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15 October 2015

Friends 'Weekly' Newsletter


EBF, CRD IV, ECON, online payments, IAIS, EIOPA, European deposit insurance, AFME, SMEs, IOSCO, Brexit, EMU, Eurosystem's Vision 2020, tax rulings, EFAMA and more.

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  Articles from 08 October 2015 - 15 October 2015

  Banking
 
 
EBF response to the European Commission consultation on the possible impact of CRR and CRD IV on bank financing of the economy
The European Banking Federation considers that the CRR and the CRD IV have had in general a positive impact on banks’ balance sheets, making them stronger by increasing their capital positions and the composition of capital.
ECON: Opening up the online payments market, so as to reduce fees and fraud risks
Updating EU rules on payment services will cut the cost of paying bills, by enabling new market players to use mobile and online tools to make payments on a client’s behalf.
Financial Times: Europe needs home-grown bulge bracket banks
Everyone seems to agree that European capital markets need to play a bigger role in financing the continent’s households and companies. But what does the future hold for the continent’s banks? Here there are two starkly different views.
 
  Insurance
 
 
IAIS develops higher loss absorbency (HLA) requirement for Global Systemically Important Insurers
The International Association of Insurance Supervisors (IAIS) announced that it has concluded initial development of the Higher Loss Absorbency (HLA) requirement for global systemically important insurers (G-SIIs) - second step in process to develop group-wide global insurance capital standards.
EIOPA: Review of the methodology to derive the ultimate forward rates
The ultimate forward rates (UFRs) to calculate the risk-free interest rate term structures for Solvency II, in particular the UFR of 4.2% for the term structure for obligations denominated in euro, will remain unchanged until at least the end of 2016.
Bruegel: What options for European deposit insurance?
Authors draw some tentative conclusions on potentially adequate quid-pro-quo measures for different forms of deposit insurances given the problem of transition.
 
  Asset Management
 
 
AFME releases first pan-EU guide on raising finance for Europe’s SMEs
Europe’s SMEs are finding it difficult to raise equity capital and there is a significant lack of awareness about the funding options available to them. AFME released the first pan-EU Guide to help SMEs identify and access funding opportunities.
 
  Financial Services Policy
 
 
IOSCO continues to reinforce its position as key global reference point for markets regulation
The IOSCO Board talks focused on three sets of activities in key priority areas: Identifying and responding through guidance to global market risks; providing assistance to IOSCO members, and supporting G20 efforts to promote stability in the global financial system.
 
  Political
 
 
UK Parliament: Economic impact of the UK’s EU membership inquiry launched
The Treasury Committee launched an inquiry into the economic and financial costs and benefits of the UK’s membership of the EU.
ECB: EMU – disappointed expectations and how to move forward
ECB's Praet outlines why the EMU has been disappointing so far and how to improve its performance implementing structural reforms such as encouraging firms to grow in size or to enter new markets, improving the efficiency of financial markets through the CMU project and completing the Single Market.
 
  Financial
 
 
ECB: The future of Europe’s financial market infrastructure - the Eurosystem’s Vision 2020
ECB's Mersch said that the actions in the Eurosystem’s Vision 2020 which will be taken over the coming years will complement the European Commission’s project to establish a CMU in Europe – a project which the ECB and the Eurosystem fully support.
ECB's Draghi: Interview with Kathimerini
The interview focused on Greece, with Draghi saying that the most important elements in the coming months will be strong ownership of the programme and debt relief. The QE programme and inflation were also on the table.
 
  Economic
 
 
ECB: Euro area economic outlook, the ECB’s monetary policy and current policy challenges
ECB's Draghi spoke about the need to complete banking union and to develop a CMU in order to "make our monetary union in Europe stable and prosperous". He also said that the APP programme could be adjusted if necessary before achieving the 2% inflation rate or its September 2016 deadline.
European Parliament: Mandatory exchange of tax rulings proposal - a "missed opportunity” say MEPs
The EU Commission proposal to make it mandatory for EU member states to exchange information on their tax rulings received only a lukewarm welcome in Parliament’s Economic and Monetary Affairs Committee.
EFAMA response to the European Commission Public Consultation on Corporate Tax Transparency
EFAMA believes that the OECD’s BEPS 13 could serve as a useful benchmark for EU legislation.
 

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