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20 February 2020

Standard Weekly Newsletter


EBA first quantitative Report on MREL, ESMA Report on Trends, Risks and Vulnerabilities, former Morgan Stanley president slams CMU, MFF deal talks, UK Brexit chief rejects EU’s ‘level playing field’, Michel Barnier warns UK can't have Canada trade deal with EU and more.

 

Welcome to our Friends Standard weekly e-mail. 

We are now focussed on the big themes for the next legislative period - targeting the interaction of the driving forces of politics and economics as they force the required changes in over-arching financial regulation (including ESG and Fin Tech). Details of these services are here

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Articles from 13 February 2020 - 20 February 2020
 
The City - City AM

General Policy

FCA highlights its areas of concern in financial services markets : The FCA has published its annual Sector Views, an assessment of the risks and potential harm to consumers across financial services markets. The Sector Views look at the impact of macroeconomic developments and common drivers of change emerging across financial markets.  View Article

Banking Union

EBA acknowledges adoption of amended supervisory reporting standards by the European Commission : The European Banking Authority acknowledged the adoption by the European Commission of the Implementing Act amending Regulation with regard to COREP and FINREP changes.  View Article
EBA shows banks’ progress in planning for failure but encourages them to issue eligible debt instruments : The EBA published its first quantitative Report on minimum requirements for own funds and eligible liabilities (MREL) under a new methodology. The report shows that authorities have made strong progress in agreeing resolution strategies and setting related MREL requirements but it also notes that banks need to issue MREL eligible debt to close their shortfall. View Article
ECB: Working group on euro risk-free rates issues recommendations to support smooth transfer of EONIA’s liquidity to €STR : The report supplements a previous report from the working group on the impact of the transition from EONIA to the €STR on cash and derivatives products (published in August 2019) and provides clarifications around specific topics that have been discussed since then. View Article

Capital Markets Union

 

 

Financial Times: Former Morgan Stanley president slams Europe’s capital markets : Morgan Stanley’s former second-in-command has warned that Europe’s capital markets are “not fit for purpose” and Brexit will make the situation worse. View Article
ESMA responds to European Commission consultation on the benchmark regulation review : The ESMA has published its response to the European Commission’s (EC) consultation on the review of the benchmark regulation (BMR). ESMA’s responses focus on the cessation of critical benchmarks, parity between EU and third-country benchmarks and transparency. View Article
ESMA finds continued high risks as financial markets remain highly volatile : ESMA identified continued high risks and a weaker economic outlook as markets remain highly sensitive to geopolitical events. The risk outlook is stable, however risks are high, particularly in the securities markets and for retail investors. View Article

Financial Market Structure

European Commission: Public consultation on the review of the MiFID II/MiFIR regulatory framework : The Commission’s consultation and separate ESMA consultations on the functioning of certain aspects of the MiFID II are complementary and should by no means be considered mutually exclusive. The Commission and /MiFIR framework ESMA consult stakeholders with respect to their specific area of competence and responsibility and with the objective to gather important guidance for any future course of action on respective sides.  View Article

Environmental, Social, Governance (ESG)

ESMA: Steven Maijoor on sustainable finance at the European Financial Forum in Dublin : Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA), delivered a keynote address on sustainable finance issues at the European Financial Forum in Dublin. View Article

Fin Tech Regulation

Shaping Europe's digital future: Commission presents strategies for data and Artificial Intelligence : Digital is a key enabler to fighting climate change and achieving the green transition. The European data strategy and the policy options to ensure the human-centric development of Artificial Intelligence presented are the first steps towards achieving these goals. View Article

Friends' Standard Services

50th Brussels for Brunch Webinar February 2020 : Video of the 50th Brussels 4 Brunch. View Article

Economic Policies Impacting EU Finance

 

Charles Michel - Irish Times

 

EurActiv: Michel offers flexible EU budget to convince sceptics : More flexibility within the Common Agriculture Policy and more money to less developed regions instead of a larger budget is what European Council President Charles Michel will offer sceptical countries to agree on a new EU 7-year spending plan. View Article
EurActiv: Time for a stronger and more sustainable Economic and Monetary Union : Despite continuous efforts by all decision-makers to reform and strengthen the Economic and Monetary Union, the European Economic and Social Committee (EESC) believes that its architecture still remains to be completed, writes Stefano Palmieri. View Article

Brexit

 

David Frost - FT

 

