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26 February 2015

Friends 'Weekly' Newsletter


ECB, Bank regulation, ESMA, MiFID, Solvency II, AFME's report, good news on Greece, monetary policy and more.

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Financial Services Policy Graham's Articles, Comments & Speeches Political
Economic Budgetary About this email

  Articles from 19 February 2015 - 26 February 2015

  Banking
 
 
Financial Times: Europe’s big banks will need to raise capital warns ECB
Danièle Nouy said that banks would have to raise more and better quality capital as a result of her new agency’s drive to harmonise more than 150 national variances in capital rules. Fresh legislation from Brussels is also likely to be needed, she added.
Reuters: Bank regulation takes back seat to kick-starting economy
As the banking crisis fades in memory, only to be replaced by a lingering economic slowdown, governments are losing interest in financial reform despite warnings that dangers still lurk.
 
  Securities
 
 
ESMA publishes peer review on best execution under MiFID
ESMA found that the level of implementation of best execution provisions, as well as the level of convergence of supervisory practices by NCAs, is relatively low.
Reuters: EU's top court to rule on ECB challenge to UK clearing on March 4
The ECB says clearing houses that process more than 5 percent of any euro-denominated security should be based in the single currency area. Includes quote from Graham Bishop.
 
  Insurance
 
 
Financial Times: Assessing Solvency II’s 'look-through' approach
The European insurance sector is the largest institutional investor in Europe. With the life sector accounting for more than 80 per cent of assets, objectives such as meeting policyholder liabilities and maximising investment returns are foremost in shaping insurers’ long-term investment strategies.
Financial Services: Regulation & Risk - The Insurance Distribution Directive (IMD2)
Identifying and managing conflicts of interest.
 
  Financial Services Policy
 
 
AFME’s report "Bridging the growth gap"
A shortage of risk capital and under-developed capital markets are holding back growth in Europe.
 
  Grahams Articles, Comments & Speeches
 
 
Greece: the good news appears to continue
The Eurogroup has announced its analysis of the surprisingly lengthy and detailed list of policy proposals received from the Greek government.
 
  Political
 
 
Reuters: Germany readies reluctant approval of Greek extension
Merkel's right-left coalition has a big enough majority to easily win a vote, expected on February 27, on extending the 240 billion euro international rescue for four months. It is set to prevail, despite vocal pockets of resistance on the right and left.
Eurogroup statement on Greece - 24 February 2015
"The Eurogroup discussed the first list of reform measures presented by the Greek authorities, based on the current arrangement, which will be further specified and then agreed with the institutions at the latest by the end of April."
 
  Economic
 
 
ECB announced publication of new Guideline on the implementation of monetary policy
The new Guideline consolidates, simplifies and improves the clarity of the Eurosystem’s existing general framework for monetary policy implementation.
 
  Budgetary
 
 
Reuters: Moscovici raises threat of French budget sanctions but eyes deal
The European Commission is due to say in early March whether it considers France's efforts to reform its economy and cut its deficit sufficient, after its repeated failures to meet its fiscal goals.
 

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