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15 December 2016

Friends 'Weekly' Newsletter


EBA, MREL, equivalence, Securitisation, OTC derivatives, PRIIPs, Solvency II, Occupational pension funds, Shareholders' rights, Brexit, financial services, House of Lords, Article 50, The City, equivalence, Capital Markets Union, APP, PSPP and more.

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Asset Management Corporate Governance/Accounting Financial Services Policy
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  Articles from 08 December 2016 - 15 December 2016

  Banking
 
 
EBA makes final recommendations for strengthening loss-absorbing capacity of banks in Europe
The EBA published its final Report on the implementation and design of the minimum requirement for own funds and eligible liabilities (MREL). The Report quantifies the current MREL stack and estimates potential financing needs of European Union banks under various scenarios.
AFME: Free Flow of Capital and Liquidity - Issues for Cross-border Groups in the EU Prudential Framework
This paper describes the types of restrictions and obstacles cross-border groups face in relation to the current EU prudential framework as set out in the existing Capital Requirements Regulation (CRR) and puts forward recommendations for how they could be addressed.
EP Economic Governance Support Unit: Third-country equivalence in EU banking legislation
This briefing gives an overview of existing equivalence clauses in some key EU banking and financial legislation and of equivalence decisions adopted by the European Commission to date.
 
  Securities
 
 
Capital markets union: Presidency and EP reach deal on prospectus rules
The presidency reached a provisional agreement with representatives of the European Parliament on new rules on prospectuses for the issuing and offering of securities.
Capital Markets Union: Commission welcomes agreement to give companies easier access to capital markets
The European Parliament, the Council and the Commission have agreed on revamped prospectus regulation. The reform was proposed by the Commission as part of its Capital Markets Union Action Plan in order to improve access to finance for companies and simplify information for investors.
European Parliament: Securitisation: diversifying funding and releasing bank lending to real economy
Securitisation needs to be made more reliable by aligning the interests of all market players and developing simpler and transparent structures that enable investors to understand the risks, said ECON MEPs in a resolution.
ECB: Eurosystem introduces cash collateral for PSPP securities lending facilities
The Governing Council decided that Eurosystem central banks will have the possibility to also accept cash as collateral in their PSPP securities lending facilities without having to reinvest it in a cash-neutral manner.
December 2016 BIS Quarterly Review: Delving deeply into currency and derivatives markets
The December BIS Quarterly Review finds that differences in the regulations applying to different classes of derivatives partly explain why central clearing has become more entrenched in OTC interest rate derivatives markets than in other OTC markets
 
  Insurance
 
 
European Council: 'PRIIPs' rules delayed by one year
The Council adopted a regulation postponing the application date of rules on packaged retail and insurance-based investment products (PRIIPs) by 12 months.
EIOPA starts the Solvency II review by consulting on the Solvency capital requirement standard formula
The EIOPA published a discussion paper on the Review of Specific Items in the Solvency II Delegated Regulation focusing on the SCR standard formula. The Discussion Paper is EIOPA’s first step in the preparation of its response to the Call for Advice received from the EC in July 2016.
 
  Asset Management
 
 
Occupational pension funds: Council adopts new rules
The Council adopted a directive on institutions for occupational retirement provision (IORPs), aimed at facilitating their development and better protecting pension scheme members and beneficiaries.
 
  Corporate Governance/Accounting
 
 
Shareholders' rights in EU companies: Presidency strikes deal with Parliament
The EU's committee of permanent representatives (COREPER) endorsed an agreement between the Slovak presidency and European Parliament representatives to strengthen shareholders engagement in big European companies.
 
  Financial Services Policy
 
 
ECB contribution to the European Commission’s consultation on the review of the EU macroprudential policy framework
The European Central Bank welcomes the consultation on the review of the EU macroprudential policy framework and underscores the importance of macroprudential policy as a complement to monetary policy and microprudential policy.
 
  Political
 
 
House of Lords: Transitional period for financial services vital following Brexit
The EU Financial Affairs Sub-Committee published a report highlighting the importance of agreeing a transitional period for financial services, so that a 'cliff edge' is avoided.
House of Lords: Brexit: acquired rights report published
The Justice Sub-Committee's report stated that the debate over the protection of the so-called "acquired rights" is misleading because, if the UK wants to preserve certain EU rights on withdrawal, it will have to ensure they are safeguarded in the withdrawal agreement.
Financial Times: Full memo of David Davis meeting with the City
This is a memo taken by a City of London Corporation representative after meeting David Davis, the minister for Brexit, on 15 November 2016. It was circulated within the City and leaked to the Financial Times.
Financial Times: Switzerland heads for EU immigration climbdown
Switzerland aims to settle a long-running conflict with the EU over free movement of people by rejecting immigration quotas approved in a referendum. The attempts to implement stronger controls might have implications for UK post-Brexit.
The Telegraph: Philip Hammond calls for 'soft Brexit' taking four years
Britain will not be able to leave the EU within two years without serious side effects, Philip Hammond has suggested, saying that a transitional deal – in which Britain would pay for access to the single market for about 24 months after leaving the EU – would help to ensure a “smooth” Brexit.
House of Lords: Brexit requires compromise between sovereignty and liberalising trade, report says
The EU Internal Market and External Affairs Sub-Committees published a report on frameworks for UK-EU trade after Brexit.
Bloomberg: EU calls for Brexit talks ‘swiftly’ after Article 50, draft says
The European Union will set out for the first time on Dec. 15 how it will conduct its Brexit negotiations with the UK as preparations intensify before Prime Minister Theresa May officially fires the starting gun.
EP Economic Governance Support Unit: Brexit: the United-Kingdom and EU financial services
This briefing describes the prominent role of the UK in the single market for financial services, and highlights which activities rely today on passporting for their daily business with the other 27 Member States.
 

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