With moderator Andrew Hilton (CSFI) and panellists: Graham Bishop, Denis MacShane (former Minister for Europe), Andrew Henderson (McFarlanes)
166th Brussels 4 Breakfast (6th Brussels Zoom
Review)
Why CSFI thinks you should
watch:
We may not be members of the EU,
but (for the moment) we are of the Single Market. More than that, London
is
still the major financial centre in Europe - but it is clearly under
threat,
and not just from Michel Barnier. The European Commission has a new
Financial
Services Commissioner, who is by no means sympathetic to the City.
There is a short extension for UK clearing houses, but the pressure on
institutions to move substantial amounts of real business into the EU27
is
intense. There is also a revision of MIFID coming up - perhaps the first
major
piece of legislation where the UK has a keen interest, but where we
won't be
represented around the table. That could hurt. On the other hand, a
rewrite of
Solvency 2 is very likely to incorporate some (at least) of the key
elements of
the recent High Court judgement on pandemic insurance; the Commission
will be
keen to make sure contracts actually 'do what it says on the tin'.
Beyond that,
look for a much more active role in EU standard-setting, particularly in
the
ESG area. An unexpectedly lively discussion on regulatory developments
in
Brussels and beyond with three very active Euro-watchers.
My choice of key topics for us to discuss
(selected from www.GrahamBishop.com)
Brexit: Internal Market Bill – financial sector implications;
further 18 month’s access to UK clearing houses; No Deal?? Thin Deal?
General: People (new Fin Service Commissioner - Mairead McGuinness; ECB’s Mersch expires in December); SOTEU
(six legislative proposals for financial services)
Banking: Banking problems (market perceptions are weakening
again – see chart in video); Rising `doom loop’ fears, cross- border mergers; AML/continued
decline in correspondent banking relationships
Capital Markets Union: ECB blog (fully-fledged CMU needed
more than ever); Pandemic insurance; MIFID II - research
ESG: Five standard setters produce a shared vision; Stakeholders
want synergy between the different bits of legislation
© Graham Bishop
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