Friends 'Weekly' Newsletter

23 June 2016

Basel Committee, Market Abuse Regulation, ESMA, MiFID II, pension funds, Brexit, ECB, IMF, OECD, George Soros, Banking Union, corporate tax avoidance and more.

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  Articles from 16 June 2016 - 23 June 2016

  Banking
 
 
Financial Times: Brussels to intervene on bailing in bank bondholders
EU regulators are set to intervene in a split between countries over how to force losses on investors in failed banks amid concerns that a patchwork of different approaches would make it harder to wind down a big cross-border lender.
Systemically important banks: Basel Committee publishes implementation assessments on frameworks
This is the first assessment to be conducted on a cross-jurisdictional basis, with these five jurisdictions being simultaneously assessed against the Basel framework.
 
  Securities
 
 
ESMA issues Opinion on inside information disclosure under the Market Abuse Regulation
ESMA issued an Opinion in response to a notification by the European Commission about intended changes on a draft ITS on the disclosure of inside information under the Market Abuse Regulation.
Markets in financial instruments: One-year delay enacted
The Council adopted a regulation and a directive enacting a one-year delay to new securities market rules.
Steven Maijoor speaks at European Parliament on MiFID II
Steven Maijoor, Chair of the European Securities and Markets Authority, gave a statement to the European Parliament’s Economic and Monetary Affairs Committee on MiFID II during its scrutiny session.
 
  Asset Management
 
 
Eurogroup statement on common principles for strengthening pension sustainability
The Eurogroup endorsed, in the context of its thematic discussions on growth and jobs, a set of common principles for strengthening the sustainability of pension systems in the euro area.
 
  Political
 
 
OECD: The UK’s heart is wobbling but there are good reasons to Remain in the Union
The sizeable doubts that have emerged about staying in the EU suggest that the UK may be prone to a mid-life crisis. Yet there is strong evidence that EU membership has magnified the underlying strengths of the UK economy and that it can deliver more benefits in the future.
IMF: Uncertainty clouds the United Kingdom’s economic prospects
The economy of the UK has performed well in recent years, but it faces important challenges and risks, according to the IMF’s annual health check of Britain's economy and its periodic report on the financial sector. An exit from the EU would likely entail substantial economic, financial costs.
ECB ready for contingencies following UK referendum, Mario Draghi tells MEPs
Mr Draghi declined to speculate on a possible outcome of the vote, but admitted that "it is difficult to foresee the various dimensions of the vote on the markets and the euro area economies.”
George Soros: The Brexit crash will make all of you poorer – be warned
My 60 years of experience tells me the pound will plummet, along with your living standards. The only winners will be speculators, writes the business magnate in The Guardian.
 
  Financial
 
 
Council Conclusions on a roadmap to complete the Banking Union
The Council agreed on a 'roadmap' for further work to complete the EU's banking union, focusing in three main areas: a European deposit insurance scheme (EDIS); a common backstop to the single resolution fund; and bank regulations with a view to reducing risks.
 
  Economic
 
 
Corporate taxation: MEPs call for tax haven blacklist, patent box rules, CCCTB and more
Recommendations to make corporate taxation fairer and clearer were voted by the Special Committee on Tax Rulings II.
Corporate tax avoidance: Council agrees its stance on anti-avoidance rules
The package builds on 2015 OECD recommendations to address tax base erosion and profit shifting (BEPS). The directive addresses situations where corporate groups take advantage of disparities between national tax systems in order to reduce their overall tax liability.
 

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