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07 July 2016

Friends 'Weekly' Newsletter


ECB, EBA, MAR, MiFID II, Insurance Distribution Directive, IORPs II, PEPP, Bank of England, European Council, Brexit, anti-money laundering and more.

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  Articles from 30 June 2016 - 07 July 2016

  Banking
 
 
Reuters: ECB calls for urgent roadmap on Britain's plans to leave EU
Two of the European Central Bank's top policymakers pressed Britain to provide a clear-cut plan for leaving the European Union, to prevent more economic damage.
EBA clarifies use of 2016 EU-wide stress test results in the SREP process
The EBA published information on how the results of the EU-wide stress test will inform the Supervisory Review and Evaluation Process (SREP). The focus of this update is to explain how additional "capital guidance" can be used as a tool to address the quantitative outcomes of the stress test.
 
  Securities
 
 
European Commission: New EU rules to fight insider dealing and market manipulation in Europe's financial markets take effect
A revamped EU legal framework, applicable as of 3 July, will ensure even more efficient, transparent and trustworthy European financial markets.
ESMA publishes responses received to its consultation on Guidelines on CSDR
The European Securities and Markets Authority has published the responses received to the Consultation Paper on Guidelines on participant default rules and procedures under CSDR.
ESMA proposes two amendments to natural person identifiers under MiFID II
ESMA submitted two amendments to the European Commission in relation to the draft regulatory technical standards on reporting obligations under Article 26 of the Markets in Financial Instruments Regulation.
 
  Insurance
 
 
EIOPA consults on policy proposals regarding the implementation of the Insurance Distribution Directive
The European Insurance and Occupational Pensions Authority published a Consultation Paper on its draft technical advice to the European Commission on possible delegated acts concerning the Insurance Distribution Directive.
 
  Asset Management
 
 
Occupational pension funds: Council confirms agreement with EP
The Permanent Representatives Committee approved, on behalf of the Council, an agreement with the European Parliament on institutions for occupational retirement provision (IORPs).
EIOPA advises on the development of an EU single market for personal pension products
The European Insurance and Occupational Pensions Authority published the final Advice on the further development of a single European Union market for personal pension products.
 
  Grahams Articles, Comments & Speeches
 
 
Stiff Upper Lips at the Bank of England: July Financial Stability Report
Graham Bishop reviews the Bank of England July Stability Report.
 
  Political
 
 
Opening statement by Vice President Dombrovskis at the consultation with the European Parliament's Committee on Economic and Monetary Affair
The new Commissioner for Financial Stability, Financial Services and the Capital Markets Union gave a speech focusing on Brexit, Banking Union, policies related to deepening EMU and building a Capital Markets Union.
Bank of England: Financial Stability Report, July 2016
The BoE's FSR states that "there is evidence that some risks have begun to crystallise. The current outlook for UK financial stability is challenging."
Report by President Donald Tusk to the European Parliament on the European Council and the informal meeting of 27 EU leaders
Council President first explained the Council discussions on the migration crisis, cyber threats and digital and capital markets. Tusk then turned to the political consequences of the UK referendum and said that the EU-27 will continue its political reflection on the EU in September.
VerfassungsBlog: Everything you need to know about Article 50 (but were afraid to ask)
Andrew Duff's comprehensive guide to Article 50 of the Treaty on European Union (TEU), a clause which provides the only way out of the European Union for a member state and should be deployed as soon as possible to end up the political and constitutional crisis that Brexit has triggered in Europe.
Bruegel: Lost passports: a guide to the Brexit fallout for the City of London
If the UK cannot secure a ‘Norway’ deal and stay within the internal market, the UK will lose passporting rights for financial services and access to euro clearing and settlement, both of which make London attractive as a financial centre.
 
  Economic
 
 
Commission strengthens transparency rules to tackle terrorism financing, tax avoidance and money laundering
The Commission adopted a proposal to further reinforce EU rules on anti-money laundering to counter terrorist financing and increase transparency about who really owns companies and trusts.
 

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