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03 May 2018

Friends 'Weekly' Newsletter


Guidelines on disclosure of non-performing and forborne exposures, ECOFIN, Parliament's briefing on third country equivalence in EU banking and financial regulation, FSB consultation on UPI, ECB and the Bank of England asked to convene a technical working group on post-Brexit rules and more.

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Banking Union Capital Markets Union Insurance
Asset Management Corporate Governance/Accounting Financial Services Policy
Economic Brexit & UK About this email

  Articles from 26 April 2018 - 03 May 2018

  Banking Union
 
 
EBA consults on Guidelines on disclosure of non-performing and forborne exposures
The Guidelines specify the information related to non-performing (NPE) and forborne exposures and foreclosed assets that banks should disclose and provide uniform disclosure formats. By addressing potential asymmetries of information and providing common disclosure on the quality of banks' assets, the Guidelines seek to foster transparency and market discipline.
EU Parliament: proposal for a regulation of the EP and of the Council amending Regulation as regards the location of the seat of the EBA
In the context of the UK's notification of its intention to leave the Union the other 27 Member States, meeting in the margins of the General Affairs Council (‘Article 50’), selected Paris, France, as the new seat of the European Supervisory Authority (European Banking Authority).
 
  Capital Markets Union
 
 
Remarks by Vice-President Dombrovskis at the first informal ECOFIN press conference in Sofia
The Commission Vice-President said that there is legislation to promote venture capital, to enable safe and transparent securitisation, and to make it easier for SMEs to tap capital markets via a reformed prospectus, but he also stressed that European capital markets are facing new challenges.
FSB publishes second consultation on unique product identifier governance
The consultation sets out proposals for the governance arrangements for a global UPI, as a key harmonised identifier designed to facilitate effective aggregation of transaction reports from over-the-counter derivatives markets.
ISDA publishes new academic paper on margin requirements for non-cleared derivatives market
The paper examines the rationale for the 10-day liquidity horizon applied under the initial margin rules for non-cleared trades, and assesses whether it is appropriate. The 10-day period is double the five days set for cleared trades.
ESMA launches bond liquidity system under MiFID II
ESMA published its first liquidity assessment for bonds subject to the pre- and post-trade requirements of the Markets in Financial Instruments Directive and Regulation.
 
  Insurance
 
 
EIOPA's Risk Dashboard for fourth quarter of 2017: Risk exposure of the European Union insurance sector remains stable
The results show that the risk exposure of the insurance sector in the European Union remained stable. Despite positive macroeconomic developments, low interest rates are still a major source of risk for European insurers.
 
  Asset Management
 
 
Financial Times: EU steps back from tough new fund management rules
The EU has stepped back from one of the toughest aspects of new plans that would restrict the UK’s £8tn fund management industry from providing services to overseas clients.
Financial Times: FCA’s Bailey slams EU’s post-Brexit plans for asset managers
The UK’s top financial watchdog has slammed plans by European regulators to shake up the rules governing asset managers after Brexit.
ECMI: A proportional prudential regime for investment firms
Possibly facilitated by the perspective of Brexit, the European Commission has proposed, for the first time, a truly proportional regime in its new prudential framework for investment firms, writes General Manager of ECMI Karel Lanoo.
European Commission: Pensions in the EU
The 2018 Pensions Adequacy Report analyses how current and future pensions help prevent old-age poverty and maintain the income of men and women for the duration of their retirement. It recognises efforts of Member States to ensure adequate pensions, but states that more needs to be done.
 
  Corporate Governance/Accounting
 
 
EFRAG: Long-term investment and equity instruments consultation
EFRAG is developing its technical advice to the Commission on recycling and impairment of equity instruments designated at fair value through other comprehensive income.
 
  Financial Services Policy
 
 
European Parliament: Third country equivalence in EU banking and financial regulation
The focus of this briefing is on the supervisory and regulatory regime for banking and financial services provided on a cross-border basis by third country firms in the EU under equivalence regimes. It also gives an overview on the possible role of equivalence regimes in the context of Brexit.
The ESAs conclude a multilateral Memorandum of Understanding with the EFTA Surveillance Authority
The European Supervisory Authorities (EBA, EIOPA, and ESMA - the ESAs) have concluded a multilateral Memorandum of Understanding (MoU) on cooperation, information exchange and consultation with the EFTA Surveillance Authority.
 
  Economic
 
 
Vox EU: Deepening EMU requires a coherent and well-sequenced package
This column argues that while the proposals in a recent CEPR Policy Insight are both timely and attractive, the mix seems unbalanced and carries significant risks. The focus of the proposals on reducing fiscal risks could lead to financial distress, ultimately requiring more, not fewer, rescues.
 
  Brexit & UK
 
 
The Irish Times: Theresa May postpones customs decision after ministers disagree
Theresa May has postponed a decision on Britain’s future customs relationship with the European Union, asking officials to draw up revised proposals after her senior ministers failed to agree a common approach.
The Telegraph: UK faces 'binary choice' of deep trade relationship with EU or US, MP report says
The UK is facing a binary choice between a deep trading relationship with the EU or the US, according to a report from MPs on the International Trade Committee (ITC).
Financial Times: Michel Barnier quashes UK hopes of special access to EU markets
Michel Barnier told a financial industry conference in Sofia that claims by Bank of England governor Mark Carney and other UK officials that “the EU desperately needs the City of London” were false.
Bloomberg: Deutsche Bank urges post-Brexit contract fix that EU rejected
Europe needs to urgently address the risk that Brexit poses to trillions of dollars of financial contracts, Deutsche Bank AG’s head of regulation said after European Union authorities indicated that they wouldn’t take action.
 

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