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02 June 2016

Friends 'Weekly' Newsletter


ECB, EPC, mobile payments, SEPA, MiFID II, ESMA, benchmarks regulation, Solvency II, prospectus, IFRS 9, Brexit, OECD, Commodity dealers and more.

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  Articles from 26 May 2016 - 02 June 2016

  Banking
 
 
ECB: Report on the results of the Survey on the Access to Finance of Enterprises in the Euro Area – October 2015 to March 2016
The report provides evidence on changes in the financial situation, financing needs and access to financing of small and medium-sized enterprises (SMEs) in the euro area in the six months from October 2015 to March 2016, as well as comparing the situation of SMEs with that of large enterprises.
Publication of the EPC recommendations on the validity of electronic mandates in a cross-border context
The EPC published ‘Recommendations on the Validity of Electronic Mandates in a Cross-Border Context’. The purpose of this document is to draw the attention of SDD scheme participants on guidelines on the security of internet payments from the European Banking Authority (EBA).
Contribute to the future of mobile payments in Europe by participating in the EPC’s public consultation on mobile payments
The EPC released its white paper on mobile payments for a three-month public consultation. This document aims to contribute to the evolution of an integrated market for mobile payments across the SEPA.
EPC: Have your say on the review of the SEPA Cards Standardisation Volume, now open to public consultation
The European Payments Council (EPC) and the Cards Stakeholders Group (CSG - a multi-stakeholder body gathering retailers, vendors, processors, card schemes and the EPC) released version 7.5 of the SEPA Cards Standardisation Volume (the Volume) for a three-month public consultation.
 
  Securities
 
 
ESMA issues opinion on MiFID II standards on ancillary activities
ESMA published an Opinion in response to a letter from the Commission asking to amend its draft RTS 20 under the MiFID II and MiFIR. RTS 20 provides criteria to establish when a non-financial firm’s commodity derivatives trading activity is considered to be ancillary to its main business.
ESMA consults on proposed implementing measures for benchmarks regulation
ESMA is seeking stakeholder input on draft Technical Advice it is supposed to develop in order to detail the implementation of the incoming benchmarks regulation which was introduced following the rigging of different market benchmarks such as Libor.
ESMA issues technical standards on indirect clients
ESMA's RTS clarify provisions of indirect clearing arrangements for OTC and exchange-traded derivatives and help to ensure consistency and that an appropriate level of protection for indirect clients exists.
 
  Insurance
 
 
EIOPA updates technical documentation for the Solvency II RFR term structures
EIOPA published updated technical documentation on the methodology to derive the relevant risk-free interest rate term structures (RFR) for Solvency II.
 
  Asset Management
 
 
Financial Times: EU regulator warns Brexit is a threat to UK funds
According to ESMA's Maijoor, British vote to leave the EU in next month’s referendum would threaten UK asset managers’ ability to sell funds across Europe.
 
  Corporate Governance/Accounting
 
 
FEE: Simplified prospectus for SMEs
FEE has published a briefing paper with the aim to add a concrete proposal to the EC’s efforts to establish a simplified prospectus regime for small- and medium-sized enterprises under the Capital Markets Union.
EBF letter to ESMA on IFRS 9 pre-transition disclosures
EBF published its letter in reference to ESMA plans to issue a statement on disclosures before IFRS 9 ‘Financial Instruments’ is implemented to encourage listed companies to provide timely and relevant information on the expected impact of the IFRS 9 in accordance with IAS 8.
 
  Political
 
 
Global economy stuck in low-growth trap: Policymakers need to act to keep promises, OECD says in latest Economic Outlook
OECD has warned against Brexit, saying that "a United Kingdom vote to leave the European Union would trigger negative economic effects on the UK, other European countries and the rest of the world".
The Guardian: Economists overwhelmingly reject Brexit in boost for Cameron
Poll shows 88% of 600 experts fear long-term fall in GDP if UK leaves single market, and 82% are alarmed over impact on household income.
UK House of Commons: Costs and benefits of UK's EU membership report published
The Treasury Committee highlighted that Vote Leave's claim that leaving the EU would give the country £350m a week to spend on the NHS is "highly misleading." It also fact-checked core ideas of Remain campaign.
Euler Hermes research: Brexit could spark sharp rise in UK & EU insolvencies
A UK exit from the European Union without a FTA could lead to a sharp rise in the number of insolvencies for both the UK and a number of its key European partners, according to research from Euler Hermes. The Netherlands, Ireland and Belgium would take the most significant impact.
 
  Financial
 
 
Commodity dealers: exposure exemption extended
The Council adopted a regulation extending an exemption for commodity dealers under EU bank capital requirements.
 
  Economic
 
 
FEE: Comment letter to the EC on Anti-Tax Avoidance Directive
FEE supports the EC’s proposals to ensure implementation of the OECD/G20 tackle base-erosion and profit shifting (BEPS) recommendations in the EU.
 

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