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18 February 2016

Friends 'Weekly' Newsletter


EBA, deposit guarantee schemes, TLAC Holdings, Benchmarks Regulation, EMIR, PRIIP, operational risk management, IFRS 9, terrorism financing, European Council Summit, Brexit, Brussels for Breakfast, EDIS, Banking Union, ECB and more.

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  Articles from 11 February 2016 - 18 February 2016

  Banking
 
 
EBA publishes Guidelines on cooperation agreements between deposit guarantee schemes
These Guidelines include a multilateral cooperation framework agreement and minimum prescriptions to promote the rapid and consistent conclusion of cooperation agreements between DGSs, as provided under the new DGSD.
EBF Response to Basel Consultation on TLAC Holdings
The EBF understands the Basel Committee’s intention to limit investments in TLAC of other banks, but has concerns with the approach taken, which may hinder the operation of a deep and liquid market in TLAC-eligible instruments.
Reuters: ECB back in court as German group seek to curb its power
The European Central Bank returned to Germany's constitutional court to defend an emergency plan made at the height of the economic crisis in a long-running legal battle with a group of Germans who want to curb its power to act.
 
  Securities
 
 
ESMA consults on implementation of the Benchmarks Regulation
ESMA published a Discussion Paper regarding the technical implementation of the incoming Benchmarks Regulation. ESMA is seeking stakeholder input to inform its future proposals on draft RTS and Technical Advice to the European Commission.
ESMA updates EMIR Q&A
The Q&A clarifies how the clearing obligation should apply to swaps resulting from the exercise of a swaption, including during the frontloading period and the approach on frontloading that was adopted in the ESMA’s first RTS on the clearing obligation, which entered into force on 21 December 2015.
 
  Asset Management
 
 
EFAMA: The PRIIP KID Regulation must be delayed to allow for proper implementation
EFAMA recommends that the European Commission, Parliament and Council delay the entry of application of the PRIIP KID Regulation by at least one calendar year.
AIMA publishes new guide to operational risk management
The AIMA Guide to Sound Practices for Operational Risk Management focuses on a wide variety of risks that could result in loss from inadequate or failed internal processes, people and systems or from external events.
 
  Corporate Governance/Accounting
 
 
EFRAG: Final comment letter to the IASB on applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts
EFRAG has submitted its comment letter to the IASB on the IASB’s ED/2015/11 Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts.
 
  Financial Services Policy
 
 
Council conclusions on the fight against the financing of terrorism
The European Council welcomed the Commission's Action Plan to strengthen the fight against the financing of terrorism of 2 February 2016 and called on the EC to submit amendments to the 4th Anti-Money Laundering Directive, to the 2nd Payment Services Directive and to the Cash Controls Regulation.
 
  Friends Services
 
 
118th Brussels for Breakfast
Topics covered were Brexit, the Commission’s `Call for Evidence’ on financial services regulation; the Fundamental Review of the Trading Book; the postponement of MiFID; IORP II; and IAS9’s application.
IN Facts: Post-Brexit City firms must still abide by rules
Despite some financial advisers saying that there would be no post-Brexit “apocalypse” – firms could set up a brass plate company in an EU country and carry on as usual, Graham Bishop points out that "Europeans would not let the Brits get in under the radar."
 
  Political
 
 
Paul Goldschmidt: The stakes of the Summit are not necessarily those that come to mind!
The EU Council summit’s priority should be enhancing the Union’s cohesion and its capacity to deal with the challenges of immigration and terrorism. The relationship between the UK and the EU is a secondary matter that should be considered only once the future of “an ever closer Union” is assured.
Bertelsmann Stiftung: British and German companies regard Brexit as a threat
Four out of five business leaders in the UK and Germany have expressed their opposition to a withdrawal from the European Union. Nearly a third of UK and German businesses in the United Kingdom asked about a Brexit threatened to reduce or even relocate capacity in the UK.
 
  Financial
 
 
AFME: Key considerations for the design of EDIS
AFME supports the objectives of establishing an effective Banking Union and reinforcing public confidence in deposit insurance as part of a comprehensive framework for dealing with failing banks.
 
  Economic
 
 
EUbusiness: Commissioner Moscovici says firms should pay taxes where they earn profits
The EU's top economic affairs official that companies should pay taxes where they earn profits, days after a report of another firm using aggressive strategies to lower their bill.
 

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