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Why you should watch:
There are the negotiations on a MoU, there's the progress (or lack of it) on longer term relations between the EU and UK (and on which 'third country' model the EU should apply). There's also Fabio Panetta's important intervention in the clearing debate, there's the new focus on AML and the BIS's study into corporate credit stress post-Covid. And then there's ESMA's proposed land-grab on corporate reporting, particularly on sustainability issues. We may have left the EU, but EU issues certainly haven't left us.
Moderator: Andrew Hilton (Director, CSFI)
Panellists:
Graham Bishop is the eponymous proprietor of his own Euro-consulting service. He is one of the longest-standing (and most knowledgeable) UK financial commentators on Brussels, as well as being a committed europhile.
Fiona Wright is a partner in Brunswick's Brussels office. She previously worked with the UK Treasury, latterly on secondment to the Commission, where she worked closely with ECOFIN. She has a PhD from the University of Florida.
Brian Polk is the financial services lead for EMEA at PwC in London. A Canadian by origin, he has been with PwC since 1998 - and before that was with Coopers & Lybrand for seven years.
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The key topics that we considered (but not time to discuss all of them!):
Brexit: Lord Hill report on Listing Rules; CEPS report: TCA even more paltry for financial services; ECB’s Panetta on Central Clearing and the changing landscape; BoE Bailey – EU moving to location policy for swaps; UK gets data adequacy decision to continue to 2025; City Corporation: UK financial services to the world
General: Conference on the future of Europe conference: NOT another Messina 1956 moment!; Eurogroup/ECOFIN outcomes: Digital tax, retail payments
Banking: AML: OECD call for crack-down on `white collar’ enablers, GRI: momentum behind country-by-country tax reporting; Giegold – “earthquake moment”; OpenLux = need for tougher enforcement; Tax Justice Network: rule-setting countries lead the way in breaching the rules; BIS study corporate credit stress in Covid times; SRB study on banks’ “in resolution” access to FMIs
Capital Markets Union: ESAP: ESMA supports corporate transparency, Accountancy Europe/Lux funds support; FT Bond trading dragged into digital age; EFAMA: response to IOSCO on secondary equity trading data; ISDA on end of LIBOR
ESG: Wirecard: ESMA proposes improvements to Transparency Directive, Jane Fuller of CSFI on regulator independence; EFAMA et al: development of European sustainability reporting standards – game-changer; SFDR: ICMA comment; CFA – improve corporate governance; ESMA proposes rules for Art 8 of Taxonomy Reg reporting
Digital: IMF blog – public and private money can co-exist in digital age; Vox – what happens if Bitcoin succeeds?