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04 May 2017

Friends 'Weekly' Newsletter


Bank capital, Capital Markets Union mid-term review, XBRL taxonomy, Blockchain and Distributed Ledgers Technologies, European Council guidelines for Brexit negotiations, Merkel warning against UK ‘illusions’, Brexit ‘bill’, euro-clearing market and more.

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  Articles from 27 April 2017 - 04 May 2017

  Banking
 
 
ECB's Nouy: Risk and capital – a balancing act
The Chair of the Supervisory Board of the ECB assessed the issue of how to calculate the right amount of bank capital.
 
  Securities
 
 
ECB contribution to the European Commission’s consultation on Capital Markets Union mid-term review 2017
The ECB has been a strong supporter of the capital markets union project since its inception. A well-functioning, diversified and deeply integrated euro area/European Union capital market is very important for the European Central Bank.
 
  Corporate Governance/Accounting
 
 
EBA updates XBRL taxonomy 2.7 for supervisory reporting
The European Banking Authority published an update to the XBRL taxonomy that Competent Authorities should use for the remittance of data under the EBA Implementing Technical Standards on supervisory reporting.
 
  Financial Services Policy
 
 
Risks and opportunities of Blockchain and Distributed Ledgers Technologies (BDLTs)
EU experts and decision-makers discussed the complicated, controversial and fast-moving area of BDL technologies at a joint ACCA-EY conference, which revealed that the EU is of the view that it is too early to regulate.
 
  Political
 
 
The Telegraph: European Union may create new class of 'supranational' MEPs after Brexit
Europe should create a new class of supranational MEPs after Brexit in order to demonstrate that the European project is “alive and kicking”, a high-level EU ministers meeting was told.
 
  Economic
 
 
MEPs close multinationals’ tax loopholes
MEPs amended the EU’s anti-tax avoidance directive to prevent multinationals taking advantage of mismatches between EU and third countries’ tax rules to reduce their tax bills.
 
  Brexit & UK
 
 
Speech by Michel Barnier at the press conference on the adoption of the Commission's recommendation on draft negotiating directives
The EU chief negotiator said ‘There is no punishment. There is no Brexit bill’ — but the negotiations will be long and tough. Barnier outlined the three main issues in the forthcoming first phase of UK/EU talks: citizens' rights, the financial settlement and the new external borders.
Irish Government Statement on Brexit Preparations
The Irish Government welcomed the outcome of the weekend's European Council meeting and the overall approach to the forthcoming Brexit negotiations set out in the Guidelines adopted.
Remarks by President Tusk on the Special European Council (Art.50)
The European Council President underlined the "outstanding unity of all the 27 leaders" on the guidelines for negotiations with the UK. Tusk said they were "adopted immediately", which gives EU institutions "a strong political mandate for these negotiations."
European Council (Art. 50) guidelines for Brexit negotiations
The EU27 leaders agreed to "proceed according to a phased approach giving priority to an orderly withdrawal" and highlighted that "the Union's overall objective in these negotiations will be to preserve its interests, those of its citizens, its businesses and its Member States."
Bloomberg: Merkel warns against UK ‘illusions’ in hard-line Brexit speech
German Chancellor Angela Merkel laid down a tough line for Brexit talks with the UK, reminding Britain it can’t expect preferential treatment as she warned that some officials in London were harboring “illusions.”
Financial Times: Brussels hoists gross Brexit ‘bill’ to €100bn
The EU has raised its opening demand for Britain’s Brexit bill to an upfront gross payment of up to €100bn, according to Financial Times analysis of new stricter demands driven by France and Germany.
Open Europe: How should a truly Global Britain seek to upgrade its trade relationships beyond the EU?
Open Europe’s new Global Britain report has identified the markets in which the UK should seek to deepen its trade relationship and where it should seek to exploit opportunities to improve its export performance.
Financial Times: Brussels set for power grab on London’s euro-clearing market
Brussels is rushing out proposals to impose EU control on the City of London’s lucrative euro-clearing market, forcing UK operators to either relocate or be policed by European authorities.
 

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