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23 March 2017

Friends 'Weekly' Newsletter


O-SIIs, Resolution Capital, IFRS 9, CCP Recovery & Resolution, MiFID II, benchmarking pension sustainability, IFRS 16 LEASES, European Supervisory Authorities, Brexit, CMU, non-performing loans, sovereign bond markets and more.

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  Articles from 16 March 2017 - 23 March 2017

  Banking
 
 
EBA updates list of O-SIIs in the EU
The EBA updated the 2016 list of Other Systemically Important Institutions (O-SIIs) in the EU. This list also reflects the additional capital buffers that the relevant authorities have set for the identified O-SIIs.
ECB: Guidance to banks on non-performing loans
Following a public consultation, the ECB has published its final guidance on non-performing loans (NPLs). The guidance outlines measures, processes and best practices for banks to tackle NPLs.
Investment & Pensions Europe: Bank trade body warns of backwards step for IFRS 9
The European Banking Association (EBA) has warned that proposals from the European Commission (EC) to transition banks to the new IFRS 9 accounting model could mean banks recognise lower loan-loss provisions or impairments than they do at present.
CEPS: Pursuing multiple objectives with the banking reform package: Who can still follow?
Multiple objectives are being pursued by the Commission with its amendments to prudential rules in the banking reform package. With Brexit looming, and the SSM in shape, the competitiveness of EU-based banks needs to be taken into account at European and global level.
 
  Securities
 
 
ESMA statement to ECON Hearing on CCP Recovery & Resolution
The European Securities and Markets Authority's Steven Maijoor took part in a hearing on CCP Recovery and Resolution organised by the Economic and Monetary Affairs Committee of the European Parliament.
ESMA to cooperate with non-EU regulators on CCPs
ESMA established five Memoranda of Understanding under the European Markets Infrastructure Regulation.
ESMA issues implementing rules for package orders under MiFID II
ESMA published its final report on draft regulatory technical standards regarding the treatment of package orders under the amended Markets in Financial Instruments Directive.
 
  Asset Management
 
 
Eurogroup Statement on the structural reform agenda - thematic discussions on growth and jobs: benchmarking pension sustainability
Following agreement in June 2016 on common principles guiding euro area Member States' reforms to strengthen pension sustainability, the Eurogroup has discussed benchmarking as a tool to provide further support and impetus to reforms in this area.
 
  Corporate Governance/Accounting
 
 
European Parliament: Stronger rights for shareholders in EU companies
New tools to sharpen big EU firms’ focus on their long-run performance, by fostering their shareholders’ commitment to it, were approved by Parliament. They will include giving shareholders a say on directors’ pay and making it easier for firms to identify their shareholders.
ESBG response to the EFRAG consultation on IFRS 16 LEASES Draft Endorsement Advice
ESBG believes that EFRAG’s draft endorsement advice should include a suggestion that the European Commission reviews the wording in CRR/CRD IV sufficiently in advance before IFRS 16 is in place.
 
  Financial Services Policy
 
 
European Commission: public consultation on the operations of the European Supervisory Authorities
The results of the consultation should provide a basis for concrete and coherent action by way of a legislative initiative, if required.
 
  Friends Services
 
 
Resolution Capital: A Doomsday Machine for Europe’s Banks?
The post-Crash re-ordering of Europe’s financial system is coming to an awkward phase – rather like striding across a chasm. One foot is still on the shaky ground after the Crash and the other is past the point of no-return on the way to the presumed financially stable ground on the other side.
 
  Financial
 
 
ESMA sees relatively ample liquidity in sovereign bond markets
ESMA’s latest research piece on market liquidity published in its recent report on trends, risks and vulnerabilities finds improved liquidity in European sovereign bonds markets.
 
  Brexit & UK
 
 
Michel Barnier: The conditions for a successful negotiation with the UK
Speech by the Chief Negotiator for the Preparation and Conduct of the Negotiations with the United Kingdom, at the plenary session of the European Committee of the Regions.
Department for Exiting the European Union: Article 50 to be triggered on 29 March
The UK Government has announced its intention to invoke Article 50 on Wednesday 29 March 2017.
IfG: Legislating Brexit
Up to 15 new bills in addition to the Great Repeal Bill could be required to deliver Brexit.'Legislating Brexit' warns that Brexit will place a huge burden on both parliament and government departments - this will leave very little space for non-Brexit related legislation.
Bloomberg: UK consumer spending to slow sharply in coming years, PwC says
UK consumer spending growth will weaken for years to come after slipping to about 2 percent this year from 3 percent in 2016, PricewaterhouseCoopers LLP said.
Columbia Center on Sustainable Investment: FDI to the UK will remain robust post-Brexit
The Columbia FDI Perspectives noted that, even for the long term, there are reasons to suppose that FDI into the UK will remain robust, especially by companies servicing UK and non-European markets.
 

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