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26 January 2017

Friends 'Weekly' Newsletter


Alternatives to Passporting, IFRS 9, OTC derivatives, risk capital, IORPs, CETA, UK Supreme Court ruling, Brexit, Capital Markets Union, euro clearing and more.

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Banking Securities Asset Management
International/G20 Friends' Services Political
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  Articles from 19 January 2017 - 26 January 2017

  Banking
 
 
TheCityUK: The EU's Third Country Regimes and Alternatives to Passporting
A new report, released by the International Regulatory Strategy Group (IRSG) in collaboration with Hogan Lovells, concludes that the focus of the Brexit negotiations should be on designing and delivering a bespoke UK-EU deal rather than reforming or adapting existing frameworks.
British Bankers Association: How will IFRS 9 affect regulatory capital requirements?
IFRS 9 is a new accounting standard that introduces a fundamental shift in how loan losses are treated, with the effect that they will be recognised earlier than under the existing IAS 39 approach to the treatment of credit impairments.
EBF response to the ECB Draft Guide on “fit and proper assessments”
It is not clear how the ECB draft guide relates to the EBA/ESMA guidelines on the assessment of the suitability of members of the management body. One set of principles and one uniform assessment process should be established.
 
  Securities
 
 
European Commission: Public consultation on the Capital Markets Union mid-term review
The consultation offers an opportunity for stakeholders to provide targeted input to complement and advance the actions put forward in the CMU action plan, ahead of the 2017 mid-term review of the action plan.
ESMA Chair speaks on reforms in OTC derivatives markets and benchmarks
ESMA's Maijoor focused on two major regulatory reforms taking place in EU financial markets currently: the reform of the OTC derivatives markets and the reform of the way benchmarks are compiled and administered.
Financial Times: ECB steps up warning on UK euro clearing after Brexit
The European Central Bank has stepped up its warning that it will be difficult for the UK to hang on to its valuable euro-clearing business after Brexit, calling for EU institutions to seek more, not less, oversight of the trade in London once Britain leaves the bloc.
 
  Asset Management
 
 
EFAMA preliminary view on FSB policy recommendations to address structural vulnerabilities from asset management activities
EFAMA welcomes the FSB policy recommendations to address structural vulnerabilities from asset management activities. These come as the result of an extended consultation process in which EFAMA has participated very actively.
European Parliamentary Research Service: Reviving risk capital: The proposal to amend EuVECA and EuSEF
In its 2016 review, the Commission noted that these funds remain small and concentrated in a few Member States and that, while the take-up of EuVECA could be considered successful, the EuSEF results have been disappointing.
European Parliamentary Research Service: Revision of the Institutions for Occupational Retirement Provision Dire
The proposed revision aims to improve the governance, risk management, transparency and information provision of IORPs and help increase cross-border IORP activity.
Investment & Pensions Europe: French AM association calls for cross-border IORP, PEPP-consistent product
The French asset management association is calling for the creation of an individual pensions product consistent with the pan-European personal pension being explored in the EU, and for the creation of cross-border pension funds.
 
  International/G20
 
 
CETA: Trade Committee MEPs back EU-Canada agreement
The EU-Canada Comprehensive Economic and Trade Agreement (CETA), which aims to boost goods and services trade and investment flows, was approved by the International Trade Committee. The full House is to vote on the deal in February.
 
  Friends Services
 
 
126th Brussels for Breakfast – Notes
Brussels for Breakfast debate focused on the latest political, economic and financial developments in the European Union: Theresa May's speech, the potential influence of US President Trump, the drive for Capital Markets Union, the location of euro-denominated clearing after the UK leaves the EU...
Supreme Court on withdrawing the Article 50 Notice: No view! So over to ECJ
Following yesterday’s judgement, anyone with commercial interests in the UK must wonder if this historic `game’ of having/eating cake is now over. The answer will depend on whether giving notice of an “intention” can be withdrawn. The common man would say “of course it can”...
State of Play for CMU – Now in a Brexit World
Back in the now-distant days when UK’s European Commissioner Hill was in charge of financial services, his concept of Capital Market Union was widely seen as a major benefit to Britain. Now that the UK is about to serve notice of its intention to quit the EU, what is the outlook for progress on CMU?
 
  Political
 
 
Andrew Duff: How does Europe now see Brexit?
Theresa May’s Lancaster House speech marked the point at which Brexit became a reality for the rest of Europe.
Bloomberg: EU says UK Banks must retain its standards to keep access
European Union finance ministers threw down the gauntlet to the U.K., warning that London banks will lose access to the bloc if Britain veers from financial regulations written in Brussels.
Financial Times: Supreme Court rules MPs must vote on triggering Brexit
In one of most important constitutional cases of modern times, the Supreme Court ruled by a majority of 8 to 3 that the prime minister cannot use royal prerogative to trigger Article 50 and start the UK’s two-year exit from the EU.
Speech by the President of the Eurogroup, Jeroen Dijsselbloem, at The Future of Europe event
Dijsselbloem discussed the ESM banking programs, the Banking Union, the Italian banking crisis, Brexit, the beginning of Trump's presidency and the forthcoming general elections in Germany, France and the Netherlands.
Wolfgang Münchau: Europe will pay unless the Brexit deal is a fair one
A sudden departure could end up permanently damaging the EU.
Financial Services Negotiating Forum: Euro Clearing and Brexit - The Practitioners' View
The FSNForum published its second research piece, considering the EU’s proposal that the clearing of euro-denominated products should be restricted to the Eurozone.
 

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