Friends 'Weekly' Newsletter

10 December 2015

ESAs, STS securitisation, EIOPA, market benchmarks, Spanish General election, Brexit, CMU, Banking Union, SRF, ECOFIN meeting, BIS Quarterly Review, cross-border tax rulings and more.

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  Articles from 03 December 2015 - 10 December 2015

  Banking
 
 
ESAs seek stakeholder input on automation in financial advice
The Joint Committee of the three European Supervisory Authorities (ESAs) – EBA, EIOPA and ESMA – has launched a Discussion Paper on automation in financial advice, aimed at assessing what, if any, action is required to harness the potential benefits of this innovation and mitigate its risks.
 
  Securities
 
 
Council of the European Union agrees on Commission proposal for simple and transparent securitisation
The European Commission welcomed the agreement at record speed at the Council on a legislative proposal to relaunch EU securitisation markets. This constitutes a good basis for further discussions with the European Parliament.
 
  Asset Management
 
 
EIOPA to address key financial stability risks
EIOPA published its second biannual report on financial stability in the (re)insurance and occupational pension fund sectors of the European Economic Area.
 
  Financial Services Policy
 
 
Manipulation of market benchmarks: Council confirms agreement with EP on tougher rules
The Permanent Representatives Committee has approved, on behalf of the Council, a compromise agreed with the European Parliament on new rules aimed at ensuring greater accuracy and integrity of benchmarks in financial instruments.
 
  Friends Services
 
 
Rajoy promises there will no more cuts but EU Commission calls for further reforms
Brussels is due to release an assessment of Spain’s economy urging more cuts and further job market reform. This was one of the issues discussed in the first TV debate in Spanish history with all main contenders. The Spanish PM sent his ‘number two’ to the debate instead of going himself.
Tusk to Cameron: “in-work benefits” may be a deal-breaker (to save 0.1% of GDP and ensure Cameron is in the history books!)
Council President Tusk responded to the “Dear Donald” letter from Prime Minister Cameron and underlined that the most difficult issue would be “people coming to Britain from the EU must live there and contribute for four years before they qualify for in-work benefits or social housing.”
What would a PP-C’s government look like?
Spanish PM Rajoy would be re-elected in December’s 20 General Election, but he’s not likely to make it back to government alone. A coalition with the most plausible king-maker - the C’s - seems possible. We review the common ground in their policies on economics and towards the EU.
 
  Political
 
 
City AM: The City must get behind the European Commission’s sensible financial reforms
The City of London's policy and resources committee chairman Mark Boleat said that "with the most developed capital markets in Europe, the UK has a key role to play in building Capital Markets Union," and urged all financial services firms to have their say by contributing their views.
Letter by President Donald Tusk to the European Council on the issue of a UK in/out referendum
Council's President Tusk sets out his assessment on the four baskets mentioned by PM Cameron in his letter of demands for EU reform: relations between the euro ins and outs, competitiveness, sovereignty and social benefits and the free movement of persons.
 
  Financial
 
 
European Council: Statement on Banking Union and bridge financing arrangements for the Single Resolution Fund
Following the successful establishment of the SSM, ECOFIN Ministers welcome the forthcoming entry into force of the intergovernmental agreement on the transfer and mutualisation of contributions to the SRF (IGA), which will allow the SRF to be fully operational on 1 January 2016.
 
  Economic
 
 
Remarks by Vice-President Dombrovskis at the ECOFIN press conference
The ECOFIN meeting covered a number of issues, including the launch of the new European Semester; the agreement on a FTT by ten member states to be carried forward before the summer; the Stability and Growth Pact; and the Commission's options to prevent terrorism financing.
December 2015 BIS Quarterly Review: Uneasy calm awaiting lift-off
The December issue of the BIS Quarterly Review explores how global financial markets have responded in recent months to the prospect that monetary policy paths will diverge across the major advanced economies.
European Council: Transparency rules adopted on cross-border tax rulings
The Council adopted a directive aimed at improving transparency on tax rulings given by member states to companies in specific cases about how taxation will be dealt with.
 

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