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09 June 2016

Friends 'Weekly' Newsletter


EBA, supervisory benchmarking, BIS, capital arbitrage, Solvency II, cross-border investment funds, Brexit, LSE Commission, The City of London, WTO, sovereign debt rule, CMU, prospectus, CCPs, ECB, CSPP and more.

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  Articles from 02 June 2016 - 09 June 2016

  Banking
 
 
EBA publishes decision on data for supervisory benchmarking
This Decision comes after the publication of the amended technical standards on benchmarking of internal approaches and requires Competent Authorities to submit data for the 2016 benchmarking exercise, focusing on High Default Portfolios and with reference to end-2015 data.
BIS: Statement on capital arbitrage transactions
The Basel Committee of Banking Supervisors published its statement on capital arbitrage transactions.
Financial Times: Sovereign debt rule changes threaten EU bank finances
European banks would have to raise up to €170bn of extra capital or sell almost €500bn of sovereign debt if regulators push ahead with plans to break the “doom loop” tying lenders to their governments, according to new research.
ECB announces remaining details of the corporate sector purchase programme
The Governing Council of the ECB decided that purchases under its corporate sector purchase programme (CSPP) will start on 8 June 2016. The Governing Council also took decisions on the remaining details of the CSPP.
 
  Securities
 
 
Capital markets union: Council agrees its stance on prospectus rules
The Permanent Representatives Committee (Coreper) agreed, on behalf of the Council, a negotiating stance on new rules on prospectuses for the trading of securities.
ESBG, European Investors, European Issuers, FESE: Position papers on the Prospectus Regulation proposal
ESBG, European Investors, European Issuers and FESE support the EC’s proposal for a Prospectus Regulation in order to review the existing EU prospectus regime.
ESMA and CFTC to cooperate on CCPs
ESMA and CFTC have established a memorandum of understanding under the European Market Infrastructure Regulation.
 
  Insurance
 
 
EIOPA proposes amendments for the supervisory reporting templates under Solvency II
The European Insurance and Occupational Pensions Authority published a draft amendment to the ITS on the templates for the submission of information to the supervisory authorities.
 
  Asset Management
 
 
Commission launches consultation on cross-border investment funds
The Commission is launching a consultation on the main barriers to the cross-border distribution of investment funds (UCITS and AIF) in order to increase the proportion of funds marketed and sold across the EU.
AIMA calls for removal of cross-border barriers to fund marketing
The Alternative Investment Management Association has welcomed the European Commission consultation on reducing barriers to the cross-border marketing of investment funds.
ALFI response to the ESMA discussion paper on UCITS share classes
ALFI claims that Luxembourg UCITS management companies have already put in place robust systems of control in order to mitigate any contagion risk, as required by the Luxembourg regulator.
 
  Friends Services
 
 
Insoluble Contradictions of the Leavers’ Policies: A Scenario for Timeline to Reality
The Gove/Johnson statement on migration has set in concrete the insoluble and basic contradictions inherent in the Leavers’ policies if Brexit. These contradictions may well push the UK economy over a `tipping point’ – with dramatic economic and financial consequences for Britons' daily lives.
 
  Political
 
 
LSE Commission on the Future of Britain in Europe
The London School of Economics has published the overview and summary of reports on Brexit produced during several hearings in which Graham Bishop participated. Voters should read this balanced summary of the array of issues.
Bruegel: With Brexit London would lose business as a global financial centre
London could lose its status of a global financial hub if there is a Brexit, says Nicolas Véron. Who would win the business that London would lose?
Britain “punches above its weight” in Brussels negotiations, says City’s research
An in-depth analysis of five different pieces of regulation has found that the UK government wins far more often than it loses when pursuing its legislative goals and often secures legislative success by soliciting the support of other like-minded EU countries.
Reuters: World trade chief says post-Brexit 'WTO option' may be unfeasible for UK
The idea that Britain could scrap all import tariffs to avoid long, messy trade negotiations after quitting the European Union is "almost theoretical" and probably not feasible, the head of the World Trade Organisation said in an interview.
 

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