Friends 'Weekly' Newsletter

24 March 2016

Brussels for Breakfast, Mortgage Credit, Basel Committee, SMEs, FINREP, GAAP, Market Abuse, MiFID II, Capital Markets Union, Solvency II, EFRAG, retail financial services, Brexit, Canadian CETA deal, US/EU Financial Dialogue, Resolution Regimes, European Council conclusions and more.

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  Articles from 17 March 2016 - 24 March 2016

  Banking
 
 
EBA publishes Decision specifying the benchmark rate under the Mortgage Credit Directive
The EBA published a Decision specifying the formula to be used by creditors when calculating the benchmark rate under the MCD. The EBA formula will apply 20 days after its publication in the EU Official Journal but can also be used by creditors prior to its formal publication.
Handbook for Regulatory Consistency Assessment Programme jurisdictional assessments published by the Basel Committee
The Basel Committee on Banking Supervision has published the Handbook for Jurisdictional Assessments, which describes the guidance, principles and processes for assessing compliance with Basel standards under the RCAP.
EBA publishes the report on SMEs and the SME supporting factor
This EBA’s report analyses the evolution of lending trends and conditions for SMEs, the effective riskiness of EU SMEs over a full economic cycle and the consistency of own funds requirements laid down in the Capital Requirements Regulation (CRR) for credit risk on exposures to SMEs.
EBA seeks input at national level on FINREP and GAAP
The EBA launched a public consultation on reporting financial information using GAAP across EU jurisdictions. This is a decentralised public consultation, which takes place through National Competent Authorities across the EU and not through the EBA.
EBA consults on draft Guidelines on corrections to modified duration for debt instruments
These EBA’s guidelines aim to establish what type of adjustments to the modified duration (MD) - as defined according to the formulas in the CRR - have to be performed in order to appropriately reflect the effect of the prepayment risk.
 
  Securities
 
 
ESMA maintains market risk indicator at highest level
ESMA's latest risk report has found that overall market risks for European securities markets remain high with the market risk indicator remaining at very high – the highest level – with a stable outlook, while liquidity and contagion risk remain at high with a stable outlook.
ICMA publishes Q&A briefing note on the regulatory technical standards of Market Abuse Regulation
ICMA published a Q&A briefing note on the regulatory technical standards of MAR with respect to the presentation of investment recommendations and associated disclosure obligations.
ESMA writes to European Commission on draft MiFID II RTS
ESMA's Maijoor wrote several letters - on position limits, ancillary activity and non-equity transparency - to the European Commission regarding its draft RTS on MiFID II.
ECB: Capital Markets Union and the European monetary and financial framework
In his speech, ECB's Vítor Constâncio focuses on the ways CMU could contribute to the achievement of the most important tasks of the Eurosystem and to enhance the economic and welfare effects of the euro area.
Speech by Commissioner Jonathan Hill at the Seventh Bruges European Business Conference "Capital Markets Union"
Commissioner Hill explains the next steps of the CMU Action Plan and talks about the benefits of the Single Market for the UK, underlining that "if the UK were to vote to leave, it's fantasy to suggest it could quickly secure access to the single market on the same terms as it has today."
 
  Insurance
 
 
EIOPA macroprudential approach to the low interest rate environment in Solvency II
The aim of this publication is to contribute to the discussion on the possible need to develop a macroprudential framework in the insurance sector to promote financial stability in a Solvency II environment.
 
  Corporate Governance/Accounting
 
 
EFRAG: Summary of responses on questionnaire on assets and liabilities
EFRAG published a summary of the responses received on the questionnaire on the definitions of an asset and of a liability proposed in the IASB ED/2015/3 Conceptual Framework for Financial Reporting.
 
  Financial Services Policy
 
 
EFAMA submits asset managers’ views on Green Paper on retail financial services
EFAMA strongly supports actions to deepen the European single market for retail financial products and services, and address its remaining barriers, for consumers and businesses to make full use of it.
FSB publishes Second Thematic Peer Review on Resolution Regimes
This report forms part of a series of peer reviews to support timely and consistent implementation of the Key Attributes of Effective Resolution Regimes for Financial Institutions.
 
  Friends Services
 
 
119th Brussels for Breakfast: Reflections on the post-Summit Brexit discussion at `B4B’
The major topic of Brussels for Breakfast debate was unpacking the implications of a Brexit for financial services directly, along with other relevant issues such as the Canadian "free trade" deal and the US/EU Financial Dialogue.
 
  Political
 
 
LSE: The question is not whether Brexit will cost the UK in economic terms but how much
The LSE's Centre for Economic Performance latest report focuses on the impact of Brexit through changing trade patterns. Under ‘optimistic’ assumptions, there is a fall in national income of 1.3 per cent (about £850 per household). Under ‘pessimistic’ assumptions, this doubles to 2.6 per cent.
Moody's: Brexit poses manageable credit challenges for UK and EU
The economic costs of the UK leaving the European Union would outweigh the potential benefits and would have credit implications for a range of bond issuers, including the UK government, banks, insurers and non-financial companies, Moody's Investors Service said in a report.
CBI: Leaving EU would cause a serious shock to UK economy - new PwC analysis
CBI Director-General, Carolyn Fairbairn, has warned that leaving the EU would cause a serious shock to the UK economy, with a potential cost to UK GDP of £100 billion and 950,000 jobs by 2020 and negative echoes that could last many years after that.
 
  Economic
 
 
European Council conclusions on jobs, growth and competitiveness and on climate and energy
The European Council endorsed the policy priority areas of the Annual Growth Survey and set up its June meeting goals on EMU, CMU, and the Single Market. It also welcomed the Commission's intention to put in motion an Action Plan on VAT, and published its results on climate and energy.
 

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