Friends 'Weekly' Newsletter
29 March 2018
BCBS proposed revisions to minimum capital requirements for market risk, BCBS consultation on Pillar 3 disclosure requirements, MiFID/MiFIR, IFRS 9, Council guidelines on the future EU-UK relationship, Bank of England's regulatory approach post-Brexit, BIBA and WBN deal on EU clients and more.
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Articles from 22 March 2018 - 29 March 2018 |
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Banking Union |
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Basel Committee proposes revisions to minimum capital requirements for market risk
The BCBS issued Revisions to the minimum capital requirements for market risk for consultation. Improvements to the capital requirements for trading activities are a key component of the Basel Committee's overall efforts to reform global regulatory standards in response to the global financial crisis. |
BCBS: Frequently asked questions on market risk capital requirements
This document sets out an updated set of responses to questions on the January 2016 market risk framework. |
BCBS: Pillar 3 disclosure requirements: regulatory treatment of accounting provisions - consultative document
The Committee released a technical amendment on additional Pillar 3 disclosure requirements for those jurisdictions implementing an expected credit loss (ECL) accounting model as well as for those adopting transitional arrangements for the regulatory treatment of accounting provisions. |
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Capital Markets Union |
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ESMA updates MiFID/MiFIR investor protection Q&As
The updated Q&As are on the topics of inducements (research) and information on costs and charges. The other four Q&As are new and relate to the topics of inducements, post-sale reporting and other issues. |
Financial Times: MiFID’s calm start belies research ‘devils in detail’
The Institutions are grappling with rules around carve-outs and inducements, writes Hannah Murphy. Big questions for managers include: what constitutes 'research', and how do you assess the value of its content? |
ESMA harmonises position calculation for trade repositories
ESMA published guidelines on how trade repositories should calculate derivative positions under the European Market Infrastructure Regulation. |
ESMA consults on requirements for securitisation repositories
ESMA published two consultation papers on draft technical standards implementing the Securitisation Regulation. |
ESMA finalises guidelines on how to report internalised settlement
ESMA published its final guidelines on how to report internalised settlement under the Central Securities Depositories Regulation. |
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Asset Management |
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AIMA: ESMA publishes its first report based on AIFMD reporting
ESMA has published is general “Trend, Risks and Vulnerabilities Report” (TRV) in relation to the second half of 2017. It includes, as a specific article, the first EU-wide evidence on the AIF markets, based on AIFMD-reporting data, covering around 60% of the AIFs managed and/or marketed by EU asset managers, collected at the end of 2016. |
EFAMA: Net sales UCITS peaked in January, supported by very strong demand for equity funds
The European Fund and Asset Management Association (EFAMA) has published its latest Investment Funds Industry Fact Sheet, which provides net sales of UCITS and AIFs for January 2018. |
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Corporate Governance/Accounting |
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EU formally adopts amendments to IFRS 9
The European Union has published a Commission Regulation endorsing 'Prepayment Features with Negative Compensation (Amendments to IFRS 9)'. |
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Market Structure |
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ESMA clarifies MiFIR quoting obligations for systematic internalisers
ESMA published its final report on proposed amendments to the Commission Delegated Regulation (EU) 2017/587 (RTS 1). |
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Friends Services |
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Brexit in a Year? [Probably] not
In 365 days, Britain goes over the cliff edge of leaving the EU. When the `unknown arrangements’ become somewhat clearer during negotiations this summer, “the people” may well look at the implications and decide for themselves whether they want to proceed over the cliff, writes Graham Bishop. |
Commission to propose SBBS framework: But Temporary Eurobill Fund is very different – with wider benefits.
