We have revised our approach to focus on the big themes for the next legislative period. We are targeting the interaction of the driving forces of politics and economics as they force the required changes in over-arching financial regulation. Details of these services are here

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Banking Union

EBA launches its 2019 EU-wide transparency exercise : The EBA launched its regular EU-wide transparency exercise. In November 2019, together with the Risk Assessment Report (RAR), the EBA will release up to 2,2 mln data points on about 130 EU banks. The data will cover capital positions, financial assets, risk exposure amounts, sovereign exposures and asset quality.  View Article

EBF hails UN signing of Principles for Responsible Banking : The European Banking Federation hails the signing at the United Nations headquarters in New York of the Principles for Responsible Banking developed by leading banks in close cooperation with UNEPFI, the Finance Initiative of the United Nations Environment Programme. View Article

ECB: Luis de Guindos: Measures to support monetary policy transmission through banks : Welcome address by Luis de Guindos, Vice-President of the ECB, to the Money Market Contact Group, in which he discusses the changes to some of the parameters of the third series of targeted longer-term refinancing operations – TLTRO III – and the implementation of a two-tier system for the remuneration of excess reserves. View Article

Financial Times: Europe’s private banks hit by worst year since crisis : Profits for European private banks dropped by the most since the global financial crisis last year as muted investor inflows, weakness in financial markets and rising costs combined to reduce earnings. View Article

Capital Markets Union

Steven Maijoor - introductory remarks to the 2nd Roundtable on Euro Risk Free Rate : Mr Maijoor highlighted ESMA's priorities in its work under the Benchmark Regulation (BMR) in particular the adoption by EU supervised entities of fallbacks in new and existing contracts to ensure that the relevant provision of the BMR are complied with. View Article

AFME Annual Review 2019 - Europe’s Capital Markets: The next phase and new challenges : AFME has engaged itself in the evolution of EU third country regimes, including for third country CCPs and investment firms. It is currently developing a paper on the EU’s equivalence framework and relationship with third countries in the context of Brexit.  View Article

Environmental, Social, Governance (ESG)

Council of the EU: Sustainable finance - Council agrees position on a unified EU classification system : The EU is taking steps to implement its strategy on financing sustainable growth and the transition to a low-carbon, resource-efficient economy. At present, there is no common classification system at EU or global level which defines what is an environmentally sustainable economic activity.  View Article

Friends' Basic Services

44th Brussels for Brunch Webinar September 2019 : This is the link to the recorded webinar at CISI. View Article

Brexit

The Guardian: EU's chief negotiator calls Johnson's backstop solution 'unacceptable' : Michel Barnier poured scorn on PM’s Irish border proposal as it would not avoid customs and VAT checks post-Brexit. View Article

The Guardian: Johnson's suspension of parliament unlawful, supreme court rules : The supreme court has ruled that Boris Johnson’s advice to the Queen that parliament should be prorogued for five weeks at the height of the Brexit crisis was unlawful. View Article

Financial Times: EU foresees a US-UK axis after Brexit : The larger question for European governments is whether a post-Brexit UK will detach itself from Europe in matters of trade, business regulation and security in order to align itself more closely with its traditional US ally, warns the FT's Europe Editor Tony Barber. View Article

The Guardian: No-deal Brexit will cut 3% off UK economic growth, says OECD : A no-deal Brexit will slice almost 3% from the UK economic growth over the next three years compared with just 0.6% from the rest of the EU, according to the latest health check of the global economy by the Organisation for Economic Co-operation and Development. View Article

YouGov: By 49% to 30%, Britons agree with the Supreme Court’s ruling that proroguing Parliament was unlawful : 43% of Britons say that Prime Minister Boris Johnson should stand down. View Article

Financial Times: Trading costs rise after Switzerland’s loss of EU access rights : Switzerland’s loss of access rights to EU stock markets has concentrated trading in Zurich while raising costs for buying shares in smaller companies, according to research that sheds light on the potential consequences of Brexit. View Article

Financial Times: BlackRock executive warns Brexit will hinder global business model : Mark Wiedman, the BlackRock executive regarded as the top contender to succeed Larry Fink at the helm of the financial services group, has warned Brexit is causing big challenges for asset managers that operate on a global scale.  View Article

Financial Times: London slips further behind New York in financial centre rankings : London has slipped further behind New York in a ranking of the world’s financial centres, as extended uncertainty over Brexit and the City of London’s relationship with the EU has damaged the attractiveness of the UK capital. View Article

Tweets

Graham Bishop #FBPE retweeted
	BBC Breaking News @BBCBreaking
UK PM Boris Johnson's decision to suspend Parliament for five weeks was unlawful, Supreme Court rules bbc.in/2ljfDqV
Graham Bishop #FBPE retweeted
	OECD ?? Better policies for better lives @OECD
Replying to @OECD The OECD projects that the global #economy will grow by 2.9% in 2019 and 3% in 2020 - the weakest annual growth rates since the #FinancialCrisis. Read more in our latest Interim #EconomicOutlook ?? oe.cd/2HR pic.twitter.com/pUgp1Y0SUj
	Graham Bishop #FBPE @GrahamBishopcom
Just published my notes on the latest Brussels for Breakfast debate. We talked Brexit and the new equivalence regime, Green Finance, the new European Commission and crypto-currencies. Read it on the web!#brexit #equivalence #greenfinance #cryptocurrencies