Standard Weekly Newsletter

12 March 2020

Benchmarks Regulation, Commission's new Industrial Strategy, final report on the EU taxonomy on Sustainable Finance, Graham Bishop's view from Brussels of the EU/UK negotiations, Barnier warns of grave differences between EU and UK, von der Leyen says UK 'must consider deal trade-offs'.


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Articles from 5 March 2020 - 12 March 2020

Banking Union

EBA launches call for expression of interest for its new Banking Stakeholders Group (BSG) : The call for expression is launched because of the ESAs review process that took place in 2019 and entered into force in January 2020. The mandate of the current members will expire on 30 June 2020.  View Article
ESMA consults on draft technical standards for benchmarks : ESMA launched a consultation on draft Regulatory Technical Standards (RTS) under the Benchmarks Regulation (BMR) covering governance, methodology, infringements reporting, critical benchmarks. View Article
AFME comments on SRB policy under the banking package consultation : AFME fully supports the SRB’s policy aims, i.e. for the proposed provisions to be effective, efficient and proportionate, whilst also promoting a level playing field across banks.  View Article

Capital Markets Union

ESMA’s supervision focuses on outstanding credit ratings, data quality and third country CCPs : ESMA is also preparing for its new supervisory responsibilities under the Securities Financing Transactions Regulation (SFTR), the Securitisation Regulation (SECR), the Benchmarks Regulation and MiFIR. View Article
AFME publishes recommendations for partial settlement under Central Securities Depository Regulation : The recommendations aim to encourage greater and more harmonised use of partial settlement across the industry as a way of improving settlement rates. View Article

Financial Market Structure

AMF - MiFID II: Focus on the relationship between producers and distributors : MiFID II has established new obligations concerning the relationship between producers and distributors of financial instruments, to ensure greater protection of investors. View Article

Environmental, Social, Governance (ESG)

Sustainable finance: TEG final report on the EU taxonomy : The final report on EU taxonomy, developed by the Technical Expert Group (TEG) on Sustainable Finance, contains recommendations relating to the overarching design of the Taxonomy, as well as guidance on how companies and financial institutions can make disclosures using the taxonomy. View Article
Valdis Dombrovskis presents the European Industrial Strategy
European Commission: A new Industrial Strategy for a globally competitive, green and digital Europe : The Commission presents a new Strategy to help Europe's industry lead the twin transitions towards climate neutrality and digital leadership. The Strategy aims to drive Europe's competitiveness and its strategic autonomy at a time of moving geopolitical plates and increasing global competition. View Article
EurActiv: EU experts recommend two-tier approach to ‘green’ investment rules : European policymakers should use a two-tier approach to define sustainable investments in order to smooth the bloc’s transition to a low carbon economy, a group of industry experts has said. View Article

Fin Tech Regulation

European Commission: Shaping Europe's digital future: Eurobarometer survey shows support for sustainability and data sharing : The survey, released today, measured attitudes towards the impact of digitalisation on daily lives of Europeans in 27 EU Member States and the United Kingdom. It covers several different areas including digitalisation and the environment, sharing personal information, disinformation, digital skills and the use of digital ID. View Article

Friends' Standard Services



160th Brussels for Breakfast – CPD Notes : Organised by the Centre for the Study of Financial Innovation (CSFI), hosted by CISI with fellow speakers Gergely Polner (Hanbury Strategy) and Niamh Moloney (LSE Dept. of Law).  View Article
The view from Brussels of the EU/UK negotiations: a total illusion of “independence” : Graham Bishop happened to be in Brussels for a conference just after the `negotiations’ finished last week. His clear conclusion is that the UK is about to be sacrificed on the altar of an ideological purity about independence that is a total illusion. View Article

Broadening the International Role of the Euro

Keynote speech by President Charles Michel on the international role of the euro at the Centre for European Policy Studies : Michel delivers three main messages: First, Europeans must have a clear goal in sight: for geopolitical, climate and digital matters. Next, a euro that is attractive internationally is a key element in making progress towards that objective. Finally, for an attractive euro, we need a strong EMU. View Article
LSE: The reputation of the euro and the European Central Bank: Interlinked or disconnected? : Researchers have found that while support for the euro is primarily value based, trust in the ECB depends predominantly on citizens’ satisfaction with the EU’s overall performance and citizens’ outlooks on the economy. View Article

