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The 156th Brussels 4 Breakfast is on 5th November - see my video news about it

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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General Policy

FSB publishes annual report on implementation and effects of financial regulatory reforms : FSB published its 2019 annual report on the implementation and effects of the G20 financial regulatory reforms. The report sets out that implementation of the reforms called for by the G20 after the global financial crisis is progressing. This is contributing to an open and resilient financial system that supports the efficient provision of financing to the real economy. View Article

Banking Union

Alignment of EU rules on capital requirements to international standards (prudential requirements and market discipline) : The European Commission is launching a public consultation on the implementation of the finalised Basel III standards in the EU. These internationally agreed standards for banks aim to continue improving the solidity, stability and resilience of the banking sector.  View Article

EBA publishes work programme for 2020 : The European Banking Authority published its detailed annual work programme for 2020, describing the specific activities and tasks of the Authority for the coming year and highlighting the key strategic areas of work for 2020. View Article

Steven Maijoor, ESMA chair - source:observatorioblockchain.com

Capital Markets Union

Steven Maijoor addresses EU-Asia Financial Dialogue at ASIFMA Annual Conference 2019, Tokyo : The address focused on building the CMU while fostering global financial markets. ESMA chair covered topics such as sustainable finance, cryptocurrencies and EU markets supervision. Maijoor also discussed equivalence, ESMA's new supervisory powers over EU entities and third country responsibilities. View Article

European Commission: High-Level Forum on capital markets union : Building on its goal to finalise the creation of capital markets union (CMU), the Commission has launched a call for expression of interest to join a High Level Forum (HLF) on the Capital Markets Union project. View Article

The European Commission launches a public consultation on the review of the EU benchmark regulation : The objective of this consultation is to gather stakeholders’ feedback on the functioning of the EU benchmarks regime, two years after its entry into application. View Article

Capital markets union: Council adopts new clearing house rules : The Council adopted revised rules for clearing houses in the single market. View Article

FSB reports on implementation of OTC derivative reforms : The Financial Stability Board published its annual progress report on the implementation of the agreed G20 reforms to over-the-counter derivatives markets. View Article

AFME: Capital Markets Union – Key Performance Indicators : This second edition of AFME’s annual report tracks the progress of the Capital Markets Union project through eight Key Performance Indicators (KPIs). View Article

Environmental, Social, Governance (ESG)

Financial Times: Third of biggest banks fail to sign up to climate initiative : More than a third of the world’s top 75 banks by assets have still not declared their support for the TCFD, an initiative to get companies to calculate their exposure to climate risk and disclose this to investors. Although the TCFD is an initiative aimed at all businesses, support from banks is seen as crucial because of their role in financing activities that could contribute to global warming. View Article

IMF: Connecting the dots between sustainable finance and financial stability : The latest IMF Global Financial Stability Report discusses the link between sustainable finance and financial stability and suggests policies for the way forward. View Article

ESMA Chair Steven Maijoor speech on the quality of corporate governance : Maijoor focused on the role of corporate governance to attract retail investors to the financial markets, the EU's Capital Markets Union and the role of ESMA.  View Article

Friends' Basic Services

45th Brussels for Brunch Webinar October 2019 : This is the link to the recorded webinar at CISI. View Article

Former ECB chiefs Jean-Claude Trichet and Mario Draghi - source:FT

Economic Policies Impacting EU Finance

Jean-Claude Trichet: Mario Draghi’s critics are misguided : Mario Draghi's predecessor at the helm of the ECB writes in the FT that he disagrees with the attack by six former central bankers on the loose monetary policy pursued by the bank. He says to see success, continuity, unprecedented challenges and a question about the limitations of monetary policy.  View Article

BBC: IMF warns world growth slowest since financial crisis : The global economy is growing at its slowest pace since the financial crisis, the International Monetary Fund (IMF) has said. View Article

Financial Times: Low interest rates fuel financial risk-taking, IMF warns : Persistently low interest rates are encouraging investors to take dangerous risks in a quest to maintain their financial returns, the IMF said on Wednesday, raising concerns that even the current lacklustre performance of the global economy may not be sustainable. View Article

EU27 Politics

POLITICO: Start of new European Commission likely delayed to December 1 : European Parliament President David Sassoli and leading MEPs agreed that the assembly's confirmation vote on the new Commission, originally scheduled for next week, will be cancelled, as the names of three commissioner-designates are still missing. View Article

Brexit

Financial Times: EU and UK reach agreement on Brexit deal : EU and UK negotiators have agreed a new Brexit deal, leaving Boris Johnson with the challenge of selling the accord to political allies at home.  View Article

