Friends 'Weekly' Newsletter

30 March 2017



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Articles from 23 March 2017 - 30 March 2017

Banking

Follow-up Basel III implementation assessment reports published by the Basel Committee
The Basel Committee on Banking Supervision published overviews of post-RCAP follow-up actions taken by member jurisdictions to address deviations from the Basel standards identified in their RCAP assessments. 
Introductory statement to the press conference on the ECB Annual Report on supervisory activities 2016
Danièle Nouy, Chair of the Supervisory Board of the ECB, and Sabine Lautenschläger, Vice-Chair of the Supervisory Board of the ECB, spoke about the main issues the European banking supervision dealt with last year: NPLs, TRIM, Brexit and banking union. 
Bank of England: 2017 stress test scenarios explained
The Bank of England has published the key elements of its 2017 stress tests and has asked UK banks, insurers and other financial institutions to draw up comprehensive plans for how they will deal with challenges such as Britain’s exit from the EU. 

Securities

ESMA publishes two sets of guidelines under CSDR
ESMA issued final reports on two sets of guidelines regarding the implementation of the Central Securities Depositary Regulation.  
ESMA discusses haircuts in EU securities financing transactions
ESMA issued a research piece on shadow banking published in its recent report on trends, risks and vulnerabilities. 

Financial Services Policy

Consumer Financial Services Action Plan: Better products and more choice for European consumers
At the heart of the Commission's Action Plan launch is a focus on technology, given that innovative online services will drive progress towards a more integrated market for financial services. To that end, the Commission also published a consultation on the so called ‘FinTech'. 

Friends Services

Prime Minster May finally delivers the “Article 50” notification of intention to leave the EU
The 63% of British voters who did not vote to Leave may yet force Prime Minster May to ask their permission to accept the terms that result from this negotiation.  

Political

The Rome Declaration
Declaration of the leaders of 27 member states and of the European Council, the European Parliament and the European Commission. 

Financial

ECB's Angeloni: 60 years on: promoting European integration in the banking union
Ignazio Angeloni, Member of the Supervisory Board of the SSM, went through the history of European economic integration towards a banking union and outlined three broad challenges among the most important ones facing banks and supervisors. 

Brexit & UK

Prime Minister’s letter to Donald Tusk triggering Article 50
Prime Minister Theresa May has written to European Council President Donald Tusk to notify him of the UK’s intention to leave the EU. 
Statement by the European Council (Art. 50) on the UK notification
The European Council received a letter from the British Prime Minister, Theresa May, notifying the United Kingdom's intention to leave the European Union. This notification follows the referendum of 23 June 2016 and starts the withdrawal process under Article 50 of the Treaty. 
Financial Times: European Parliament leaders sound warning on Brexit consequences
The chairman of the European Parliament EPP group has hit out at the “lies” of Brexit campaigners and warned that the UK’s departure from the EU will be “very costly for the British”. 
CBI/PwC: Optimism stabilises as financial services get boost from solid economy
Buoyed by a broadly resilient economy, sentiment in the financial services sector stabilised in the three months to March, having deteriorated throughout 2016, according to the latest CBI/PwC Financial Services Survey. 
Open Europe: A plan for UK-EU trade outside the Customs Union
In a new report, Open Europe concludes that leaving the EU’s Customs Union is the only logical step for the UK to pursue an independent trade policy and achieve a truly ‘Global Britain’ outside the EU. 
City AM: British financial services to accelerate post-Brexit after negotiating a tricky two years
Net business lending will grow £8bn in 2017 to reach £414 bn, according to EY’s Item Club forecasters. 


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