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08 December 2016

Friends 'Weekly' Newsletter


CET1 instruments, DLT, PSD2, CMU, recovery and resolution framework, funded private pensions, Brexit, Single Market, financial services, ECOFIN, taxes and more.

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  Articles from 01 December 2016 - 08 December 2016

  Banking
 
 
EBA updates list of CET1 instruments
Since the publication of the previous update in September 2016, some new CET1 instruments have been assessed and evaluated as compliant with the Capital Requirements Regulation (CRR). The list will be maintained and updated on a regular basis.
ECB: Distributed Ledger Technology: role and relevance of the ECB
Speech by Yves Mersch, Member of the Executive Board of the European Central Bank (ECB), in which he outlines the ECB’s position on DLT; discusses possible scenarios for adoption; and sheds light on the global interaction between central banks in the field of DLT.
EBA consults on Guidelines on the reporting of operational or security incidents under the PSD2
The draft Guidelines specify the criteria for classifying operational or security incidents as major, the template to be used by payment service providers when notifying them to the Competent Authorities (CAs,) and the indicators CAs need to use when assessing the relevance of such incidents.
 
  Securities
 
 
Speech by Verena Ross, ESMA Executive Director at the 2016 Global Capital Markets Conference
Verena Ross gave a broad-ranging view of how ESMA’s work contributes to strengthening Europe’s capital markets.
 
  Insurance
 
 
EIOPA is paving the way towards a European recovery and resolution framework for insurers
The European Insurance and Occupational Pensions Authority published a Discussion Paper on Potential Harmonisation of Recovery and Resolution Frameworks for Insurers.
 
  Asset Management
 
 
EFAMA: European investment funds continued to record high level of net inflows in September
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 September 2016. 28 associations provided net sales data.
OECD: Design of funded private pensions needs to be improved
The 2016 Pensions Outlook analyses how the pensions landscape is changing in the face of challenges that include ageing populations, the fallout from the financial and economic crisis, and the current environment of low economic growth and low returns.
 
  Financial Services Policy
 
 
ESMA sees continued high levels of market risks
ESMA risk assessment has updated its Risk Dashboard for the third quarter of 2016.
 
  Friends Services
 
 
125th Brussels for Breakfast – Notes
Organised by the Centre for the Study of Financial Innovation (CSFI), hosted by Grant Thornton with co-presenter Karel Lanoo (CEPS).
 
  Political
 
 
The Guardian: UK will have less than 18 months to reach deal, says Commission's Brexit chief negotiator
Michel Barnier says ‘transitional agreement’ is possible, but article 50 deal will have to be negotiated by October 2018.
City of London Corporation: Financial Services sector makes its highest recorded tax contribution
Total tax contribution for the sector reached £71.4 billion in the year to 31 March 2016, which represents a 7.4% increase on the previous year’s figures. The contribution is 11.5% of total UK government tax receipts.
Philip Hammond and David Davis host financial services bosses for Brexit discussion
Ministers met with executives from the financial services industry to discuss opportunities offered by the UK’s decision to leave the EU.
Bloomberg: Norway seeks clarity on Brexit before making deal on UK trade
Norway, the biggest exporter of gas to the UK, will wait for clarity on the UK’s future relationship with the European Union before cementing its own future relationship on trade with Britain, the country’s foreign minister said.
Bloomberg: UK could stay in customs union after Brexit, trade aide says
A British government minister has raised the prospect that the UK could seek to stay in the customs union even after leaving the European Union, in a further sign that Prime Minister Theresa May’s team may be softening its approach to Brexit.
POLITICO: UK will consider paying to access EU single market
Britain would not rule out paying the European Union to retain access to its single market after leaving the bloc, Brexit Secretary David Davis said in response to a question in Commons.
 
  Economic
 
 
Remarks by Vice-President Dombrovskis at the ECOFIN press conference
Valdis Dombrovskis briefed the press on the ECOFIN agenda: new measures to reduce the risk in the financial sector, support investment, coordinate sustainable economic policies, deepen EMU and modernise the European tax systems.
CEPS: Harmonising Insolvency Laws in the Euro Area
The report notes that there are four distinct areas where harmonising national insolvency frameworks could improve the functioning of the single market and the stability of the euro area: early restructuring of businesses, bank resolution, cross-border insolvency and management of NPLs.
Council conclusions on building a fair, competitive and stable corporate tax system for the EU
The Council endorsed the two-step approach proposed by the Commission for a common corporate tax base proposal (CCTB) and the consolidation of taxable corporate income (CCCTB).
 

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