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23 July 2015

Friends 'Weekly' Newsletter


BCBS guidelines for identifying weak banks, EBA, ESMA, CMU, Insurance distribution, FRC, IFAC, Greece, Brexit - or 'Brexpulsion'? -, Hollande calls for a 'eurozone government,' Banking Union, EFSI and more.

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  Articles from 16 July 2015 - 23 July 2015

  Banking
 
 
BCBS: Guidelines for identifying and dealing with weak banks
The report discusses the underlying supervisory preconditions for dealing with weak banks and techniques that will allow the supervisor to identify problems, as well as corrective measures available to turn around a weak bank and tools for dealing with failing or failed banks.
EBA publishes report on macroprudential policy measures
The objective of the EBA’s report is to take stock of the range of practices applied by EU Member States in relation to the provisions for macroprudential policies set out in the CRR/CRD IV, focusing on the interaction of macroprudential and microprudential objectives and tools.
BCBS: General guide to account opening - consultative document
The Basel Committee on Banking Supervision has issued for public consultation a revised version of the General guide to account opening, which was first published in February 2003.
 
  Securities
 
 
ESMA’s Maijoor speaks to ECON members at MiFID II/MiFIR scrutiny hearing
Steven Maijoor stressed that ESMA will not be able to find a system balancing transparency and liquidity and at the same time satisfy the preferences of all stakeholders. However, significant progress towards a more adaptable and better calibrated system has been achieved over the past half year.
BIS / Dombret: Monetary union, banking union, capital markets union - financial integration in Europe
The speech by Deutsche Bundesbank's Dombret focuses on Greece, strengthening the capital markets by diversification, and establishing a single capital market in Europe.
 
  Insurance
 
 
Insurance distribution: Council confirms agreement with EP
The text recasts and repeals directive 2002/92/EC on insurance mediation with a threefold objective: improving retail insurance regulation, establishing the conditions necessary for fair competition between distributors of insurance products, and strengthening policyholder protection.
Commercial Risk Europe: Insurers urged to review policies as Greek crisis rumbles on
Despite the latest €86bn bailout agreement between eurozone and Greek leaders, the future of Greece's long-term membership of the European currency remains in jeopardy.
 
  Corporate Governance/Accounting
 
 
FRC responds to EC's recommendation on the quality of corporate governance reporting
The FRC has updated the Commission on the United Kingdom’s ‘comply or explain’ system in the context of the Recommendation on the quality of corporate governance reporting 2014/208/EU.
IFAC: Sovereign debt crises - focus on accounting matters
IFAC holds that Greece must build trust and confidence by making transparency and accountability its most urgent and important reform. A fresh start for Greece should begin with government financial information based on accrual-based IPSASs.
 
  Grahams Articles, Comments & Speeches
 
 
Greece: the problem of social culture, not just finance, economics and politics
Greek `No’ voters scored 61% of the vote on a surprisingly low turnout of 62% of the 9.3m eligible voters. The concept is now quite clear: Greek PM Tsipras will claim that the 3.6 million Greeks who voted `No’ should now be entitled to debt relief from the rest of the eurozone.
 
  Political
 
 
European Commission: Speaking points of Commissioner Moscovici at the joint College read-out with Vice-President Katainen
Developments regarding Greece and communication on the role of National Promotional banks in supporting the Investment Plan for Europe.
Sieps: Could it be ‘Brexpulsion’ rather than ‘Brexit’?
Iain Begg mentions the possibility that in the longer term the United Kingdom might be faced with the challenge of expulsion from the European Union, in a form of “constructive dismissal.”
The Independent: Hollande calls for a 'eurozone government' to further integrate member states
French President wants to recapture former European Commission chief Jacques Delors' vision of the EU as an answer to the muddled response to the Greek debt crisis. 19 eurozone countries should have a “government, a dedicated budget and a parliament to ensure democratic control”.
 
  Financial
 
 
BIS / Hakkarainen: Supervisory policies after the start of Banking Union - initial experiences and outlook for CESEE countries
The countries belonging to the Banking Union have gained access to the European level decision making in the key areas of supervision, crisis resolution, as well as in the regulation of banks.
 
  Budgetary
 
 
European Commission: Investment Plan for Europe - EFSI ready for take-off in autumn
The Commission published a Communication on the role of National Promotional Banks in supporting the Investment Plan for Europe.
 

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