Economic Policies Impacting EU Finance

IMF: Limiting the economic fallout of the coronavirus with large targeted policies : Substantial targeted policies are needed to support the economy through the epidemic, keeping intact the web of economic and financial relationships between workers and businesses, lenders and borrowers, and suppliers and end-users for activity to recover once the outbreak fades, warned the IMF. View Article

EU27 Politics


Ursula von der Leyen - City AM


A Union that strives for more: the first 100 days : The new Commission led by President Ursula von der Leyen took office on 1 December 2019. Within its first 100 days, the Commission focused on delivering its most important priorities set in the President's political guidelines. View Article
LSE: Brexit will affect, but not determine, the EU’s roles in a changing world arena : What effects might Brexit have on the EU’s capacity to play an effective role in the world arena, asks Michael Smith (University of Warwick)? View Article



Michel Barnier - The Guardian


The Guardian: Barnier warns of grave differences between EU and UK in trade talks : Michel Barnier has spoken of grave differences between the EU and the UK over their future relationship, warning that Boris Johnson’s refusal to formally commit to the European convention on human rights would limit cooperation in fighting crime. View Article
BBC: Brexit: UK 'must consider deal trade-offs', says von der Leyen : The UK should consider the trade-offs it is willing to make in a post-Brexit deal, European Commission president Ursula von der Leyen says. View Article
Financial Times: UK and EU set to table competing draft trade deals : Britain and the EU are set to present competing drafts of their future trade agreement as each side digs in ahead of the resumption of negotiations. View Article
EurActiv: Coronavirus set to derail Brexit talks, UK minister admits : The spread of the coronavirus epidemic is set to derail post-Brexit trade talks between London and the EU, UK Cabinet Office minister Michael Gove admitted. View Article
Financial Times: Brussels warns no quick decision on City market access : The EU is preparing to rebuff UK pressure for a quick decision on market access rights for the City of London, in a setback to Boris Johnson’s plans to cushion the effects of Brexit on the country’s powerful financial services sector. View Article
Graham Bishop retweeted
The spread of the coronavirus epidemic is set to derail post-Brexit trade talks between London and the EU, UK Cabinet Office minister Michael Gove admitted.
Graham Bishop Graham Bishop
Brexit negotiations took centre stage in today's #Brussels4Breakfast debate @CISI organised by @CSFI1 ,though the subsequent discussion on the plight of EU banks proved to be very sobering. Read my notes here #Brexit #tradetalks #MREL #EBA
Graham Bishop Graham Bishop
Read my notes on the latest #Brussels4Breakfast debate - Is this the ultimate perfect storm for the EU’s banking system? #Brexit #tradetalks #tradedeal #MREL #EBA
Graham Bishop retweeted
Bloomberg Bloomberg
BREAKING: ECB President Christine Lagarde warns Europe risks a major economic shock similar to the financial crisis without urgent action on coronavirus
Graham Bishop retweeted
FT Brussels FT Brussels
Brussels warns no quick decision on City market access
Graham Bishop Graham Bishop
I happened to be in Brussels for a conference just after the #Brexit`negotiations’ finished last week - here's my view on what's next for Brexit Britain #tradetalks
Graham Bishop Graham Bishop
The UK is about to be sacrificed on the altar of an ideological purity about independence that is a total illusion - my view from Brussels of the EU/UK negotiations #Brexit #tradetalks
Graham Bishop retweeted
FT Brussels FT Brussels
UK and EU set to table competing draft trade deals
Graham Bishop retweeted
Bloomberg Brexit Bloomberg Brexit
London's banks will have to wait months to learn if they’ll get EU access, says Michel Barnier, despite U.K. pressure for a quick deal
Graham Bishop retweeted
FT Brussels FT Brussels
Barnier warns of ‘serious’ differences after Brexit talks

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