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21 December 2017

Friends 'Weekly' Newsletter


Basel Committee, NPLs, internal models, non-centrally cleared OTC derivatives, MiFID II, draft prospectuses RTS, Banking Union, Commission's draft negotiating directives for next phase of the Article 50 negotiations, Cleared Derivatives Industry, Canada-style Brexit deal, transition arrangements...

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  Articles from 14 December 2017 - 21 December 2017

  Banking Union
 
 
Consultative document on stress testing principles and a range of practices report issued by the Basel Committee
The Basel Committee on Banking Supervision today released a consultative document on stress testing principles and a range of practices report on supervisory and bank stress testing.
EBA publishes its standardised data templates as a step to reduce NPLs
The templates will provide a common EU data set for the screening, financial due diligence and valuation during NPL transactions. An extended use of the templates is expected to widen the investor base, lower entry barriers to potential investors, improve data quality and availability, support price discovery and facilitate the development of the NPL secondary market.
EBA consults on amended technical standards on benchmarking of internal models
The European Banking Authority launched a consultation to amend the Commission Implementing Regulation on benchmarking of internal models to adjust the benchmarking portfolios and reporting requirements in view of the benchmarking exercise the EBA will carry out in 2019.
EBA report shows that EU banks comply with LCR requirement of 100% ahead of its full implementation
The EBA published an impact assessment report which shows that EU banks have continued to improve their LCR since 2011. A more in-depth analysis suggests that the LCR regulation, together with capital standards and stable funding, have helped banks increase their lending to real economy.
EBA: ESAs publish final draft technical standards amending margin requirements for non-centrally cleared OTC derivatives
These amendments aim at aligning the treatment of variation margin for physically-settled FX forwards with the supervisory guidance applicable in other key jurisdictions.
 
  Capital Markets Union
 
 
Financial Times: EU regulators grant more last-minute relief on Mifid II
The European Securities and Markets Authority granted an extra six months to allow compliance with new rules that force all institutions, as well as companies issuing securities, to have individual reference numbers for trading.
ESMA updates MiFID II trading halts procedure
The reporting template has been amended with the main objective to reduce, to the extent possible, fields with free text and replace those fields with hard-coded input. This is to facilitate extraction, computation and ultimately the analysis of the files.
ESMA provides guidance on cross-border investment services and MiFID transposition
ESMA guidance to NCAs and market participants on the topic of continuity of cross-border provision of investment services in the transition between MiFID I and MiFID II, including in the event that there is late transposition of the Directive by some Member States.
ESMA updates its MiFID II Q&As on transparency and market structures
ESMA updated its Questions and Answers regarding transparency and market structure issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
EBA consults on the homogeneity of underlying exposures in securitisation
The European Banking Authority (EBA) launched today a public consultation on draft Regulatory Technical Standards (RTS) specifying a set of criteria for the underlying exposures in securitisation to be deemed homogeneous, as part of the requirements under the new EU securitisation framework.
ESMA Consults on draft RTS for prospectuses
ESMA launches a consultation on draft Regulatory Technical Standards under the new Prospectus Regulation (Regulation (EU) 2017/1129).
 
  Asset Management
 
 
EIOPA’s stress test identifies spill-over risks into the real economy from shocks to the European occupational pensions sector
The EIOPA published the results of its 2017 Occupational Pensions Stress Test. This year’s exercise assessed the resilience of Institutions for Occupational Retirement Provision (IORPs) to a "double-hit" scenario, combining a drop in risk-free interest rates with a fall in the price of assets held by IORPs.
 
  Corporate Governance/Accounting
 
 
EFRAG requests comments on its draft endorsement advice on Amendments to IAS 28
EFRAG has issued a draft endorsement advice letter and a separate invitation to comment relating to the endorsement for use in the EU of Long-term Interests in Associates and Joint Ventures (Amendments to IAS 28).
 
  Grahams Articles, Comments & Speeches
 
 
Banking Union: the State of Play
The push is on to complete Banking Union, writes Graham Bishop, who takes stock of the progress so far and next steps, and recognises that, once the EU27 has completed this huge project, "it is difficult to see an offer of re-shaping it just to meet the wishes of British exceptionalism."
 
  Friends Services
 
 
A ‘moderate’ breakthrough in the Brexit impasse: the Commission decides to move on to phase II but sticky issues drag on
This month's 136th Brussels for Breakfast debate and CPD Notes took stock of Theresa May's last-minute deal with the Commission to recommend 'sufficient progress' to begin trade talks. The endorsement of Basel III revamped rules and the upcoming MiFID II and IFRS9 packages were also topical.
 
  Brexit & UK
 
 
Brexit: European Commission recommends draft negotiating directives for next phase of the Article 50 negotiations
Following the guidelines adopted by the European Council (Art 50) on 15 December, the European Commission has today sent a Recommendation to the Council (Art 50) to begin discussions on the next phase of the orderly withdrawal of the United Kingdom from the European Union.
The Guardian: UK cannot have a special deal for the City, says EU's Brexit negotiator
Britain cannot have a special deal for the City of London, the European Union’s chief Brexit negotiator has told the Guardian, dealing a blow to Theresa May’s hopes of securing a bespoke trade agreement with the bloc.
Financial Times: Brexit uncertainty hurting UK economy, says IMF
The International Monetary Fund says that Britain’s vote to leave the EU is already damaging the UK despite a strong recovery in the world economy, and warned that losses in tax revenues could exceed any gains from ceasing net contributions to Brussels.
Financial Times: The real price of Brexit begins to emerge
FT research shows that the weekly hit to the British economy could be the same £350m that Leave campaigners promised to claw back.
Financial Times: Bank of England to shield European banks from tougher post-Brexit rules
The Bank of England will not force all European-headquartered investment banks to ringfence their capital and liquidity in the UK after Brexit, allaying concerns that banking supervisors would require investment banks such as Deutsche Bank to establish expensive new subsidiaries.
FIA publishes white paper on the Impact of a No-Deal Brexit on the Cleared Derivatives Industry
The purpose of the white paper is to promote a better understanding of the impact of Brexit on cleared derivatives in the event of a no-deal. The paper also considers ways to mitigate the impacts of a no-deal scenario during a transition period.
The Guardian: UK banks tell May: a Canada-style Brexit deal is not good enough
Britain’s banks have written to Theresa May and Philip Hammond warning that a Canada-style free trade agreement with the EU post-Brexit is not ambitious enough and that alignment with EU rules on finance is crucial.
 

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