15 October 2021

CSFI: 176th Brussels 4 Breakfast

The current row over the NI Protocol threatens to undermine fragile trust between London and Brussels - and that could have ramifications for the EU's attitude to bank branches from third country institutions and to CCP

Brussels Review: A monthly look at what we ought to know about the Brussels machine and UK financial services. With Graham Bishop (grahambishop.com) and David Henig (ECIPE)

Why you should watch: Obviously, the current row over the NI Protocol threatens to undermine fragile trust between London and Brussels - and that could have ramifications for the EU's attitude to bank branches from third country institutions and to CCPs (whose exemption from the EU repatriation push expires next June). It certainly seems that Brussels is keen to turn the screw. Other than that, the OECD tax agreement, NPLs, the Solvency2 review and Green Bond standards are all making progress. There is also a push in the EU to boost securitisation - a rare case of Brussels and London working towards the same goal.

Moderator: Andrew Hilton (Director, CSFI)

Panellists:

Graham Bishop is an independent consultant with more than four decades' experience of both the City of London (which he joined in 1972) and the UK's relationship with the EU, going back to the Giovanini Committee and the Cockfield Report.

David Henig is Director of the UK Trade Policy Project at the European Centre for International Political Economy in Brussels. A former Assistant Director at the UK's Department for International Trade, he was also co-founder of the UK Trade Forum.

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Key topics selected from our website included:

Brexit: Frost speech today ref role of ECJ --- will it trigger a rupture of relations? ECB’s Fernandez-Bollo speech - EU needs a comprehensive view of risks; FT article on banks in EU: branches or fully capitalised subsidiaries?

General: German election result: too soon to foresee any consequences? TAX: Pandoras papers/ AML; TAX: OECD min corporate tax agreement – role of Ireland; TAX: country-by country reporting Council agreement, Giegold comments

Banking: Basel Committee and Basel III reporting - SSM’s McCaul; NPL Data Hub: EBF and German banks oppose a mandatory data hub

Insurance: Solvency II review

Capital Markets Union: Securitisation – EBF, ICMA, Insurance Europe, ALFI

ESG: COP26 is at hand!! Green bond standard: Insurance Europe, German Banks; ESG standards adopted by 50% of big global firms, 40% of bank assets; UN EFPI - $46 trillion of investors urge government to act

Digital: Crypto assets: IMF, FSB, CPMI

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