Friends 'Weekly' Newsletter

28 September 2017

Non-performing loans in EU banks, EU banks internal governance, post-trade reporting requirements, EU - US Agreement on insurance and reinsurance, main risks for the EU financial system, risk-free reference rate for the euro area, May’s Florence speech, German election and more.

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  Articles from 21 September 2017 - 28 September 2017

  Banking Union
 
 
Financial Times: Draghi: still too many non-performing loans across eurozone banking system
Mario Draghi has warned that there are still too many dud loans in the eurozone’s banking system. Non-performing loans have been a major problem in some of the eurozone’s weaker banking systems, including Italy’s.
EBA and ESMA provide guidance to assess the suitability of management body members and key function holders
These Guidelines aim to harmonise and improve suitability assessments within EU financial sectors, and to ensure sound governance arrangements in financial institutions in line with the Capital Requirements Directive (CRD IV) and the Markets in Financial Instruments Directive (MiFID II).
EBA consults on amendments to technical standards on supervisory disclosure
The European Banking Authority launched a consultation to amend the Implementing Technical Standards on supervisory disclosure, which specify the format, structure, contents list and annual publication date of the supervisory information to be disclosed by competent authorities.
EBA publishes guidance to further harmonise EU banks internal governance
These Guidelines aim at further harmonising institutions' internal governance arrangements, processes and mechanisms across the EU, in line with the new requirements in this area introduced in the Capital Requirements Directive (CRD IV) and also taking into account the proportionality principle.
Bank of England: Stress testing results to be published on 28 November
Bank of England (BoE) has set out the timetable for the publication of the UK stress test results, which will be published on 28 November.
 
  Capital Markets Union
 
 
MiFID II / MiFIR post-trade reporting requirements
This document takes the structured approach to understanding the PTT obligations defined in MiFIR. It also highlights the key challenges and practical implementation options for the impacted qualifying investment firms to consider as they progress with plans to be MiFID II compliant.
 
  Insurance
 
 
EU - US Agreement on insurance and reinsurance
The Agreement will principally benefit EU reinsurers active in the USA by progressively removing collateral requirements. It will also benefit EU insurance and reinsurance groups active in the US by clarifying responsibilities for worldwide group supervision.
 
  Anti-Money Laundering
 
 
ESAs provide guidance to prevent terrorist financing and money laundering in electronic fund transfers
These guidelines are part of the ESAs' wider work on fostering a consistent approach to Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) and promote a common understanding of payment service providers' obligations in this area.
 
  Financial Services Policy
 
 
ESAs highlight main risks for the EU financial system
The ESAs Autumn 2017 Report on risks and vulnerabilities in the European Union's financial system highlights the risks to the stability of the European financial sector in an uncertain political and economic environment, not least in light of the UK’s withdrawal from the EU.
New working group on a risk-free reference rate for the euro area
The ESAs and the Commision announced the launch of a new working group tasked with the identification and adoption of a risk-free overnight rate which can serve as a basis for an alternative to current benchmarks used in a variety of financial instruments and contracts in the euro area.
 
  Friends Services
 
 
Reflecting on the detailed content of PM May’s Florence speech: 553 days until we go over the cliff
The speech today was long on the desire for creative visions on the part of EU27 leaders but short on why they should divert from the visions they set out to achieve for themselves on the 60th anniversary of the Treaty of Rome.
 
  Political
 
 
The Guardian: German election: Merkel wins fourth term but far-right AfD surges to third
Angela Merkel has secured a fourth term as German chancellor but with her authority diminished, after her conservative bloc secured the lead position in parliamentary elections but failed to halt the march of rightwing populists.
 
  Brexit & UK
 
 
Remarks by President Donald Tusk after his meeting with Prime Minister of the UK Theresa May
European Council President said there isn't "sufficient progress" yet but that he feels "cautiously optimistic about the constructive and more realistic tone" of the Prime Minister's speech in Florence.
The Guardian: Davis and Barnier at odds over Brexit bill and transition period
The Brexit secretary, David Davis, and the EU’s chief negotiator, Michel Barnier, have clashed over the UK’s exit bill and Britain’s request for a transition period after Theresa May’s speech in Florence last week failed to unlock the stalemate in negotiations.
UK PM's Florence speech: a new era of cooperation and partnership between the UK and the EU
Prime Minister Theresa May set out her vision of "how the UK will be the strongest friend and partner to the EU after we leave the EU."
Business Insider: 15% of eurozone companies plan to move everyone out of the UK after Brexit
UBS' latest Evidence Lab survey, which surveyed senior figures in 1,200 major corporations across the eurozone, found that almost half have plans to shift a majority of the British staff out of the country, with 28% reporting that they will remove "a large amount" of capacity.
City AM: Hard Brexit will cost the European Union twice as many jobs as UK
Up to 1.2m jobs could be lost in the European Union, with up to 526,000 being lost in the UK, said researchers from the University of Leuven.
IRSG: A new basis for access to EU/UK financial services post-Brexit
This report makes detailed proposals on the terms of a free trade agreement under which financial services suppliers in the EU and UK would have access to each others' markets after Brexit.
Bloomberg: Brexit puts trillions of pounds of contracts at risk, BOE says
The Bank of England said an agreement is needed as part of the Brexit process to protect the “long-term validity” of 20 trillion pounds of existing derivative contracts.
 

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