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27 April 2017

Friends 'Weekly' Newsletter


Progress report on adoption of Basel III, BRRD, euro area bank lending survey, a proposal for a Eurozone-level asset management company, main risks for the EU financial system, trade repositories, MAR, Solvency II, IFRS 9, ESAs, Eurobill Proposal, Brexit and more.

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  Articles from 20 April 2017 - 27 April 2017

  Banking
 
 
BCBS: Twelfth progress report on adoption of Basel III standards published by the Basel Committee
The Basel Committee on Banking Supervision has issued the Twelfth progress report on adoption of the Basel regulatory framework. This report sets out the adoption status of Basel III standards for each BCBS member jurisdiction as of end-March 2017.
City A. M.: Global banking watchdog will pause for thought before introducing more regulations
Global banking regulators will pause for two years and take stock of their post-crisis reforms, allowing the sector a chance to catch its breath before any new initiatives are pursued.
Boston Herald: Trump eyes changes to Obama's tax and Wall Street rules
Hoping to spur economic growth, President Donald Trump embarked on new steps to dismantle some of the tax and financial regulations established by former President Barack Obama.
Valdis Dombrovskis, Vice-President of the European Commission Keynote speech "Transatlantic cooperation – key for jobs and economic growth"
Dombrovskis pointed to three areas where international cooperation is particularly crucial: derivatives markets, bank capital charges and crisis management.
City A. M.: Bank of England's Mark Carney warns regulators must end a reliance on mega-fines for banks
Regulators must end an "excessive reliance" on mega-fines for banks, Bank of England (BoE) governor Mark Carney said.
ISDA Publishes Second Bail-in Article 55 BRRD Protocol
The International Swaps and Derivatives Association has announced the launch of a second protocol to help market participants to meet the requirements of Article 55 under the European Union Bank Recovery and Resolution Directive.
ECB: Results of the April 2017 euro area bank lending survey
Credit standards for loans to enterprises eased slightly in net terms in the first quarter of 2017, according to this BLS. The net easing (-2%) of credit standards – i.e. banks’ internal guidelines or loan approval criteria – follows a net tightening of 5% in the previous quarter.
The Times: Banks pop up with way to stay in City after Brexit
Wall Street banks are considering setting up “pop-up” branches in European countries to deal with trading after Brexit while keeping the bulk of their work for continental clients in London.
 
  Securities
 
 
ESMA advises Commission on fees for trade repositories
The European Securities and Markets Authority published its final technical advice to the European Commission regarding supervisory fees for Trade Repositories under the Securities Financing Transactions Regulation.
 
  Asset Management
 
 
Investment & Pensions Europe: ECB's planned pension fund reporting requirements criticised
The planned European Central Bank regulation on statutory reporting requirements for pension schemes could lead to extensive reporting obligations – and considerable additional costs – for pension institutions, according to speakers at a recent roundtable event in Frankfurt.
 
  Financial Services Policy
 
 
ESAs highlight main risks for the EU financial system
ESAs published their spring 2017 Report on risks and vulnerabilities in the European Union’s financial system.
 
  Friends Services
 
 
A Eurobill Proposal for the Commission Reflection Paper on Completing the Economic and Monetary Union
The European Commission has undertaken to produce a Reflection Paper on “ideas, proposals and options” by end-May on the deepening of the EMU. Accordingly, Graham Bishop has refined further his plan for a Temporary Eurobill Fund (TEF), and commends it to the EC for consideration in its Reflections.
 
  Economic
 
 
Statement by ECB's Mario Draghi at the thirty-fifth meeting of the International Monetary and Financial Committee
Draghi said that complete EMU is the foundation for a stable, flourishing and resilient euro area economy that will be the best contribution to global economic growth and financial stability.
Speech by Commissioner Moscovici at the Peterson Institute for International Economics, Washington DC: "Europe's pivotal year"
Moscovici said that the challenges that lie ahead for Europe now are mostly of a political nature, and that, while the European economy is strengthening overall, the picture remains highly diverse from country to country, particularly within the eurozone.
 
  Brexit & UK
 
 
Financial Times: Brussels starts to freeze Britain out of EU contracts
Brussels is starting systematically to shut out British groups from multibillion-euro contracts and urging companies to decamp to one of the 27 remaining EU members as it prepares for Brexit.
Bloomberg: EU toughens Brexit stance in sign UK vote won’t alter approach
With the EU finalizing its position to take into the talks, diplomats revised the bloc’s draft negotiating guidelines, adding harder language on issues including the safeguarding of citizens rights and Britain’s potential financial dues, according to a document obtained by Bloomberg News.
The Times: Trump puts EU ahead of Britain in trade queue
Britain has been pushed behind the European Union in the queue to strike a free-trade deal with the United States, officials in Washington have said.
Bloomberg: EU hardens Brexit position on financial services, citizens
European Union governments further toughened their position on Brexit, as they added limits on financial services and explicit demands on citizens’ residency rights to their negotiating plan with the UK.
 

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