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09 January 2020

Standard Weekly Newsletter




 

Welcome to our Friends Standard weekly e-mail. 

We are now focussed on the big themes for the next legislative period - targeting the interaction of the driving forces of politics and economics as they force the required changes in over-arching financial regulation (including ESG and Fin Tech). Details of these services are here

My video invitation to the 158th Brussels for Breakfast on 14th January is here.  Some seats are available at the live meeting at CISI, and I would be delighted to hear suggestions for topics that should be covered. E-mail me: Graham@grahambishop.com

Interested in Continuing Professional Development (CPD)? Please click here for our CPD services

Articles from 19 December 2019 - 9 January 2020

Andrew Bailey - FT

Banking Union

The EBA calls on banks to consider long-term horizons in their strategies and business activities : The European Banking Authority published its Report on undue short-term pressures from the financial sector on corporations, which presents its analysis on the extent to which short-termism is present in the banking sector.  View Article
Bank of England: Andrew Bailey announced as new Governor of the Bank of England : The Chancellor has announced that Andrew Bailey will become the new Governor of the Bank of England from 16 March 2020.  View Article
IMF: Working paper: Post-crisis changes in global bank business models: A new taxonomy : This paper proposes a novel taxonomy to identify and track business model evolution for the 30 Global Systemically Important Banks (G-SIBs). Drawing from banks’ reporting, it identifies strategies along four dimensions –consolidated lines of business and geographic orientation, and the funding models and legal entity structures of international operations. View Article
Financial Times: European banks issue record €100bn of ‘bail-in’ debt in 2019 : European lenders have issued about €100bn of new “bail-in” debt in 2019 to meet tougher post-crisis rules designed to protect taxpayers from footing the bill for future bank failures. Banks in Europe had already issued €94bn of “senior non-preferred” debt by early December.  View Article

Capital Markets Union

ICMA: European bond markets still facing challenges in 2nd year of MiFID II/R implementation : ICMA published a new report on the impact and challenges of MiFID II/R for the international bond markets two years after the regulatory regime took effect. View Article
Joint position paper from the ESA stakeholder groups on the ESA review : In this Joint Position Paper, the Banking Stakeholder Group, the Insurance and Reinsurance Stakeholder Group, the Occupational Pension Schemes Stakeholder Group and the Securities and Markets Stakeholder Group share their opinion on the upcoming change of the composition of the stakeholder groups. View Article

Financial Market Structure

AFME, FIA, ICMA, ISDA and ISLA Publish Master Regulatory Reporting Agreement : The Master Regulatory Reporting Agreement gives market participants an option to use a single template to help them manage regulatory obligations and provide services related to reporting under EMIR and SFTR. View Article

Environmental, Social, Governance (ESG)

ICMA publishes briefing note on the political agreement on the EU taxonomy : The Taxonomy Regulation will introduce a complex classification system of sustainable activities based on contributions to environmental objectives and technical criteria, as well as wider social and sustainability factors.  View Article

Fin Tech Regulation

European Commission: Financial services – EU regulatory framework for crypto-assets : In order to promote digital finance in Europe, while adequately regulating its risks, in light of the mission letter of Executive Vice President Dombrovskis the Commission services are working towards a new Digital Finance Strategy for the EU. View Article

