Friends 'Weekly' Newsletter

27 July 2017

Non-Performing Loans, Europe’s banking union, EMIR, CSDs, IORPs, Brexit, cost of no Brexit deal, citizens' rights, UK-US post-Brexit trade deal and more.

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  Articles from 20 July 2017 - 27 July 2017

  Banking
 
 
Financial Times: Hazardous non-performing loans obstruct Europe’s banking union
Enjoying the best macroeconomic environment since the crisis, Europe may be at the onset of a few golden years. But the global financial crisis left a legacy of high debts and bad loans clogging bank balance sheets in several countries, among which Italy is the largest.
Financial Times: Steven Mnuchin’s bank reforms carry a warning for Europe
The review of bank regulation published last month by US Treasury Secretary Steven Mnuchin is essential reading for every European central banker and any policymaker who cares about the competitiveness of Europe.
 
  Securities
 
 
Insurance Europe: Feedback provided on EC proposal for changes to EMIR
Insurance Europe has provided feedback to the European Commission on its proposal for amending key areas of the European Market Infrastructure Regulation (EMIR) regulation.
 
  Asset Management
 
 
ESMA: Asset segregation and application of depositary delegation rules to CSDs
ESMA‘s conclusion, following consultation, was that there cannot be a one size fits all solution so ESMA decided not to adopt any of the segregation method options previously presented but rather to recommend changes to the text of AIFMD and the UCITS Directive.
EIOPA streamlines the reporting of occupational pensions information
The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on EIOPA’s quarterly and annual information requests towards the national supervisory authorities (NSAs) regarding the provision of occupational pensions information.
EFAMA, ICMA: ‘no systemic risk’ from leverage in EU-based funds
Global regulators’ work on leverage and systemic risk in investment funds should use the existing European regulatory framework when addressing these issues, according to two European industry associations.
 
  Financial Services Policy
 
 
European Commission: Public consultation on transparency and fees in cross-border transactions in the EU
The Commission is launching a public consultation on ways to reduce the costs of cross-border payments within the European Union in currencies other than the Euro.
 
  Brexit & UK
 
 
The Guardian: Cabinet accepts Brexit transition will mean years of free movement
The British cabinet has accepted that free movement of people for up to four years after Britain leaves the EU will be part of a Brexit transition deal, according to a senior source.
UK in a Changing Europe: Cost of no Brexit deal will be “widespread, damaging and pervasive” leading academics find
The consequences of the UK failing to reach a deal with the EU will be “widespread, damaging and pervasive” a new report by The UK in a Changing Europe finds.
Department for Exiting the European Union: Joint technical note on the comparison of EU-UK positions on citizens' rights
The citizens’ rights working group completed a mapping of the alignment between the two parties’ positions, to prioritise future discussions.
House of Lords' European Union Committee: Transcripts of Michel Barnier and Guy Verhofstadt evidence
Verbatim transcripts of the European Union Committee's meetings with the European Chief Negotiator, Michel Barnier, and Guy Verhofstadt MEP, the European Parliament’s Brexit Coordinator, have been published.
BBC: UK and US to start talks on post-Brexit trade deal
The UK is to hold its first talks with the US to try to sketch out the details of a potential post-Brexit trade deal.
CNBC: UK will be at the back of the queue for a trade deal, warns top EU commissioner
Brexit talks are a "very difficult process" but they need to move fast to give enough time for officials to negotiate a trade deal, a top-ranking member of the European Commission has told CNBC.
Financial regulation and supervision - Lords Committee launches new inquiry
The EU Financial Affairs Sub-Committee launches a new inquiry into the future of financial regulation and supervision following Brexit.
 

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