Friends 'Weekly' Newsletter

01 February 2018

EBA launches 2018 EU-wide stress test, Basel III, MiFID II/ MiFIR, prospectus, Solvency II, Pan-European Pension Product, General Affairs Council (Art. 50), Leaked Government Brexit analysis, Brexit trade deal for UK financial services sector and more.

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  Articles from 25 January 2018 - 01 February 2018

  Banking Union
 
 
EBA launches 2018 EU-wide stress test exercise
The EBA launched its 2018 EU-wide stress test and released the macroeconomic scenarios. The adverse scenario implies a deviation of EU GDP from its baseline level by 8.3% in 2020, resulting in the most severe scenario to date. The EBA expects to publish the results of the exercise by 2 November 2018.
BIS' Stefan Ingves: Basel III: Are we done now?
The Chairman of the Basel Committee said that work remains to implement Basel III nationally in a full, timely and consistent manner; evaluate its effectiveness in reducing the excessive variability of risk-weighted assets; and continue to monitor and assess emerging risks.
 
  Capital Markets Union
 
 
ESMA updates equity transparency calculations and tick sizes band assessment for MiFID II/ MiFIR
ESMA updated its transitional transparency calculations for equity and tick sizes under the Markets in Financial Instruments Directive.
CEPS: MiFID II will profoundly affect the portfolio management business
Of all the issues addressed by MiFID II in the EU’s securities markets, its impact will be most pronounced in the portfolio management business, writes CEPS CEO Karel Lanoo.
AMF: public consultation on setting a new national threshold for the requirement to publish a prospectus and the disclosure
As certain provisions of the Prospectus Regulation will become applicable on 21 July 2018, the AMF is holding a consultation on a new national threshold above which the publication of a prospectus will be mandatory and on the specific disclosure regime for offers to the public below this threshold.
 
  Insurance
 
 
EIOPA: Risk Dashboard for third quarter of 2017 continues to show relative stable risk exposure of the European Union insurance sector
The results show that the risk exposure of the insurance sector in the European Union remained overall stable. Despite positive macro and market trends, the risks linked to the low interest rates and to potential credit risk mispricing continued to be major concerns for the European insurance industry.
Insurance Europe: Solvency II review: EIOPA draft advice must focus far more on areas mandated by the Commission
Insurance Europe published its response to the European Insurance and Occupational Pensions Authority (EIOPA) draft advice to the European Commission on its 2018 review of Solvency II.
 
  Asset Management
 
 
Insurance Europe: Priorities for the Pan-European Pension Product published
Ahead of a Hearing in the European Parliament on the proposed Pan-European Pension Product (PEPP), Insurance Europe has published the industry’s key priorities and recommendations that policymakers must address to ensure the PEPP is a success.
 
  Economic
 
 
UNCTAD: $89 billion lost in underuse of European Union free trade agreements, report shows
The full potential of European Union free trade agreements (FTAs) remains untapped to the tune of almost 72 billion euros ($89 billion), UNCTAD and the National Board of Trade Sweden say in a new report.
 
  Brexit & UK
 
 
Main results of the General Affairs Council (Art. 50) of 29 January
EU27 ministers adopted negotiating directives for the Brexit negotiations detailing the EU27 position on the transition period.
BuzzFeed News: Leaked Government Brexit analysis says the UK will be worse off in every scenario
BuzzFeed News has seen a new Brexit impact assessment, which says leaving the EU will adversely hit almost every sector and every UK region.
Financial Times: EU rejects Brexit trade deal for UK financial services sector
EU Brexit negotiators have set out a tough line on financial services, ruling out an ambitious trade deal for the lucrative sector and arguing that Europe would benefit from a smaller City of London, according to confidential discussions among the other 27 EU member states.
Bloomberg: EU is refusing to budge on post-Brexit financial services
UK banks will have limited access to the European Union’s single market after Brexit if the government refuses to weaken its red lines, the European Commission told diplomats, according to two people familiar with private discussions in Brussels.
Financial services industry needs clarity on post-Brexit market access, says Committee
The EU Financial Affairs Sub-Committee reports on their inquiry into Brexit: the future of financial regulation and supervision. Graham Bishop took part in the inquiry as a Witness.
 

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