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21 September 2017

Friends 'Weekly' Newsletter


Basel III, Capital Markets Union, CCP recovery and resolution framework, MiFID II, T2S, ECOFIN, EU-Japan trade negotiating directives, City regulation after Brexit, Financial Transaction Tax, Brexit bill, withdrawal transition, Northern Ireland, UK economy and more.

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Banking Union Capital Markets Union Corporate Governance/Accounting
Friends' Services Economic Brexit & UK
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  Articles from 14 September 2017 - 21 September 2017

  Banking Union
 
 
FAQs on Basel III definition of capital published by the Basel Committee
The Basel Committee on Banking Supervision published answers to a fourth set of FAQs on the Basel III definition of capital. These aim to promote consistent global implementation of Basel III, by providing clarifications and interpretative guidance on the Committee's standards.
 
  Capital Markets Union
 
 
European Commission: Creating a stronger and more integrated European financial supervision for the Capital Markets Union
The proposals also include steps to foster the development of FinTech and to make sure that sustainability considerations are systematically taken into account in supervisory practices at the European level.
ISDA publishes recommendations for CCP recovery and resolution framework
The paper builds on the work conducted by CPMI, the International Organization of Securities Commissions and the Financial Stability Board (FSB), and calls on regulators to finalize and implement CCP recovery and resolution strategies.
ESMA lays out procedure for ETDs access to CCPs under MiFID II
ESMA issued a procedure under Markets in Financial Instruments Regulation laying out the steps for trading venues to temporarily opt-out from access provisions for exchange-traded derivatives.
IPE: Four managers U-turn on MiFID II research costs
Four of Europe’s biggest institutional asset managers have reversed decisions about how to pay for external investment research costs under MiFID II. Schroders, Invesco, Union Investment and Janus Henderson have announced they will absorb costs onto their balance sheets.
ECB: Final migration wave of T2S successfully completed
Baltics and Spain successfully connect to Eurosystem’s TARGET2-Securities (T2S) securities settlement platform. This now renders the single European securities settlement platform fully operational.
 
  Corporate Governance/Accounting
 
 
IASB issues Practice Statement 2 Making Materiality Judgements and publishes ED Definition of Material
The IASB has issued guidance on how to make materiality judgements. The publication encourages companies to apply judgement instead of using IFRS requirements as a checklist, so that financial statements focus on the information that is useful to investors.
 
  Friends Services
 
 
The Brexit gridlock: No ‘significant progress’ to move on to trade talks soon - 133rd Brussels for Breakfast
The British’ ambition to reach an early deal on cross-border trade after Brexit has met a wall in Brussels: European negotiators won’t unblock talks over trade before Britain secures EU citizens’ rights and Northern Ireland status, and agrees to foot a bill.
 
  Economic
 
 
Remarks by Vice-President Dombrovskis at the informal ECOFIN
Economic and financial affairs ministers of the EU discussed deepening the EU, Fintech and centralising European IT systems to make customs more efficient. They also agreed to develop new digital taxation rules.
State of the Union 2017 - Trade Package: Commission unveils initiatives for a balanced and progressive trade policy
The proposals include the creation of a European screening framework to ensure that foreign direct investment does not compromise the EU's strategic interests when it comes to security and public order, as well as draft mandates to open trade negotiations with Australia and New Zealand.
EU-Japan trade negotiating directives made public
The Council decided to publish the directives given to the Commission to negotiate a trade agreement with Japan.
 
  Brexit & UK
 
 
The Guardian: Northern Ireland could stay in customs union after Brexit – Verhofstadt
European parliament negotiator says Irish border solution is needed before talks can progress, as unionists oppose special status.
Financial Times: Theresa May prepares €20bn EU budget offer
Germany’s Angela Merkel has been told by the British government to expect Theresa May this week to offer to fill a post-Brexit EU budget hole of at least €20bn, the first attempt by London to meet European demands to settle its divorce bill.
The Independent: UK economy will perform better than we thought in 2018, says CEBR think tank
The revision comes after BOE policy makers said last week that they’re headed toward raising interest rates for the first time in more than a decade.
Bloomberg: UK companies urge May to seek three-year Brexit transition
British business leaders urged Prime Minister Theresa May to seek a three-year transitional period after Brexit, warning failure to secure more time would jeopardize “our collective prosperity.”
The Guardian: HMRC chief warns post-Brexit border and tax checks 'could cost up to £800m'
Jon Thompson told Treasury select committee adopting Singapore-style system could cost between £500m and £800m and take seven years to implement.
Financial Times: Hammond admits EU has ‘legitimate’ concerns about City regulation
Philip Hammond admitted that the EU had “legitimate concerns” about the future regulation of the City of London, as he vowed to draw up plans for supervisory co-operation between Britain and Europe after Brexit.
 

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