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13 July 2017

Friends 'Weekly' Newsletter


NPLs, Deposit Guarantee Schemes, CMU, STS securitisations, UCITS, consultation on the operations of the ESAs, Brexit, euro clearing and more.

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  Articles from 06 July 2017 - 13 July 2017

  Banking
 
 
Council sets out action plan for non-performing loans
The Council agreed an action plan to address the problem of non-performing loans in the banking sector. It outlined a mix of policy actions to help reduce stocks of non-performing loans, which remain at high levels within the EU, and to prevent their future emergence.
EBA enhances transparency on Deposit Guarantee Schemes across the EU
The EBA published data relating to two key concepts in the Deposit Guarantee Schemes Directive (DGSD): available financial means, and covered deposits. The data provides an overview of the level of pre-funded resources available to each DGS in the EU to cover its potential liabilities to depositors.
 
  Securities
 
 
Capital markets union: Council agrees on action plan adjustments
The Council renewed its commitment to the action plan, which is aimed at securing a fully-fledged capital markets union by the end of 2019. It supported a number of priority initiatives set out by the Commission.
Capital treatment for simple, transparent and comparable short-term securitisations proposed by the Basel Committee
The Committee's proposed capital treatment supplements the consultative document Criteria for identifying simple, transparent and comparable short-term securitisations issued jointly with the International Organization of Securities Commissions (IOSCO).
Criteria for identifying simple, transparent and comparable short-term securitisations proposed by BCBS and IOSCO
The Basel Committee on Banking Supervision and the International Organization of Securities Commissions released the consultative document Criteria for identifying simple, transparent and comparable short-term securitisations (the short-term STC criteria).
ESMA issued final regulatory technical standards regarding the aggregation and publication of derivatives data by trade repositories.
ESMA’s RTS define the operational standards for aggregation and comparison of aggregate position data across TRs, which is important to assess risks associated to those markets.
 
  Insurance
 
 
EIOPA issues principles on supervisory approach to the relocations from the United Kingdom
The EIOPA published an Opinion with the aim to foster supervisory convergence and consistency in the authorisation process across the European Union Members States related to the relocation of (re)insurance undertakings from the United Kingdom.
 
  Asset Management
 
 
ESMA publishes updated AIFMD and UCITS Q&A
The European Securities and Markets Authority has published updated questions and answers documents on the application of the AIFMD and the UCITS.
 
  Financial Services Policy
 
 
ECB contribution to the European Commission’s consultation on the operations of the European Supervisory Authorities
The European Central Bank welcomed the consultation on the operations of the European Supervisory Authorities and said it must take into account developments which have taken place over the past six years.
 
  Friends Services
 
 
An autumn bank stampede to relocate?
A string of UK-based banks and insurers has announced plans to set up “offices” around the EU, or to “go home”. What do they really have to do to achieve their goal of continuing their business in the EU – but cost-effectively?
 
  Brexit & UK
 
 
EurActiv: UK offer is far from what citizens are entitled to
The European Parliament’s political leaders and Brexit Steering Committee members condemn the UK’s “damp squib” of an offer on the rights of EU citizens and insist they will refuse to endorse a Brexit deal that strips EU citizens of their acquired rights.
Bloomberg: Hammond says it would be ‘madness’ for UK to reject close EU ties
Chancellor of the Exchequer Philip Hammond said it would be “madness” for the UK to reject the closest possible ties to the European Union, warning fellow ministers that voters won’t forgive them if Brexit damages the economy.
Bloomberg: UK finance firms' optimism wanes amid Brexit plan uncertainty
UK banks and life insurers are less optimistic in their outlook because of uncertainty over Brexit, the Confederation of British Industry said.
POLITICO: ‘No deal’ unacceptable for UK businesses after Brexit: survey
Ninety-eight percent of businesses surveyed want a trade agreement as part of Brexit negotiations.
Brexit Bulletin: BOE’s Broadbent sounds new Brexit warning on risks to trade
A reduction in trade with the European Union after leaving the bloc would be damaging to the UK by forcing it to refocus production away from its specializations, and it would also hurt EU growth, albeit on a much smaller scale, said Deputy Governor of the Bank of England Ben Broadbent.
The Guardian: UK economy will cool amid living standards squeeze, says S&P
Ratings agency predicts interest rates will be on hold for next two years, and outlook could be worse if Brexit talks go badly.
Joint Declaration of Frankfurt Main Finance and Paris EUROPLACE on Euro Clearing
Frankfurt Main Finance and Paris EUROPLACE jointly request the concerned European authorities to consider some fundamental principles regarding future oversight of Euro Clearing.
Bloomberg: Clearing firms simulate Lehman-like default during Brexit chaos
The first coordinated global test showed clearinghouses, the firewalls protecting the financial system from calamity, are strong enough to survive a major bank going bust.
The Sunday Times: Watchdog dashes hopes of escape from EU rules
The Bank of England has told the City there will be no bonfire of regulations after Britain leaves the EU.
Bloomberg: UK regulator seeks Brexit bridge this year to avoid cliff-edge
Banks and asset managers need certainty this year on how much time they’ll have to transition to the post-Brexit world to avert “regrettable” decisions made in haste, according to Andrew Bailey, head of the UK Financial Conduct Authority.
Bloomberg: City chiefs concede UK can lose clearing oversight in Brexit
UK banking executives are starting to concede that shifting regulatory oversight of euro clearing to the European Union after Brexit is the only way they’ll keep the bulk of a $2.7 trillion a day industry in London.
 

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