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05 March 2015

Friends 'Weekly' Newsletter


ECJ, insurance, pension fund strategies, Bank of England on CMU, EFRAG, ECB on growth forecasts' rise, EFSI and more.

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Banking Securities Insurance
Asset Management Corporate Governance/Accounting Financial Services Policy
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  Articles from 26 February 2015 - 05 March 2015

  Banking
 
 
European Commission: A strong and stable banking system at the heart of Europe’s recovery
Jonathan Hill: "The banking sector as a whole has a big job to do in terms of rebuilding trust. I want it to be seen as part of the economy – of society – not divorced from the mainstream. To make our economy stronger, we need strong financial services."
 
  Securities
 
 
ECJ: The General Court annuls the Eurosystem Oversight Policy Framework published by the ECB
The framework requires central counterparties to be located in the Eurozone. "The ECB does not have the competence necessary to impose such a requirement on central counterparties involved in the clearing of securities," the ECJ said.
IPE: Hill calls for US collaboration to avoid 'devastating' clearing house collapse
The European Commission must work collaboratively with the US to draw up a resolution framework for CCPs, Jonathan Hill urged.
 
  Insurance
 
 
Reuters: Insurers cast doubt on ability to help EU investment plans
European Union regulators should ease capital charges on insurers to help them support the region's plan to boost growth through infrastructure projects, a senior executive at Italian insurer Generali said March 3.
 
  Asset Management
 
 
IPE: Complexity of pension fund strategies increases legal risk
According to some of Europe’s leading pension consultants, increasing complexity and the merging of advisory and implementation roles is introducing greater risk of disputes with clients and even legal liability.
 
  Corporate Governance/Accounting
 
 
EFRAG seeks comments on its Draft Endorsement Advice on Disclosure Initiative - Amendments to IAS 1
The group seeks comments related to the endorsement of the Amendments for use in the EU and EEA.
 
  Financial Services Policy
 
 
Bank of England: A European Capital Markets Union - implications for growth and stability
The Financial Stability Paper 33 examines the mechanisms through which CMU could help achieve a better matching of savers and borrowers and an improved private-sector risk sharing, and identifies potential reform areas.
 
  Political
 
 
Financial Times: How Jeroen Dijsselbloem did the deal to extend the Greece bailout
When Jeroen Dijsselbloem finally received the letter from Athens, he was more than a little surprised.
 
  Economic
 
 
Reuters: ECB set to raise growth forecasts, flesh out bond buying plan
Keen to keep a low profile over the Greek crisis, the ECB will focus on improved growth prospects when it meets on March 5 and unveil some but not all the details of its 1 trillion euros-plus bond buying plan.
European Parliament: Juncker investment plan must complement other EU tools, say MEPs
EFSI must focus on currently underfunded areas.
 

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