Friends 'Weekly' Newsletter

21 July 2016

ECB's euro area bank lending survey, BCBS, prospectus, PRIIPs, Brexit, Banking Union, ECFIN, IMF, CMU, AIFMD and UCITS, The City, EBA, Bank of England and more.

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  Articles from 14 July 2016 - 21 July 2016

  Banking
 
 
ECB: Results of the July 2016 euro area bank lending survey
Euro area banks reported a further net easing of credit standards on loans to enterprises in the second quarter of 2016 (a net percentage of -7%, compared with -6% in the previous quarter) in the July 2016 bank lending survey (BLS) by the European Central Bank (ECB).
EBF response to BCBS guidelines: Prudential treatment of problem assets -definitions of non-performing exposures and forbearance
EBF welcomes the aim of the Basel Committee to harmonise definitions of non-performing exposures and forbearance to ensure consistency in its application, transparency, and comparability of risk parameters among banks.
 
  Securities
 
 
ESMA updates its Q&A document on prospectus related issues
The purpose of the Q&A document is to promote common supervisory approaches and practices in the application of the Prospectus Directive and its implementing measures.
EBA launches data collection to support the new prudential framework for investment firms
The EBA launched a data collection aimed at supporting the response to the European Commission's Call for Advice on a new prudential framework for MiFID investment firms, which should be less complex, more risk sensitive and more proportionate than the current regime.
 
  Insurance
 
 
Insurance Europe: Joint letter calls for substantial flaws to be addressed in PRIIPs RTS
Insurance Europe has written a joint letter to the European Commission, European Parliament and Council and the European Supervisory Authorities to reiterate serious concerns about the RTS for the PRIIPs Regulation providing for a KID.
 
  Asset Management
 
 
Capital Markets Union: new rules to support investment in venture capital and social enterprises
The European Commission proposed amendments to the European Venture Capital Funds and the European Social Entrepreneurship Funds regulations, marking another step towards the creation of the Capital Markets Union.
ESMA advises on extension of funds passport to 12 non-EU countries
ESMA published its Advice in relation to the application of the Alternative Investment Fund Managers Directive passport to non-EU Alternative Investment Fund Managers and Alternative Investment Funds in twelve countries.
ESMA consults on asset segregation and custody services under AIFMD and UCITS
ESMA published a Call for Evidence on Asset Segregation and Custody Services under the Alternative Investment Fund Managers Directive and the Directive on Undertakings for Collective Investment in Transferable Securities.
 
  Friends Services
 
 
Impact of Brexit on Banking Union
Could Brexit scupper the drive for `more Europe’ and thus de-rail the completion of banking union – a financial project to de-link governments from their banks?
Referendum on Brexit Terms: Worst-case WTO rules are the only way to avoid it
Graham Bishop sets out scenarios why the European Union Act 2011 will probably require a referendum on the UK’s exit trade deal with the EU, against a background highly influenced by the British current account deficit.
 
  Political
 
 
Bruegel: Single market access from outside the EU: three key prerequisites
Net financial contribution to the EU, net inflow of EU immigrants and adoption of EU law are three indicators which may be indicative about the conditions which the UK would have to fulfil if it wishes to get similar access to the single market.
ECFIN: The Economic Outlook after the UK Referendum: A first assessment for the Euro Area and the EU
The economic outlook after the UK referendum: Commission publishes a first assessment for the euro area and the EU.
Policy Network: The impact of Brexit on the City and the British economic model
In this brief the authors consider the impact of Brexit on the City, focusing on two key aspects of the debate: the tensions between the City and democratic politics, and the challenges for the future of the City posed by the vote on 23 June for Britain to leave the European Union.
Deutsche Bundesbank's Dombret: What does Brexit mean for European banks?
Whatever the legal outcome of Brexit negotiations may be - it better be arranged swiftly. For banks, as for the economy as a whole, any uncertainty should be kept to the very minimum, said Andreas Dombret.
 
  Economic
 
 
Bank of England maintains Bank Rate at 0.5% and the size of the Asset Purchase Programme at £375 billion
The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target and in a way that helps to sustain growth and employment.
 

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