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23 February 2017

Friends 'Weekly' Newsletter


TLTROs, NPLs, MiFID II, Brexit, the Brexit bill, euro clearing, CCPs, credit rating agencies, asset management, AIFMD, European Capital Markets, money laundering and terrorist financing, UK Corporate Governance Code, corporate tax avoidance, CCCTB and more.

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  Articles from 16 February 2017 - 23 February 2017

  Banking
 
 
Bloomberg: ECB can renew free loans to banks if needed, Council member says
The European Central Bank could consider renewing its offer of free long-term liquidity to lenders though it shouldn’t turn it into a permanent measure, the Bank of Lithuania Governor Vitas Vasiliauskas said.
VOX: In search of a European solution for banks’ non-performing loans
European banks have not recovered from the Global Crisis, in part due to heavy provisions for non-performing loans. This column argues that a comprehensive approach to the issue in Europe could address market inefficiencies and reduce bad loans to bearable levels.
 
  Securities
 
 
Financial Times: Regulators urged to close European share trading loophole
European markets regulators are examining a potential loophole in MiFID II rules, which they fear promotes lightly regulated, private networks rather than placing curbs on trade away from public exchanges.
IRSG Paper on CCPs post-Brexit
This paper discusses the implications for banks and end-users of financial markets, if the current legal and regulatory framework for Central Counterparties continued unchanged after Brexit.
Financial Times: Brexit casts doubt over rating agencies’ future in London
Credit rating agencies’ activities in London have been thrown into doubt by Brexit, as the UK government faces the prospect of cobbling together a new regulatory regime for institutions often blamed for exacerbating the financial crisis.
 
  Asset Management
 
 
New City Initiative: A new regime for Asset Management
The financial infrastructure and regulation of the UK is so intertwined with Europe that Brexit will require time and patience to implement effectively. This paper provides one solution which could be implemented with relative ease, according to New City Initiative think tank.
Hedgeweek: AIFMD passport no longer seen as the ‘silver lining’
Securing a third-country passport to access European investors is no longer viewed as the go-to solution it once was by the UK investment fund sector, according to Tim Hames, the Director General of the British Private Equity & Venture Capital Association (BVCA).
CEPS: Brexit and the Asset Management Industry
In this ECMI Policy Brief, Karel Lannoo observes that Brexit will have a big impact on the asset management industry and he express 3 main reasons.
Investment & Pensions Europe: EU finance ministers consider FTT exemption for pension funds
The 10 EU member states negotiating the possible introduction of a financial transactions tax (FTT) are to carry out further technical analysis of its effects on pension funds and the real economy.
 
  Corporate Governance/Accounting
 
 
FRC to review the UK Corporate Governance Code
The FRC has announced plans for a fundamental review of the UK Corporate Governance Code. This will take account of work done by the FRC on corporate culture and succession planning, and the issues raised in the Government’s Green Paper and the BEIS Select Committee inquiry.
 
  Financial Services Policy
 
 
ESAs warn on money laundering and terrorist financing risks affecting the EU financial sector
The three ESAs published a joint Opinion addressed to the European Commission on the risks of ML/TF affecting the European Union's financial sector. In particular, this Joint Opinion finds that problems exist in relation to firms' understanding and management of the ML/TF risk they are exposed to.
 
  Friends Services
 
 
PM May’s Brexit “Battle Plan”
The truth of the pithy statement by 19th century German General von Moltke must already be ringing in Prime Minister Theresa May's ears “no plan of operations extends with any certainty beyond the first contact with the main hostile force.”
 
  Political
 
 
Financial Times: Former UK top diplomat warns EU will oppose specific Brexit deals
The former UK ambassador to the EU Sir Ivan Rogers said Merkel and other leaders will reject single market access for some sectors.
The Guardian: 'No deal' Brexit would mean £6bn in extra costs for UK exporters
Guardian analysis shows falling back on WTO rules would mean steep bills for industries including fashion, agriculture, cars and ceramics.
Financial Times: Brussels focuses on UK’s €60bn exit bill before trade talks
The EU’s Brexit negotiators expect to spend until Christmas solely discussing Britain’s divorce from the bloc, denying London any trade talks until progress is made on a €60bn exit bill and the rights of expatriate citizens.
 
  Financial
 
 
CEPS: Recent developments in European Capital Markets – Key findings from the 2016 ECMI Statistical Package
This paper presents the key findings reported in the 2016 ECMI Statistical Package, a comprehensive and up-to-date database compiled annually on the dynamics of European and global capital markets.
 
  Economic
 
 
Remarks by J.Dijsselbloem and Pierre Moscovici following the Eurogroup meeting
Eurogroup President said the EU and Greek institutions had found enough common ground for the them to go back to Athens.
Corporate tax avoidance: Council agrees its position on hybrid mismatches
The Council agreed its position on rules aimed at closing down 'hybrid mismatches' with the tax systems of third countries. The directive will contribute to implementation of 2015 OECD recommendations addressing corporate tax base erosion and profit shifting.
 

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