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02 November 2017

Friends 'Weekly' Newsletter


Supervision of significant branches, Pillar 2, Banking reform, BRRP, EU-wide stress test, MiFID II, IFRS, Brexit and more.

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  Articles from 26 October 2017 - 02 November 2017

  Banking Union
 
 
EBA publishes final guidance on supervision of significant branches
These Guidelines are designed to facilitate cooperation and coordination between the Competent Authorities involved in the prudential supervision of significant branches of EU institutions established in another Member State.
EBA launches consultations to strengthen the Pillar 2 framework
The EBA launched a public consultation to review three guidelines aimed at further enhancing institutions' risk management and supervisory convergence in the SREP. The revisions focus on stress testing, particularly its use in setting Pillar 2 capital guidance (P2G), as well as interest rate risk in the banking book (IRRBB).
New Europe: EU reaches agreement to fast-track Banking reform
After almost a year since the EU executive proposed the 2016 EU Banking Reform package in November 2016, the European Parliament, the Council and the Commission have agreed to fast-track a number of elements.
EBA recommends proportionate approach in coverage of entities in banking group recovery plans
This Recommendation, addressed to both Competent Authorities and institutions, aims at defining common criteria to identify entities that need to be covered in group recovery plans, as well as the extent of such coverage.
EBA announces final timeline for the 2018 EU-wide stress test
The Board of Supervisors of the European Banking Authority agreed on the final timeline of the 2018 EU-wide stress test.
 
  Capital Markets Union
 
 
European Commission: Guidance on the implementation of the Directive on markets in financial instruments.
The Commission has issued guidance in the form of frequently asked questions to clarify how EU investment firms subject to MiFID II should interact when they seek out brokerage and research services from broker-dealers in non-EU countries.
SEC announces measures to facilitate cross-border implementation of the European Union's MiFID II's research provisions
Following consultation with European authorities, and in response to concerns that investors could lose access to valuable research, the staff of the US Securities and Exchange Commission issued three related no-action letters.
European Parliament: Shielding investors and the EU economy against bad loan packages
Packaged loans converted into securities will have to be made less complex and more transparent before selling them on to investors, said MEPs.
ESMA updates its Q&A under the Alternative Performance Measures guidelines
ESMA published six new questions in its Questions and Answers document on the implementation of its Guidelines on the Alternative Performance Measures for listed issuers.
 
  Corporate Governance/Accounting
 
 
ESMA: New IFRS standards in 2017 annual financial reports
ESMA published the priorities to be considered by listed companies, and their auditors, when preparing and auditing their 2017 financial statements.
 
  Brexit & UK
 
 
Financial Times: Brexit deal will favour EU on money, says Davis
David Davis has admitted that Britain’s exit deal with the EU “will probably favour the union on things like money”, as he gave the clearest glimpse yet of the government’s preferred end game for Brexit talks.
Financial Times: BoE calls for Brexit withdrawal bill to address cross-border financial contracts
Sam Woods, told a House of Lords select committee that having a bilateral agreement within the withdrawal bill was the central bank’s preferred option to ensure derivative contracts and insurance policies can still be serviced.
Financial Times: LSE admits EU supervisory case on repo market after Brexit
The London Stock Exchange Group has admitted that part of the €1tn-a-day London market for clearing trades denominated in euros could justify tougher oversight from the EU or even move outside the UK.
 

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