The Northern Ireland vote was as historic as expected and Brexit now looks set to detach part of the United Kingdom in the foreseeable future. The Queen’s Speech laid bare the paucity of the Brexiteer’s ideas about what to do next – if they ever had any ideas in the first place.
(This e-mail provides the headers of a selection of the articles published this week. If you would like to upgrade to our Gold service and access all articles - with live links to the underlying news - please click on the button)
Articles from 16-12 May 2022
General Financial Policy
Fondation Schuman: The Declaration of 9 May 1950 :This is the full text of the proposal, which was presented by the French foreign minister Robert Schuman and which led to the creation of what is now the European Union. View Article
On Europe Day, the Presidents of the European Parliament, Commission and Council received the final report with proposals to reform the EU. : In a closing ceremony today in Strasbourg, President of the European Parliament Roberta Metsola, on behalf of the Council Presidency, President Emmanuel Macron, and President of the European Commission Ursula von der Leyen received from the Co-Chairs of the Conference Executive Board the final report on the outcome of the Conference.
EPC's Duff: How to trigger treaty change : The Conference on the Future of Europe debated the abolition of the veto to make EU decision-making more effective, but left no clear instruction as to how to realise its aspiration in terms of treaty change.
FSB's Knott at ISDA: Diverse challenges, common threads: Preserving global financial stability today and tomorrow : The work of the FSB has benefitted from long-standing and constructive interactions withISDA on a range of important areas
Banking Union
EBA sees progress in the implementation of the supervisory review and evaluation process and of the supervisory priorities for 2021 but flag : The EBA concluded that the Pillar 2 Requirements (P2R) are now legally binding across the European Union (EU) and consistently considered when calculating the trigger point for the maximum distributable amount (MDA) restrictions.
Environmental, Social, Governance (ESG)
AFME: ESG Finance Report Q1 2022 - European Sustainable Finance : AFME is pleased to circulate its European ESG Finance quarterly data report for the first quarter of 2022. The aim of this report is to provide detailed data and analysis on the rapidly growing Sustainable Finance market in Europe.
UK Finance: ESG, financial crime and climate change: a vicious and reinforcing cycle : Financial crime is not a closed ecosystem that affects corporate structures or individual victims in isolation. It has extended and expansive consequences for environmental, social and governance (ESG) issues world-wide.
EBF: Pillar 1 capital charge for climate risk: Wrong tool for the right purpose : Two years ago, governments, supervisors and regulators pleaded banks to use their capital, reducing the ratios, in order to keep on financing the economy after the outbreak of the pandemic.
IFAC Continues to Advocate for Convergence in Global Sustainability Disclosure : Welcomes EFRAG’s public consultation on European Sustainability Reporting Standards (ESRS) exposure drafts
European Commission: Mandate to the ESAs to develop SFDR RTS on product exposures to gas and nuclear activities : ...propose amendments to the regulatory technical standards in relation to the information that should beprovided in pre-contractual documents, on websites, and in periodic reports about the exposure of financial products to investments in fossil gas and nuclear energy activities.
Protecting Customers
ESAs call for improvements in product descriptions intended for retail investors : The ESAs have identified a range of poor practices in how PRIIP manufacturers describe products under this section. Most issues relate to a general lack of clarity in the text, which makes it difficult for retail investors to understand the key features of products.
Fin Tech Regulation
Council: Digital finance: Provisional agreement reached on DORA : Given the ever-increasing risks of cyber attacks, the EU is strengthening the IT security of financial entities such as banks, insurance companies and investment firms.
ECON: Provisional deal on protecing the EU’s financial system from cyber attacks and ICT disruptions : EP negotiators agreed with the Council on new uniform rules for ICT risk management, reporting major ICT-related incidents, resilience testing and sound monitoring of ICT third-party risk.
Bruegel: Insights for successful enforcement of Europe’s Digital Markets Act : The European Commission will enforce digital competition rules against big tech; internally, it should ensure a dedicated process and teams; externally, it should ensure cooperation with other jurisdictions and coherence with other digital policies.
Gaining momentum – Results of the 2021 BIS survey on central bank digital currencies : Most central banks are exploring central bank digital currencies (CBDCs), and more than a quarter of them are now developing or running concrete pilots.
Economic Policies Impacting EU Finance
Corporate taxation: Commission proposes tax incentive for equity to help companies grow, become stronger and more resilient : The European Commission has today proposed a debt-equity bias reduction allowance, or DEBRA, to help businesses access the financing they need and to become more resilient. This measure will support businesses by introducing an allowance that will grant to equity the same tax treatment as debt.
Brexit and the City
FT: Queen's Speech 2022: Govt to revoke EU financial regulations : The government has announced plans to revoke EU financial services regulations and replace it with new rules which are "designed for the UK".
Brexit
FT: EU threatens retaliation if UK ditches N Ireland protocol : Appeals from US for solution but Liz Truss says trading arrangements ‘fail to properly address real issues’ The EU has vowed to retaliate if the UK rips up a post-Brexit trade deal for Northern Ireland after London’s threat of unilateral action triggered alarm in Brussels and Washington.
Federal Trust: VIDEO: Brexit – Macron’s Vision and the Northern Ireland Protocol : n this new Federal Trust video Brendan Donnelly and John Stevens discuss the speech of President Macron to the European Parliament and its possible implications for relations between the UK and the European Union.
UK in a Changing Europe: What just happened in Northern Ireland? : Sinn Féin topped the poll. Alliance received a great boost. The DUP lost support. But despite all the advance notice, the results of this Assembly election still come as something of a shock to the system.
Institute for Government: Five things we learned from the Queen’s Speech : What this does not amount to – so far – is a bonfire of EU red tape nor anything that in the short run will make much difference to the cost pressures on business or households.
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