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11 June 2015

Friends 'Weekly' Newsletter


Electronic payment services, EC, EP, European Council, Brexit, Grexit, EU reform, CCPs, CMU, IOSCO, Solvency II, EFAMA, EBA, FEE, TTIP... and much more.

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  Articles from 04 June 2015 - 11 June 2015

  Banking
 
 
Electronic payment services: Council confirms agreement with EP on updated rules
The revised directive adapts existing rules to emerging and innovative payment services, including internet and mobile payments. It has the aim of ensuring a more secure environment for payments, in particular for those using remote channels.
European Commission extends transitional period for capital requirements for banks' exposures to CCPs
The EC has adopted an implementing act that will extend the transitional period for capital requirements for EU banking groups’ exposures to central counterparties under the CRR. The CRR introduced a capital requirement for the exposures of EU banks and their subsidiaries to a CCP.
 
  Securities
 
 
European Commission's Hill: Next Steps to Build a Capital Markets Union
The conference's main topics where: increasing access to finance, promoting simple and transparent securitisations, creating more opportunities for investors, and encouraging cross-border investment.
CEPS: Building a Capital Markets Union… or designing a financial system for the euro area?
Financial integration of the countries in EMU must receive top priority in a process that the rest of the European Union may then subsequently join.
IOSCO publishes good practices on reducing reliance on CRAs in Asset Management
The report provides a set of good practices for reducing over-reliance on external credit ratings in the asset management industry.
 
  Insurance
 
 
European Commission adopts a first package of third country equivalence decisions under Solvency II
After receiving equivalence, EU insurers can use local rules to report on their operations in third countries, while third country insurers are able to operate in the EU without complying with all EU rules.
 
  Asset Management
 
 
EFAMA’s comments on the EBA’s Consultation Paper on Draft Guidelines on sound remuneration policies
In its response to the EBA’s consultation paper, EFAMA highlighted the fact that bank‐owned asset management companies may in the present circumstances have to comply with four overlapping pieces of EU legislation on remuneration.
 
  Corporate Governance/Accounting
 
 
FEE: The possible impact of TTIP on European professional accountants and auditors
FEE Information Paper explores how TTIP could be relevant for the accounting and audit profession. It addresses three relevant subjects that have come up in the negotiations between the EU and USA.
 
  Political
 
 
POLITICO / Hammond: Britain’s four-point package for EU reform
The UK government want a renegotiation of market regulation, ‘ever-closer union,’ subsidiarity and welfare.
Financial Times: If Europe cannot bend it will break
The difficulties of changing Europe are rooted in the size and legal complexity of the EU — an organisation that is now so large and unwieldy that it finds radical change almost impossible to contemplate.
The Guardian / Macron / Gabriel: Europe cannot wait any longer - France and Germany must drive ahead
For the EU to survive, eurozone countries need to integrate further and create a joint treasury.
 
  Economic
 
 
EurActiv: Leaked eurozone blueprint makes timid call for integration
A draft report by the heads of the EU's five main institutions calls for faster eurozone integration, but gives little away in terms of social policy, a key area for Southern Europe.
 

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