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09 February 2017

Friends 'Weekly' Newsletter


Bank Lending Constraints, DLT, Benchmark Principles, the Brexit White Paper, STS securitisation, the European single market, Donald Trump, Dodd-Frank regulation and more.

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  Articles from 02 February 2017 - 09 February 2017

  Banking
 
 
ECFIN: Bank Lending Constraints in the Euro Area
This paper assesses the lending constraints faced by the banking sectors of euro area Member States arising from a combination of low profitability, adverse bank equity markets and the phase in of new capital requirements.
Financial Times: Trump prepares to take axe to Wall St regulation
Donald Trump has fired the starting gun on his efforts to take the post-crisis shackles off Wall Street by ordering the review of Dodd-Frank financial reform law, a move that triggered warnings from the left, as well as the EU’s financial regulation chief, of a new crash in the making.
Financial Times: Banks study loopholes to enable UK branches to sell to EU clients
Banks are looking for loopholes that could allow their UK operations to keep selling corporate and investment banking products to EU clients even after a hard Brexit.
 
  Securities
 
 
ESMA assesses DLT’s potential and interactions with EU rules
ESMA report sets out its view on DLT, its possible applications, benefits, risks and how it maps to existing EU regulation. ESMA’s position is that regulatory action is premature at this stage, considering that the technology is still at an early stage.
Financial Times: Plan to boost EU securitisation market stalls over Brexit
A Brussels project to “turbo-charge” Europe’s securitisation market risks becoming a casualty of the UK’s Brexit vote amid political clashes over how far financial centres from outside the bloc should be allowed to take part.
IOSCO report shows progress made in implementation of Benchmark Principles
The report found that the administrator had made very significant progress, with most of the recommendations from an earlier review having been implemented. However, some room exists to improve and refine recently implemented policies and practices.
ESMA publishes 2017 supervision plan for CRAs, trade repositories and 3rd country CCPs
ESMA published its Annual Report and Supervision Work Programmes setting out its main areas of supervisory focus for CRAs, TRs and third country CCPs in the European Union. The Report also details the actions ESMA has taken in 2016 in carrying out its supervisory role.
 
  Financial Services Policy
 
 
Bruegel: Making the best of Brexit for the EU27 financial system
The EU27 needs to upgrade its financial surveillance architecture to minimise the financial market fragmentation resulting from Brexit and the corresponding increase in borrowing costs for firms. Up to 30,000 UK jobs and 17% of bank assets would move to the EU as a direct consequence of Brexit.
 
  Friends Services
 
 
The Brexit White Paper
The UK Government released its White Paper on what it wants to achieve during the negotiations for exiting the European Union - Graham Bishop comments on the specific objectives for financial services.
 
  Political
 
 
Reuters: EU court might make changes to any Brexit deal, chief justice says
Britain's withdrawal from the European Union seems likely to end up under review by the EU's top court, which might insist on changes to any Brexit treaty, its chief justice told Reuters.
The United Kingdom’s exit from and new partnership with the European Union White Paper
This White Paper, published by the UK Government's Department for Exiting the EU, provides Parliament and the country with a clear vision of what May administration is seeking to achieve in negotiating Britain's exit from, and new partnership with, the European Union.
Financial Times: EU leaders urged ‘not to punish Brits’ over Brexit
Commission vice-president Timmermans says restraint in talks will help member states’ economies. Germany's finance minister Schauble has also warned against seeking to “punish” the British for the decision to leave the EU and losing out on London's financial centre.
 

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