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20 April 2017

Friends 'Weekly' Newsletter


EU SREP framework update, Basel III, Bank of England, Capital Markets Union Mid-Term Review, MiFID II, PRIIPs, UCITS and AIFMD, IFRS and more.

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Banking Securities Insurance
Asset Management Corporate Governance/Accounting Financial Services Policy
Friends' Services Brexit & UK About this email

  Articles from 06 April 2017 - 20 April 2017

  Banking
 
 
EBA outlines roadmap of its plan to update 2017-2018 SREP
The roadmap explains the multi-stage approach the EBA intends to follow in updating the EU SREP framework in 2017-2018 and beyond, and summarises the ongoing policy initiatives affecting Pillar 2/SREP that will need to be reflected in the revised EBA guidelines on Pillar 2 topics.
Bloomberg: European banks may face $128 billion capital gap as Basel bites
European banks may have to plug a capital shortfall of 120 billion euros if new regulations drawn up by regulators including the Basel Committee on Banking Supervision come into force as they stand, according to McKinsey & Co.
Financial Times: Bank of England tells City to prepare better for ‘no-deal’ Brexit
The Bank of England is concerned the City is not doing enough to plan for a “no-deal” Brexit and has set a July deadline for all financial services companies — including European ones — to get their houses in order.
City A.M.: UK banks seeking post-Brexit licence in Europe face six month wait
UK banks that want to shift operations to the continent after Brexit will encounter a six-month waiting period before receiving their operating licence.
 
  Securities
 
 
ESMA publishes response to Capital Markets Union Mid-Term Review
ESMA published its response to the European Commission’s Consultation Paper on the Capital Markets Union Mid-Term Review.
Steven Maijoor delivers keynote at CMU Mid-Term Review
Topics of focus included the progress made on supervisory convergence; the need for stronger supervisory convergence powers; and ESMA's work to address the risk of regulatory arbitrage linked to the UK's exit from the EU.
Commission public consultation on the conflict of laws rules for third party effects of transactions in securities and claims
The purpose of this public consultation is to gather stakeholders’ views on the practical problems and types of risks caused by the current state of harmonisation of the conflict of laws rules on third party effects of transactions in securities and claims.
ESMA issues final guidelines regarding circuit breakers under MiFID II
ESMA issued the final report on the guidelines regarding the calibration of circuit breakers and the publication of the trading halts under the Markets in Financial Instruments Directive.
 
  Insurance
 
 
EFAMA: PRIIPs: a good framework which suffers from flawed technical implementation measures
On 12 April, the Key Information Document for Packaged Retail and Insurance-based Investment products Level-2 implementing measures was published in the Official Journal of the European Union, marking the end of a long and complicated legislative debate.
Insurance Europe: PRIIPs: European Commission and ESAs must provide further clarity on RTS in level 3
While welcoming the recent adoption and publication of the revised Regulatory Technical Standards (RTS) for the Packaged Retail Investment and Insurance Products (PRIIPs) Regulation, the European insurance industry believes that several clarifications are required in the Level 3 measures.
 
  Asset Management
 
 
ESMA: Notification frameworks and home-host responsibilities under UCITS and AIFMD
The European Securities Market Authority (ESMA) published a report on its 2016 thematic study on the operation of home and host responsibilities under the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Investment in Transferable Securities (UCITS).
ESMA publishes updated AIFMD and UCITS Q&As
ESMA published updated questions and answers documents on the application of the Alternative Investment Fund Managers Directive and the Undertakings for the Collective Investment in Transferable Securities Directive.
 
  Corporate Governance/Accounting
 
 
BCBS: Frequently asked questions on changes to lease accounting
The Basel Committee issued responses to Frequently Asked Questions related to the changes to lease accounting promulgated by the International Accounting Standards Board and the Financial Accounting Standards Board.
EBA issues amended technical standards on supervisory reporting for EU institutions
The EBA published its final draft ITS amending the European Commission's Implementing Regulation (EU) No 680/2014 on supervisory reporting so as to keep reporting requirements in line with changes in the regulatory framework and with the evolving needs for Supervisory Authorities' risk assessments.
 
  Financial Services Policy
 
 
BIS: Global repo markets in transition post-crisis, regulatory changes and central bank stimulus: CGFS report
A new report by the Committee on the Global Financial System analyses the changes in the availability and cost of repo financing, a key market for short-term funding, and how these changes affect the ability of repurchasing agreements to support the financial system.
FSB consults on framework for post-implementation evaluation of the effects of the G20 financial regulatory reforms
The framework will guide analyses of whether the G20 core financial reforms are achieving their intended outcomes, and help to identify any material unintended consequences that may have to be addressed, without compromising on the objectives of the reforms.
 
  Friends Services
 
 
129th Brussels for Breakfast – Notes
PM May finally triggered Article 50 of the UK's intention to leave the EU. Her letter repeatedly asked for running the talks on the exit terms in parallel with those on the future trade deal - but the EU Council and Parliament made clear that the negotiations will be sequential.
 
  Brexit & UK
 
 
MPs approve an early general election
On Tuesday 18 April, Prime Minister Theresa May announced her intention to hold a general election on 8 June 2017. MPs approved the motion for an early general election by 522 to 13. The support of two-thirds of all MPs required for this motion to pass was reached.
IRSG: Financial regulatory group calls for bespoke mutual access arrangement
The International Regulatory Strategy Group proposes that the UK and EU mutually recognise of each other’s regulatory and supervisory regimes, enabling firms based in the UK to continue trading services across the EU and vice versa, with minimal disruption to their customers.
Financial Times: City of London explores ways to access EU market after Brexit
‘Voluntarism’ sees individual firms signing up to EU rules and standards.
Financial Times: France’s Sapin warns of post-Brexit trading loss for UK
France’s finance minister has warned that the City of London will lose lucrative euro-denominated trading operations after Brexit, saying that allowing them to continue there would threaten the currency bloc’s “sovereignty”.
 

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© Graham Bishop

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