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12 January 2017

Friends 'Weekly' Newsletter


Banks regulatory capital, LCR, EU-wide stress test, Prospectus Directive, CCP supervision, MiFID II, PRIIPs, Solvency II, Venture capital rules, Pillar 3 disclosures requirements, Brexit, London Stock Exchange, Lloyds, money laundering, UK-EU trade, investment banking, Basel III and more.

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  Articles from 15 December 2016 - 12 January 2017

  Banking
 
 
EBA recommends retaining risk-sensitive framework for banks regulatory capital
The EBA’s report on cyclicality of banks' capital requirements aims at clarifying whether risk-sensitive bank capital requirements as laid down in the CRR and CRD create unintended pro-cyclical effects by reinforcing the endogenous relationships between the financial system and the real economy.
EBA sees considerable improvement in the average LCR across EU banks
The EBA published its third impact assessment Report for the liquidity coverage ratio (LCR), together with a review of its phasing-in period. The Report shows a constant improvement of the average LCR across EU banks since 2011.
EBA to run its next EU-wide stress test in 2018
The Board of Supervisors of the European Banking Authority decided to carry out its next EU-wide stress test in 2018, in line with its previous decision to aim for a biennial exercise.
EBA launches qualitative survey on internal models
The EBA launched a qualitative survey on IRB models to analyse the impact of the EBA draft Guidelines on the estimation of risk parameters for non-defaulted exposures, namely of the PD and the LGD, and on the treatment of defaulted assets, which are currently under consultation.
EBF letter to the Basel Committee: Finalisation of Basel III without output floors
The European Banking Federation (EBF) would like to reiterate their support to the finalisation of the Basel III reform with no significant impact on any jurisdiction and in terms that truly respect the international level playing field.
 
  Securities
 
 
Capital markets union: Council confirms deal on prospectus rules
The Permanent Representatives Committee approved, on behalf of the Council, an agreement with the European Parliament on prospectuses for the issuing and offering of securities.
ESMA updates Q&A on Prospectus Directive
ESMA published an updated questions and answers document on the application of the Prospectus Directive.
ESMA identifies areas for improvement in EU CCP supervision
ESMA presented the results of a peer review, it conducted into how national competent authorities ensure that central counterparties comply with margin and collateral requirements under the European Markets Infrastructure Regulation.
European Commission adopts equivalence decisions for CCPs and trading venues in ten non-EU jurisdictions
The European Commission has determined that India, Brazil, New Zealand, Japan Commodities, United Arab Emirates and Dubai International Financial Centre have equivalent regulatory regimes for central counterparties to the European Union.
ESMA consults on extending aggregated trade repository data
The European Securities and Markets Authority opened a public consultation on the extension of data available to the public in trade repositories as stipulated in the European Market Infrastructure Regulation.
ESMA consults on supervision fees for trade repositories under SFTR and EMIR
ESMA published a consultation paper on draft technical advice to the European Commission on formulating an EU Regulation on ESMA’s fees for Trade Repositories under the Securities Financing Transactions Regulation.
AFME response to consultation paper FCA CP16/29 (Markets in Financial Instruments Directive II Implementation Paper III)
Overall, AFME supports the steps taken in the CP to align the Handbook with the measures due to come into effect with the application of MiFID II. AFME does not however support the gold-plating of EU Directives as this leads to differences of regulation across Europe and consequent confusion.
ESMA sets timetable for MiFID II waiver applications
ESMA updated two Q&A documents regarding implementation issues relating to transparency topics and market structures topics under the Market in Financial Instruments Directive and Regulation.
 
  Insurance
 
 
European Supervisory Authorities respond to European Commission on amendments to PRIIPs rules
ESAs published their response to the European Commission on the amendments the Commission proposes to make to the draft RTS on key information documents for packaged retail and insurance-based investment products.
EIOPA announces results of the 2016 EU-wide insurance stress test
The EIOPA announced the results of its 2016 EU-wide stress test for the European insurance sector. This year’s exercise assessed insurers’ vulnerabilities and resilience to two severe market developments: A prolonged low yield environment and a “double-hit” scenario.
Insurance Europe: Response to EIOPA 2016 Solvency II stress tests
Olav Jones, deputy director general of Insurance Europe, commented on the European Insurance and Occupational Pensions Authority 2016 Solvency II stress tests results.
 
