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29 June 2017

Friends 'Weekly' Newsletter


US bank stress tests, EMIR, Commission proposals on clearing, supervisory stress testing of CCPs, MiFID II, Solvency II, consultation on the operations of the ESAs, EU rules to tackle money laundering, rules on insolvency, Brexit, relocation of EU agencies, EU citizens' rights and more.

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Financial Services Policy Financial Budgetary
Brexit & UK   About this email

  Articles from 22 June 2017 - 29 June 2017

  Banking
 
 
BIS: Implementing the countercyclical capital buffer
The Basel Committee on Banking Supervision published a range of practices in implementing the countercyclical capital buffer policy. This document examines how a range of jurisdictions have implemented their countercyclical capital buffer (CCyB) policies.
Federal Reserve Board releases results of supervisory bank stress tests
The US' largest bank holding companies have strong capital levels and retain their ability to lend to households and businesses during a severe recession, according to the results of supervisory stress tests released by the Federal Reserve Board.
 
  Securities
 
 
ECB recommends amending Article 22 of its Statute
The amendment will provide legal basis for Eurosystem to carry out its role as central bank of issue under the currently proposed review of EMIR, and to fulfil its mandate of conducting monetary policy and ensuring stability of euro.
Reuters: French central banker backs European Commission proposals on clearing
Francois Villeroy de Galhau supported European Commission proposals to move oversight of the trade in clearing euro-denominated securities from London to within the eurozone after Brexit.
BIS: Framework for supervisory stress testing of central counterparties
The supervisory stress testing framework is designed to support tests conducted by one or more authorities that examine the potential macro-level impact of a common stress event affecting multiple CCPs.
ESMA updates co-legislators on MiFID II implementation
ESMA sent a letter to the European Parliament, Commission and Council updating them on the implementation of ESMA’s IT projects regarding the Markets in Financial Instruments Directive.
 
  Insurance
 
 
EIOPA publishes first set of Solvency II statistics on the European insurance sector
The EIOPA published its first set of comprehensive statistical information on the European insurance sector based on Solvency II regulatory reporting.
 
  Financial Services Policy
 
 
European Commission: Feedback statement on the public consultation on the operations of the ESAs
The Commission's feedback statement provides a factual overview of the contributions to the public consultation on the operations of the ESAs.
Strengthened EU rules to tackle money laundering, tax avoidance and terrorism financing enter into force
The Fourth Anti-Money Laundering Directive strengthens the existing rules and improves transparency to prevent tax avoidance. This entry into force comes as discussions with the European Parliament and the Council on extra measures further reinforcing the Directive are already at an advanced stage.
European Parliament: Towards a pan-European covered bonds framework - consultative report
The extraordinary degree of safety and liquidity which CBs have exhibited over decades prevailed even in times of severely troubled financial markets, e. g. during the last ten years.
 
  Financial
 
 
New rules facilitating cross-border insolvency proceedings enters into force
The new rules aim at facilitating debt recovery in cross-border insolvency proceedings. The Regulation focuses on resolving the conflicts of jurisdiction and laws in cross-border insolvency proceedings. It also ensures the recognition of insolvency-related judgments across the EU.
Financial Times: Italy shows EU banking union still has far to go
The imperfect liquidations of Italy's Intesa San Paolo and Veneto Banca need not stop financial integration, in the FT's view.
 
  Budgetary
 
 
An EU budget fit for tomorrow: Commission opens debate on future of EU finances
The Commission's reflection paper on the future of EU finances looks at the options to make a budget that is fit for purpose a reality. The issues raised in this fifth and final paper in the series are central to the debate started with the Commission's White Paper on the Future of Europe.
 
  Brexit & UK
 
 
CER: Britain prepares to deliver soft Brexit
Britain’s general election has increased the chances of a ‘softer’ Brexit. But what would a softer Brexit look like, asks Charles Grant? And could it include a customs union with the EU?
Institute for Government: Questions over future of UK legal system after Brexit
Parliament must urgently clarify the future of the UK’s legal system after Brexit, a new report argues.
UK government publishes proposals on rights of EU citizens
The government has published detailed proposals outlining how it intends to protect the rights of EU citizens in the UK and UK nationals in the EU.
Financial Times: Majority of new Conservative MPs backed UK to remain in EU
A clear majority of the Conservative politicians elected this month backed the UK to remain in the EU in the referendum a year ago, an FT analysis shows, suggesting that many may be flexible as to the particular form of Brexit that Theresa May’s government pursues.
European Council: Decision on the procedure for relocation of EU agencies currently located in the UK
In the margins of the European Council (Art. 50) meeting, leaders endorsed the procedural arrangements for the relocation of the EU agencies currently located in the UK.
New Europe: EU-27 tax could limit Brexit’s budget hole
Brexit, according to Budget Commissioner Günther Oettinger will tear a €11 billion financing hole in the budget of the EU. The European Commission is already assessing its strategy on how to address the issue.
 

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