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03 November 2016

Friends 'Weekly' Newsletter


EBA, resolution financing, financial structures, capital rules, trade reports, MiFIR, CMU, internal governance, Brexit, UK trade surplus, CETA, CCCTB and more.

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  Articles from 27 October 2016 - 03 November 2016

  Banking
 
 
EBA recommends a measure based on total liabilities as the target level of resolution financing arrangements
The EBA published its final report on the reference point for the target level of national resolution financing arrangements. In the report, the EBA recommends changing the basis from covered deposits to a total liabilities-based measure and, in particular, total liabilities less covered deposits.
ECB: Report on financial structures details structural changes in the euro area financial sector
The euro area banking sector consolidated further in 2015, according to the ECB’s 2016 Report on Financial Structures. The report also finds that banks’ capital ratios improved and that non-performing loan (NPL) ratios fell across the sector for the first time since the financial crisis.
Financial Times: German banks stand firm in opposition to new capital rules
Germany’s banks have ratcheted up the pressure on European regulators to ensure that new capital rules do not put the continent’s lenders at a disadvantage to their US rivals, ahead of a key meeting on global banking supervision next month.
 
  Securities
 
 
European Commission: Adoption of implementing technical standards on the format and frequency of trade reports to trade repositories
The European Commission adopted an implementing regulation amending the implementing technical standards on the minimum details of the data to be reported to trade repositories.
ESMA issues MiFIR reporting instructions
The European Securities and Markets Authority has issued detailed reporting introductions and XML schemas under its Financial Instruments Reference Data System.
CEPS: Eliminating the cost of non-Europe in capital markets
Karel Lannoo calls upon the European Commission to undertake a radical upgrade of the Capital Markets Union, along the lines of the Single Supervisory Mechanism, but with a focus on strengthening the role of ESMA and the European supervisory authorities.
 
  Corporate Governance/Accounting
 
 
ESMA sets enforcement priorities for listed companies’ 2016 financial statements
The ESMA has published its annual Public Statement on European Common Enforcement Priorities which identifies enforcement priorities for listed companies’ 2016 financial statements and highlights the need for transparency in disclosing the potential impact of Brexit on issuers’ financial statements.
EBA reviews its guidelines on internal governance
The EBA launched a public consultation on its revised Guidelines on internal governance. These draft Guidelines aim at further harmonising institutions' internal governance arrangements, processes and mechanisms across the EU, in line with the new requirements in this area introduced in the CRD.
 
  Political
 
 
NIESR: The UK economy will grow 2% in 2016 before slowing to 1.4% in 2017
The British economy will grow 2 per cent in 2016 before slowing to 1.4 per cent in 2017: with the triggering of Article 50 there are downside risks to next year’s outlook, says the National Institute of Economic and Social Research.
The City UK: UK financial industry hits new trade surplus record
A new TheCityUK report reveals the UK’s trade surplus in financial services has reached a record high, up £185m year-on-year to reach £63.4bn in 2015.
European Council: 16th EU-Canada summit - Joint declaration
Donald Tusk, President of the European Council, Jean-Claude Juncker, President of the European Commission, and Justin Trudeau, Prime Minister of Canada, signed the EU-Canada Comprehensive Economic and Trade Agreement (CETA) and the Strategic Partnership Agreement (SPA).
NIESR: Nissan, Brexit and "industrial strategy"
The prospect that the UK will actively seek to promote exports through direct, company-specific measures is unlikely to make it easier for Britain to reach a comprehensive trade agreement with either its EU partners or third countries, writes Jonathan Portes.
Bloomberg: Banks likely to lose passporting with Brexit, official says
Global banks will probably lose their current legal rights to provide services in the European Union after Brexit, the UK’s trade minister said in the most detailed outline yet of the government’s thinking.
 
  Economic
 
 
Investment & Pensions Europe: European Commission re-launches rules to make corporate tax fairer
The European Commission has unveiled a set of common rules across the European Union to make corporate taxation fairer and to combat tax evasion and avoidance, setting the rules out in a directive entitled a ‘Common Consolidated Corporate Tax Base’ (CCCTB).
 

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