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28 July 2016

Friends 'Weekly' Newsletter


MREL, EBA, credit risk management, CRR, MAR, global insurance capital standard, UCITS, Brexit, CMU, The City, equivalence, G20, resolution financing arrangements and more.

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  Articles from 21 July 2016 - 28 July 2016

  Banking
 
 
EBA consults on the minimum requirement for own funds and eligible liabilities (MREL)
The interim report is addressed to the European Commission, and it will inform a future legislative proposal on the implementation of the Financial Stability Board's "total loss-absorbing capacity" (TLAC) standard in the EU and the review of MREL.
EBA consults on credit risk management practices and accounting for expected credit losses
These Guidelines aim at ensuring sound credit risk management practices associated with the implementation and on-going application of the accounting for expected credit losses.
EBA consults on the treatment of connected clients for large exposures
These draft Guidelines focus exclusively on the issue of connected clients as defined in the Capital Requirements Regulation (CRR) and they reflect the developments in the area of shadow banking and large exposures both at EU and international level.
EBA consults on the appropriate basis for the target level of resolution financing arrangements
The EBA launched a consultation on its report on the reference point for the target level of national resolution financing arrangements. The appropriateness of the basis for the target level is assessed on the basis of a number of qualitative criteria and historical data.
EBA publishes final draft technical standards on assessment methodology
The EBA published the final draft RTS specifying the assessment methodology competent authorities shall follow in assessing the compliance of an institution with the requirements for the use of the IRB Approach.
 
  Securities
 
 
ESMA finalises standards on sanctions and measures under MAR
ESMA issued final implementing technical standards regarding sanctions and measures which will implement the Market Abuse Regulation.
 
  Insurance
 
 
Commercial Risk Europe: Insurance Europe raises concerns as global insurance capital standard moves a step closer
Moves to create a global risk-based global insurance capital standard came a step closer this week as the International Association of Insurance Supervisors (IAIS) published its Insurance Capital Standard (ICS) document.
 
  Asset Management
 
 
ESMA publishes updated UCITS Q&A
ESMA published an updated questions and answers document on the application of the Undertakings for the Collective Investment in Transferable Securities Directive.
 
  International/G20
 
 
G20 Finance Ministers and Central Bank Governors Communiqué
The G20 stated that global economic recovery continues but remains weaker than desirable, and warned that "the outcome of the referendum on the UK’s membership of the EU adds to the uncertainty in the global economy."
 
  Friends Services
 
 
Brexit and CMU
The CMU project should – and must – survive Commissioner Hill and Brexit because it was a major plank in Commission President Juncker’s “Political Guidelines” – effectively his manifesto for his term of office.
 
  Political
 
 
Open Europe: Priorities for the new Department for International Trade post-Brexit
Prime Minister Theresa May has made it clear that international trade will be a key priority of her government. Open Europe’s Raoul Ruparel puts forward his thoughts on what tasks should the UK prioritise.
House of Commons: Absence of certainty on Brexit migration issues, says Committee
The Home Affairs Committee warned that "post-Brexit attempts to limit non-EU migration, and the uncertainty over migration within Europe during the exit negotiations, could both lead to a surge in immigration."
Financial Times: City of London eyes ‘equivalence’ as post-Brexit link with EU
With Britain heading for the EU exit door, the future right to tap into Europe from London, known as “passporting”, has been thrown into doubt. There is another path set out in EU law for investors and bankers based overseas to do business in Europe — a route known as “equivalence”.
House of Lords: Parliament must have role in scrutinising Brexit, Committee reports
The EU Committee published a report stating that all aspects of the negotiations on the UK withdrawal from the EU, including trade negotiations, should be effectively scrutinised by Parliament.
Financial News: City unites for new bipartisan Brexit lobby
Influential City executives from both sides of the Brexit debate are coming together to launch a new body that aims to represent the financial industry's interests in the UK's exit from the European Union. Graham Bishop will lead external communications for the group.
 

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