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16 March 2017

Friends 'Weekly' Newsletter


Resolution of credit institutions, CSDR, IORPs, IFRS 16 Leases, capital markets union mid-term review, European Council, Brexit and more.

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  Articles from 09 March 2017 - 16 March 2017

  Banking
 
 
EBA to centralise notifications on resolution cases and use of DGS funds across the EU
The European Banking Authority set up a dedicated section on its website to centralise information on crisis prevention, management liquidation and resolution of credit institutions in the Union based on the notifications received from the respective national authorities.
WSBI: Regional credit institutions call for better regulation
DSGV, BVR, WSBI and EACB discussed the contribution made by their banks with a view to the concerns of Germany‘s G20 Presidency. They requested that the right course be set at international level for the reasonable regulation of small credit institutions and institutions with simple business models.
 
  Securities
 
 
CSDR implementing measures published in the OJ
Implementing measures which supplement the Regulation on improving securities settlement in the EU and on central securities depositories have been published in the Official Journal of the European Union.
ICMA response to the commission consultation on capital markets union mid-term review
ICMA’s response is preceded by two brief notes on broader themes: the importance of minimising the impact of UK withdrawal from the EU on the Capital Markets Union project; and the importance of ensuring EU global competitiveness.
 
  Asset Management
 
 
EIOPA publishes its 2016 Market development report on occupational pensions and cross-border IORPs
The report provides a comprehensive overview of the European occupational pensions landscape, giving a detailed insight into IORPs active nationally and those operating on a cross-border basis.
 
  Corporate Governance/Accounting
 
 
Accountancy Europe: EFRAG’s Draft Endorsement Advice on IFRS 16 Leases
Accountancy Europe responded to EFRAG’s Draft Endorsement Advice on IFRS 16 Leases following a Preliminary Consultation which closed in December 2016, for which Accountancy Europe also provided its comments.
 
  Friends Services
 
 
128th Brussels for Breakfast – Notes
As the triggering of Article 50 approaches, so does the Summit that marks the 60th anniversary of the Treaties that laid the foundations of the EU. The increasing friction between Eurosceptics and the EU27, and an apparent absence of direction were portrayed in the Commission's White Paper.
 
  Brexit & UK
 
 
Report by President Donald Tusk to the European Parliament on the European Council and the informal meeting
Council President Donald Tusk briefed the Parliament on the issues discussed during the meetings, and said that a "no deal scenario" in the upcoming Brexit negotiations "would be bad for everyone, but above all for the UK."
City AM: Banking pressure group, the British Bankers' Association, plans to lobby the EU27
The UK's pressure group for the banking industry is pulling together plans to lobby the EU27 for a Brexit deal that will benefit all involved, just days before Prime Minister Theresa May is expected to pull the trigger on Article 50.
Bloomberg: UK Parliament gives Theresa May permission to start Brexit
UK Prime Minister Theresa May is preparing to trigger Brexit in the last week of March after securing the permission of lawmakers to begin two years of talks with the European Union.
Commons' Foreign Affairs Committee: Article 50: 'Dereliction of duty' to fail to plan for 'no deal'
Even with all sides entering negotiations with goodwill and the desire for a successful outcome, the Foreign Affairs Committee points out in its report that negotiations could stall or be derailed and the two years could end with no deal between the UK and the 27 Member States.
Open Britain: Trading relationships between the EU and G20 nations
This research shows that no other G20 nation trades with the European Union entirely under World Trade Organisation rules. All have some preferential trading relationships in place, even if these fall short of a comprehensive Free Trade Agreement (FTA).
Financial Times: MEPs seek ‘extraterritorial’ oversight on London euro clearing
Members of the European Parliament have urged regulators to press for “extraterritorial” oversight of the City of London after Brexit as a condition for allowing the UK financial centre to keep its dominance in the lucrative market for clearing euro-denominated derivatives.
 

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