Friends 'Weekly' Newsletter

05 October 2017

ECB guidance on NPLs, bank resolution, clearing after Britain's withdrawal, MiFID II, CPMI-IOSCO guidance on the Unique Product Identifier, MAR, financial benchmarks, Temporary Eurobill Fund, European Parliament's 'no sufficient progress' on Brexit, Brexit transition, citizens' rights and more.

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  Articles from 28 September 2017 - 05 October 2017

  Banking Union
 
 
ECB reinforces its NPL guidance for banks
The ECB launched a public consultation on a draft addendum to the ECB guidance on non-performing loans. The addendum supplements the guidance which was published on 20 March 2017 and reinforces the guidance with regard to fostering timely provisioning and write-off practices.
EBA and US agencies conclude framework cooperation arrangement on bank resolution
The Framework Cooperation Arrangement lays out the basis for subsequent cooperation arrangements on bank crisis management and resolution between any of the EU Supervisory or Resolution Authorities and any of the participating US Agencies.
 
  Capital Markets Union
 
 
Commission backs greater European Central Bank regulatory powers for clearing systems to fulfil its monetary policy responsibilities
The European Commission issued a favourable opinion on the ECB's recommendation, in which the ECB asked for a greater role in regulating clearing systems for financial instruments, for example with regard to central counterparties (CCPs), by proposing to amend Article 22 of its Statute.
EBA issues Opinion on the design of a new prudential framework for investment firms
The Opinion includes a series of recommendations aiming to develop a single and harmonised set of requirements that are reasonably simple, proportionate and relevant to the nature of investment firms authorised to provide MiFID services and activities.
ESMA and NCAs agree work plan on MiFID II pre-trade transparency waivers and position limits
ESMA, together with the NCAs, published an updated work plan for the opinions on pre-trade transparency waivers and position limits that must be issued under the Markets in Financial Instruments Directive and Regulation.
ESMA finalises MiFID II’s derivatives trading obligation
ESMA issued its final RTS implementing the trading obligation for derivatives under MiFIR. ESMA’s draft RTS provides the implementing details for on-venue trading of interest rate swaps and credit default swaps.
BIS: Harmonisation of the Unique Product Identifier (UPI) - guidance issued by CPMI-IOSCO
A new report provides technical guidance to authorities on a uniform global Unique Product Identifier (UPI) applying to OTC derivatives transactions. The report, entitled Harmonisation of the Unique Product Identifier, is a joint publication by the CPMI and the IOSCO.
ECMI - Capital Markets, Debt Finance and the EU Capital Markets Union: A law and finance critique
Contrary to conventional wisdom, this paper contends that the excessive development of capital market finance has been one of the catalysts behind the crises and scandals that have unfolded over the past 15 years.
 
  Market Abuse
 
 
ESMA updates Q&A on MAR
ESMA updated its Questions & Answers document regarding the implementation of the Market Abuse Regulation.
 
  Financial Services Policy
 
 
EFAMA statement on the European Commission’s proposals to review the European Supervisory Authorities (ESAs)
EFAMA fully supports supervisory convergence as a crucial element in ensuring a successful CMU through supervision, and integral to removing barriers to cross-border provision of financial services.
ESMA consults on Guidelines for non-significant benchmarks
ESMA launched a consultation on Guidelines detailing the obligations which apply to non-significant benchmarks under the Benchmarks Regulation.
FCA: Andrew Bailey speech on free trade in financial services matters
In his speech Andrew Bailey, Chief Executive of the FCA, highlights that there can be lessons learned by putting the issues around Brexit into a historical context. Common regulatory standards are a necessary condition for free trade in finance.
 
  Temporary Eurobill Fund (TEF)
 
 
Graham Bishop presents his plan for a Temporary Eurobill Fund (TEF) at France Stratégie
Graham presented his proposal, whose ‎characteristics are ‎similar to the mechanism described by the European Commissioner, and then discussed it with Jean-Pierre Landau and Yves-Emmanuel Bara, direction générale du Trésor.
 
  Economic
 
 
EC: Quarterly Report on the Euro Area (QREA), Vol. 16, No. 2 (2017)
In this edition of the QREA, European Commission staff looks at the importance of sequencing and packaging structural economic reforms; the ease of doing business in the euro area; the determinants of trend TFP growth; and the macroeconomic implications of bank lending constraints.
European Parliament and European Council agreement: The EU is changing its anti-dumping and anti-subsidy legislation
The main change to the anti-dumping legislation is the introduction of a new way to calculate dumping in anti-dumping investigations on imports from members of the World Trade Organization (WTO) in case prices and costs are distorted because of state intervention.
European Commission proposes far-reaching reform of the EU VAT system
The reboot would improve and modernise the system for governments and businesses alike. Overall, over €150 billion of VAT is lost every year, and around €50 billion is estimated to be due to cross-border VAT fraud. It is estimated that this sum would be reduced by 80% thanks to the proposed reform.
 
  Brexit & UK
 
 
The Guardian: EU transition deal is needed quickly to stop City firms leaving UK, says Bank official
Sam Woods, deputy governor at the Bank of England, says firms would activate Brexit contingency plans if there is no deal on transitional period by Christmas.
European Parliament: Brexit: tangible progress still needed on withdrawal terms
Sufficient progress on the EU’s priority aims, a prerequisite for negotiating any transition period or future relationship between the EU and UK, has not been achieved, MEPs said.
Press statement by Michel Barnier and David Davis following the fourth round of Article 50 negotiations with the United Kingdom
The top EU Brexit negotiator said May's Florence speech had created a "new dynamic" but that both parts are still "not yet there in terms of achieving sufficient progress". Britain's Brexit minister said they "have made important progress and capitalised on the momentum created by the PM’s speech."
ICAEW: Financial reporting implications of Brexit
The ICAEW has published a report 'Brexit: implications for financial reporting'. In this report the ICAEW emphasises the economic importance of financial reporting and suggests that the implications of Brexit for financial reporting have not yet attracted sufficient public debate.
 

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