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12 November 2015

Friends 'Weekly' Newsletter


EBA, EU-wide stresst tests, EBF, TLAC, CMU, BIS, STS proposals, MiFID II, PRIIPS, FSB, CMU, Brexit, European Deposit Insurance Scheme, economic EU Autumn forecast and more.

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  Articles from 05 November 2015 - 12 November 2015

  Banking
 
 
EBA announces details of 2016 EU-wide stress test
The EBA published 2016 EU-wide stress test draft methodology for discussion. The stress test will be launched in the first quarter of 2016 and will cover over 70% of the EU banking sector and will assess EU banks' ability to meet relevant supervisory capital ratios during an adverse economic shock.
EBF urges proper and careful implementation of TLAC in Europe
The EBF broadly supports the FSB’s proposal for a global requirement for TLAC for G-SIBs. The standard will ensure that G-SIBs will maintain adequate capital resources within their group structure to ensure that these banks can fail and be resolved irrespective of their global footprint.
 
  Securities
 
 
Council Conclusions on the Commission Action Plan on building a Capital Markets Union
The Council has published its conclusions on the CMU Action Plan, supporting a number of priority areas such as increasing the variety of financing sources, ensuring a regulatory environment for investment, enhancing the capacity of banks to lend and dismantling unjustified cross-border barriers.
BIS: Capital treatment for "simple, transparent and comparable" securitisations
This consultative document on capital treatment for "simple, transparent and comparable" securitisations builds on the revised capital standards issued by the Committee in December 2014.
Reuters: EU poised to delay MiFID II by a year
The European Union's landmark reform of securities markets to apply lessons from the financial crisis may need to be delayed by a year to January 2018, a European Commission official said.
 
  Insurance
 
 
Insurance Europe: Key messages on key information document for PRIIPs
Insurance Europe continues to highlight the fact that it is extremely important that the features of insurance-based investment products are appropriately presented in the key information document (KID) for packaged retail investment and insurance-based investment products (PRIIPs).
 
  Financial Services Policy
 
 
FSB releases progress report on reducing misconduct risk in the finance industry
The progress report on the measures to reduce misconduct risk sets out details about the FSB-coordinated work to address misconduct in the financial sector and the timeline for the actions.
 
  Grahams Articles, Comments & Speeches
 
 
European Movement (UK): Graham Bishop elected to Executive Committee
We are delighted to announce that Graham Bishop was re-elected for another two-year term on the National Council of the European Movement (UK). On 7th November, he was then elected to the Executive Committee. This will enable him to play a full role in the `Brexit’ Referendum – whenever it may come.
 
  Friends Services
 
 
The “STS” securitisation proposal: will it deliver for CMU?
Capital Market Union (CMU) is one of the top priorities for the European Commission and a revival of securitisation is a `low hanging fruit’ that Commissioner Hill wants to pick – and rapidly!
 
  Political
 
 
David Cameron speech at Chatham House event: The Future of Britain's Relationship with the EU
British PM explained in detail the reforms he asked for in a letter sent to the President of the European Council, with four main objectives at the heart of the negotiations: single market, competitiveness, no 'ever closer union' for the UK; and controlling migration from the EU.
TheCityUK responds to the Prime Minister’s EU reform proposals
TheCityUK's Cummings said that they "support the PM’s efforts to negotiate change". The most important principles outlined by Cameron, in their view, would be "ensuring non-discrimination between Euro and non-Euro states, and hardwiring competitiveness into the DNA of the future of the EU."
ESRI: Scoping the Possible Economic Implications of Brexit on Ireland
If the UK voted to leave the EU, the resulting changed relationship between the UK and the EU could potentially have far-reaching consequences for Ireland. ESRI researchers explore the economic links between Ireland and the UK and scope out the possible economic consequences of Brexit for Ireland.
 
  Financial
 
 
European Political Strategy Centre: Towards a European Deposit Insurance Scheme
The European Commission’s in-house think tank has produced the first issue of its Five President's report series, in which it concludes that the SRB would be the best placed institution to house the nascent European Deposit Insurance Scheme, and that the ESM would serve as its backstop.
 
  Economic
 
 
European Commission: Autumn forecast points to moderate recovery
The economic recovery should continue at a modest pace next year despite more challenging conditions in the global economy, according to the 2015 Autumn Economic Forecast of the European Commission.
 
  Budgetary
 
 
ECA: 2014 EU audit in brief
The ECA audited the revenue and expenditure of the 2014 EU budget and the European Development Funds and provided its opinion on the extent to which the annual accounts are reliable and income and spending transactions comply with the applicable rules and regulations.
 

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