Friends 'Weekly' Newsletter

16 November 2017

IFRS 9, Banking supervision, non-performing loans, CRDIV/CRR, Derivatives Clearing and Brexit, CCPs, MiFIR, IFRS and IFRS 16, Plan for a Temporary Eurobill Fund (TEF), European Economic Area Council and more.

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  Articles from 09 November 2017 - 16 November 2017

  Banking Union
 
 
Banking: Creditor hierarchy, IFRS 9/large exposures rules approved by the European Commission
EU ambassadors endorsed an agreement with the EP on two banking proposals: a draft directive on the ranking of unsecured debt instruments in insolvency proceedings (bank creditor hierarchy); and a draft regulation on transitional arrangements to phase in the regulatory capital impact of the IFRS 9 international accounting standard.
ECB: Banking supervision - What next?
Sabine Lautenschläger, Member of the Executive Board of the ECB, focuses in her speech on one of the core topics which the banks – and supervisors – have to deal with: non-performing loans (NPLs).
Financial Times: ECB accused of power grab over bad loan plan
The president of the European Parliament has accused the European Central Bank’s supervisory arm of a power grab over its plan to force banks to hold more cash against bad loans, ratcheting up pressure on Frankfurt to water down the proposal.
EBA releases its annual assessment of the consistency of internal model outcomes
The European Banking Authority published two reports on the consistency of risk weighted assets (RWAs) across all EU institutions authorised to use internal approaches for the calculation of capital requirements.
EBA launches consultation on technical standards specifying the methods of prudential consolidation
The aim of these draft RTS is to ensure that the appropriate method of prudential consolidation is applied for the calculation of the Capital Requirements Regulation (CRR) requirements on a consolidated basis. The consultation runs until 09 February 2018.
EBA publishes an Opinion and Report on regulatory perimeter issues relating to the CRDIV/CRR
These include the use of Articles 2(5) and 9(2) CRDIV and the interpretation of the terms 'financial institution' and 'ancillary services undertaking' as defined in the CRR. The Opinion is based on the results of a detailed assessment across the EU of the prudential treatment of 'other financial intermediaries' (OFIs).
 
  Capital Markets Union
 
 
CEPS - Derivatives Clearing and Brexit: A comment on the proposed EMIR revisions
This contribution analyses the changes that have taken place in EU OTC derivatives markets since the new rules were adopted.
Trade associations send MiFIR letter to ESMA
ISDA, AFME and GFXD have sent a letter to ESMA laying out some key outstanding uncertainties in the Markets in Financial Instruments Regulation post-trade transparency framework for investment firms from an over-the-counter derivatives perspective.
ECB's Mersch: Evolving regulatory environment for CCPs – the perspective of a Central Bank
Yves Mersch backed strengthening the role played by the EU's central banks of issue in the regulatory framework, as the authorities responsible for the implementation of monetary policy.
 
  Corporate Governance/Accounting
 
 
EU's formal adoption of several amendments of IFRS and IFRS 16
The European Commission has published Regulations endorsing IFRS 16, amendments to IAS 12, amendments to IAS 7, clarifications to IFRS 15 and amendments to IFRS 4 in the Official Journal of the EU.
 
  Friends Services
 
 
Plan for a Temporary Eurobill Fund (TEF) - article for Financial World magazine
Graham Bishop's latest article for Financial World Magazine, in which he outlines his plan for a Temporary Eurobill Fund and explains that it can be complemented with a strong European Monetary Fund (EMF) and how it satisfies the Core Principles that pave the way to a Stability Union.
 
  Economic
 
 
Conclusions of the 48th meeting of the European Economic Area Council
The European Economic Area Council adopted conclusions assessing the functioning of the EEA agreement.
 
  Brexit & UK
 
 
Speech by Michel Barnier and David Davis following the sixth round of Article 50 negotiations
Barnier reminded the UK that settling a Brexit bill is "an essential condition to reach sufficient progress in December", while Davis insisted in the need to move "discussions onto our future relationship".
Brexit: EP outlines its red lines on latest UK citizens’ rights proposals
Major issues still need to be addressed to secure equal and fair treatment for EU citizens in the UK after Brexit, stresses EP steering group.
Financial Times: EU gives UK up to 3 weeks to make Brexit bill offer
Brussels is giving Britain two to three weeks to set out how much it is prepared to pay in the Brexit divorce settlement, warning that the EU will otherwise struggle to prepare this year for a transition deal the UK badly wants.
House of Commons: 'Catastrophic' if viable customs system not in place at Brexit
The Public Accounts Committee report warned that the Government must do more to work with businesses and ensure contingency option in place well before January 2019.
Financial Times: Citigroup among those looking to ‘branch-back’ by using EU offices
Big US banks are drawing up “stop gap” Brexit plans, in an attempt to avoid moving hundreds of jobs out of London once the UK leaves the EU and before they have had time to recruit specialist staff in the European bloc.
EU Financial Affairs Sub-Committee calls for urgent post-Brexit transitional deal
In a letter to the Chancellor of the Exchequer, the UK House of Lords' EU Financial Affairs Sub-Committee is calling for urgent agreement of a post-Brexit standstill transition period for the financial services sector.
 

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