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02 February 2017

Friends 'Weekly' Newsletter


Market risk capital requirements, internal approaches, CCP resolution, EMIR, risk-free interest rate term structures, Solvency II, UCITS, new EU audit rules, Donald Tusk warning of Trump's 'threat' to democracy, Brexit and more.

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  Articles from 26 January 2017 - 02 February 2017

  Banking
 
 
BIS: Frequently asked questions on market risk capital requirements
The published document sets out the first set of FAQs on the revised market risk standard. The questions and answers include clarifications both to the standardised approach and the internal models approach.
EBA reminds CAs of key deadlines and the ITS to be used for running the 2017 supervisory benchmarking exercise of internal approaches
Despite the pending approval by the European Commission of the amended Implementing Technical Standard on benchmarking, compliance with the proposed deadlines will ensure a smooth and timely start of the 2017 exercise.
 
  Securities
 
 
FSB consults on guidance for CCP resolution and resolution planning
With CCPs an increasingly important part of the financial system, particularly following post-crisis reforms to mandate central clearing of certain standardised over-the-counter derivatives, it is vital that CCPs do not themselves become a new source of “too-big-to-fail risk”, according to the FSB.
ESMA announces details of 2017 CCP stress test
The exercise covers 17 EU CCPs including all products currently cleared by these CCPs and will assess the resilience and safety of the EU’s CCPs from a systemic risk viewpoint.
ESMA letter on EMIR Review and Sanctioning Powers to the European Commission
ESMA has written to the European Commission to ask it to consider a number of issues relating to its supervisory and sanctioning powers under EMIR, in the context of the ongoing review, and also similar issues related to credit rating agencies.
 
  Insurance
 
 
EIOPA updates the technical documentation of the methodology to derive the risk-free interest rate term structures
The European Insurance and Occupational Pensions Authority published an update of the technical documentation of the methodology to derive the risk-free interest rate term structures.
Solvency II one year on: successfully implemented, but excessive conservativeness risks harming consumers, long-term investment and economy
The many layers of conservativeness built into the design of Solvency II and its tendency to treat insurers like traders instead of long-term investors could harm consumers, long-term investment and the economy. Policymakers need to take action to make the framework more reflective of reality.
 
  Asset Management
 
 
ESMA advocates common principles for setting up share classes in UCITS funds
ESMA issued an Opinion on the extent to which different types of units or shares (share classes) of the same UCITS fund can differ from one another, having found diverging approaches in different EU countries.
 
  Corporate Governance/Accounting
 
 
Accountancy Europe: Member States’ implementation of new EU audit rules
Six months after the implementation deadline of new EU audit rules, Accountancy Europe presents an updated state of play of this process in 31 European countries, including 28 EU Member States.
AFME response to EBA-ESMA consultation on the assessment of the suitability of members of the management body and the key function holders
AFME confirms that the notions of management body in its supervisory function and management body in its management function need to be clarified.
 
  Financial Services Policy
 
 
ESMA publishes new Q&A on Alternative Performance Measures Guidelines
ESMA published a new Questions and Answers document, comprising six questions, on the implementation of its Guidelines on the Alternative Performance Measures for listed issuers.
 
  Friends Services
 
 
Resignation from FSNF Executive Committee and termination of further participation in the Forum
Graham Bishop has resigned from the Financial Services Negotiation Forum.
 
  Political
 
 
"United we stand, divided we fall": letter by President Donald Tusk to the 27 EU heads of state or government on the future of the EU
Council President addressed the EU27 leaders before the Malta summit and warned them against three threats the EU now faces: the new global geopolitical situation; the rise in anti-EU, nationalist, increasingly xenophobic sentiment in the EU itself and the state of mind of the pro-European elites.
Anneliese Dodds MEP: Brexit: A new deal for financial services
Dodds released a report proposing a three-pronged approach to securing a better, positive arrangement between the EU and the UK regarding the British financial services sector.
TheCityUK hails opportunity for trade and investment policy reset
TheCityUK has published new calls for the UK to make the most of the once-in-a-generation opportunity to recalibrate and repurpose its trade and investment policy to benefit the wider economy once Britain leaves the EU.
POLITICO: Theresa May’s Brexit speech was contradictory
A new report commissioned by the European Parliament’s Constitutional Affairs Committee describes UK Prime Minister Theresa May’s speech outlining her Brexit strategy as full of contradictions — but “certainly valuable in some parts.”
Oliver Wyman: Implications of the Trump Administration for Financial Regulation
The advent of the Trump Administration brings a new era for financial regulation and related legislation, with the potential for major changes in the US and globally. This paper describes the underlying forces at work and the political dynamics driving how they will interact.
 

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