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01 June 2017

Friends 'Weekly' Newsletter


Europe's capital rules, Non-Performing Loans, Capital Markets Union, MiFID II, IFRS 13 review, ESMA's principles on relocations from the UK, clearing oversight, Donald Trump, 'no deal' and more.

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Banking Securities Corporate Governance/Accounting
Financial Services Policy Financial Economic
Brexit & UK   About this email

  Articles from 25 May 2017 - 01 June 2017

  Banking
 
 
Reuters: EU needs simple capital rules for euro zone banking union: Villeroy
The European Union needs to set simple rules on bank capital to complete its project of bringing banks in the euro zone under a sole EU supervisor, ECB Governing Board member Francois Villeroy de Galhau said.
EBA announces details of its 2017 EU-wide transparency exercise
The European Banking Authority announced that it will publish data for its fourth annual EU-wide transparency exercise in December 2017 together with the Risk Assessment Report (RAR).
OECD: Solving Non-Performing Loans in Europe to speed up the recovery
Almost 10 years after the outset of the financial crisis, European growth remains modest, constantly underperforming the OECD average. One key factor that may continue to cripple growth is the persistently high level of non-performing loans (NPLs or impaired assets) in several countries.
 
  Securities
 
 
Capital Markets Union: EU reaches agreement on reviving securitisation market
The European Commission has welcomed the agreement to revive the EU's securitisation market, in a move that will broaden investment opportunities for investors and boost lending to Europe's households and businesses.
European Council: Capital markets union - agreement reached on securitisation
The presidency reached agreement with European Parliament representatives on proposals aimed at facilitating the development of a securitisation market in Europe.
MiFID II: ESMA clarifies transparency and position limit regimes for instruments traded on non-EU trading venues
ESMA issued two opinions regarding the implementation of the Market in Financial Instruments Directive and Regulation.
 
  Corporate Governance/Accounting
 
 
IASB begins second phase of IFRS 13 review with call for information
The IASB has issued a request for stakeholders to tell the Board about their experience with the accounting standard that explains how to measure the ‘fair value’ of assets and liabilities, IFRS 13. The aim is to check whether the Standard meets its objectives.
 
  Financial Services Policy
 
 
ESMA publishes response to consultation on the operation of the ESAs
The response includes recommendations that ESMA’s Board of Supervisors believe will improve the Authority’s functioning and better allow it to achieve its objectives of investor protection, and stable and orderly EU financial markets.
EBA publishes Opinion on EU Commission consultation on the operation of the ESAs
The Opinion points to a possible way forward to confirm its role as guardian of the Single Rulebook and to increase its effectiveness in ensuring supervisory convergence across the EU. It also suggests how the EBA's role with regards to supervisory reporting could be strengthened and improved.
 
  Financial
 
 
Capital markets union: Agreement on venture capital rules
The proposed regulation is part of the EU's plan to develop a fully functioning capital markets union, diversifying funding sources for Europe's businesses and long-term projects. It is also linked to the EU's investment plan for Europe.
 
  Economic
 
 
Commission sets out possible ways forward for the deepening of Europe's Economic and Monetary Union
Following the Commission's White Paper on the Future of Europe, this reflection paper builds on the Five Presidents' Report of June 2015 and is intended both to stimulate the debate on the Economic and Monetary Union and to help reach a shared vision of its future design.
Mario Draghi statement at the hearing of the Committee on Economic and Monetary Affairs of the European Parliament
The ECB President spoke on the role of FinTech, reviewed the European economic outlook and discussed the monetary policy stance.
 
  Brexit & UK
 
 
Andrew Duff: Brexit: time for Plan B
The Commission is already thinking about Plan B, and it is right to do so, writes Duff in EPC. If there is no Article 50 withdrawal agreement, the UK and the EU will have to start again from scratch.
Financial Times: Europe cannot rely on US and faces life without UK, says Merkel
German chancellor Angela Merkel has signalled that Europe can no longer count on the US as a reliable partner, reflecting a new transatlantic rift that has emerged after two days of international summits with President Donald Trump last week.
Financial Times: After Brexit: Let the haggling over treaties begin
FT research reveals that at least 759 agreements with 168 countries must be renegotiated just for the UK to stand still.
CER: Why no deal would be much worse than a bad deal
Theresa May and several of her ministers have claimed that no Brexit deal would be better than a poor deal. They are wrong. The costs to the UK economy of failing to strike a deal would dwarf those of signing up to a bad deal.
ESMA issues principles on supervisory approach to relocations from the UK
The European Securities and Markets Authority has published an Opinion setting out general principles aimed at fostering consistency in authorisation, supervision and enforcement related to the relocation of entities, activities and functions from the United Kingdom
Bloomberg: Draghi says clearing oversight after Brexit is `crucial' for ECB
The European Central Bank needs to maintain a firm grip in overseeing clearing of trades in euro-denominated financial instruments after Britain leaves the European Union, President Mario Draghi said.
ACCA: Concerning lack of preparedness across global financial services
Uncertainty surrounding the outcome of Brexit negotiations is hindering global financial services’ ability to prepare, despite a substantial number identifying the process as a risk to their business, according to new research released by ACCA.
 

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