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17 December 2015

Friends 'Weekly' Newsletter


CRR, CRD IV, BCBS, CMU, IRSG, MiFID II, insurance distribution, IOSCO, Consumer Finance, Spanish General Election, Brussels for Breakfast, Brexit, Deposit Guarantee Schemes, EMU and more.

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  Articles from 10 December 2015 - 17 December 2015

  Banking
 
 
Speech by Commissioner Jonathan Hill: The Impact of the CRR and CRD IV on Bank Financing of the Economy
Commissioner Hill outlines the main responses received for the three priority areas in the review of the Capital Requirements Regulation: supporting lending to SMEs; encouraging long-term investment; and ensuring that European legislation is proportionate.
BCBS: Third progress report on bank's adoption of risk data aggregation principles issued by the Basel Committee
The report reviews bank's progress in 2015. It outlines the measures G-SIBs have taken to improve their overall preparedness to comply with the Principles, as well as the challenges they face.
Revisions to the Standardised Approach for credit risk: Basel Committee issues second consultative document
The revised BCBS’s proposals form part of the Committee's broader review of the capital framework to balance simplicity and risk sensitivity, and to promote comparability by reducing variability in risk-weighted assets across banks and jurisdictions.
 
  Securities
 
 
TheCityUK: IRSG responds to the Commission’s Action Plan on ‘Building a Capital Markets Union’
The International Regulatory Strategy Group - a body jointly sponsored by TheCityUK and The City of London Corporation - has written to Commissioner Hill in response to the Commission’s Action Plan on ‘Building a Capital Markets Union’
ESMA issues standards on reporting, cooperation & suspensions under MiFID II
The publication of these ITS follows two other sets of Technical Standards on the implementation of MiFID II published in June and September. ESMA’s different sets of Technical Standards have been sent for endorsement to the European Commission.
 
  Insurance
 
 
European Council: Insurance distribution rules adopted, bringing improved consumer protection
The Council adopted a directive establishing new rules on insurance distribution, improving consumer protection for insurance products.
 
  Asset Management
 
 
IOSCO publishes third Hedge Funds Survey report
The IOSCO Hedge Fund Survey remains the only global view on hedge funds from a regulatory perspective and is therefore of key interest to the wider global debate on related issues.
 
  Financial Services Policy
 
 
Speech by Commissioner Jonathan Hill at the launch of the Commission's Green Paper on Consumer Finance
The Green Paper consultation issued by the EU Commission covers personal financial products such as bank accounts, loans, and insurance. It will help identify the barriers to the Single Market and work out the best solutions.
 
  Friends Services
 
 
Face-to-face between Spanish PM Mariano Rajoy and PSOE’s Pedro Sánchez: who won the debate?
PP and PSOE’s leaders sized each other up in the last effort to woo undecided voters - almost 41% of the electorate. Sánchez cornered Rajoy over corruption and the Spanish bail-out. C’s Rivera and Podemos’s Iglesias said the debate was the epilogue to the two-party predominance in Spain.
116th Brussels for Breakfast
Topics covered included Brexit, European Deposit Insurance Scheme, Green Paper on retail financial services, FinTech payments, Prospectus Directive Proposal, and progress of the Securitisation Proposal.
 
  Political
 
 
Open Europe/ComRes poll: Failure to win key reforms could swing UK’s EU referendum vote
A new survey shows just how important the renegotiation at the European Council will be in terms of swinging the result of the EU referendum. If David Cameron is unable to secure agreement on the two most important issues, support for remaining in the EU is likely to drop considerably.
IMF: United Kingdom—2015 Article IV Consultation Concluding Statement of the Mission
The IMF has warned that uncertainty over the EU membership referendum could hurt the UK's growth. The Fund will publish a full assessment of the risks surrounding a Brexit in May.
 
  Financial
 
 
Commission requests 10 Member States to implement EU rules on Deposit Guarantee Schemes
The European Commission has formally requested Belgium, Cyprus, Estonia, Greece, Italy, Luxembourg, Poland, Romania, Slovenia and Sweden to fully implement the Deposit Guarantee Schemes Directive (DGSD).
 
  Economic
 
 
Speech by President Juncker at the European Parliament Plenary session on the Economic and Monetary Union
Juncker talks about the EMU and share thoughts on how the Commission and the Parliament might deepen the cooperation between them under Stage 1 of the Five President's Report.
 

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