Financial Times: UK Brexit chief rejects EU’s ‘level playing field’ approach : Britain’s top negotiator with Brussels insisted the UK would never agree to EU oversight of its rulemaking in exchange for a post-Brexit trade deal, even as France sought to toughen the bloc’s stance in the talks. View Article
The Telegraph: Britain and EU will 'rip each other apart' in trade talks, says French foreign minister : The French foreign minister has warned that Britain and the European Union will "rip each other apart" in post-Brexit trade negotiations, stressing that the EU will defend its interests vigorously. View Article
BBC: Michel Barnier: UK can't have Canada trade deal with EU : The UK cannot have the same trade deal with the EU as Canada, according to the bloc's chief negotiator. View Article
Reuters: Carney sees silver lining after Brexit hit to UK economy : For years, Bank of England boss Mark Carney warned of the economic risks of Britain leaving the European Union. Now that it has happened, he says there could be a silver lining in Prime Minister Boris Johnson’s plans to boost growth. View Article
BBC: Immigration: No visas for low-skilled workers, government says : Low-skilled workers would not get visas under post-Brexit immigration plans unveiled by the government. View Article
IRSG: An economic partnership based on close and structured cooperation: : The International Regulatory Strategy Group set in a paper The City of London's key principles for the management of the future UK-EU relationship in financial services. View Article
 
Graham Bishop #FBPE retweeted
BBC Politics BBC Politics
@BBCPolitics
UK can't have Canada trade deal with EU, says chief negotiator Michel Barnier bit.ly/2P3hagE
 
Graham Bishop #FBPE retweeted
<a href=FT Brussels" src="https://pbs.twimg.com/profile_images/931157406360449024/uendSDG1_normal.jpg" /> FT Brussels
@ftbrussels
Brexit: Brussels hits back at UK over level playing field on.ft.com/2SG9y5R
 
Graham Bishop #FBPE retweeted
Bloomberg Brexit Bloomberg Brexit
@Brexit
The U.K.’s industrial strategy is not enough to tackle the nation's economic challenges at it leaves the EU, according to the government's own advisers trib.al/0mI15nA
 
Graham Bishop #FBPE retweeted
BBC Politics BBC Politics
@BBCPolitics
"We will no longer have the routes for cheap, low-skilled labour that has dominated immigration and our labour market" Home Secretary Priti Patel sets out government's post-Brexit immigration plans, adding businesses should focus on training UK workers bit.ly/2SEvE8G pic.twitter.com/GIbxAhtfmT
 
Graham Bishop #FBPE retweeted
BBC Politics BBC Politics
@BBCPolitics
Immigration: No visas for low-skilled workers, government says bit.ly/38ETt5P
 
Graham Bishop #FBPE retweeted
Federal Trust Federal Trust
@FedTrust
"The EU has not forgotten that the City was the epicentre of the Great Financial Crash (GFC) that wrought havoc with the EU’s economy (as well as with the UK’s!)" says @GrahamBishopcom in the second of our new blog series Read more here fedtrust.co.uk/negotiating-wi… pic.twitter.com/heHTzWMsmb
 
Graham Bishop #FBPE retweeted
Mujt<a href=aba Rahman" src="https://pbs.twimg.com/profile_images/1226082774525849601/0RNGWZ9u_normal.jpg" /> Mujtaba Rahman
@Mij_Europe
This is purely for domestic consumption. But it won't help negotiations - & will foster mistrust. EU was always clear - in public & private - that obligations on UK would be greater than those on Canada for a *similar level* of access twitter.com/number10press/…
 
Graham Bishop #FBPE retweeted
Zoe Schneeweiss Zoe Schneeweiss
@ZSchneeweiss
THREAD 1/ Brexit shattered 50 years of trade policy in Britain – Boris Johnson is now trying to glue the pieces back together. @_jsdiamond and I looked at the underlying trade data that may dictate Britain’s priorities in coming months trib.al/weBUDTY pic.twitter.com/y5vy52hDYA
 
Graham Bishop #FBPE retweeted
Bloomberg Brexit Bloomberg Brexit
@Brexit
The U.K. will have “full responsibility” for any damage to its economy caused by Brexit, warns the EU's trade commissioner trib.al/Ygv13oz
 
Graham Bishop #FBPE retweeted
POLITICO Europe POLITICO Europe
@POLITICOEurope
The UK's rejection of demands that it stay aligned with EU rules post Brexit is not a "negotiating position which might move under pressure" politi.co/2uaeeHO
 

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