Standard Weekly Newsletter
06 February 2020
2020 EU-wide banks' stress test exercise, Commission presents review of EU economic governance and launches debate on its future, Brexit day comes, Boris Johnson signals the hardest Brexit possible if Brussels insists on tying the UK closely to its standards and more.
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Articles from 30 January 2020 - 6 February 2020
General Policy
ESMA amends guidelines to further harmonise the enforcement of financial information by national regulators : The Guidelines apply to national competent authorities’ enforcement of financial information which issuers, listed on regulated markets, are required to publish under the Transparency Directive. View Article
Banking Union
EBA launches 2020 EU-wide stress test exercise : The adverse scenario follows for the first time a ‘lower for longer’ narrative, a recession coupled with low or negative interest rates for a prolonged period. The EU real GDP would decline by 4.3% cumulatively by 2022, resulting in the most severe scenario to date. The EBA expects to publish the results of the exercise by 31 July 2020. View Article
EBA releases its annual assessment of the consistency of internal model outcomes : The EBA published two Reports on the consistency of risk weighted assets (RWAs) across all EU institutions authorised to use internal approaches for the calculation of capital requirements. The reports cover credit risk for high and low default portfolios (LDPs and HDPs), as well as market risk. View Article
ECB launches public consultation on its guide to assess how banks calculate counterparty credit risk : The ECB published for consultation a guide that outlines the methodology it uses to assess the internal models banks apply to calculate their exposure to counterparty credit risk (CCR). The guide also describes how the ECB will assess the advanced methods banks use to calculate the own funds required to account for the risks related to credit valuation adjustments. View Article
EBA acts to improve AML/CFT supervision in Europe : The EBA published its first Report on competent authorities’ approaches to the anti-money laundering and countering the financing of terrorism (AML/CFT) supervision of banks. This publication is part of the EBA’s new role to lead, coordinate and monitor the fight against money laundering and terrorist financing (ML/TF) in all EU Member States. View Article
EBA consults on revised guidelines on money laundering and terrorist financing risk factors : This update takes into account changes to the EU Anti Money Laundering and Counter Terrorism Financing (AML/CFT) legal framework and new ML/TF risks, including those identified by the EBA’s implementation reviews. View Article
Capital Markets Union
IOSCO publishes annual work program : IOSCO published its 2020 annual work program, to further its core objectives of protecting investors, maintaining fair, efficient and transparent markets and addressing systemic risks. View Article
ESMA advises the European Commission on Product Intervention : ESMA has taken into account the opinion of the Securities Markets Stakeholder Group, the replies to the call for evidence and its experience in the application of the measures to prepare its final report. View Article
Economic Policies Impacting EU Finance
Commission presents review of EU economic governance and launches debate on its future : The Commission presented a review of the effectiveness of the economic surveillance framework and launches a public debate on its future. View Article
Project Syndicate: What the European Central Bank’s strategy review must do : The ECB’s new strategy review must recognize that economists are still a long way from understanding the dynamics of low inflation. Given this uncertainty, the ECB should aim to adopt robust policies that cause the least damage under a broad range of scenarios, writes Lucrezia Reichlin. View Article
EU27 Politics
Verfassungsblog: The Conference on the Future of Europe: an Open Letter : Alberto Alemanno, Kalypso Nicolaidis, Niccoló Milanese warn the EU that "there is a tangible risk that by raising expectations it cannot easily deliver on, the Conference may erode citizens’ trust at a time when the demand for public engagement is at record highs across the continent." View Article
Brexit
Boris Johnson - The Guardian
Financial Times: Boris Johnson ready to spurn EU trade deal over rule-setting : Boris Johnson said he was prepared to sever links with the EU without a trade deal if Brussels insisted on tying the UK closely to its standards, in spite of the government’s own estimates that it could inflict long-term damage on the economy. View Article
"A new dawn for Europe" - Op-ed article by Presidents Charles Michel, David Sassoli and Ursula von der Leyen : As the night draws in this evening, the sun will set on more than 45 years of the United Kingdom’s membership of the EU. For us, as Presidents of the three main EU institutions, today will inevitably be a day of reflection and mixed emotions – as it will for so many people, write EU presidents. View Article
The Guardian: UK will not be pushover in Brexit talks with EU, says Michael Gove : Michael Gove has laid down the gauntlet to EU negotiators signalling the UK government’s intent not to concede ground in talks to secure a trade deal with the EU by the end of the year. View Article
