The first 2016 Finance on Friday discussion features several big buckets: Brexit and big European politics,ESMA's final report on MiFID II Guidelines and the entry into force of Solvency II and the lasts bits of the BRRD - the SRM and SRB.
Graham Bishop and Nick Crosby of Cambre Associates talk about the big topics on the agenda:
Brexit: the UK referendum on EU membership is absolutely on the table after the European Council's meeting before Christmas. European leader will discuss the reforms Cameron asked for in the next EUCO meeting in February. The financial markets are beginning to focus of what would happen if Brexit happens: the FT's economists survey highlights that membership of reformed EU is seen as vital for British economic security. Bloomberg's 2016 outlook of the biggest threats for UK's economy features just one word: Brexit. Graham Bishop also explains the importance of being 'equivalent' for UK's financial services if they are to make business with the rest of EU members.
Bank Resolution and Reconstruction Directive: it is now full operational with the entry into force on 1st January 2016 of the SRM and SRB. The EBA has published its guidance for business reorganisation plans under the BRRD. A CEPS report has found that, even during its early years, the SRF should be sufficient to deal with almost any crisis scenario imaginable.
CCP resolution / Too Big to Fail: BoE's Gracie delivered a speech saying that one of the goals of global reform since the financial crisis has been ending Too Big to Fail. He made the point that regulators haven't still come out with the solution to major CCP failure.
MiFID II: ESMA has published its Final Report on MiFID II Guidelines on assessment and knowledge of competence, which is something Graham Bishop has been talking about for a long time a will be of interest for all financial professionals interested in his CPD services.
Solvency II: it has gone live as for 1st January 2016. Insurers have confirmed they are ready for Solvency II, despite the “gold plating” almost tripling.
© Graham Bishop
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