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08 June 2017

Friends 'Weekly' Newsletter


Basel Committee, money laundering and terrorist financing, SME credit, MiFID II/MiFIR, relocation of euro clearing from London, Solvency II XBRL, Commission consultation on Fintech and more.

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  Articles from 01 June 2017 - 08 June 2017

  Banking
 
 
BIS: Rules on combating money laundering and terrorist financing in correspondent banking clarified by the Basel Committee
Banks have clearer guidance on how to best manage risks related to money laundering and the financing of terrorism under final revisions issued by the Basel Committee on Banking Supervision.
BBA: Regulators: better together
Bill Coen, the Secretary General of the Basel Committee on Banking Supervision, hinted that the Basel III framework could be finalised in the new future – and it has been reported that the BCBS have agreed a 75% output floor.
EBF: Bank associations present feedback principles on SME credit
The European Banking Federation, together with four other European banking associations (EAPB, EACB, EMF-ECBC and ESBG), presented a set of high-level principles regarding the communication between SMEs and banks around loan applications.
Financial Times: Why Santander rescue of Banco Popular is a European test case
Spain’s Banco Santander said it would acquire its struggling rival Banco Popular for a symbolic €1 in a deal engineered by Europe’s new bank resolution authority that imposes heavy losses on shareholders and bondholders.
 
  Securities
 
 
Looking to the future - Steven Maijoor addresses FIA IDX Conference
Steven Maijoor keynote address focused on preparation for MiFID II/MiFIR, the UK exiting the European Union and the review of the European Supervisory Authorities.
City A. M.: Forced relocation of euro clearing from London would be "severely detrimental" to EU, global trade body warns
The Futures Industry Association has told the European Commission it holds “grave concerns” over the proposal to force euro clearing activity away from London to the EU.
 
  Insurance
 
 
EIOPA invites for comments on the 2.2.0 draft version of Solvency II XBRL Taxonomy
EIOPA published the 2.2.0 draft version of the Solvency II XBRL Taxonomy to be applied by insurance companies for reporting with the reference date of 31 December 2017.
 
  Financial Services Policy
 
 
ESMA responds to Commission consultation on Fintech
ESMA sent its response to the European Commission consultation paper on “Fintech: a more competitive and innovative financial sector”, welcoming the initiative to take a stock-take of the EU’s Fintech industry.
 
  Economic
 
 
Banque de France’s Villeroy de Galhau: Europe must seize window of opportunity
The European Union has a rare chance to reform its economic architecture by creating a common stabilisation fund and a euro area finance minister, the Governor of the Bank of France, François Villeroy de Galhau told the 2017 Brussels Economic Forum.
Pierre Moscovici: Now Europe is recovering, it’s time to build a better euro
The European Union must use the current recovery to press ahead with long overdue economic reforms, EU Economic and Financial Affairs Commissioner Pierre Moscovici told the Brussels Economic Forum.
LSE: Seizing the moment for euro area reform: A three-step action plan
Authors outline proposals that they believe should have been contained in the reflection paper on the deepening of the EMU. Their plan includes three key building blocks for a lasting and workable reform: a first aid kit, a structural reform and investment agenda, and significant risk-sharing.
 
  Brexit & UK
 
 
City AM: Sovereign investors snubbing post-Brexit Britain in favour of Germany and the US
Sovereign wealth funds and central banks are choosing to invest less in the UK following Brexit, a survey by investment manager Invesco has found, as Germany and the US see a surge in popularity.
Financial Times: UK economic growth to slow in 2018 on ‘hard Brexit’ jitters warns OECD
Britain’s economic performance will slow next year as the prospect of a “hard” Brexit takes its toll on growth and confidence, the Organisation for Economic Cooperation and Development predicted, in a blow to prime minister Theresa May just one day before the general election.
CEP: Brexit and the UK Economy
Leaving the European Union with no deal in place for future trading arrangements would be the worst-case Brexit scenario for the UK economy, according to a new report from the Centre for Economic Performance (CEP).
 

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