  Asset Management
 
 
Capital markets union: Venture capital rules agreed by Council
The Council has agreed its negotiating stance on amendments to EU rules aimed at boosting investment in venture capital and social enterprises.
Pension funds granted further one-year exemption from central clearing requirements
The European Commission adopted a Delegated Act in accordance with Article 85(2) of EMIR, further extending transitional relief for Pension Scheme Arrangements from central clearing requirements until 16 August 2018.
ECB: Eurosystem adjusts purchase process in ABS purchase programme (ABSPP)
The Governing Council of the ECB decided that the ABSPP should be fully implemented by national central banks rather than relying on the support from external managers. This had been envisaged and announced when the programme was first launched.
 
  Corporate Governance/Accounting
 
 
EBA publishes final guidelines on revised Pillar 3 disclosures requirements
These Guidelines represent a significant step forward in the EBA's effort of improving and enhancing the consistency and comparability of institutions' regulatory disclosures.
 
  Financial Services Policy
 
 
IOSCO issues guidance to improve quality of reporting on compliance with Benchmarks Principles
IOSCO issued guidance that seeks to increase the consistency and quality of reporting by Benchmark Administrators on their compliance with the IOSCO Principles for Financial Benchmarks, which were published in July 2013.
 
  Political
 
 
Bloomberg: Paris eyes luring 20,000 bankers from London amid Brexit rupture
Paris could lure as many as 20,000 workers from Britain’s finance industry with the exodus potentially starting within weeks as the UK begins its withdrawal from the European Union, according to Europlace, the French capital’s lobby group.
Bloomberg: LSE CEO Sees Brexit Risking 232,000 Jobs, Market Stability
LSE Group Plc CEO Xavier Rolet told the Treasury Select Committee the impact should officials fail to implement an orderly transition out of the EU wouldn’t just lead to 232,000 job cuts and the loss of the UK’s vital clearing business, it would pose a risk to broader financial stability.
The Economist: The “WTO option” for Brexit is far from straightforward
Becoming an independent member of the WTO could be a difficult process, in The Economist view.
CBR: The Macro-Economic Impact of Brexit: Using the CBR Macro-Economic Model of the UK Economy (UKMOD)
A new economic forecast for 2017 for the UK economy from the Centre for Business Research of the University of Cambridge expresses optimism but says Brexit uncertainty must be addressed.
City AM: London Stock Exchange poised to announce crucial sale of French clearing arm
The London Stock Exchange Group is likely to announce the sale of its French clearing arm, City A.M. understands.
ISDA Brexit FAQs
These FAQs address the possible UK position post-Brexit. The responses to these FAQs involve an assessment of the various outcomes of the exit negotiations and the consequences of those outcomes and it is not possible in all cases to give a definitive answer.
The Guardian: Dozens of UK banks and financial firms 'looking at moving to Ireland'
Banks and financial institutions make up the overwhelming majority of more than 100 companies inquiring about relocating to Ireland after Brexit, the head of the agency tasked with bringing foreign investment into the republic has confirmed.
House of Lords: Brexit: parliamentary scrutiny
Lords produced a report concluding that the forthcoming negotiations on Brexit will be unprecedented in their complexity and their impact upon domestic policy. Therefore, it is inconceivable that these negotiations should be conducted by the Government without active parliamentary scrutiny.
CER: Customs union membership is no way out of the Brexit trap
Remaining in the customs union would be the best way to minimise the economic costs of Brexit. But the customs union and the single market are not easy to disentangle, and the EU-27 would demand a high price for an arrangement that eliminates costly customs charges and checks.
Statement after the informal meeting of the 27 heads of state or government
After the informal meeting held on 15 December 2016 in Brussels, the 27 heads of state or government and Presidents of the European Council and Commission issued a statement on the upcoming Brexit negotiations.
Commercial Risk Europe: France forecast to win Brexit business in 2017
France could emerge as a strong insurance centre in 2017 following efforts to attract new subsidiaries looking for a European base outside the UK post Brexit, according to predictions for the year ahead from Clyde & Co.
 
  Financial
 
 
ECFIN: Debt Sustainability Monitor 2016
The Debt Sustainability Monitor 2016 provides an overview of the challenges to public finance sustainability faced by Member States in the short, medium and long term.
 

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