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06 April 2017

Friends 'Weekly' Newsletter


EBA's analysis of EU banking sector, CMU, EU financial benchmarks, prospectuses, MiFID II, EMIR, SFTR, derivatives clearing, Solvency II, MFFs, Brexit and more.

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  Articles from 30 March 2017 - 06 April 2017

  Banking
 
 
EBA updated risk dashboard confirms that elevated NPLs and low profitability are the main challenges for the EU banking sector
The European Banking Authority published a periodical update of its Risk Dashboard summarising the main risks and vulnerabilities in the EU banking sector by a set of Risk Indicators in Q4 2016.
EBA provides guidance on bail-in under the BRRD
These Guidelines complement existing regulation and guidance to facilitate the use of the bail-in power as a way of absorbing losses and recapitalising banks in resolution. In particular the Guidelines clarify how valuation information should help determine the terms of bail-in.
AFME sets out challenges of Brexit implementation for wholesale banking
The paper seeks to provide EU policymakers with insights on the range of implementation challenges facing wholesale banks, their clients and supervisory authorities.
 
  Securities
 
 
ESMA publishes final rules to ensure integrity of EU financial benchmarks
ESMA published its final report containing the draft regulatory and implementing technical standards under the Benchmarks Regulation.
European Parliament: New rules to protect investors and help SMEs access diverse sources of capital
Uniform rules on the information given in investor prospectuses were approved by Parliament. They aim to protect investors, create a more efficient single capital market and ease small firms’ access to finance.
ESMA clarifies market structure issues under MiFID II
ESMA issued detailed guidance regarding the implementation of the Markets in Financial Instruments Directive and Regulation.
ESMA updates EMIR Q&A and validation rules
ESMA published an update of its Q&As on practical questions regarding the European Markets Infrastructure Regulation following the publication of the revised technical standards on reporting under Article 9 of EMIR.
ESMA updates Q&A on CSDR implementation
ESMA published an update of its Questions and Answers regarding the implementation of the Central Securities Depository Regulation.
ESMA provides implementing details for SFTR
ESMA issued a final report on standards implementing the Securities Financing Transaction Regulation, which aims to increase the transparency of securities financing transactions.
Hedgeweek: EU blocks merger of Deutsche Boerse and London Stock Exchange
European regulators have blocked the proposed merger between Deutsche Börse and the London Stock Exchange Group.
 
  Asset Management
 
 
European Parliament: New rules make cash flow investments by start-ups and SMEs safer
New rules to make money market funds (MMFs) more resistant to crises and market turbulence were approved. MFFs supply easily accessible liquid assets to business start-ups and small and medium-sized enterprises (SMEs), but can be vulnerable to panic runs on their money.
 
  Brexit & UK
 
 
MEPs agree on key conditions for approving UK withdrawal agreement
MEPs stress the importance of securing equal and fair treatment for EU citizens living in the UK and British citizens living in the EU. They also point out that the UK remains an EU member until its official departure: this entails rights but also obligations, including financial commitments.
Remarks by President Donald Tusk on the next steps following the UK notification
The European Council President outlined the main elements and principles of his proposed draft negotiating guidelines on Brexit which have been sent to the remaining 27 EU leaders. Tusk said that "the EU27 will not pursue a punitive approach" because "Brexit in itself is already punitive enough."
The Great Repeal Bill: White Paper
The Great Repeal Bill White Paper sets out the government’s proposals for ensuring a functioning statute book once we have left the EU.
UK Commons' Exiting the EU Committee: 'No deal is better than a bad deal' claim unsubstantiated
The report concludes that the Government's assertion that "no deal is better than a bad deal" is unsubstantiated without an economic assessment of "no deal" having been done and without evidence that steps are being taken to mitigate what would be the damaging effect of such an outcome.
IB Times: 'No major opportunities' for Britain's long-term economic growth, says Berenberg report
Among the other issues flagged by the report, Brexit: key issues and facts as Britain heads for exit, was the position of strength of the EU compared to the UK in the negotiations process and the possibility of a split by Scotland from the UK.
Bruegel: Divorce settlement or leaving the club? A breakdown of the Brexit bill
To bring transparency to the debate on the Brexit bill and to foster a quick agreement, the authors of this Working Paper make a comprehensive attempt to quantify the various assets and liabilities that might factor in the financial settlement.
 

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