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07 December 2017

Friends 'Weekly' Newsletter


ESMA latest Risk Dashboard, MiFIDII/MiFIR implementation, IFRS9, ESAs anti-money laundering guidelines, Commission report on Call for Evidence on EU financial services, EMU progress, Brexit and more.

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  Articles from 30 November 2017 - 07 December 2017

  Banking Union
 
 
Financial Times: UK banks warn over EU rules to ringfence foreign capital
Large UK banks are teaming up with their Swiss and Japanese counterparts to warn that Brussels’ proposals to ringfence foreign capital could force lenders to exit their European businesses.
 
  Capital Markets Union
 
 
ESMA latest Risk Dashboard sees no change in overall risk levels
ESMA issued the Risk Dashboard No.4 2017, covering risks in the EU’s securities markets for Q3 2017. ESMA’s overall risk assessment remains unchanged from Q2 at high levels.
Verena Ross Keynote Address at ASIFMA Annual Conference 2017
Ms. Ross focused her remarks on three main areas: the EU regulatory framework and the role of ESMA; the work carried out by ESMA in the context of third country frameworks and how these can be further strengthened; and some of the implications of the EU regulation on Asian firms.
ESMA publishes key transparency calculations for MiFIDII/MiFIR implementation
ESMA published the MiFID II/MiFIR transitional transparency calculations for equity and bond instruments, which means that TTC for all asset classes, applicable from 3 January 2018, are available to market participants, infrastructures and authorities as required under the new regulatory framework.
 
  Asset Management
 
 
Investment & Pensions Europe: EU Parliament approves plan to dilute asset valuation rules
The European Parliament has provisionally approved a transitional regime that will dilute the effect of new rules governing the valuations of financial assets.
Investment & Pensions Europe: Flexible retirement 'a double-edged sword' for governments: OECD
Flexible retirement is a double-edged sword for governments, according to the OECD. Calls for more flexible retirement rules were resurfacing in the public debate as a response to pressures from population ageing and financial stability concerns, as well as a resistance to higher pension ages, the economic body said.
 
  Anti-Money Laundering
 
 
The ESAs publish draft technical standards to strengthen group-wide management of money laundering and terrorist financing risks
The Joint Committee of ESAs published its draft RTS specifying how credit and financial institutions should manage ML/TF risks at group level where they have branches or majority-owned subsidiaries based in third countries whose laws do not permit the application of group-wide policies and procedures on AML/CFT.‎
 
  Financial Services Policy
 
 
European Commission: Financial services: Commission follows up on the Call for Evidence and consults on supervisory reporting
The Commission is following up on its stock-taking exercise of financial regulation with a new report on Call for Evidence on EU financial services. The Call for Evidence was launched in 2015 to assess whether rules adopted since the financial crisis were working as intended.
 
  Economic
 
 
European Commission: Completing Europe's Economic and Monetary Union- policy package
The package constitutes further important steps for the deepening of Europe's Economic and Monetary Union. Building on the Leaders' Agenda, concrete decisions are expected in the coming months. In the view of the Commission, a roadmap should be agreed upon, which should include the following steps over the next 18 months.
Main results - Economic and Financial Affairs Council, 05/12/2017
The Council agreed a list of non-cooperative jurisdictions, reviewed work on banking proposals and closed an excessive deficit procedure for the UK.
 
  Brexit & UK
 
 
Andrew Duff: Brexit: Launching Satellite Britain
Ahead of the 14-15 December European Summit, Andrew Duff explores the tough issues that will be at the heart of the second phase of the Brexit negotiations, the setup of a new privileged partnership between the UK and the EU.
POLITICO: UK and EU fail to reach Brexit deal after crunch Brussels meeting
The EU and U.K. failed to reach an agreement on sufficient progress towards a Brexit deal Monday following a key lunch between Theresa May and Commission President Jean-Claude Juncker.
National Centre For Social Research: Voters more pessimistic about the outcome of Brexit, but have not changed their minds about what Brexit
A new report reveals that the UK public, including those who voted Leave in the EU referendum, have become more critical of the way the negotiations are being handled and more pessimistic about what the consequences of Brexit will be.
Financial Times: FCA chief throws support behind plan to scrap EU bonus-cap rules after Brexit
The head of the UK’s financial regulator threw his weight behind a plan to scrap European Union bonus-cap rules after Brexit, arguing it is not a “sensible” policy.
UK Finance: Rapid action needed to safeguard UK & EU businesses and consumers following UK’s exit from the EU
techUK and UK Finance detail how mutual adequacy agreements between the UK and EU, preceded by a transition period maintaining current arrangements for a set period, would preserve the strong working relationships already in place and offer businesses much-needed regulatory certainty.
 

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