Friends 'Weekly' Newsletter

28 January 2016

EBF, ECON, IORP II, ECB, central banking, EMIR, MiFIR, EIOPA, ESAs, FTT, Brexit, BRRD and more.

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  Articles from 21 January 2016 - 28 January 2016

  Banking
 
 
EBF response to EBA consultation on the Guidelines on the application of the definition of default under Article 178 of Regulation 575/2013
EBF welcomes the objective of the guidelines to harmonize the definition of default to ensure consistency of its application, transparency and comparability of risk parameters between banks across the member states.
ECB: Correspondent central banking model (CCBM)
The purpose of this brochure is to explain to market participants involved in CCBM procedures how the CCBM works, and to give a general overview of the model’s main features.
EBF comments on the ECB draft regulation on AnaCredit
Adopting such a holistic view, the EBF welcomes as a matter of principle and basically supports the new approach to statistical and supervisory reporting which the European Central Bank is proposing with a view to rationalise the flow of reporting streams.
 
  Securities
 
 
FESE response to ESMA on indirect clearing arrangements under EMIR and MiFIR
FESE agrees with the need for clients to be offered a choice of account types but support flexibility on the selection of an omnibus account structure.
 
  Asset Management
 
 
Pensions Europe: ECON Committee in favour of a more practicable, proportionate and less prescriptive IORP II proposal
The ECON Committee in the European Parliament voted on Brian Hayes’ report on the IORP II Directive, enabling negotiations with the Council which agreed on its negotiating stance in December 2014. PensionsEurope welcomes the agreement.
EIOPA: Results of the first EU stress test for occupational pensions
Seventeen European Economic Area countries with a material occupational pensions sector, which is over EUR 500 million in assets, participated in the exercise.
 
  Financial Services Policy
 
 
ESAs submit a joint letter to the European Commission on cross-selling of financial products in the EU
In letter to Jonathan Hill the ESAs raise their concerns about inconsistencies in the existing EU legislation that impact regulation of the cross-selling of financial products in the banking, insurance and investment sectors.
 
  Political
 
 
POLITICO: Belgium gets cold feet on financial transaction tax
A split in the government coalition could push Belgium out of EU negotiations on a Tobin tax.
Britain is Stronger in Europe: Report on Single Market
The document released by the 'In' campaign shows that the UK financial services sector is a major beneficiary of the EU single market, with financial services constituting 25% of UK services exports to the EU, worth £20.2bn in 2014.
YouGov: Small business owners more eurosceptic than big business
While senior figures in FTSE companies and digital entrepreneurs strongly favour remaining in the EU, the views of small business more closely resemble the general public's.
 
  Financial
 
 
CEPS: European Bank Resolution: Making it work!
CEPS' report contains Policy recommendations addressing the implementation issues of the new rules for bank resolution that entered into force in January 2016.
 
  Economic
 
 
ECB's Draghi: How domestic economic strength can prevail over global weakness
Mario Draghi defends the ECB's monetary policy and explains how low interest rates and the Asset Purchase Programme are the right measures for the recovery of the European economy.
 

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