Brexit

The Irish Times: Johnson will abandon pledge on Brexit transition period - Hogan : British prime minister Boris Johnson will abandon his pledge not to extend the transition period for the UK’s exit from the European Union beyond December 2020, European commissioner Phil Hogan believes. View Article
BBC: Brexit: EU chief says 2020 trade talks deadline may need to be extended : The deadline for negotiating the UK's future relationship with the EU may need to be extended, the European Commission president has said. View Article
Boris Johnson bill passes Parliament - TRT World
The Guardian: Brexit: MPs pass withdrawal agreement bill by 124 majority : Britain has taken a pivotal step towards leaving the European Union as Boris Johnson was rewarded for the Conservatives’ thumping general election victory with a majority of 124 for his Brexit deal in the House of Commons. View Article
The Guardian: Post-Brexit UK always welcome back in EU, says Timmermans : Britain has been unnecessarily damaged by Brexit and “more will follow”, the vice-president of the European commission has written in a “love letter” to the British people in which he promises a warm welcome back should attitudes change. View Article
EurActiv: EU charts path for ‘challenging’ post-Brexit UK deal : EU will keep engaging with the UK through the WTO and the UN as both sides work out a deal on their future ties once Britain leaves the bloc, according to the top Brexit negotiator in Brussels, Michel Barnier. View Article
City AM: EU chief von der Leyen: Time too short for comprehensive post-Brexit deal by 2021 : The new head of the European Commission has said there will not be enough time for the UK and European Union to reach a comprehensive trade agreement by the end of 2020, saying the two sides “must prioritise”. View Article
The Times: Brussels threat to block City trade unless UK agrees to Europe’s rules : Brussels will threaten to block the City of London’s access to European markets in an opening salvo of post-Brexit trade talks in the new year. View Article
City of London Corporation: UK financial services sector maintains record tax contribution : The twelfth edition of The City of London Corporation's annual Total Tax Contribution of UK Financial Services report, produced by PwC, analyses the taxes paid by the sector in the year to March 2019.  View Article
Graham Bishop #FBPE retweeted
NBER NBER
@nberpubs
US and international firms most exposed to Brexit uncertainty lost a substantial fraction of their market value and significantly reduced hiring and investment, from Tarek Alexander Hassan, Stephan Hollander, Laurence van Lent, and Ahmed Tahoun nber.org/papers/w26609 pic.twitter.com/nebtHMOns6
 
Graham Bishop #FBPE retweeted
Financial Times Financial Times
@FT
Brussels warns UK over future trade relationship ambitions on.ft.com/2QxsRx6
 
Graham Bishop #FBPE retweeted
SPIEGEL English SPIEGEL English
@SPIEGEL_English
European Commission President Ursula von der Leyen: 'The Brexit Drama Is a Bitter Lesson for Populists' dlvr.it/RMb65M pic.twitter.com/Fro1LAKioB
 
Graham Bishop #FBPE retweeted
POLITICO Europe POLITICO Europe
@POLITICOEurope
The French president says the EU will approach post-Brexit talks "in cold blood" politi.co/2QY7TGC
 
Graham Bishop #FBPE retweeted
POLITICO Europe POLITICO Europe
@POLITICOEurope
Pedro Sánchez confirmed as Spanish prime minister politi.co/2QXU6jm
 
Graham Bishop #FBPE retweeted
Bloomberg Brexit Bloomberg Brexit
@Brexit
Boris Johnson is facing pressure from British businesses over the post-Brexit trade deal trib.al/tTHas2Z
 
Graham Bishop #FBPE retweeted
Steve Peers Steve Peers
@StevePeers
Epic fail for the CANZUK bros Australian trade minister 'can't imagine' free movement talks with UK a.msn.com/01/en-gb/BBYEC…
 
Graham Bishop #FBPE retweeted
Sky News Sky News
@SkyNews
Labour is to attempt to delay leaving the EU by two years to prevent a no-deal #Brexit po.st/d1sV0r
 
Graham Bishop #FBPE retweeted
Jennifer Rankin Jennifer Rankin
@JenniferMerode
How Brexit looks to @lemondefr - no party has explained what is at stake in dismantling thousands of links with EU. “The British, blindfolded, have given the keys to the kingdom to a man who has not told them what kind of relations he wishes to preserve with the continent.” pic.twitter.com/3lh0NSwT5f
 
Graham Bishop #FBPE Graham Bishop #FBPE
@GrahamBishopcom
Here's my video invitation to 158th Brussels for Breakfast, in which i suggest - and request - ideas for the next #B4B debate on January 14th 2020. With my best wishes for a happy Xmas! ow.ly/vzIF50xDW1N
 

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