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14 January 2016

Friends 'Weekly' Newsletter


BCBS, EBA, G-SIIs, Brexit, ISDA, IASB, EMU, FCA, ICAAP and ILAAP, ICMA, EBF, FEE, CCCTB, taxes, EMU, QE and more.

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Political Economic About this email

  Articles from 07 January 2016 - 14 January 2016

  Banking
 
 
BCBS: Revised market risk framework and work programme for Basel Committee is endorsed by its governing body
The Basel Committee's oversight body, the GHOS, endorsed the new market risk framework. The fundamental review of the market risk standard is a core component of the Basel III reform package.
EBA publishes revised final draft technical standards and Guidelines on methodology and disclosure for G-SIIs
The need for this revision was prompted by the new data template and some minor changes introduced by the BCBS in January 2015 for the identification of G-SIBs.
ECB: Supervisory expectations on ICAAP and ILAAP and harmonised information collection on ICAAP and ILAAP
In order to encourage institutions to develop and maintain high-quality ICAAPs and ILAAPs, and to clarify the type of information they should share with the SSM on these, respective expectations have been issued by the SSM.
 
  Securities
 
 
ISDA Determinations Committees vote to change DC rules
ISDA announced that the ISDA Credit Derivatives Determinations Committees (DC) have voted to make a series of changes to the DC rules as part of an effort to further strengthen the process for determining whether a credit event has occurred in the credit derivatives market.
GFMA comments in response to BCBS consultation on haircut floors for non-centrally cleared securities financing transactions
While the Global Financial Markets Association generally supports the underlying policy goal of the proposal, it has some concerns and questions about its integration into the overall capital framework.
 
  Corporate Governance/Accounting
 
 
IASB: Hans Hoogervorst exchanges views with European Parliament
IASB Chairman Hoogervorst took part in an exchange of views with the Committee on Economic and Monetary Affairs. The main highlights of his speech were the upcoming Leases Standard, IFRS 9, Insurance Contracts and the Conceptual Framework.
 
  Political
 
 
Financial Times: Brexit is the easy bit
Voters should consider whether the cost in terms of prosperity and security is one they are prepared to pay, writes Jean-Claude Piris.
The Guardian: Cameron could extend tax credits ban to British expats to reach EU deal
Prime minister is looking at whether ban on in-work benefits could also apply to Britons living abroad for four years or more, according to The Guardian.
Financial Times: Bankers sound alarm bells over Brexit consequences
Senior bankers from Barclays and HSBC have warned that a British exit from the EU would be expensive and disruptive for the UK’s financial services and predicted it could erode the country’s influence on the global stage.
 
  Economic
 
 
OMFIF: Improving EMU’s incomplete architecture
Economic and monetary union, long dogged by failure to complete its initial architecture and design, faces both shorter- and longer-term problems. Europe needs more than ECB asset purchases.
BBC: Belgium ordered to reverse tax breaks
Belgium has been ordered by European authorities to recover €700m from 35 multinational companies after giving them illegal tax breaks.
EBF/ FEE: Response to the EC's public consultation on relaunch of the CCCTB
The EBF and FEE have published their responses to the EC's public consultation on relaunch of the Common Consolidated Corporate Tax Base (CCCTB).
Insurance Europe: EU-wide corporate tax base should be optional
In response to a European Commission consultation Insurance Europe said that, while potentially beneficial, the CCCTB needs to be optional not mandatory. This would allow businesses to opt into it if they see benefit in doing so.
 

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