will automatically exchange information on the bank accounts of each other's residents, starting in 2018.
European Council: EU and Liechtenstein sign deal on automatic exchange of tax data
The European Union and Liechtenstein signed an agreement on the automatic exchange of financial account information aimed at improving international tax compliance.
 

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