Friends 'Weekly' Newsletter
06 July 2017
EBA,capital requirements, NPLs, CCPs, MiFID II, Brexit and more.
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Articles from 29 June 2017 - 06 July 2017
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Banking
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EBA updated Risk Dashboard shows stable capital levels amidst efforts to improve banks asset quality and profitability
It summarises the main risks and vulnerabilities in the EU banking sector through a set of Risk Indicators in Q1 2017. Together with the Risk Dashboard, the EBA published the results of its Risk Assessment Questionnaire, which includes the opinions of banks and market analysts on the risk outlook.
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Basel Committee consults on a simplified alternative to the market risk standardised approach
The Basel Committee on Banking Supervision published its consultative document "simplified alternative to the standardised approach to market risk capital requirements."
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ECB’s updated review of NPL regimes shows countries should be proactive and ensure NPL toolkits are fit-for-purpose
The European Central Bank published its second stocktake of national supervisory practices and legal frameworks related to non-performing loans (NPLs) in the euro area. The stocktake now covers all euro area countries and contains updates on the eight countries included in the original stocktake.
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Securities
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IOSCO: International committees complete the April 2015 workplan on central counterparty resilience, recovery and resolvability
FSB, CPMI, IOSCO and BCBS published three guidance documents and two reports as part of their joint workplan on central counterparty resilience, recovery and resolvability.
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IOSCO: Draft guidance for supervisory stress testing of central counterparties released
Draft guidance for authorities on how to design and run supervisory stress tests for central counterparties was released today by the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions.
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ESMA provides interim transparency calculations for MiFID II
ESMA issued an opinion with interim transparency calculations for non-equity instruments in relation to the implementation of the Markets in Financial Instruments Directive/Markets in Financial Instruments Regulation.
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ESMA sees continued decline in number of prospectus approvals
ESMA, in its annual report on prospectus activity, has found that the number of prospectus approvals across the European Economic Area fell by around 8.5% from 2015 to 2016, continuing the overall decreasing trend seen since the start of the financial crisis.
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Insurance
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EIOPA calls for a European recovery and resolution framework for (re)insurers
The European Insurance and Occupational Pensions Authority (EIOPA) published an Opinion on the Harmonisation of the Recovery and Resolution Framework for (Re)Insurers across the European Union addressed to the European Parliament, the Council of the European Union and the European Commission.
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Asset Management
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Commission launches a new pan-European personal pensions label to help consumers save for retirement
The proposal will provide pension providers with the tools to offer a simple and innovative PEPP. This new type of voluntary personal pension is designed to give savers more choice when they are putting money aside for old age and provide them with more competitive products.
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Financial Services Policy
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EFRAG requests evidence on equity investments held by European constituents and possible effects of IFRS 9
Following a request for technical advice from the European Commission, EFRAG is collecting evidence from European Constituents on information about the significance of their existing investments in equity instruments and the possible effects of IFRS 9 Financial Instruments on their equity portfolios
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Brexit & UK
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The Guardian: Lord chief justice urges enforceability of EU rulings in UK post-Brexit
City and legal profession will suffer without mutual agreements to recognise EU and British court judgments, says Lord Thomas.
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Financial Times: Labour party calls on May to drop ECJ ‘red line’
The Labour party has called on Theresa May to drop her “ideological and deeply unhelpful red line” over the European Court of Justice in order to retain access to key EU organisations.
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The Guardian: May's Brexit plan could hit rights of Britons abroad, campaigners tell EU
British in Europe and the3million say UK proposal would severely reduce the rights enjoyed by Britons living in Europe.
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ECJ President: UK firms will be ‘begging’ for court’s jurisdiction after Brexit
British companies operating in the EU will be “begging on their knees” for the jurisdiction of the European Court of Justice after Brexit, the Court’s president has warned.
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Financial Times: British businesses lobby for fewer visa restrictions post-Brexit
British businesses are lobbying for a visa system that allows unrestricted entry for talented overseas entrepreneurs and tech experts post-Brexit.
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The Guardian: UK considers potential shortcut on trade deals post-Brexit
Associate membership of European Free Trade Association could give UK access to trade deals while it negotiates its own.
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CBI: Economic activity slows in three months to June
Growth in the UK’s private sector slowed in the three months to June, according to the most recent CBI Growth Indicator.
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Financial Times: City of London delegation to press Brussels for free-trade deal
A delegation of City of London business leaders, led by former City Minister Mark Hoban, will go to Brussels this week to press for a post-Brexit deal on financial services, according to Financial Times.
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Banking