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04 February 2016

Friends 'Weekly' Newsletter


Securitisation, MiFID II, CSDR, terrorist financing, IORPs, EIOPA, financial regulation consultation, Brexit, ECB's APP, corporate taxation and more.

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  Articles from 28 January 2016 - 04 February 2016

  Securities
 
 
European Parliamentary Research Service: Common rules and new framework for securitisation
The aim of this legislative proposal is twofold: to simplify the current framework for all securitisations by replacing the various rules on the process with a uniform regime, and to create a framework to identify simple, transparent and standardised securitisations.
ESMA updates registers under MiFID and short selling regulation
The registers under MiFID and the Short Selling Regulation have been migrated to the global ESMA Registers web portal.
ESMA issues technical standards on settlement discipline under CSDR
The Central Securities Depository Regulation harmonises the authorisation and supervision of EU central securities depositories. It also introduces a mandatory buy-in and other settlement discipline measures to tackle settlement fails.
European Commission: Action Plan for strengthening the fight against terrorist financing
This Communication presents an action plan to further step up the fight against the financing of terrorism, building on existing EU rules to adapt to new threats and updating European policy and practices in line with international standards.
 
  Asset Management
 
 
Report on the proposal for a directive of the Parliament and of the Council on the activities and supervision of IORPs
The European Parliament has agreed a reformed draft report on Institutions for Occupational Retirement Provision.
EIOPA consults on the development of an EU Single Market for personal pension products
This public consultation will give input, in the broader context of the Call for Advice from the Commission, how PPPs and a possible European Union-wide framework can be further developed.
 
  Financial Services Policy
 
 
BBA calls on European Commission to ensure financial regulation supports competition and growth
In a detailed 80-page response to the Commission’s call for evidence on financial sector regulation, the BBA highlights areas of concern supported by evidence from the industry. It identifies regulatory issues across four different themes and proposes over 50 suggested remedies to the issues raised.
AFME responds to Commission’s Cumulative Impact Assessment and calls for regulation that drives jobs and growth
AFME has submitted its response to the European Commission’s Call for Evidence on the EU regulatory framework for financial services providing the Commission with clear recommendations for reform that would benefit corporates and investors and strengthen capital markets.
 
  Friends Services
 
 
Brexit: The Tusk letter - Some initial thoughts
This letter is a good basis for the UK to vote decisively to remain a whole-hearted member of the EU.
 
  Political
 
 
TheCityUK responds to Council President Donald Tusk’s proposal for a new settlement for the UK within the EU
TheCityUK Chief Executive Cummings welcomed Tusk proposal as a "key milestone in the reform negotiations", but warned that a further delay in the agreement around this blueprint and clarity around a referendum date would "prolong unwanted uncertainty."
Letter by President Tusk to the Members of the Council on his proposal for a new settlement for the UK within the EU
The renegotiation of UK's EU membership meets many of Cameron demands, but the reform of the in-work benefits for European immigrants will have to be built "on the clarification of the interpretation of current rules, including a draft Commission Declaration on fighting abuse of free movement."
YouGov: 4 point lead for 'Leave' in EU referendum
42% of British people would now vote to leave the European Union and 38% would vote to remain a member, according to the latest YouGov poll. This is the highest net support for leaving the EU since October 2014.
 
  Economic
 
 
"ECB will reconsider its monetary stance in March", Mario Draghi tells MEPs
European Central Bank President Draghi defended the ECB's monetary policy decisions in a debate at the European Parliament, saying that the bank will revise its monetary stance in March and acknowledging that the December 2015 inflation outlook was too rosy.
European Commission: New measures against corporate tax avoidance
Commission's proposals aim for a coordinated EU wide response to corporate tax avoidance, following global standards developed by the OECD. New rules are needed to align the tax laws in all EU countries in order to fight aggressive tax practices by large companies.
 

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