Friends 'Weekly' Newsletter

15 June 2017

EBA's EU-wide stress test, LCR, euro-derivatives clearing, CMU, IFRS 9, UK General Election, Brexit talks, migration and more.

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Friends' Services Financial Brexit & UK
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  Articles from 08 June 2017 - 15 June 2017

  Banking
 
 
EBA issues 2018 EU-wide stress test methodology for discussion
The EBA published its 2018 EU-wide stress test draft methodology and templates for discussion with the industry. The exercise will cover 70% of the EU banking sector and will assess EU banks' ability to meet relevant supervisory capital ratios during an adverse economic shock.
BIS: Second set of FAQs on the Liquidity Coverage Ratio issued by the Basel Committee
The BCBS has issued a second set of frequently asked questions and answers on Basel III's Liquidity Coverage Ratio (LCR). These respond to a number of interpretation questions received by the Basel Committee related to the January 2013 publication of the LCR standard.
 
  Securities
 
 
Commission proposes more robust supervision of central counterparties
The European Commission is proposing targeted reforms to further improve the financial stability of the European Union.
AFME comments on EMIR Amendment
Simon Lewis, Chief Executive at the Association for Financial Markets in Europe commented on the European Commission’s proposed amendments to the supervisory arrangements for EU and third-country CCPs under the European Market Infrastructure Regulation.
EFAMA welcomes the European Commission's CMU mid-term review
EFAMA acknowledges that this report comes at a particularly challenging time and agrees that the CMU project is more important than ever.
 
  Corporate Governance/Accounting
 
 
European Parliament: Multinationals could be required to disclose tax information
Large firms must make information about the tax they pay in each country in the world, publicly available, say the Economics and Legal Affairs committees.
ECB: Comment letter to the European Parliament on IFRS 9
The ECB has published its comment letter to the European Parliament on transitional arrangements towards the full application of IFRS 9.
 
  Friends Services
 
 
The Brexit boot moves decisively to the EU27 foot – 131st Brussels for Breakfast
May's gamble to secure an absolute majority ended up in a hung Parliament that may yet change the UK's stance in Brexit negotiations. The EU27 toughened its language in the Council authorisation for starting the Brexit talks. ESMA's plan to ban “letterbox” entities signals real trouble for the City.
CCP Location: The Endgame Arrives as EU27 Safeguards its Financial Stability
UK commentators and media seem to be unaware of the solid rationale for the EU to propose fresh legislation to safeguard its financial stability upon the departure of a major member that is home to the key parts of its financial infrastructure.
Europe is the sword of Damocles poised to split British politics yet further - soon
The British people have rejected the hardest of hard Brexits – but what are the practical alternatives? There aren’t any – except to stay in the EU.
 
  Financial
 
 
Commission - Completing the Capital Markets Union: Building on the first round of achievements
The Commission is taking further steps to drive forward the Capital Markets Union, a pivotal project of the Juncker Commission to boost jobs and growth in Europe.
The Commission publishes a feedback statement on the results of the public consultation on the capital markets union mid-term review
The consultation offers an opportunity for stakeholders to provide targeted input to complement and advance the actions put forward in the CMU action plan, ahead of the 2017 mid-term review of the action plan.
 
  Brexit & UK
 
 
The Guardian: Perks will stop if UK ends up staying in EU, says Guy Verhofstadt
Britain is free to change its mind and stay in the EU, but would have to give up special perks including the hard-fought budget rebate, the European parliament’s coordinator on Brexit has said.
Financial Times: David Cameron calls on Theresa May to embrace ‘softer’ Brexit
Former British prime minister David Cameron has added to pressure on Theresa May to adopt a “softer” Brexit, saying she should talk to the Labour opposition to develop a more consensual approach.
POLITICO: Macron: ‘Door still open’ for UK if it changes mind on Brexit
French President Emmanuel Macron said that while the “door is still open” for the UK to remain in the EU, it would be “much harder” to reverse the Brexit process once it has started.
Financial Times: No time to waste in Brexit talks, Michel Barnier warns UK
Britain risks crashing out of the EU in March 2019 without a deal on future relations if it “wastes” more of the limited time available for Brexit talks, the union’s chief negotiator has warned.
POLITICO: Theresa May under pressure as UK returns a hung parliament
A general election that was supposed to settle political and constitutional questions thrown up by Britain’s exit from the European Union failed — answering none, raising more and leaving no party with a majority in parliament.
Financial Times: EU reacts with consternation to UK election as Brexit talks loom
European politicians fear the negotiations will now be more complicated.
The Times: Drop Brexit trade plan, Philip Hammond tells Tories
Philip Hammond is preparing to lead a battle within the government to soften Brexit by keeping Britain inside the EU customs union, The Times has learnt.
 

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