Friends 'Weekly' Newsletter

19 May 2016

ECB, TARGET, EBA, ESAs, ECAIs, TLAC, MREL, MiFID II, Prospectuses, pension funds, Call for Evidence on the EU regulatory framework for financial services, manipulation of market benchmarks, Brexit, IMF, Bank of England, completion of EMU in UK, European Semester CSR and more.

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Banking Securities Asset Management
Financial Services Policy Political Economic
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  Articles from 12 May 2016 - 19 May 2016

  Banking
 
 
ECB: TARGET Annual Report 2015
The report presents the main facts relating to the TARGET system, taking into account the developments which took place in TARGET2 in the course of 2015. The report is mainly addressed to decision-makers, practitioners, lawyers and academics wishing to acquire an in-depth understanding of TARGET2.
EBA confirms the use of unsolicited credit ratings for determining institutions capital requirements
The EBA published a decision confirming the use of unsolicited credit assessments assigned by certain External Credit Assessment Institutions (ECAIs) for calculating institutions' capital requirements.
ESAs clarify their position on technical standards on the credit quality steps for ECAIs credit assessments
The ESAs published their opinion on the European Commission's intention to amend the draft Implementing Technical Standards on the mapping of ECAIs' credit assessments under the CRR and Solvency II Directive.
EBA agrees with the Commission on changes to the amended technical standards on benchmarking of internal approaches
These amendments, which were agreed with the EBA building on the experience of the 2014-15 benchmarking exercise, aim at ensuring a better quality of the submitted data and, ultimately, at strengthening the benchmarking analysis performed by the EBA and Competent Authorities.
EBF comments on EU TLAC implementation and MREL review
As European decision makers are discussing the way forward on TLAC implementation and the expected MREL review in Europe, the European Banking Federation provided its key principles and comments to facilitate the evolving thinking on TLAC and MREL implementation in Europe.
 
  Securities
 
 
Markets in Financial Instruments Directive: Council confirms agreement on one-year delay
The Permanent Representatives Committee (Coreper) approved, on behalf of the Council, an agreement with the European Parliament on a one-year delay to new securities market rules - MiFID II and MiFIR.
EPRS: Prospectuses for investors
Proposal for a regulation of the European Parliament and of the Council on the prospectus to be published when securities are offered to the public or admitted to trading.
 
  Asset Management
 
 
IPE: ECB planning to collect data from European pension funds
According to Dietmar Keller, head of occupational pensions at German regulator BaFin, institutions such as ESRB and ECB are paying greater attention to the pension-fund sector, with the latter planning to exercise its right to collect data from schemes “probably from 2018”.
 
  Financial Services Policy
 
 
Jonathan Hill at the public hearing on the 'Call for Evidence' - a review of the EU regulatory framework for financial services
Commissioner for Financial Services Hill gives a snapshot of the feedback the Commission has received on the overhaul of the EU financial regulatory framework.
Manipulation of market benchmarks: Council adopts tougher rules
The regulation sets out to restore trust in indices used as financial benchmarks, following manipulation scandals in recent years. The aim is to enhance the robustness and reliability of benchmarks, thereby strengthening confidence in financial markets.
Second review of the implementation of IOSCO’s Principles for Financial Benchmarks by administrators of EURIBOR, LIBOR and TIBOR
The report is a follow-up to IOSCO’s first review, published in July 2014, which set out remedial recommendations for the three administrators intended to strengthen their implementation of the Financial Benchmark Principles.
 
  Political
 
 
YouGov: EU referendum poll - Remain lead at four
The latest YouGov EU referendum voting intention survey for The Times shows the 'Remain' side leading with 44% of the voter intention and 'Leave' option at 40%.
Fitch: Brexit would increase downside risks to EU sovereigns
An exit from the EU by the UK would weigh on the economies of other EU countries and increase political risks in Europe, Fitch Ratings says. It doesn't expect to take any immediate negative rating actions on other EU sovereigns if the UK left, but they would become more likely in the medium term.
BBC: IMF says Brexit 'pretty bad to very, very bad'
IMF's Christine Lagarde said she had "not seen anything that's positive" about Brexit and warned that it could "lead to a technical recession".
The Guardian: Brexit could lead to recession, says Bank of England
Central bank issues unprecedented warning over EU vote, claiming exit could depress pound and raise unemployment.
 
  Economic
 
 
House of Lords: Completion of Economic and Monetary Union 'unlikely' by 2025
The Report finds that a balance between risk reduction and risk-sharing is vital to completing EMU and will require appropriate democratic accountability structures. Sufficient political will exists for the euro to "muddle through" but the 2025 target to complete EMU is ambitious.
Spring 2016 European Semester package: Commission issues country-specific recommendations
Member States are making progress with reforms and addressing macroeconomic imbalances, but more is needed to consolidate Europe's recovery, according to the European Commission.
 

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