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27 February 2020

Standard Weekly Newsletter

Draft interim report of the High-Level Forum on CMU, EFAMA publishes 2019 UCITS and AIF results, EU leaders fail to agree on first post-Brexit budget, Council gives go-ahead for talks to start and adopts negotiating directives, UNCTAD warns Post-Brexit UK exports could fall by $32 bn.


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 160th Brussels for Breakfast on 11th March 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:

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

Articles from 20 February 2020 - 27 February 2020

Banking Union

ISDA publishes results of consultation on fallbacks for derivatives referencing Euro LIBOR and EURIBOR : ISDA published a statement summarizing responses to a supplemental consultation on the spread and term adjustments that would apply to fallbacks for derivatives referencing euro LIBOR and EURIBOR. View Article
BIS working paper: Variability in risk-weighted assets: what does the market think? : The paper develops a new approach to measuring variability in banks' risk-weighted assets (RWAs), which compares a market-implied estimate of a bank's risk profile with the bank's own estimate. This variability ratio provides an external benchmark to assess the degree of difference in modelled capital requirements across banks and over time.  View Article

Financial Institutions

EFAMA: 2019 UCITS and AIF results to strengthen the average return of investment funds : The European Fund and Asset Management Association (EFAMA) has published its latest monthly Investment Fund Industry Fact Sheet and 2019 overview of net sales data of UCITS and AIFs. View Article

Capital Markets Union

Draft interim report of the High-Level Forum on Capital Markets Union : The report, which does not put forward any specific policy proposals yet, sets out a new vision for the future of the capital markets union and will guide the work of the Forum in the coming months.  View Article

Environmental, Social, Governance (ESG)


Valdis Dombrovskis - Le Figaro


Sustainable Finance: Commission launches public consultation on the review of the Non-Financial Reporting Directive : Meeting the objectives of the European Green Deal will require additional investments across all sectors of the economy, the bulk of which will need to come from the private sector. View Article

Friends' Standard Services



Graham Bishop video invitation for next Brussels for Breakfast : Graham Bishop suggests - and requests - ideas for the next Brussels for Breakfast debate on March 11th 2020. View Article

Economic Policies Impacting EU Finance

EurActiv: EU leaders fail to agree on first post-Brexit budget as divisions grow : EU countries failed to narrow deep differences over the bloc’s next seven-year budget as a group of net contributors refused to approve bigger spending and instead pushed for big cuts for farmers and poorer regions, in a bid to fill a €75 billion hole left by Brexit. View Article


The Guardian: Emmanuel Macron 'not sure' trade deal possible by end of year : French president Emmanuel Macron said he was “not sure” it would be possible for the European Union and Britain to reach a trade deal by the end of the year. View Article
City AM: French minister warns against London 'blackmail' as second stage of Brexit talks near : France will not be “blackmailed” into a rushed trade deal between the UK and EU, an Elysee minister has warned, as Brussels prepares to publish its negotiating mandate for the next stage of Brexit talks. View Article
EU-UK relations: Council gives go-ahead for talks to start and adopts negotiating directives : The Council adopted a decision authorising the opening of negotiations for a new partnership with the UK, and formally nominating the Commission as EU negotiator. The Council also adopted negotiating directives which constitute a mandate to the Commission for the negotiations. View Article
Michel Barnier - EurActiv
EurActiv: Brexit deal will be ‘difficult’, Barnier says as ministers agree mandate : The EU and UK formally agreed their negotiating mandates for talks on a new trade and political partnership, setting the stage for a bruising battle on regulatory standards. View Article
UNCTAD: Post-Brexit UK exports could fall by $32 billion due to non-tariff measures and tariffs : Non-tariff measures (NTMs) could cause major fractures in post-exit trade relations between the United Kingdom (UK) and the European Union (EU), knocking up to US$32 billion, or 14 per cent, off of UK exports to the EU, according to a new UNCTAD study. View Article
True Publica: UK government not threatening ‘Singapore on Thames’ but ‘Cayman on steroids’ : The FT reports that the UK has jumped up the global rankings for financial secrecy, highlighting long-held concerns about its connection to territories vulnerable to use by terrorists, money launderers and tax evaders and that the UK increased its “secrecy score” more than any other country in the world last year. But it doesn’t end there. View Article
Graham Bishop #FBPE retweeted
<a href=FT Brussels" src="" /> FT Brussels
Top City bosses reject post-Brexit ‘Singapore on Thames’
Graham Bishop #FBPE retweeted
Bloomberg Brexit Bloomberg Brexit
Boris Johnson's office says only full independence from EU rules will do—and the U.K. is willing to walk away from talks if necessary
Graham Bishop #FBPE retweeted
#Brexit: New UNCTAD estimates show that the UK ???? risks losing up to 14% ($32 billion) of its exports to the EU ????.
Graham Bishop #FBPE retweeted
Bloomberg Brexit Bloomberg Brexit
“The trade deal will be associated with a fisheries agreement and a level playing field, otherwise there won’t be any agreement at all"
Graham Bishop #FBPE retweeted
Ursula von der Leyen Ursula von der Leyen
? Mandate approved. Ready to go. Negotiations with the #UK will begin the week of 2nd March. We stand ready to build a close, ambitious partnership with the UK. This is good for people, good for business. #NewBeginnings ????????
Graham Bishop #FBPE retweeted
European Commission ???? European Commission ????
We welcome the @EUCouncil's decision today to authorise the opening of the future partnership negotiations with the UK. Read more →!hr49uy #NewBeginnings ????????
Graham Bishop #FBPE retweeted
Jennifer Rankin Jennifer Rankin
Now official: EU ministers have just adopted Michel Barnier's negotiating mandate, meaning talks can begin next week.
Graham Bishop #FBPE retweeted
<a href=FT Brussels" src="" /> FT Brussels
UK lays down red line for Brexit trade talks
Graham Bishop #FBPE retweeted
Bloomberg Brexit Bloomberg Brexit
U.K. immigration overhaul could harm small businesses already struggling with Brexit and recruitment, warns industry group
Graham Bishop #FBPE retweeted
Jennifer Rankin Jennifer Rankin
France's Europe minister: "Just because Boris Johnson wants an agreement at any cost doesn't mean we will sign a bad deal for the French, under pressure of blackmail or the timetable." France will not sacrifice, she says, French fishermen, farmers or companies.…

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