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In the BBA Vlog, we discussed Prime Minister Cameron’s speech on the four main objectives at the heart of the negotiations: single market, competitiveness, no 'ever closer union' for the UK; and controlling migration from the EU. However, there is still no detail on the precise meaning. Ipsos MORI’s latest Political Monitor reveals that support for Britain’s continued membership of the EU has fallen. Over half of Britons could be persuaded to change their mind in the Europe vote depending on the effects on Britain of remaining or leaving the EU.
On TLAC, the EBF broadly supports the FSB’s proposal for a global requirement for TLAC for G-SIBs. The standard will ensure that G-SIBs will maintain adequate capital resources within their group structure to ensure that these banks can fail and be resolved irrespective of their global footprint.
ESMA’s Chair Maijoor delivered a statement to the EP’s Economic and Monetary Affairs Committee - providing an update on ESMA work on MiFID 2 and challenging the implementation timetable. There was a lively discussion about the mechanics of such a change.