Friends 'Weekly' Newsletter

18 May 2017

EBA's credit risk and credit losses Guidelines, banks' Brexit costs, payment services, securities market resilience, risks in the EU insurance sector, money market fund rules, responses to the Commission consultation on the ESAs, new prospectus rules, Brexit and more.

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  Articles from 11 May 2017 - 18 May 2017

  Banking
 
 
EBA publishes final Guidelines on credit institutions' credit risk management practices and accounting for expected credit losses
The EBA's guidelines aim at ensuring sound credit risk management practices associated with the implementation and ongoing application of the accounting for expected credit losses. The Guidelines are part of the EBA's work on the implementation of IFRS 9.
Financial Times: Banks braced for ‘hundreds of millions’ in Brexit costs
Banks are bracing themselves for hundreds of millions in extra restructuring, funding and legal costs over the next few years to deal with the fallout from Brexit, senior executives have said.
ECB: Harmonised statistics on payment services in the Single Euro Payments Area
This article presents the rationale for the enhancements made to the payments statistics and describes how reporting has been improved and harmonisation increased. It provides an overview of the results of the first production rounds in accordance with the new reporting framework.
 
  Securities
 
 
IOSCO: building securities market resilience in the post-crisis world
IOSCO opened the public sessions of its Annual Conference focusing on the challenges of strengthening market resilience, addressing financial misconduct and financing the real economy through capital markets.
 
  Insurance
 
 
EIOPA’s Risk Dashboard assesses risks in the European Union insurance sector
The results show the risk exposure of the insurance sector in the European Union remained overall stable and some positive market developments were identified.
 
  Asset Management
 
 
European Council: Money market fund rules adopted
On 16 May 2017, the Council adopted a regulation to ensure the smooth operation of the short-term financing market. This follows initiatives by the G20 and the Financial Stability Board.
 
  Financial Services Policy
 
 
EBF response to the Commission consultation on the European Supervisory Authorities
The EBF regarded this consultation as a key step towards developing and maintaining a consistent supervisory framework with a high level of investor protection.
AFME response to European Supervisory Authorities review consultation
Overall AFME believes that the ESAs should take a more strategic role and be given greater autonomy by defining and pursuing a common EU approach.
Accountancy Europe's response to the Commission's consultation on FinTech
The response letter focused on cloud computing, distributed ledger technology, data analytics and European supervision.
 
  Political
 
 
Andrew Duff: The rise of post-national democracy: Macron, Brexit and the electoral reform of the European Parliament
Andrew Duff examines the likelihood of electoral reform of the Parliament, and whether or not the circumstances today are right to introduce a transnational list on the ballot in time for the European elections of May 2019. Most electors would feel that European democracy has been refreshed.
 
  Financial
 
 
Capital markets union: new prospectus rules adopted by the European Council
The new rules are aimed at lowering one of the main regulatory hurdles that companies face when issuing equity and debt securities.
Paul Tang MEP: The CMU midterm review: How not to miss an opportunity
As the midterm review of the financial flagship initiative nears, pragmatism is no excuse to miss an opportunity, writes Paul Tang.
 
  Brexit & UK
 
 
Report by President Donald Tusk to the European Parliament on the Special European Council (Art. 50) of 29 April
Tusk reported on the outcome of the first formal meeting of the European Council of 27, in which the leaders' main purpose was to adopt political guidelines for the Brexit negotiations.
Brexit: MEPs want EU and UK to take care of citizens’ rights first
The EU and the UK government should negotiate a deal on the situation and rights of citizens as a matter of urgency and before starting the other Brexit talks, MEPs say.
74% of British businesses say “barrier-free trade with the EU” more important than “restricting the free movement of people” in Brexit talks
Survey of over 1,000 GS1 UK members highlights clear agenda of action for government during Brexit negotiations.
Institute for Government: Business as usual spells trouble on trade
The IfG paper Taking Back Control of Trade Policy says that despite the creation of a new trade department, the civil service and ministers are not even close to being ready to negotiate – let alone implement – new global trading relationships.
Financial Times: EU-Singapore investment deal requires member state ratification, rules ECJ
Europe’s top court has said EU member states must sign off on some issues related to investment in a key trade deal with Singapore, in a judgment that could set a precedent for a post-Brexit trade pact with the UK.
Bloomberg: Trade talks depend on citizen protection, Brexit negotiator says
The European Parliament should oppose the start of talks on a trade arrangement with the UK if it’s not satisfied citizens’ future rights are protected, the legislature’s Brexit negotiator Guy Verhofstadt said.
 

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