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27 October 2016

Friends 'Weekly' Newsletter


Basel III, large exposures regime, CRDIV/CRR, OTC derivatives, UCITS, CETA, Brexit, Theresa May, UK's banking results, sterling and more.

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  Articles from 20 October 2016 - 27 October 2016

  Banking
 
 
EBA calls for a simplified and more harmonised large exposures regime
The EBA published its response to the EC's call for advice on the review of the large exposures framework laid down in the CRR. This report will support the Commission in its review of the large exposures framework as part of the overall CRR review.
BCBS: Eleventh progress report on adoption of the Basel regulatory framework
This updated Progress report on adoption of the Basel regulatory framework provides a high-level view of Basel Committee members' progress in adopting Basel III standards as of end-September 2016.
EBA recommends that only investment firms identified as GSIIs and OSIIs be subject to the full CRDIV/CRR
The EBA responded to the European Commission's call for technical advice on the criteria to identify the class of investment firms for which the prudential regime laid down in the CRD and CRR is applicable.
 
  Securities
 
 
Harmonisation of critical OTC derivatives data elements (other than UTI and UPI) – second batch - Consultative report issued by CPMI-IOSCO
The report responds to the G20’s agreement in 2009 that all OTC derivatives contracts would be reported to TRs, as part of the G20’s commitment to reforming OTC derivatives markets with the aim of improving transparency, mitigating systemic risk and preventing market abuse.
Verena Ross: Regulatory and supervisory developments, the challenges ahead – a European perspective
ESMA Executive Director's speech covered recent regulatory and supervisory developments in the EU and the challenges ahead, focusing on issues such as MiFID II, Capital Markets Union, PRIIPs, CFDs and data quality.
 
  Asset Management
 
 
EFAMA: In July, net sales of UCITS get strong recovery from the UK referendum drop
The European Fund and Asset Management Association has published its latest Investment Funds Industry Fact Sheet, which provides net sales of UCITS and non-UCITS for July 2016.
Investment & Pensions Europe: Brexit could derail cross-border pensions, resurrect HBS, experts warn
The UK’s vote to leave the European Union (EU) has complicated the pan-European pensions debate, delegates heard at a recent institutional-investment summit for Austria, Germany and Switzerland.
 
  Political
 
 
Report by President Donald Tusk to the European Parliament on the European Council meeting
Council President reported on the main issues discussed during the EU leaders meeting, namely trade (especially CETA, about which Tusk said that "talks continue in Belgium"), Russia and migration. Tusk reminded that the UK could still be in the Single Market if it accepted "all four freedoms."
Bloomberg: Britons happy to sacrifice trade for fewer foreigners, poll says
As Britain prepares to exit the EU, over half of adults polled cite an influx of foreigners as more worrisome than losing EU trade benefits, said the poll conducted by Survation Ltd for ITV plc.
BBA's Anthony Browne: Brexit politicians are putting us on a fast track to financial jeopardy
The chief executive of the British Bankers’ Association warns in The Observer that major players are already planning to relocate from Britain.
CER: Sterling slump won't rescue the British economy
John Springford and Simon Tilford warn that the falling pound will not produce the export boom Brexiteers hope for, while British consumers will become poorer as the price of imports rise.
PubAffairs Bruxelles: A lose-lose game? The ‘Brexit effect’ in the UK and the EU
PubAffairs Bruxelles hosted a debate on the effects of Brexit on the UK and the EU, with Ms Julie Girling MEP (ECR, UK), Mr Frank Engel MEP (EPP, LU) and Mr Seb Dance (S&D, UK). The event was moderated by Graham Bishop, Leading Expert in EU and UK Economic, Financial and Government Affairs.
 

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