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17 May 2018

Friends 'Weekly' Newsletter


European banking union, bank capital requirements, virtual currencies, STS short-term securitisations, IFRS 17, Commission’s collective redress proposals, UK fund management, Brexit white paper, EU customs deal, European Economic Area, UK fund management and more.

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  Articles from 10 May 2018 - 17 May 2018

  Banking Union
 
 
Financial Times: ECB head Draghi backs France’s call to complete banking union
Mario Draghi has thrown his weight behind French demands to complete the eurozone’s banking union and create a rainy-day fund for member states, as he sought to boost momentum for reform ahead of a leaders’ summit next month.
Financial Times: Top ECB official calls for accelerated banking union drive
The eurozone’s southern members have done enough to reform their economies and reduce risk in their financial systems for the bloc to speed up banking union, the vice-president of the European Central Bank has said, in an implicit criticism of German foot-dragging.
ECB's Lautenschläger: European banking union - the place to be?
Sabine Lautenschläger, Vice-Chair of the Supervisory Board of the ECB, made the case for an agreement on the banking union, urging national regulators to allow pooling control over banking supervision and resolution. She tried to appease mounting concerns about "power centralisation" by the ECB.
 
  Capital Markets Union
 
 
BCBS and IOSCO issue criteria for identifying simple, transparent and comparable short-term securitisations
The short-term STC criteria aim to assist the financial industry in its development of simple, transparent and comparable short-term securitisations.
IOSCO Annual Conference focuses on key challenges facing securities regulators
IOSCO Board, IOSCO´s Growth and Emerging Markets Committee, the four Regional Committees and the Affiliate Members Consultative Committee advanced their initiatives aimed at protecting investors, ensuring fair, efficient and transparent markets, and mitigating systemic risk.
 
  Insurance
 
 
EIOPA launches the fourth EU-wide insurance stress test
The EIOPA launched its fourth stress test for the European insurance sector, a regular exercise that aims to assess insurers’ vulnerabilities.
 
  Asset Management
 
 
AIMA publishes paper on omnibus cross-border distribution proposals
AIMA, together with the Managed Funds Association (MFA), published a position paper where it welcomes the European Commission’s omnibus regulation and omnibus directive proposals aiming at facilitating investment funds cross-border distribution.
The CityUK's report on UK fund management
UK fund managers’ assets under management grew to a record £8.1trn in 2016, up 17.4% year on year. This growth was, in part, driven by an increase in the value of overseas assets, which benefited from the weakening of sterling versus other major currencies following the Brexit referendum.
 
  Friends Services
 
 
The battle over customs union: the tipping point that may decide the fate of the Brexit war - 141st Brussels for Breakfast – CPD Notes
The row over Britain’s option for a future trade relationship with the EU risks ultimately tearing Prime Minister May’s Government apart, even before the chosen model collides with Brussels’ own red lines. A new customs union with the EU or not, that is the question.
 
  Economic
 
 
Bloomberg: Merkel pushes Euro reform, saying ECB policy won't be forever
German Chancellor Angela Merkel said governments must step up efforts to integrate the euro area because the European Central Bank’s expansive monetary policy won’t last forever.
Financial Times: The euro needs a unifying politics above all
Martin Sandbu argues that the political effect of euro-area reforms is far more important than their technical efficiency, and the solutions agreed "should contribute to the political goal of removing the debtor-creditor relationship as a salient division between member states."
VoxEU: Euro area reform: No deal is better than a bad deal
This column, part of VoxEU's Euro Area Reform debate, argues that the specific insolvency risk of euro area membership is the main risk that should be covered by joint risk sharing, and that the modest proposals for public and private risk sharing are insufficient in this regard.
 
  Brexit & UK
 
 
Financial Times: Theresa May to publish Brexit white paper ahead of June summit
Prime minister Theresa May has announced plans to publish a Brexit white paper ahead of a key European Council meeting next month, setting out for the first time in detail what Britain is seeking from its future relationship with the EU.
Main results - General Affairs Council (Art. 50)
EU27 ministers discussed the state of play of Brexit negotiations with the UK on the draft withdrawal agreement and on the framework for future EU-UK relations.
The Telegraph: Theresa May hits wall over EU customs deal as she admits both her current options are unworkable
Theresa May has admitted to Conservative MPs that Brexit negotiations are at an impasse because neither of her current options for a customs deal with the EU will work.
Bloomberg: Banks planning Brexit move may get more time to build EU units
The European Central Bank said that it recognizes the challenges firms face as they relocate from the UK, and will provide flexibility as they build up their operations.
 

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