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11 January 2018

Friends 'Weekly' Newsletter


EBA's impact assessment of BaselIII on EU banks, Net Stable Funding Ratio, MREL, the coming into effect of MiFID II, the new PRIIPs rules, the proposed PEPP, 137th Brussels for Breakfast, ‘no deal’ Brexit, post-Brexit trade and more.

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Asset Management Friends' Services Brexit & UK
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  Articles from 21 December 2017 - 11 January 2018

  Banking Union
 
 
EBA publishes full impact assessment of Basel reforms on EU banks
This exercise presents aggregate data on EU banks assuming full implementation of the final Basel III framework, as endorsed by the Group of Central Bank GHoS, and reflects all the revisions to the credit and operational risk approaches, as well as to the process for the estimation of the leverage ratio (LR).
Basel Committee issues proposed technical amendment to the Net Stable Funding Ratio
At its meeting in December 2017, the BCBS established a procedure for issuing technical amendments to its standards. The Committee published its first proposed technical amendment, which is related to the treatment of extraordinary monetary policy operations in the Net Stable Funding Ratio.
EBA updates its quantitative analysis on MREL
The EBA updated its estimates of capacity and funding needs of a representative sample of European banks to meet MREL under alternative scenarios. In this exercise, the EBA highlighted a modest improvement in the stack of MREL eligible instruments in 2016.
 
  Capital Markets Union
 
 
Eurex Clearing AG: BaFin grants request for transitional arrangement for exchange-traded derivatives
With effect from 3 January 2018, Article 35 of the Markets in Financial Instruments Regulation provides, in principle, that a trading venue has the right to non-discriminatory access to a CCP if certain conditions are met.
AFME comments on the coming into effect of MiFID II
Commenting on the implementation of the MiFID II and MiFIR, Simon Lewis, Chief Executive at AFME, said that will fundamentally affect the way investment firms trade and interact with their clients, as well as how the European securities market ecosystem works.
Financial Times: City reprieve on MiFID II rules more practical than farcical
ICE Futures Europe and the London Metal Exchange were granted a further two and half years by the Financial Conduct Authority to comply with some of them. It was not so much a last-minute reprieve as a first-minute one.
Financial Times: Big asset managers set to benefit from MiFID II legislation
Large asset managers are set to benefit from new European rules around payment for research at the expense of smaller rivals, creating an “uneven playing field” that could have far-reaching consequences for the industry.
ESMA publishes first MiFID II position management controls for commodity derivatives
The European Securities and Markets Authority issued a first badge of position management controls under the Markets in Financial Instruments Directive.
FCA response to ESMA's public statement on LEIs
The FCA recognises the importance of LEIs to deliver safer and cleaner markets, but also the need that ESMA has identified for a smooth introduction to the new regime.
 
  Clients Union
 
 
EFAMA alerts that the new PRIIPs rules will confuse and mislead investors
The new rules are threatening to cause serious investor detriment by mandating figures, particularly in relation to performance and costs, that will at best confuse investors and at worst mislead them. EFAMA calls for urgent action.
 
  Asset Management
 
 
Investment & Pensions Europe: ‘Status quo not an option’: PEPP rapporteur sets out views
The proposal for a pan-European personal pension product (PEPP) is “timely and appropriate”, according to the European Parliament’s lead on the project.
 
  Friends Services
 
 
2018: the year of the make-or-break for the Brexit talks - 137th Brussels for Breakfast – CPD Notes
The start of the New Year marked the entry into force of the EU's revamped rules for financial services, MiFID II, and re-set in motion a big headache for European regulators and firms: Brussels and London will have less than 10 months to ink a trade deal and the terms of their new relationship.
 
  Brexit & UK
 
 
Bloomberg: EU risks global bank crisis if it blocks Brexit deal, UK warns
The European Union risks opening the door to another global financial crisis if it refuses to give London’s bankers a good trade deal, Chancellor Philip Hammond and Brexit Secretary David Davis wrote in a German newspaper, as the finance industry emerged as a key battleground for Brexit talks.
The Telegraph: Emmanuel Macron warns against 'prisoner's dilemma' splits in EU over Brexit negotiations
President Emmanuel Macron of France has warned of the risk of splits emerging between EU states over Brexit negotiations in an implicit admission that Europe's "united front" over phase two of talks is under threat.
The Times: Officials told to be ready for ‘no deal’ in Brexit negotiations
Ministers have been advised to try to negotiate a transition period if talks with the EU end without a deal to give Britain more time to prepare for a hard Brexit.
Financial Times: Brussels warns UK companies of shut-out in event of no-deal Brexit
The EU is systematically warning UK companies of a regulatory chill after Brexit as it seeks to accelerate the private sector’s preparations for a no-deal UK exit, according to recent legal notices reviewed by the Financial Times.
Financial Times: Philip Hammond broaches customs union deal with EU
Chancellor Philip Hammond has left open the possibility of the UK joining a new customs union with the EU — a move that would ease commerce with the bloc but limit Britain’s ability to strike free-trade agreements with other countries.
Die Welt: Former Treasury Minister slams UK’s "fantasy“ approach to post-Brexit trade
Lord O’Neill condemned the Prime Minister’s failure to build strong relationships with important economies, particularly China.
Financial Times: Brexit casts a shadow on the UK’s economic future
The damage was visible in 2017 and might become worse next year, in the FT's view.
Reuters: Barnier says EU may treat some UK financial rules as equivalent after Brexit
The European Union could treat some British financial regulation as equivalent to EU law after Brexit, but would not give financial firms a general “passport” to do business in the single market, the EU’s chief Brexit negotiator said.
Financial Times: Brussels brushes off UK charm offensive aimed at EU banks
Brussels has brushed off UK proposals to smooth the way for European financial institutions to stay in the City of London after Brexit, arguing that the British plans fall short of the EU’s own market access provisions.
The Bank of England’s approach to the authorisation and supervision of international banks, insurers and central counterparties
As discussions on the UK’s future relationship with the EU continue the Bank of England announced that it is consulting on an updated approach to authorising and supervising international banks and insurers, and it issued guidance on its approach to international central counterparties (CCPs).
 

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