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15 September 2016

Friends 'Weekly' Newsletter


Basel III, CET1, Capital Markets Union, non-centrally cleared OTC derivatives, PRIIPs, Brexit, State of the Union and more.

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  Articles from 08 September 2016 - 15 September 2016

  Banking
 
 
BCBS: Basel III monitoring results published by the Basel Committee
The Basel Committee published the results of its latest Basel III monitoring exercise. The Committee established a rigorous reporting process to regularly review the implications of the Basel III standards for banks and it has published the results of previous exercises since 2012.
EBA updates its CET1 list
The EBA published its third updated list of capital instruments that Competent Supervisory Authorities (CAs) across the European Union have classified as CET1.
EBA says that core funding ratio cannot replace NSFR when assessing funding risk
The Report concludes that, overall, it would be misleading to rely only on the CFR to assess banks' funding needs because, unlike the Net Stable Funding Ratio (NSFR), the CFR does not look at the whole balance sheet of a bank and, therefore, cannot fully assess a potential funding gap.
ESAs highlight main risks for the EU financial system
The ESA’s report focuses on recent developments concerning the low growth and low yield environment and its potential effects on financial institutions' profitability and asset quality, and highlights concerns related to the interconnectedness in the EU financial system.
 
  Securities
 
 
Completing the Capital Markets Union – Commission accelerates reform
The European Commission set out the next steps to accelerate the completion of the Capital Markets Union during the President Juncker’s 2016 State of the Union address.
ESAs reject proposed amendments from the European Commission to technical standards on non-centrally cleared OTC derivatives
The three European Supervisory Authorities (EBA, EIOPA, ESMA - ESAs), published their Opinion addressed to the European Commission expressing disagreement with its proposed amendments to the final draft RTS on risk mitigation techniques for OTC derivatives not cleared by a central counterparty.
 
  Insurance
 
 
Packaged retail investment products: Parliament Plenary returns draft law to Commission
Draft legislation designed to protect retail investors has been rejected by MEPs as so “flawed and misleading” that it could actually lose them money. Unusually, it will be returned to the EU Commission for revision.
 
  Friends Services
 
 
The EU’s “Swiss Model”: will it even exist in 2017?
Unless the recent proposals by the Swiss government on migrant quotas are accepted by the EU, the December 2016 European Council will take a hard line. Whatever the outcome of the situation, there will be a clear message for the Brexit negotiations.
122nd Brussels for Breakfast – the Blog
Organised by the Centre for the Study of Financial Innovation (CSFI), hosted by Grant Thornton with co-presenter Peter Snowdon (Norton Rose Fulbright).
 
  Political
 
 
Commission sets up Task Force led by Michel Barnier as Chief Negotiator for the Preparation and Conduct of the Negotiations with UK
The Commission has decided to set up a Task Force for the preparation and conduct of the negotiations with the United Kingdom under Article 50 of the TEU. This follows the appointment of Michel Barnier as Chief Negotiator in charge of those negotiations and of the new Task Force.
House of Lords: Parliament should 'play a central role' in triggering Article 50
The House of Lords Constitution Committee says it would be 'constitutionally inappropriate' and would set 'a disturbing precedent' for the Government to act on the referendum without explicit parliamentary approval.
Financial Times: Swiss stock exchange turns to Germany for EU access
SIX among the first financial firms to make concrete post-Brexit plans on ‘equivalence’, after concluding that its relationship with London would not suffice after the UK quits EU.
TheCityUK: The UK: Europe's financial centre
The relationship between the UK and Europe is important to the economic welfare of both, and this paper sets out data highlighting the extent of financial and related professional services trade and investment between the UK and Europe.
 

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