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09 November 2017

Friends 'Weekly' Newsletter


ECB's Draghi on European banking supervision, IOSCO report on implementation of G20/FSB recommendations, regulation of MMFs and securitisation, EMIR refit Whitepaper, Review of the Solvency Capital Requirement, Brexit and more.

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Financial Services Policy Friends' Services Brexit & UK
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  Articles from 02 November 2017 - 09 November 2017

  Banking Union
 
 
ECB's Draghi: European banking supervision three years on
Mario Draghi, President of the ECB, said that “European supervision and European monetary policy have proven to complement each other well. It is an approach which confirms the synergies that can be reaped when the right policies are combined at euro area level."
De Galhau: Are the regulations implemented to guarantee financial stability compatible with the required acceleration in euro area growth?
The Governor of the Bank of France explained the financial regulations introduced in the wake of the 2007-2009 crisis and outlined the challenges ahead for the European banking sector.
Bloomberg: A Brexit glitch that could hurt Europe
Few doubt that the British economy will be severely hurt if the UK leaves the European Union without a new agreement on trade and regulation. But there are risks for the EU, too. One that's received too little attention concerns bank resolution.
 
  Capital Markets Union
 
 
IOSCO reports on implementation of G20/FSB recommendations to strengthen securities markets
IOSCO published a report on the implementation of the G20/FSB post-crisis recommendations aimed at strengthening securities markets.
IOSCO publishes updates to peer reviews of regulation of MMFs and securitisation
The reports address progress by IOSCO members in FSB jurisdictions in adopting legislation, regulation and other policies in the G20 priority reform areas covering MMF and securitisation.
ISDA publishes EMIR refit Whitepaper
For all the appropriate safeguards built into the derivatives regulatory framework after the financial crisis, certain aspects of the reforms impose unnecessary compliance costs and burdens on end users, for little benefit, said ISDA.
 
  Insurance
 
 
EIOPA consults on a second set of Advice for the Review of the Solvency Capital Requirements
This consultation focuses on the remaining elements in the review of the Solvency Capital Requirement (SCR) standard formula not covered by the Advice submitted to the European Commission on 30 October 2017.
 
  Financial Services Policy
 
 
EBF: IBFed response to the Basel Committee FinTech consultation
The International Banking Federation commented on the consultative document issued by the Basel Committee on Banking Supervision “Sound Practices: implications of fintech developments for banks and bank supervisors”.
 
  Friends Services
 
 
Brexit Transition – is there a Plan B?
The latest ONS annual Pink Book on the UK’s balance of payments shows a further deterioration of the current account balance mainly driven by a “trade” deficit of a 7% of GPD. So the UK is becoming ever more reliant on the “kindness of strangers”, in BoE Governor Carney’s deft phrase.
 
  Brexit & UK
 
 
Bloomberg: Paris, Frankfurt try to grab lucrative legal action from London
As Brexit looms, European cities move to poach corporate litigation from the UK.
BBC: UK Ministers publish post-EU trade legislation
The Government said the Trade Bill includes provisions for the UK to implement existing EU trade agreements and help ensure firms can still access £1.3tn worth of foreign government contracts.
CIPS: EU businesses say goodbye to UK suppliers as Brexit bites into key relationships
Nearly two-thirds (63%) of EU businesses who work with UK suppliers expect to move some of their supply chain out of the UK as a result of Brexit according to a survey from the Chartered Institute of Procurement & Supply (CIPS).
The Times: Theresa May kickstarts trade talks by accepting £53bn bill
European Union negotiators have started drawing up the outlines of a future trade deal with Britain after receiving signals from the government that it would agree to pay more than €60bn (£53bn) for the “Brexit bill”.
Financial Times: Brexit most likely cause of rate path adjustment – BoE
The central bank warned Brexit was having a “noticeable impact” on the UK’s economic outlook as it increased interest rates for the first time in a decade, with “considerable risks” for how households, businesses and financial markets respond to Britain’s withdrawal from the trading bloc.
The Telegraph: UK trade deficit has widened, as businesses seek to sell services beyond Europe
France, Germany, Ireland, and the Netherlands were the most important eurozone markets for UK services in the first half of the year, new official data has revealed.
ECB’s Nouy: Around 20 banks applied for EU licences after Brexit
The European Central Bank’s chief banking supervisor has said that about 20 banks have applied for European banking licences in the wake of the UK’s decision to quit the European Union.
 

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