Friends 'Weekly' Newsletter

01 March 2018

Consultation on Basel III's Pillar 3, cross-border banking in the EU, market’s transition to the new STS Regime, Short Selling Regulation, insurers’ capital requirements, net assets of UCITS and AIF 2017, Commission's draft Article 50 Withdrawal Agreement, General Affairs Council (Art. 50) and more.

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Banking Union Capital Markets Union Insurance
Asset Management Financial Services Policy Brexit & UK
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  Articles from 22 February 2018 - 01 March 2018

  Banking Union
 
 
BIS: The Basel Committee consults on revisions to the Pillar 3 disclosure framework
The Basel Committee on Banking Supervision has issued for consultation Pillar 3 disclosure requirements - updated framework. Pillar 3 of the Basel framework seeks to promote market discipline through regulatory disclosure requirements.
EBA issues opinion on measures to address macroprudential risk
The European Banking Authority published an Opinion following the notification by the National Bank of Belgium of its intention to modify capital requirements in order to address an increase in macroprudential risk.
ECB: Cross-border banking in the EU since the crisis: what is driving the great retrenchment?
This paper examines the drivers of the retrenchment in cross-border banking in the EU since the global financial crisis. Authors identify high non-performing loans as an important impediment to cross-border lending after the crisis, highlighting the spillovers from national banking sector conditions across the EU.
 
  Capital Markets Union
 
 
PCS to provide analysis for market participants in first step to the market’s transition to the new STS Regime
Following the passage of the STS Regulation, many issuers have indicated their intention is to issue STS securitisations from 1st January 2019 and, in the case of some, to issue in 2018 securitisations that are capable of being grandfathered under the STS Regulation.
ECON: Evaluation of certain elements of the Short Selling Regulation
This briefing has been drawn up to support ECON’s work on the scrutiny of delegated acts, in particular as regards the discussion of 22 February 2018 on the evaluation of certain elements of the Short Selling Regulation No 236/2012.
 
  Insurance
 
 
EIOPA recommends further simplifications to the calculation of insurers’ capital requirements
The European Insurance and Occupational Pensions Authority submitted its second and final set of Advice to the European Commission. Previously, EIOPA submitted a first set of Advice to the European Commission in October 2017.
 
  Asset Management
 
 
EFAMA: An exceptional year for the European fund industry, with net assets of UCITS and AIF surpassing the EUR 15 trillion mark
The European Fund and Asset Management Association has published its latest Investment Funds Industry Fact Sheet, which provides net sales of UCITS and non-UCITS for December 2017 and the entire year of 2017, as well as net assets data at end 2017.
 
  Financial Services Policy
 
 
ESAs review: Insurance Europe supports EIOPA as strong stand-alone authority
Insurance Europe has published a position paper on the European Commission’s position regarding the review of the ESAs. The paper welcomes the Commission’s recognition of the need to maintain the EIOPA as a stand-alone authority responsible for both prudential and conduct of business supervision.
 
  Brexit & UK
 
 
Brexit: European Commission publishes draft Article 50 Withdrawal Agreement
Michel Barnier said that, to avoid a hard border in Ireland, "Northern Ireland has to be covered by the Union customs code". The top EU Brexit broker insisted that the ECJ should oversee the process and rejected the British demands to be able to reject regulation from the EU during transition.
Main results - General Affairs Council (Art. 50)
EU27 ministers discussed the state of play of the Brexit negotiations and started the preparations for the European Council (Article 50).
The Guardian: EU27 rule out UK's preferred approach to future trade deal
The ‘three basket approach’ would breach the agreement to prevent cherry-picking, said Brussels, describing the model as a risk to the European project, just as Theresa May was seeking to strike an agreement on the way forward within her cabinet.
BBC: Liam Fox warning of customs union 'sellout'
Any form of customs union with the EU after Brexit would be a "complete sellout" for the UK, International Trade Secretary Liam Fox said. A former top aide to Fox warned that quitting the EU would be like "giving up [a] three course meal [...] for the promise of a packet of crisps in the future."
 

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