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07 January 2016

Friends 'Weekly' Newsletter


EBA, BCBS, ECB, ESMA, MiFID II, EMIR, MIFIR, IOSCO, Solvency II, UCTIS, IFRS 9, Commission Green Paper on Consumer Financial Services, Brexit, SRM.

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  Articles from 17 December 2015 - 07 January 2016

  Banking
 
 
EBA publishes final Guidelines on sound remuneration policies and its Opinion on the application of proportionality
The guidelines ensure that institutions calculate correctly and consistently the so called ‘bonus cap' by setting out specific criteria for mapping all remuneration components into either fixed or variable pay and detailing how specific remuneration elements are to be recognised over time.
Recommendation of the ECB on dividend distribution policies
Based on the European Central Bank recommendation, credit institutions should establish dividend policies using conservative and prudent assumptions in order, after any distribution, to satisfy the applicable capital requirements.
BCBS: Guidance on the application of the core principles for effective banking supervision to the regulation and supervision of institutions
The Basel Committee on Banking Supervision has today issued for public consultation proposed guidance for the regulation and supervision of institutions relevant to financial inclusion.
EBA updates on risks and vulnerabilities in the EU banking sector
The EBA’s report shows that EU banks have continued to strengthen their capital position and to improve asset quality. However, the level of non-performing exposures remains high and profitability is still weak.
 
  Securities
 
 
ESMA publishes MiFID II guidelines on cross-selling practices
ESMA published its Guidelines on Cross-Selling Practices under MiFID II to ensure investors are treated fairly when an investment firm offers two or more financial products or services as part of a package.
ESMA publishes Final Report on MiFID II Guidelines on assessment and knowledge of competence
These guidelines are intended to enhance investor protection by increasing the knowledge and competence of natural persons giving investment advice or providing information about financial instruments, investment services or ancillary services to clients on behalf of investment firms.
 
  Insurance
 
 
EIOPA: Solvency II is going live
As of 1 January 2016 the new risk-based European supervisory framework for insurance – Solvency II – has become applicable.
EIOPA is ready to provide the Solvency II risk-free interest rate term structures
The EIOPA published the updated coding used to produce the Solvency II relevant risk-free interest rate (RFR) term structures. As of 1 January 2016 the new supervisory framework will be applicable and this code will be used for the monthly RFR publications.
 
  Asset Management
 
 
Commission publishes Delegated Regulation supplementing UCITS Directive with regard to obligations of depositaries
The Delegated Regulation ensures the direct applicability of detailed uniform rules concerning the operation of undertakings for collective investment in transferable securities and depositaries.
 
  Corporate Governance/Accounting
 
 
EFRAG’s Draft Comment letter to the IASB's ED/2015/11 Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts
EFRAG has published its draft comment letter on the IASB’s Exposure Draft ED/2015/11 Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts and seeks constituents’ views on the proposals.
 
  Friends Services
 
 
Deepening EMU – Round-up of Key Events – December 2015
David Cameron took his proposals for EU reform to the ongoing European Council meeting, although he is not likely to reach an agreement until 2016. The launching of the Commission’s Green Paper on Consumer Finance was also a major event, along with the CRR and CRD IV impact in the economy.
The Importance of being `Equivalent’
The lessons learnt in the heat of the crisis are now hard-coded into the genetic structure of global financial regulations and cannot just be ignored if they happen to be an inconvenient truth. They may be particularly inconvenient for British advocates of leaving the EU.
Commission Green Paper on Consumer Financial Services: This Time, `Fintech’ may make it happen!
The political imperative to answer the question “What has Europe done for me today?” has risen sharply – matching the rise of eurosceptic political parties around the EU. A component of the answer must include a demonstration that the single market delivers cheaper financial services.
 
  Political
 
 
Open Europe: Re-run elections loom in Spain as little progress is made in forming new government
Talks over the formation of the new Spanish government have been going on throughout the Christmas period, but no clear progress has been made. As a result, re-run elections are looking increasingly likely almost by the day.
SPIEGEL: Brexit Danger - The EU Strategy to Keep Britain from Leaving
This summer, Britain will vote on whether to remain in the European Union. The skeptic camp appears to be gaining ground - and EU leaders are growing concerned. They have developed a plan to give in to most of Cameron's EU reform demands.
Financial Times: Membership of reformed EU seen as vital to economic security
David Cameron’s claim that British membership of a reformed EU is vital to Britain’s economic security was backed by an overwhelming majority of economists in an annual Financial Times survey.
European Council conclusions after 17-18 December Summit
EU leaders focused on migration topics, the fight against terrorism, the Five presidents' report on the Economic and Monetary Union, the completion of the single market, and the UK plans for the referendum. They also adopted conclusions on Syria.
 
  Financial
 
 
European Commission: Single Resolution Mechanism comes into effect for the Banking Union
The SRM became fully operational on 1 January 2016. The SRM implements the EU-wide Bank Recovery and Resolution Directive in the euro area. The full resolution powers of the Single Resolution Board (SRB) also apply as of 1 January 2016 (IP/14/2784).
 

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