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22 March 2018

Friends 'Weekly' Newsletter


ECB addendum to its Guidance to banks on NPLs, credit risk mitigation framework, CMU, ESMA's latest Trends, Risks, and Vulnerabilities Report, Solvency II, UCITS and AIFM Directives, the regulatory treatment of sovereign exposures, agreement on a 21-month transition after Brexit and more.

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  Articles from 15 March 2018 - 22 March 2018

  Banking Union
 
 
ECB sets out its supervisory expectations for new NPLs
The ECB has published the addendum to the ECB Guidance to banks on non-performing loans (NPLs). The addendum supplements the qualitative NPL guidance, published on 20 March 2017, and specifies the ECB’s supervisory expectations for prudent levels of provisions for new NPLs.
ECB launches a second consultation on a new euro unsecured overnight interest rate
The European Central Bank calls for input on the detailed features of the new unsecured overnight interest rate.
EBA published an assessment of the current credit risk mitigation framework
This Report is part of the 4th and last phase of the EBA's roadmap on the IRB approach, which also includes a review of supervisory practices, a harmonised definition of default and clarifications on modelling approaches to be used by institutions.
Financial Times: Global financial regulator presses pause on new rules
The FSB will pause from making new regulations and instead evaluate whether its post-crisis reforms are having any unintended consequences.
 
  Capital Markets Union
 
 
ESMA's Maijoor on CMU, Brexit and ESA review – What’s next?
Mr Maijoor’s remarks focused on issues related to Brexit and ESMA's work on delegation, as well as costs and charges linked to MiFID II, PRIIPs and the CMU and ESAs review.
ESMA: High risks persist for European securities markets and investors
European securities markets, infrastructures and investors remain at risk, the European Securities and Markets Authority said in its latest Trends, Risks, and Vulnerabilities (TRV) Report.
 
  Insurance
 
 
Mitigating systemic risk through Solvency II: EIOPA publishes the second paper of a series on systemic risk and macroprudential policy
The European Insurance and Occupational Pensions Authority published the second in a series of papers with the aim of contributing to the debate on systemic risk and macroprudential policy.
Insider: Interview with EIOPA’s Dimitris Zafeiris
Interview with Dimitris Zafeiris, EIOPA’s Head of Risks and Financial Stability Department, covering mitigating systemic risk, macroprudential policy and EIOPA‘s stress test.
 
  Asset Management
 
 
ALFI statement following the publication of the European Commission’s Proposal amending UCITS and AIFM Directives
ALFI acknowledges the intention and efforts of the European Commission in its recently published proposal amending Directive 2009/65/EC and Directive 2011/61/EU to remove barriers to cross-border distribution of collective investment funds while ensuring the requirement for a high level of investor protection.
 
  Friends Services
 
 
“The regulatory treatment of sovereign exposures” Comments by Graham Bishop on BCBS Discussion Paper
The BCBS paper relates solely to the countries that use the euro as their “domestic currency”, but the fundamental difference in the obligations of Eurozone states is that they issue their bonds in a currency beyond their control and they can't instruct the ECB to lend euros to repay its bonds.
 
  Political
 
 
Remarks by President Donald Tusk following the Tripartite Social Summit
Council President Tusk said that an important part of the EU27's exchange was devoted to the European Council, where he plans to address the "risks stemming from the US approach on trade, Brexit negotiations and Russia's actions."
 
  Brexit & UK
 
 
Main results - General Affairs Council (Art. 50)
The Council, meeting in an EU27 format, discussed the latest developments in the Brexit negotiations and the draft guidelines on the framework for a future relationship with the UK.
Financial Times: UK and EU agree ‘decisive step’ with 21-month Brexit transition
Britain and the EU have agreed terms for a 21-month transition after Brexit, providing business with much stronger assurances that a cliff-edge exit will be avoided next year.
Bloomberg: EU digs in over banks' post-Brexit access, rejecting UK bid
The EU will consider offering the UK “improved equivalence” for its financial services, according to the latest draft of the bloc’s negotiating position, obtained by Bloomberg.
Deutsche Bundesbank's Dombret: Living with Fragmentation: Post-Brexit Realities in Financial Services
Dr Andreas Dombret looks at the estimated extent of fragmentation in regulation of financial services after Brexit and what lawmakers and supervisors should do about it.
 

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