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02 March 2017

Friends 'Weekly' Newsletter


Basel III, RDIV-CRR, stress tests, securitisation, variation margin, EU equivalence decisions in financial services policy, Brexit, Commission White Paper on the future of Europe and more.

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  Articles from 23 February 2017 - 02 March 2017

  Banking
 
 
BCBS: Basel III Monitoring Report
This report presents the results of the Basel Committee's latest Basel III monitoring exercise. The Committee established a rigorous reporting process to regularly review the implications of the Basel III standards for banks, and it has published the results of previous exercises since 2012.
BCBS: Second set of FAQs issued on Basel III's Net Stable Funding Ratio (NSFR)v
The Basel Committee on Banking Supervision has issued a second set of frequently asked questions (FAQs) and answers on Basel III's Net Stable Funding Ratio (NSFR).
EBA publishes results of the CRDIV-CRR/Basel III monitoring exercise as of end June 2016
The report summarises the results, but does not reflect any BCBS standards agreed since the beginning of 2016, such as the revisions to the market risk framework, or any other BCBS proposals, which have not yet been finalised, including the revisions to credit and operational risk frameworks.
EBA updates on the 2018 EU-wide stress test timeline
The Board of Supervisors of the European Banking Authority (EBA) agreed in its meeting held on 14 February on the tentative timeline of the 2018 EU-wide stress test.
 
  Securities
 
 
Commission report: Accelerating the capital markets union - Addressing national barriers to capital flows
The Commission adopted a report looking at how to tackle national barriers with a view to fostering the flow of cross-border investments in the EU.
Euractiv: Commission confirms work on securitisation of EU sovereign bonds
European Commission Vice-President Valdis Dombrovskis said that the goal of setting up European Safe Assets is to reduce banks’ exposure to sovereign debt.
PCS launches a new label for risk transfer/synthetic securitisations
PCS launched its new label to be awarded to risk transfer instruments that meet all the criteria devised by the PCS Association to identify the key elements for a simple, transparent and standardised instrument.
ESAs publish statement on variation margin exchange
ESAs have published a statement in response to industry requests relating to operational challenges in meeting the deadline of 1 March 2017 for exchanging variation margin.
 
  Insurance
 
 
ECB: A stochastic forward-looking model to assess the profitability and solvency of European insurers
Authors develop an analytical framework for conducting forward-looking assessments of profitability and solvency of the main euro area insurance sectors. The model highlights the potential threats to insurers solvency and profitability stemming from a sustained period of low interest rates.
 
  Asset Management
 
 
ECB: New statistics on euro area insurance corporations and pensions funds
The European Central Bank (ECB) has released new euro area statistics on insurance corporations as of the third quarter of 2016 and pension funds as of the first quarter of 2016. The sectors are now shown separately and in more detail, reflecting enhanced data collection frameworks.
 
  Financial Services Policy
 
 
FSB assesses implementation progress and effects of reforms
The FSB reviewed progress on both the implementation of post-crisis reforms and the evaluation of their effects and effectiveness.
European Commission: EU equivalence decisions in financial services policy: an assessment
The Commission published an assessment of EU equivalence decisions in the area of financial regulation.
 
  Political
 
 
Commission presents White Paper on the future of Europe: Avenues for unity for the EU at 27
As announced in President Juncker's 2016 State of the Union speech, the European Commission presented a White Paper on the Future of Europe, which forms the Commission's contribution to the Rome Summit of 25 March 2017.
 
  Brexit & UK
 
 
TheCityUK: Cities across UK host vital financial and related professional services hubs
Of the 2.2 million people working in the industry, the majority (1.5 million, or around two-thirds) work outside London, together representing around 7% of the working population, yet contributing nearly 11% (£176bn) of total Gross Value Added (GVA) in 2015.
Andreas Dombret: The possible impact of Brexit on the financial landscape
Deutsche Bundesbank's Dombret called on UK and EU to avoid a regulatory race to the bottom at all costs and reminded that the guiding principle of their cooperation should be to ensure a smooth transition to a post-Brexit world.
Bloomberg: UK banks' loss of EU passport a `major threat,' LSE study says
The U.K. government must ensure British financial-services companies don’t lose their ease of access to the European Union after Brexit as a “matter of urgency,” according to a report backed by high-profile British economists.
BBA: UK regions lead growth in banking jobs
BBA's Browne pointed out the contribution of the industry to the overall British economy through job creation. 90 of the top 100 constituencies with the highest share of bank and building were outside of London, according to the latest research.
PIIE: The City of London after Brexit
According to estimates presented in this Policy Brief, the direct negative effect of Brexit on the financial sector in the City of London will be a 12 to 18 percent loss of revenue and a 7 to 8 percent drop in employment.
 

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