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12 October 2017

Friends 'Weekly' Newsletter


Banking Union, NPLs, interest rate risk, net stable funding ratio, Capital markets union, MiFID II, CCPs, AIFMD, UCITs, UK trade and customs white papers, Catalonia's bid on independence, euro-denominated clearing after Brexit, ECON hearing, UK growth forecast and more.

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Banking Union Capital Markets Union Insurance
Asset Management Political Brexit & UK
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  Articles from 05 October 2017 - 12 October 2017

  Banking Union
 
 
Commission calls for the completion of all parts of the Banking Union by 2018
European Commission plans to accelerate with the completion of the missing parts of the Banking Union in order to make European citizens and businesses benefit from deeper financial integration and a more stable financial system.
EBA updated Risk Dashboard shows slight improvement of EU banks capital level but NPLs still affect their profitability
The European Banking Authority summarised the main risks and vulnerabilities in the EU banking sector. It signalled that the progress is positive, but risks remain heightened on asset quality and sustainable profitability.
BIS: Resolution of non-performing loans - policy options
This paper reviews NPL resolutions in several countries, and offers insights into the prerequisites for successful resolution strategies. Based on several country cases, the paper shows that the resolution toolkit has remained broadly unchanged for several decades.
ECB finds interest rate risk is well managed in most European banks
ECB publishes findings of a supervisory exercise in which it assumed various hypothetical interest rate changes. Higher interest rates would lead to higher net interest income in the next three years for a majority of banks, but lower economic value of equity. Supervisors will follow up on the results in supervisory dialogues with the individual banks.
BIS: Implementation of net stable funding ratio and treatment of derivative liabilities
The Basel Committee on Banking Supervision discussed the net stable funding ratio (NSFR) standard and agreed to allow national discretion for the NSFR's treatment of derivative liabilities.
 
  Capital Markets Union
 
 
Capital markets union: New venture capital rules adopted
The Council adopted new venture capital rules aimed at boosting investment in startups and innovation.
ESMA highlights importance of LEI for MiFID II/MiFIR compliance
ESMA published a Briefing on the Legal Entity Identifier as part of its efforts to raise industry awareness and facilitate compliance with the LEI requirements under MiFID II ahead of its 3 January 2018 launch.
ESMA issues Q&As on MiFID II implementation for post-trading issues
ESMA issued Question and Answers on post-trading issues regarding the implementation of the Markets in Financial Instruments Directive and Regulation.
ESMA updates list of recognised third-country CCPs
ESMA updated its list of recognised central counterparties based in third countries.
IOSCO analyses other CRA products used to make investment and credit-related decisions
IOSCO published a report titled Other CRA Products (OCPs), which provides market participants with a better understanding of certain non-traditional products and services offered by credit rating agencies.
 
  Insurance
 
 
EIOPA publishes Guidelines on “execution-only” sales
The European Insurance and Occupational Pensions Authority published its guidelines on Insurance-Based Investment Products (IBIPs), where the associated risks are difficult for the customer to understand.
 
  Asset Management
 
 
ESMA updates AIFMD and UCITS Q&AS
The European Securities and Markets Authority has published updated questions and answers documents on the application of the Undertakings for the Collective Investment in Transferable Securities Directive and the Alternative Investment Fund Managers Directive.
 
  Political
 
 
Tony Barber: The Catalan crisis poses a threat to the European order
Just as the eurozone’s sovereign debt and bank crises came close to unravelling decades of European construction, so the Catalan nationalists’ push for independence risks opening a Pandora’s box of problems.
 
  Brexit & UK
 
 
Address by President Donald Tusk to the European Committee of the Regions
The Council President addressed UK PM Theresa May to warn her that "the EU is not working on such a scenario" as a "no deal" and that they hope that "sufficient progress" is achieved by December. Tusk also addressed Catalonia President and asked him not to declare unilateral independence from Spain.
UK PM statement on leaving the EU
The Prime Minister gave a statement to Parliament after her Florence speech on the Brexit negotiations.
Bloomberg: RBS head says banks need Brexit transition details by early 2018
Royal Bank of Scotland Chairman Howard Davies said details of a post-Brexit transitional deal with the European Union need to be outlined in the next five months to stop more financial-services jobs from leaving London.
Federation of German Industry: Prepare for very hard Brexit
BDI's Joachim Lang warned: “German firms must prepare for the worst-case scenario of a very hard exit, anything else would be naïve.” The BDI set up a task force to identify potential and acute risks associated with the UK’s exit from the EU and to develop constructive solution proposals.
Financial Times: IMF confirms cut to UK growth forecast
The International Monetary Fund singled Britain out as a “notable exception” to an improving global economic outlook, as it confirmed a cut to its forecast for UK growth and said the long-term negative effects of Brexit were beginning to show.
Department for Exiting the EU: Government sets out vision for post EU trade and customs policy
Trade and customs white papers pave the way for legislation that will ensure the UK is ready for the first day after EU exit, according to Davis' team latest documents.
EurActiv: EU lawmakers tentatively back Brexit clearing law that could clobber Britain
European Union lawmakers gave broad support to a law that could end the City of London’s global dominance in clearing euro-denominated financial contracts after Brexit.
ESMA highlights preparations for MiFID II and Brexit as key issues at ECON hearing
Steven Maijoor, Chair of ESMA, delivered a statement to the Economic & Monetary Affairs Committee (ECON) at the European Parliament as part of the annual hearing of the chairs of the ESAs.
Bloomberg: Deutsche Boerse plans revenue-share deal to lure Brexit clearing
Deutsche Boerse’s clearing house plans to start a revenue-sharing plan with its biggest members in a bid to lure business from London after Brexit.
 

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