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19 April 2018

Friends 'Weekly' Newsletter


Banks’ capital markets activities, exposures associated with high risk, capital requirements, Securitisation, short-selling disclosure, operational-risk analysis, Shareholders Rights Directive, liquidity contracts, report on risks and vulnerabilities by the ESAs, CMU, Brexit and more.

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Banking Union Capital Markets Union Corporate Governance/Accounting
Market Abuse Financial Services Policy Brexit & UK
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  Articles from 12 April 2018 - 19 April 2018

  Banking Union
 
 
AFME/PwC report examines the impact of post-crisis regulation on banks’ capital markets activities
The Association for Financial Markets in Europe (AFME) and PwC have published a new ex-post study on the impact of regulation on banks’ capital markets activities.
EBA launches consultation on Guidelines regarding the exposures to be associated with high risk
The Guidelines specify which types of exposures, other than those mentioned in Article 128 (2) of the CRR, are to be associated with particularly high risk and under which circumstances. The Guidelines also clarify the notion of investments in venture capital firms and private equity.
Financial Times: Fed proposes cuts to capital requirements for largest banks
The Federal Reserve is proposing to reduce the amount of capital the US’s biggest banks are required to hold by modifying the way a key leverage ratio is calculated.
European Shadow Financial Regulatory Committee: Allocation of Losses of Banks and Sovereigns in Europe
The ESFRC addresses the need for prompt recognition and predictable allocation of losses in banking and sovereign debt crises. Members advocate a more prominent role for the ESM in the process of cleaning up non-performing bank loans and unsustainable sovereign debt levels in Europe.
 
  Capital Markets Union
 
 
ESMA publishes the responses to its Consultations on Securitisation
The European Securities and Markets Authority has published the responses received to its Consultations on Securitisation.
ESMA study shows impact of short-selling disclosure on investor behaviour
The public disclosure of net short positions in EU shares influences investors’ behaviour, a recent study by the European Securities and Markets Authority finds.
ESMA extends its operational-risk analysis
Developments such as the recent surges in cyber-attacks on financial firms, or technical glitches leading to flash crashes on trading venues, have heightened the sensitivity of market participants and regulators to potential disruptions in financial services providers’ operations.
 
  Corporate Governance/Accounting
 
 
Better Finance: Shareholders Rights Directive Implementing Acts last chance to ensure rights of individual shareholders taken into account
Over the last few years, the EU has been trying to facilitate the exercise of shareholders' rights by updating the Shareholder Rights Directive (SRD II). According to Better Finance, the revised Directive itself unfortunately only provided limited improvements to shareholders' rights.
 
  Market Abuse
 
 
ESMA publishes a negative opinion on an accepted market practice on liquidity contracts proposed by the French AMF
ESMA published an opinion on the Accepted Market Practice notified by the French Autorité des Marchés Financiers, which replaces the AMP under the Market Abuse Directive established in March 2005.
 
  Financial Services Policy
 
 
EBA: EU financial regulators warn against risks for EU financial markets, Brexit, asset repricing and cyber-attacks key risks
The securities, banking and insurance sectors in the European Union face multiple risks, the latest report on risks and vulnerabilities by the Joint Committee of the European Supervisory Authorities (ESAs) shows.
 
  Brexit & UK
 
 
Financial Times: Brussels seeks emergency powers to prepare for hard Brexit
Brussels is issuing dozens of legal proposals on Brexit over the next 10 weeks, in a flurry of lawmaking to prepare the EU for an sharp break from the UK, partly by giving emergency powers to the bloc’s institutions.
Bloomberg: UK won't pay Brexit bill until trade deal is clear, Davis says
The British Parliament could block the Brexit deal if the European Union fails to offer a detailed blueprint for the future terms of trade with the UK, Brexit Secretary David Davis said.
The Guardian: Each Brexit scenario will leave Britain worse off, study finds
The study for the thinktank Global Future, found that a bespoke deal, the government’s preferred option, would have a net negative fiscal impact of about £40bn a year.
Deputy Governor of the Central Bank of Ireland Ed Sibley: Brexit - where to next?
Sibley covered the potential impacts of Brexit on the Irish economy with a particular focus on the financial services system; addressed the impact of Brexit on financial services firms; and gave an overview of the impact of Brexit on the future regulatory framework in Europe.
Fed Trust: EU Capital Market Union positions to deliver financial services post-Brexit
CMU poses a long-term competitive challenge to the UK’s financial services sector in the EU single market, post Brexit, notwithstanding the likely difficulties the UK faces in upcoming FTA negotiations to include trade in financial and other services.
 

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