POLITICO: Johnson tells ministers ‘we’re not there yet’ on Brexit deal : There are still "outstanding issues" in the way of achieving a Brexit deal, Boris Johnson told his Cabinet, as talks to reach an agreement before Thursday's European Council summit go down to the wire. View Article

Boris Johnson and Leo Varadkar - source: The Telegraph

BBC: Brexit: Boris Johnson and Leo Varadkar 'can see pathway to a deal' : Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar agree they can "see a pathway to a possible deal" after talks, Downing Street says. View Article

The Guardian: EU ready to grant Brexit extension in build-up to key summit : Jean-Claude Juncker has talked up the prospects of a Brexit extension beyond 31 October as EU officials downplayed the chances of a breakthrough in time for the EU Council's crunch summit. View Article

Main results - General Affairs Council (Art. 50) : EU27 ministers were informed by chief negotiator Michel Barnier on the state of play regarding Brexit ahead of the European Council (Article 50) on 17 October 2019. View Article

UK in a Changing Europe: The economic impact of Boris Johnson’s Brexit proposals : The Prime Minister has set out a means of escaping the Brexit stalemate, but his new Brexit proposals have, as yet, not managed to overcome the impasse. What, though, would the plan mean for the UK economy? That is the question researchers seek to answer in this paper.  View Article

POLITICO: Merkel sees post-Brexit UK as ‘potential competitor’ to EU : Post-Brexit Britain will be a potential competitor to the European Union alongside China and the United States, German Chancellor Angela Merkel declared. View Article

Financial Times: No-deal Brexit could cut UK-EU trade flows by half : The flow of goods across the UK-EU border could be cut by more than half in the event of a no-deal Brexit on October 31, according to the most up-to-date assessment by Whitehall’s efficiency watchdog. View Article

POLITICO: Poll: Majority of Brits want to leave the EU — but oppose a no-deal Brexit : More than 50 percent of British people are in favor of honoring the result of the 2016 referendum and leaving the EU, irrespective of whether they voted Leave or Remain, according to a new survey. View Article

The Telegraph: Boris Johnson cannot get a majority unless he delivers Brexit on October 31, Tory conference poll shows : Boris Johnson cannot get a majority in a general election unless he delivers Brexit on October 31, polling presented at Tory conference has shown. View Article

Bruegel: Brexit and finance: Brace for no impact? : One of the structural shifts, or lack thereof, that may be associated with the UK’s possible departure from the European Union, and not the least, is the potential impact on the European and global financial system, writes Nicolas Véron. View Article

Graham Bishop #FBPE retweeted
	Louise Guillot @l_guillot
It seems that #Brexit is taking too long for some people. According to new survey, more than 50% of British people are in favor of honoring the result of the 2016 referendum and leaving the EU, irrespective of whether they voted Leave or Remain. politico.eu/article/poll-m…
Graham Bishop #FBPE retweeted
	POLITICO Europe @POLITICOEurope
The meeting between EU ambassadors and the bloc's chief Brexit negotiator has been pushed back — again politi.co/2oD35g1
Graham Bishop #FBPE retweeted
	FT UK Politics @ftukpolitics
No-deal Brexit could cut UK-EU trade flows by half on.ft.com/2BbdvWL
Graham Bishop #FBPE retweeted
	Olli Rehn @ollirehn
In defence of ?@ecb? monetary policy by facts and analysis. An important op-ed article by former ECB President Jean-Claude Trichet. ?@FT? #pricestability #monetarypolicy ?@SuomenPankki? ft.com/content/cf6b93…
Graham Bishop #FBPE retweeted
	Jennifer Rankin @JenniferMerode
Michel Barnier said the EU should give one last chance to the British as he met EU diplomats this evening. He said no significant progress had been made over the weekend, but thinks worth continuing talks until Wednesday - one day before European council. 1.
Graham Bishop #FBPE retweeted
	Financial Times @FT
Global regulators put pressure on Libra with enhanced scrutiny on.ft.com/2oDrimb
Graham Bishop #FBPE retweeted
	Tim Figures @TimFigures
The main impact of which would be felt by Britain’s manufacturers. Tariffs and border delays/paperwork hit hardest if you’re trading in goods. twitter.com/UKandEU/status…
Graham Bishop #FBPE retweeted
	Donald Tusk @eucopresident
The UK has still not come forward with a workable, realistic proposal. But I have received promising signals from Taoiseach @LeoVaradkar that a deal is possible. Even the slightest chance must be used. A no deal #Brexit will never be the choice of the EU.