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14 December 2017

Friends 'Weekly' Newsletter


Basel III reforms finalised, Capital Markets Union, MIFID II, European Commission recommends sufficient progress to the European Council on Brexit talks,'Canada plus plus plus' trade deal and more.

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  Articles from 07 December 2017 - 14 December 2017

  Banking Union
 
 
Governors and Heads of Supervision finalise Basel III reforms
The Basel Committee's oversight body, the Group of Central Bank Governors and Heads of Supervision (GHOS), has endorsed the outstanding Basel III post-crisis regulatory reforms.
EBA welcomes the revised Basel framework and provides an overview of its impact in the EU
The European Banking Authority welcomed the agreement reached on the finalisation of the Basel III framework by the Basel Committee on Banking Supervision (BCBS), which concludes the global post-crisis prudential reforms.
Commission welcomes Basel Committee's agreement on post-crisis reforms
The European Commission followed up on the agreement to further strengthen the international post-crisis rules for banks, by setting out its approach to these new rules in the EU.
EBF calls for rigorous impact assessment of Basel III
The European Banking Federation notes that the Basel Committee on Banking Supervision and its Group of Central Bank Governors and Heads of Supervision have reached an agreement on the completion of the Basel III international regulatory framework for banks.
 
  Capital Markets Union
 
 
Capital Markets Union: Commission announces new tax guidelines to make life easier for cross-border investors
The new Code of Conduct offers solutions for investors who, as a result of how withholding taxes are applied, end up paying taxes twice on the income they receive from cross-border investments.
Financial Times: Mifid II impact on investment banking ‘exaggerated’
The much-hyped EU Mifid II investor protections coming into force on January 3 will erode less than 3 percent of investment banks’ annual revenue from Europe, the Middle East and Africa, a new study has found.
 
  Friends Services
 
 
A ‘moderate’ breakthrough in the Brexit impasse: the Commission decides to move on to phase II but sticky issues drag on
This month's 136th Brussels for Breakfast debate and CPD Notes took stock of Theresa May's last-minute deal with the Commission to recommend 'sufficient progress' to begin trade talks. The endorsement of Basel III revamped rules and the upcoming MiFID II and IFRS9 packages were also topical.
 
  Brexit & UK
 
 
Statement by Michel Barnier at the plenary session of the Parliament on the state of play of the Article 50 negotiations with the UK
Top EU negotiator spoke to MEPs before they took a vote on the deal reached between the UK and the European Commission. Members of the Parliament recommended 'sufficient progress' and demanded the deal to be legally binding.
Main results of the General Affairs Council (Art. 50)
Ministers were informed of the state of play of the negotiatios with the UK over the withdrawal process and finalised the preparations for the European Council (Article 50) on 15 December 2017 with a discussion on the draft guidelines for further negotiations with the UK.
BBC: David Davis wants 'Canada plus plus plus' trade deal
Brexit Secretary said the UK wants to secure a post-Brexit free-trade deal with no tariffs and if negotiators fail to secure it, then the UK would not pay its divorce bill. Davis stressed that the deal to move to the next phase of talks was a "statement of intent" and not "legally enforceable".
Brexit: European Commission recommends sufficient progress to the European Council (Article 50)
The European Commission recommended to the European Council (Article 50) to conclude that sufficient progress has been made in the first phase of the Article 50 negotiations with the United Kingdom.
Financial Times: Brussels rules out early Brexit trade talks
EU countries have toughened their stance on Brexit, making clear that talks on a future EU-UK relationship will not begin until March and insisting Britain will stay fully covered by EU rules during a transition — while losing its voice within regulatory agencies — after it leaves the bloc in 2019.
TheCityUK: Brexit forces review of UK regulatory structures
A new report by the International Regulatory Strategy Group (IRSG) in collaboration with Linklaters, urges a review of the UK’s rule making system for financial services post-Brexit.
 

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