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08 September 2016

Friends 'Weekly' Newsletter


EBA, 2016 EU-wide stress test, Basel III, G20, bank resolution, CRR-CRD, EU securities markets, ESMA, OTC derivatives, CCPs, prospectus, PRIIPs, macroprudential policies and more.

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Financial Services Policy International/G20 Political
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  Articles from 28 July 2016 - 08 September 2016

  Banking
 
 
EBA publishes 2016 EU-wide stress test results
From a starting point of 13.2% CET1, the stress test demonstrates the resilience of the EU banking sector to an adverse scenario with an impact of 380 bps CET1 on average.
Basel III implementation: Basel Committee reports to G20 Leaders
The Basel Committee on Banking Supervision has published a report for the G20 Leaders at their Summit in Hangzhou.
FSB publishes further guidance on resolution planning and fifth report to the G20 on progress in resolution
The guidance papers contribute to the removal of impediments to the orderly and effective resolution of firms.
EBA provides input based on the Single Rulebook Q&As to the European Commission's CRR-CRD review
The EBA published the outcome of a review of its Single Rulebook Q&As, which provides an overview of possible errors, inconsistencies as well as fundamental issues in relation to the CRR and the CRD observed via the Single Rulebook Q&A tool managed by the ЕВА.
 
  Securities
 
 
ESMA sees risk outlook deteriorate for EU securities markets
The risk outlook has deteriorated following the result of the UK referendum on EU membership.
ALFI response to ESMA Discussion Paper on the Distributed Ledger Technology Applied to Securities Markets
ALFI responded to ESMA's position paper on The Distributed Ledger Technology applied to Securities Markets.
FSB publishes progress reports on implementation of reforms to the OTC derivatives market and on removal of barriers to trade reporting
The reports show that although progress continues to be made, further action is required, particularly on implementing margin requirements and platform trading commitments, and on removing legal barriers to trade reporting and authorities’ access to data held by trade repositories.
ESMA issues overview of European prospectus activity
ESMA published statistical data on the number of prospectuses approved and passported by the National Competent Authorities of the European Economic Area within the EU prospectus regime.
FSB publishes discussion note on Essential Aspects of CCP Resolution Planning and progress report on CCP workplan
The Financial Stability Board published its discussion note on Essential Aspects of CCP Resolution Planning, which seeks comment on aspects of central counterparty resolution that are considered core to the design of effective resolution strategies.
Reports from CPMI-IOSCO advance regulatory agenda on central counterparties
Reports - on the financial risk management and recovery practices of 10 derivatives CCPs and on resilience and recovery CCPs - are aimed at enhancing the resilience of central counterparties.
 
  Asset Management
 
 
ECON committee unanimously rejects Commission’s investor protection proposals
Parliament’s Economic and Monetary Committee rejected as “misleading” and flawed, proposals aimed at providing greater protection to consumers buying packaged financial products, and unanimously voted to send the proposals back to the European Commission for revision.
PensionsEurope answers to European Commission’s consultation on the Net Stable Funding Ratio
PensionsEurope welcomes that the Commission is looking into the Net Stable Funding Ratio rules which are also part of the requirements that lead to the cash preferences of banks which are detrimental for pension funds and their service providers.
 
  Financial Services Policy
 
 
BIS, FSB and IMF publish elements of effective macroprudential policies
The document, which responds to a G20 request, takes stock of the international experience since the financial crisis in developing and implementing macroprudential policies and will be presented to the G20 Leaders' Summit in Hangzhou.
 
  International/G20
 
 
G20 Leaders' Communique after Hangzhou Summit
G20 leaders adopted a communique focusing on strengthening the G20 growth agenda; pursuing innovative growth concepts and policies; building an open world economy; and ensuring that economic growth benefits all countries and people.
 
  Political
 
 
Exiting the European Union: Ministerial statement
Secretary of State David Davis made a statement in the UK House of Commons on the work of the Department for Exiting the European Union.
Open Europe: Japan weighs in on Brexit negotiations
The Japanese government has become the first to formally weigh into the upcoming Brexit negotiations. Open Europe’s Raoul Ruparel examines the document released that lays out the key asks for Japanese businesses.
Financial Times: Fifth of City revenues could be hit by ‘hard Brexit’
A fifth of investment banking revenues in the City of London will be disrupted by a “hard Brexit” scenario that leaves the sector with restricted access to the EU single market, according to early estimates by the industry.
Daily Mail: City of London gears up for UK-EU financial trade talks
Two new bodies will advise the British government on negotiating new financial services trading terms with the European Union following the country's vote in June to leave the bloc. Graham Bishop has been appointed as member of the Financial Services Negotiation Forum.
 

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