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28 June 2018

Friends 'Weekly' Newsletter


BoE hits out at Brussels over post-Brexit financial services plans, ECOFIN, consultation on outsourcing, Global benchmark report, MiFID II implementation, Verena Ross on LEI, EMIR, Securitisation Regulation, Solvency II, ICMA report on cliff-edge risks in international capital markets and more.

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  Articles from 21 June 2018 - 28 June 2018

  Banking Union
 
 
Financial Times: BoE hits out at Brussels over post-Brexit plans
The Bank of England has fired shots at Brussels and European bank regulators in an increasingly acrimonious dispute over preparations by the financial sector for Brexit.
Remarks by Vice-President Dombrovskis at the ECOFIN press conference
Mr Dombrovskis outlined some major achievements that have been reached, including a common approach on the Banking Package, a common approach on Pan-European Personal Pensions, and on Cross-border Distribution of Funds.
Basel Committee issues progress report on banks' implementation of the Principles for effective risk data aggregation and reporting
The BCBS published its latest progress report on banks' implementation of the Principles for effective risk data aggregation and reporting. The Principles, issued in January 2013, aim to strengthen banks' risk data aggregation and risk reporting with a view to improving their risk management, decision-making processes and resolvability.
EBA consults on Guidelines on outsourcing
These Guidelines, which review the existing CEBS Guidelines on outsourcing published in 2006, aim at establishing a more harmonised framework for outsourcing arrangements of all financial institutions in the scope of the EBA's action.
 
  Capital Markets Union
 
 
ISDA, AFME, ICMA, SIFMA and SIFMA AMG publish Global benchmark report
The report assesses the issues involved with benchmark reform, and makes recommendations on steps firms can take to prepare for the transition from interbank offered rates (IBORs) to alternative risk-free rates (RFRs).
Steven Maijoor addresses FESE Convention 2018 on MiFID II implementation
ESMA Chair Steven Maijoor spoke about ESMA’s assessment of the first months of MiFID II as well as issues identified in the area of secondary markets on which ESMA is intending to focus on in the coming months. He also touched upon the need for a third country regime for trading venues in MiFID II.
Speech by ESMA Executive Director Verena Ross on LEI at the Banque de France Conference
ESMA Executive Director Verena Ross delivered a speech on the Markets in Financial Instruments Directive and on Legal Entity Identifiers.
ESMA publishes responses to its Consultation on amendments to the EMIR Clearing Obligation under the Securitisation Regulation
ESMA published the responses received to its Consultation on amendments to the EMIR Clearing Obligation under the Securitisation Regulation.
ESMA clarifies CCPs’ liquidity risk assessment under EMIR
ESMA published an opinion which sets out how central counterparties in the EU should consider in their internal risk models the liquidity risk posed by all entities towards which the CCP has a liquidity exposure, such as liquidity providers.
 
  Insurance
 
 
EIOPA outlines key financial stability risks
EIOPA published its June 2018 Financial Stability Report of the (re)insurance and occupational pensions sectors in the European Economic Area.
EIOPA publishes an expanded set of Solvency II statistics on the European insurance sector
The EIOPA published a new set of statistical information on the European insurance sector based on Solvency II regulatory reporting for the fourth quarter of 2017.
 
  Asset Management
 
 
Financial Times: Europe’s investment funds scale new heights
Assets and inflows to European investment funds broke records last year as the bull market continued in fixed income and equities. European fund assets hit a record €15.6tn in 2017, according to statistics from the European Fund and Asset Management Association, the trade body.
 
  Economic
 
 
Main results - Eurogroup
The Eurogroup agreed on the surveillance framework that will apply after the end of Greece's economic adjustment programme, the size of the final tranche of financial support by the ESM, debt measures, fiscal targets, further steps for deepening EMU and the completion of the banking union.
 
  Brexit & UK
 
 
Bloomberg: EU heavyweights will block UK single-market bid, Spain says
The European Union’s biggest countries will block any UK attempt to combine single market membership with immigration curbs, Spain’s foreign minister said, piling further pressure on Prime Minister Theresa May as she seeks to finalize her vision for the country’s post-Brexit ties with Europe.
Council authorises opening of negotiations with WTO members on Brexit-related adjustments
In preparation for the UK’s withdrawal from the EU, the Council has authorised the Commission to open formal negotiations within the World Trade Organisation (WTO) on how to divide up existing EU tariff rate quotas (TRQs) between the EU27 and the UK.
UK Government: Financial services legislation under the EU (Withdrawal) Act
This publication sets out the government’s approach to bringing EU financial services legislation into domestic law under the EU (Withdrawal) Act.
EBA publishes opinion to hasten the preparations of financial institutions for Brexit
In this Opinion, the EBA asks Competent Authorities to ensure that financial institutions take practical steps now to prepare for the possibility of a withdrawal of the UK from the EU with no ratified Withdrawal Agreement in place, and no transition period.
ICMA - An open letter to senior political leaders on 'Brexit: Cliff-edge risks in international capital markets'
ICMA’s members in the UK, Continental Europe and beyond have real and increasingly pressing concerns about the cliff-edge risks of Brexit, which would fragment international debt capital markets and damage business in the real economy and financial stability.
Commercial Risk Europe: London market unveils new Brexit clause to deliver contract certainty
The International Underwriting Association (IUA) said the Brexit Contract Continuation Clause will clarify how claims will be paid when the UK leaves the EU, regardless of whether a transition deal extends passporting rights.
 

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