BBC: Brexit: Britain 'will not be aligning with EU rules' - Raab : Britain will "not be aligning with EU rules" in any post-Brexit trade deal, the foreign secretary has said. View Article
Brexit: Council adopts decision to conclude the withdrawal agreement : The Council has adopted, by written procedure, the decision on the conclusion of the withdrawal agreement on behalf of the EU. This follows the European Parliament's vote of consent on 29 January and the signature of the withdrawal agreement by the EU and the United Kingdom on 24 January. View Article
Michel, Sassoli and Von der Leyen
UK in a Changing Europe: Government faces a number of tough choices in next stage of Brexit, new academic report finds : The government faces several challenges after Brexit, including the negotiation of a new trade deal with the EU, devising and implementing a whole raft of new policies, reshaping the economy and holding the Union together, a new report by academic think tank The UK in a Changing Europe finds. View Article
ECB’s subscribed capital to remain steady after Bank of England leaves the European System of Central Banks : The European Central Bank will keep its subscribed capital steady at €10.8 billion after the Bank of England leaves the European System of Central Banks. View Article
POLITICO: EU bank rides out Brexit impact ‘surprisingly well’, says EIB chief : Economic uncertainty caused by the United Kingdom’s imminent departure from the EU did not prevent the EIB from having a record-breaking year in 2019, according to the bank’s president. View Article
The Guardian: Johnson to impose full customs checks on goods from EU – report : Boris Johnson intends to impose full customs checks on all goods coming into the UK from the EU in a break with previous government policy, according to reports. View Article
ESMA: update on governance and reporting obligations following the UK’s withdrawal from the European Union : ESMA is publishing this statement to clarify issues relating to its governance and the reporting obligations for UK entities from 1 February 2020 following the United Kingdom’s withdrawal from the European Union. View Article
ECB welcomes ratification of agreement on orderly UK withdrawal from European Union : In recent months and years, the ECB has taken steps to prepare for all contingencies and it will continue to closely monitor developments in financial markets to preserve stability. The ECB stresses that banks now need to press ahead with the implementation of their Brexit plans in accordance with agreed timelines. View Article
EBF: Brexit: Statement on UK departure from the EU : The departure has been made possible by last week’s approval of the Withdrawal Agreement by both the Houses of Parliament in the UK and yesterday’s vote of the European Parliament in plenary session. This paves the way for an orderly Brexit on Friday 31 January 2020, as advocated by the EBF since the beginning of the withdrawal process. View Article
EPC’s follow up on Brexit after ratification of the Withdrawal Agreement : The European Payments Council shed some light on the status of UK Payment Service Providers’ (PSPs) participation in the SEPA Payment Schemes and of SEPA Credit Transfer (SCT) / SEPA Direct Debit (SDD) transactions involving UK PSPs as from 1 February 2020. View Article
Commercial Risk Europe: Insurers and customers protected from full Brexit impact during transition: AM Best : The UK’s exit from the European Union tomorrow will have little immediate impact on rated insurers in the country and across Europe, with the longer-term impact only becoming clear during future trade negotiations and decisions about equivalence, said AM Best. View Article
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The Guardian
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European Commission ????
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It’s time now to start looking forward. The interests of the EU, of each and every EU country, and of all our citizens come first. @MichelBarnier on draft negotiating directives for the future relationship negotiations with the UK #NewBeginnings ???????? pscp.tv/w/1zqJVlmBMwLKB
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EURACTIV Politics
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UK to diverge from EU data protection rules, Johnson confirms bit.ly/36YXTD0
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Bloomberg Brexit
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???? Free trade is possible, but with conditions ???? Whatever the outcome, the U.K. will "prosper mightily" Boris Johnson and Michel Barnier clash over who sets the rules for post-Brexit trade trib.al/tUPP1ty pic.twitter.com/7WpisWfgiZ
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FT Brussels
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The Guardian
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Charles Michel
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The Economist
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Britain's future is full of uncertainty. Boris Johnson must now look to liberalism and build a system open to all comers econ.st/38VfL2X
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Daniel Ferrie
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Bloomberg Brexit
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London’s fight to remain a global financial hub rests on a once-obscure process controlled by politicians in Europe trib.al/Cgoo2ZW
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