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05 May 2016

Friends 'Weekly' Newsletter


ECB, TLTRO-II, EBA, consumer data, OTC, ESMA, EU central counterparties stress test, MiFID II, PRIIPs, EIOPA, PEPP, financial benchmarks, securitisation, Brexit, House of Lords report, CMU, SMEs and more.

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  Articles from 28 April 2016 - 05 May 2016

  Banking
 
 
ECB publishes legal acts relating to the second series of targeted longer-term refinancing operations (TLTRO-II)
TLTRO-II is intended to reinforce the ECB’s accommodative monetary policy stance and to strengthen the transmission of monetary policy by further incentivising bank lending to the real economy.
EBA seeks views on the use of consumer data by financial institutions
The EBA published a Discussion Paper on innovative uses of consumer data by financial institutions, in line with its mandate to monitor financial innovation. The paper identifies risks and benefits for consumers and financial institutions, as well as for financial integrity in general.
 
  Securities
 
 
BIS: OTC derivatives statistics at end-December 2015
The Bank for International Settlements released OTC derivatives statistics at end-December 2015.
ESMA publishes results of EU central counterparties stress test
ESMA published the results of its first EU-wide stress test exercise regarding Central Counterparties. The results of the test shows that the system of EU CCPs can overall be assessed as resilient to the stress scenarios used to model extreme but plausible market developments.
ESMA amends MiFID II standards on non-equity transparency and position limits
ESMA issued two Opinions proposing amendments to its draft Regulatory Technical Standards under the Markets in Financial Instruments Directive and Regulation.
 
  Asset Management
 
 
European financial associations call for a one-year delay of the entry of application of the PRIIPs Regulation
EBF, EFAMA and EUSIPA are fully supportive of the objectives of the PRIIPs initiative. They all agreed that the PRIIPs KID – if appropriately designed – could be a valuable tool enabling retail investors to compare more easily and, hence, make better informed decisions.
Insurance Europe: Concerns raised on EIOPA PEPP proposal to European Commission
Insurance Europe has published a position paper regarding the EIOPA’s advice to the European Commission on the development of a pan-European personal pension product (PEPP).
 
  Financial Services Policy
 
 
European Parliament: Interest rates: final vote to ensure robust and transparent benchmark setting
Benchmark interest rates that are critical to financial market stability across Europe, such as LIBOR and EURIBOR, will become more reliable thanks to a new law voted in by Parliament.
 
  Friends Services
 
 
Securitisation: the next low-hanging fruit of CMU?
CMU is designed to be a major building block in a genuinely single market. Yet the proposal to leave many key roles in the hands of national regulators may finish up fragmenting the market along national lines. Surely this cries out for regulation to be at the European level.
“Britain’s Future in Europe: The known Plan A to remain, or the unknown Plan B to leave”
Graham Bishop reviews CEPS's book and says it is a "piercing analysis" which "shows with remarkable clarity some of the profound issues that the Leavers have not addressed."
 
  Political
 
 
House of Lords: EU withdrawal would be complex and daunting, Committee finds
The EU Committee publishes a report stating that if the UK votes to leave the EU, negotiating withdrawal would be a "complex and daunting task".
Alistair Darling: leaving EU could put £250bn of UK export trade at risk
Leaving the EU could put £250bn of British trade at risk, former chancellor of the exchequer Alistair Darling has claimed, saying negotiating new free-trade deals with key export markets could take an average of six years.
Reuters: EU would divorce UK before any new relationship
The European Union would insist on completing a swift divorce with Britain before starting to forge any new relationship if UK voters decide in June to leave the 28-member bloc, EU sources told Reuters.
Financial Times: Bank of England governor says Brexit risks higher prices and lower growth
Mark Carney set out in a letter to MPs the likely consequences of a sharp fall in sterling after leaving the EU. The only scenario he describes as plausible leads “to a lower path for growth and a higher path for inflation”.
 
  Financial
 
 
Capital Markets Union: Commission supports crowdfunding as alternative source of finance for Europe's start-ups
The European Commission published its report on the EU crowdfunding sector, part of the Capital Markets Union Action Plan.
 

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