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14 July 2016

Friends 'Weekly' Newsletter


Basel III, Basel IV, EBF, EBA, STC securitisations, ESMA MAR guidelines, ECB SESFOD, Solvency II, Brexit, IMF, country-specific recommendations, corporate tax avoidance and more.

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  Articles from 07 July 2016 - 14 July 2016

  Banking
 
 
Council conclusions on finalizing the post crisis Basel reforms
The Council adopted conclusions on the completion of work on post-crisis banking reform.
EBF: EU finance ministers need to get Basel back on track
The EBF notes that European finance ministers will discuss additional banking reform measures planned by the Basel Committee on Banking Supervision. These regulatory measures, commonly known as ‘Basel IV’, pose a threat to the European economy and the EU’s growth agenda, according to EBF's Mijs.
EBF response to the BCBS consultation on the revision to the Basel III leverage ratio framework
The EBF is supportive of the division of the risk-based framework. The leverage ratio had its rationale in the “good old days” but its effect and value today is relatively modest and could not pretend to be an accurate reflection or test of the leverage level of the economy.
EBA's updated Risk Dashboard shows stable capital levels amidst efforts to further improve asset quality
The EBA published the periodical update of its Risk Dashboard summarising the main risks and vulnerabilities in the EU banking sector on the basis of a set of Risk Indicators in Q1 2016.
EBA updates on monitoring of Additional Tier 1 instruments
The European Banking Authority (EBA) published a draft update of its report on the monitoring of Additional Tier 1 (AT1) instruments last published on 29 May 2015 and proposed draft standardised templates for AT1 instruments.
 
  Securities
 
 
BCBS: Revised securitisation framework with capital treatment for "simple, transparent and comparable" securitisations
The BCBS published an updated standard for the regulatory capital treatment of securitisation exposures. By including the regulatory capital treatment for "simple, transparent and comparable" (STC) securitisations, this standard amends the Committee's 2014 capital standards for securitisations.
ESMA readies MAR guidelines on market soundings and delayed disclosure of inside information
ESMA issued its final guidelines clarifying the implementation of the Market Abuse Regulation for persons receiving market soundings and on delayed disclosure of inside information.
ECB: Results of the June 2016 survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets
The SESFOD showed that credit terms and conditions offered to all counterparty types tightened slightly, reflecting less favourable price and non-price credit terms across the entire spectrum of securities financing and OTC derivatives markets.
 
  Corporate Governance/Accounting
 
 
FRC consults on adopting ISAs to facilitate public assurance of insurers’ Solvency II reports
The FRC has released a consultation on the adoption of International Standards on Auditing (ISAs) 800 and 805 in the UK.
 
  Friends Services
 
 
Referendum on Brexit Terms: Worst-case WTO rules are the only way to avoid it
Graham Bishop sets out scenarios why the European Union Act 2011 will probably require a referendum on the UK’s exit trade deal with the EU, against a background highly influenced by the British current account deficit.
121st Brussels for Breakfast – the Blog
Organised by the Centre for the Study of Financial Innovation (CSFI) with David Reed (Kreab) and John Rega (Mlex).
 
  Political
 
 
Martin Schulz: The EU must not treat the UK as a deserter – we can negotiate without rancour
With a new British prime minister in place we can all take time out to plan the future, but talks should begin in the autumn, writes the European Parliament President on The Guardian.
Hedgeweek: UK financial sector chronically unprepared for Brexit regulatory changes
According to financial services management and technology consultancy Brickendon, the UK financial services sector’s infrastructure is chronically unprepared to deal with the regulatory changes that will come as a result of the country leaving the EU.
Guy Verhofstadt: Only more Europe can beat Europe’s nationalists
If British inaction causes Europe to continue to suffer economically from political uncertainty, a full separation should be carried out unilaterally, writes ALDE President on Project Syndicate.
 
  Economic
 
 
Financial Times: Focus on Bank of England’s policy response to Brexit
The Monetary Policy Committee of the Bank of England will formally meet on July 14 for the first time following the EU referendum result and, given the expected negative shock to growth, it is less a question of “whether?” and more a question of “how?” they choose to ease monetary policy.
IMF Executive Board Concludes 2016 Article IV Consultation on Euro Area Policies
The recovery has strengthened recently. However, inflation and inflation expectations remain very low. Euro area GDP growth is expected to decelerate to 1.4 percent in 2017, mainly due to the negative impact of the UK referendum outcome.
Economic, employment and fiscal policies: Council issues country-specific recommendations
The Council issued recommendations on economic, employment and fiscal policies planned by the member states.
Corporate tax avoidance: New rules adopted by the European Council
The Council adopted new rules addressing some of the practices most commonly used by large companies to reduce their tax liability.
 
  Budgetary
 
 
MEPs and Euro group ministers debate path to a Euro zone budget
Members of Parliament’s Budgets and Economic and Monetary Affairs committees debated the need for a euro area budget with finance ministers.
 

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