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19 October 2017

Friends 'Weekly' Newsletter


Basel III, capital requirements, Capital Markets Union, MiFID II, Prospectus Regulation, EBA guidance on Brexit relocations, OECD Economic Survey of the United Kingdom, Article 50 negotiations, Germany and more.

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  Articles from 12 October 2017 - 19 October 2017

  Banking Union
 
 
Thirteenth progress report on adoption of the Basel regulatory framework
This updated Progress report on adoption of the Basel regulatory framework provides a high-level view of Basel Committee members' progress in adopting Basel III standards as of end-September 2017.
EBA updates list of public sector entities for the calculation of capital requirements
The European Banking Authority published an updated list of public sector entities that may be treated as regional governments, local authorities or central governments for the calculation of capital requirements, in accordance with the EU Capital Requirements Regulation.
 
  Capital Markets Union
 
 
Steven Maijoor on the State of European Financial Markets
Steven Maijoor focused on three key issues in his speech: building a Capital Markets Union,; a strong convergent European supervisory culture including Brexit; and improving the understanding of trends, risks and vulnerabilities in financial markets.
ESMA publishes the responses to its Consultation on Guidelines on certain aspects of the MiFID II suitability requirements
The European Securities and Markets Authority published the responses received to its Consultation on Guidelines on certain aspects of the MiFID II suitability requirements.
Bloomberg: More than half the EU is still racing to comply with MiFID rules
In seventeen countries, including Spain, the Netherlands and Portugal, policy makers are still working to convert the revised Markets in Financial Instruments Directive into national law or regulations, according to the European Commission and reporting by Bloomberg.
ESMA launches key MiFID II and MAR financial instrument reference database
The launch involves providing access to the database containing the currently available reference data that will eventually enable market participants to identify instruments subject to MAR and MiFID II/MiFIR reference data reporting requirements.
ESMA publishes the responses to its Consultation on technical advice under the new Prospectus Regulation
ESMA published the responses received to its Consultation on technical advice under the new Prospectus Regulation.
 
  Friends Services
 
 
May’s Florence speech momentum stalled over the Brexit bill - 134th Brussels for Breakfast – CPD Notes
The Prime Minister's golden vision of Britain after Brexit that she painted in Florence provided momentum in the separation talks as it gave a softer tone that was welcomed in the EU, but Europeans 'want their money' too and talks soon reached a blockage over the sum needed to exit the bloc.
 
  Brexit & UK
 
 
TheCityUK: Value of a transition deal disappearing by the day
Ahead of this week’s European Council meeting, TheCityUK has issued a clear warning that the value of a transitional deal is disappearing by the day. It calls on the UK government to make rapid progress on setting out the detail of transition and for the EU to respond quickly and positively.
The Guardian: Time running out for Brexit transition deal, Bank of England warns
Mark Carney told MPs that without a transitional deal banks would need to start moving staff and setting up offices in the EU from as early as the first three months of next year, given it would take at least 18 months to make the changes.
Press statement by Michel Barnier and David Davis following the fifth round of Article 50 negotiations with the United Kingdom
Barnier warned that talks over the so-called 'Brexit bill' have reached a deadlock, while Davis said that to "provide certainty we must talk about the future".
Financial Times: European business group warns on slow pace of UK Brexit talks
BusinessEurope has written an open letter to EU president Donald Tusk ahead of this week’s EU summit saying that companies need swift progress to be made on the terms of the transition period that will apply after Britain leaves the EU in March 2019.
OECD Economic Survey of the United Kingdom: Maintain close ties with EU to meet challenges of Brexit
The UK economy has weakened in the aftermath of the decision to leave the European Union. Maintaining close ties with the EU and implementing policies to boost productivity will be crucial for maintaining future living standards, according to a new report from the OECD.
Rabobank: Hard Brexit to cost UK economy £400bn by 2030
Leaving the EU without a trade agreement would cost the UK economy £400bn by 2030, according to new research from Rabobank.
Bloomberg: Germany favors UK banks gaining transitional EU access
Germany wants the European Union to be prepared to grant UK financial companies transitional access to the EU if the Brexit process drags on, according to a government strategy document.
EBA provides guidance to authorities and institutions on Brexit relocations
The EBA published an Opinion on Brexit to ensure the consistent application of Union legislation to businesses seeking to establish or enhance their EU27 presence in order to retain access to the EU Single Market. The Opinion aims at providing greater certainty to firms and ultimately at ensuring a level playing field.
 

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