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10 March 2016

Friends 'Weekly' Newsletter


BCBS, operational risk capital framework, EBA, STS securitisation, ESAs, OTC derivatives, AIMA, Commission personal pension product, TheCityUK, Commission Call for Evidence on financial services regulation, CPD launch, Brexit, ECB, taxes and more.

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  Articles from 03 March 2016 - 10 March 2016

  Banking
 
 
Basel Committee issues proposed revisions to the operational risk capital framework
The Basel Committee has issued for consultation proposed revisions to the operational risk capital framework. The new SMA for operational risk builds on the Committee's earlier consultation paper issued in October 2014.
EBA seeks comments on reporting of prudent valuation information
The EBA launched a public consultation on the inclusion of prudent valuation into COREP. The amendments proposed by the EBA reflect the prudent valuation requirements in Commission Delegated Regulation.
 
  Securities
 
 
Investors and issuers unite to support Simple, Transparent and Standardised securitisation
Investors, issuers and other market participants represented by AFME, EFAMA, ICMA and InsuraceEurope strongly support efforts by EU policymakers to develop a new framework for the regulation of securitisation.
ESAs publish final draft technical standards on margin requirements for non-centrally cleared derivatives
These RTS cover the risk mitigation techniques related to the exchange of collateral to cover exposures arising from non-centrally cleared over-the-counter derivatives.
 
  Asset Management
 
 
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.
IPE: Commission mulls whether to continue developing personal pension product
The European Commission wants to have “an informed view” by year-end on whether to continue developing a pan-European personal pension product.
 
  Financial Services Policy
 
 
TheCityUK: Key facts about UK financial and related professional services 2016
TheCityUK's latest report highlights the importance of financial and related professional services to the UK’s economy.
 
  Friends Services
 
 
Launch of CPD courses with a lecture at Cass Business School - organised by The CISI
Graham Bishop gives the first of a series of ten online lectures as his bold plan to explain how and why the current system of financial services regulation has come into existence across the EU.
The Call for Evidence
The Commission recently asked for empirical evidence and concrete feedback on the EU Financial Services Regulation; some clear trends emerged from the the submissions by the trade associations, while ECON and the ECB called for a much more comprehensive and continuous review process.
 
  Political
 
 
City AM: Why the City of London Corporation was right to come out in favour of EU membership
Mark Boleat's view is that they, as representatives of the Square Mile and the UK’s financial and professional services sector, cannot remain a silent voice in the most important decision that the UK has faced in the last 40 years.
The Telegraph/Cummings: Why Brexit risks weakening all our financial services
TheCityUK evidence shows that industry business leaders are near unanimous that continued access to the single market is vital to UK competitiveness. So in the event of a Brexit, the UK would cease to offer this access, leading to the risk of firms considering alternative locations.
Paul Goldschmidt : The ECB is a convenient scapegoat!
The absence of a “political Authority” within the Eurozone, endowed with unquestioned democratic legitimacy, facing an “independent” ECB, is a significant handicap in fostering solidarity and adapting a shared monetary policy to diverse conditions prevailing in member states.
City of London Corporation backs remaining in the European Union
The Council discussed a report which pointed out how access to the single market in financial services provides significant benefits for the UK financial services industry and for consumers.
 
  Economic
 
 
Corporate tax avoidance: Council agrees its stance on the exchange of tax-related information on multinationals
The directive will implement, at EU level, an OECD recommendation requiring multinationals to report tax-related information, detailed country-by-country, and requiring national tax authorities to exchange that information automatically.
Council Conclusions on the code of conduct on business taxation
The Council adopted conclusions on the strengthening of a code of conduct aimed at eliminating measures that can create situations of unfair tax competition.
 

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