Graham Bishop has recently published Temporary Eurobill Fund: 30 FAQs to illustrate the radically different targets of the TEF that go far beyond the limited objectives of SBBS. Bishop analyses the four specific objections to SBBS by the debt managers, as well as their comments on “safe assets”. |
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Economic |
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Bloomberg: Lagarde urges rainy-day fund for euro area to aid against shocks
IMF Managing Director Christine Lagarde urged Europe to pursue further integration, including on spending, saying a closer union of euro-area countries would help counter rising populism and protectionism globally. |
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Brexit & UK |
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Fondation Robert Schuman: Wishful Brexiting - or the complicated transformation of what the British want into reality
By suggesting an impossible Brexit the UK is placing the burden of the effective definition of the transition period on the European Union and by this is losing the very initiative of it, write Jérôme Gazzano and Andi Mustafaj. |
European Council (Art. 50) guidelines on the framework for the future EU-UK relationship
The European Council (Art. 50) on 23 March 2018 adopted guidelines on the framework for post-Brexit relations with the UK. |
UK Trade Policy Observatory: EU likely to reject bespoke Canada trade deal for UK
Authors write that their in-depth analysis of the Comprehensive Economic and Trade Agreement (CETA) between the EU and Canada concludes that the EU’s commitment to the Single Market is so deeply ingrained that a substantial loosening of the rules for the UK would be politically impossible. |
Bank of England: Update on the regulatory approach to preparations for EU withdrawal
The foundation of the Bank of England’s approach to preparations for EU withdrawal remains the presumption that there will continue to be a high degree of supervisory cooperation between the UK and the EU. |
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Graham's tweets |
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Financial companies can assume it's business as usual during the Brexit transition, Bank of England says https://t.co/H1QKVrucRA pic.twitter.com/Zpf37q18XU
— Bloomberg Brexit (@Brexit) March 28, 2018
Brussels to propose €50bn raid on ECB profits https://t.co/4gfaeXQZKY
— FT Brussels (@ftbrussels) March 27, 2018
#Irish officials have been told to expect new proposals imminently from #Britain on how it plans to avoid a post-#Brexit hard #border, The Times reported. | Reuters https://t.co/vOUGtrLzqR
— PubAffairs EU News (@PubAffairsEU) March 28, 2018
Dozens of EU trade partners could hit Britain with tariffs before Brexit, experts have warned https://t.co/y3RciDRVxx
— The Times of London (@thetimes) March 28, 2018
#Brexit director Brendan Donnelly welcomes the latest shift in @UKLabour stance via @Keir_Starmer but still cautions v the party's delusions: read his sharp analysis herehttps://t.co/oqztfXPWae
— Federal Trust (@FedTrust) March 27, 2018
#UK's MPs to debate Vote Leave #Brexit spending allegations | BBC https://t.co/3z31EfHmVV
— PubAffairs EU News (@PubAffairsEU) March 27, 2018
Brexit: UK firms 'fearful' for future migration system https://t.co/u37QdtSouO
— BBC News (UK) (@BBCNews) March 27, 2018
Our 2017 Annual Report on supervisory activities is now available. You can read it in 22 European languages https://t.co/GCVw5cGyoB pic.twitter.com/sfZbZ3uZNj
— European Central Bank (@ecb) March 27, 2018
ESMA agrees to prohibit binary options and restrict CFDs to protect retail investors.
??Press Release ??https://t.co/lLv8a8o7ZB
?FAQs ??https://t.co/0nCpoemxR1
????Available in your language ??https://t.co/hVhJInmBlA #ESMAprotects pic.twitter.com/p2E8D8wKwE
— ESMA (@ESMAComms) March 27, 2018
Nervousness about Brexit's impact on the asset-management industry is growing https://t.co/Tr7xsov6Bx pic.twitter.com/1bCv6WjePL
— Bloomberg Brexit (@Brexit) March 26, 2018
Graham Bishop has recently illustrated the radically different targets of the #TEF that go far beyond the limited objectives of #SBBS. Bishop analyses the 4 specific objections to SBBS by the debt managers, as well as their comments on “safe assets” https://t.co/OhEHZuW4dY
— Graham Bishop (@GrahamBishopcom) March 23, 2018
Commission to propose SBBS framework: But Temporary Eurobill Fund is very different – with wider benefits, argues Graham Bishop in his latest article - read it here https://t.co/PyXIFTNZo7
— Graham Bishop (@GrahamBishopcom) March 23, 2018
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© Graham Bishop
Banking Union