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Welcome to our Friends weekly e-mail.
Highlights of my week: A surprisingly light week for EU financial regulation but – entering the UK’s election year – Brexit comments seems to be building up. The week was also marked by many tributes to Jacques Delors and control of the EU’s agenda could even be handed to Putin’s friend – Orban – in July if Council President Michel is elected to the Parliament and steps down. SRB Chair Laboureix defended the new crisis management framework – even before it has come into force – as ESMA sounded an alarm about real estate risk exposure in the securities area. The SFDR came in for further criticism on the detailed implementation while the G20’s road map for faster payments was criticised as also being a road map for faster financial crime. The US may have opened the floodgates to mainstream Bitcoin as the ECB cranks up preparations for “ECBitcoin”. Opening polls for 2024 now put “Remain” at 60% versus only 40% for “out” as the British electorate finds out the full details of the Brexit it recklessly voted for as the consequences percolate into the “nooks and crannies” of national life. The Conservative Party – the champions of Brexit – may be teetering on the brink of a political earthquake. Graham Bishop Articles from 5 - 11 January 2024
Policy impacting Finance Federal Trust/Guardian's Palmer: ‘What I want is a federalising Europe’: remembering Jacques Delors, a true EU champion : His commitment to a barrier-free EU single market – a goal he initially shared with Margaret Thatcher – was always predicated on it being run by the European Union, rather than by national governments. View Article
POLITICO: Orbán’s Ukraine compromise would allow him to hold EU to ransom every year : Budapest signaled it may lift its veto - but with strings attached. View Article
Bloomberg: Romania Vies for an EU Top Job After Process Thrown Into Chaos : Klaus Iohannis is eying the European Council president post Charles Michel may have to leave the council job early View Article
Banking Union The EBA updates technical standards on supervisory colleges : The updated standards aim at ensuring a common EU framework for colleges of supervisors and promoting a more efficient and effective supervision of cross-border banking groups. View Article
Will the new EU banking resolution framework protect taxpayers’ money? - Dominique Laboureix in The Banker : In April 2023, the European Commission presented a legislative proposal to update the 2014 bank crisis-management framework. The new rules, despite not being finalised, are already causing a stir among practitioners and banks. View Article
Capital Markets Union ESMA explores risk exposures to real estate in EU securities markets and investment funds : Debt levels in the real estate sector are elevated with wider risk implications from non-bank financial market players. View Article
ESAs consult on draft implementing technical standards specifying certain tasks of collection bodies and certain functionalities of the Euro : The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published a Consultation Paper on the draft implementing technical standards (ITSs) regarding the tasks of the collection bodies and the functionalities of the European Single Access Point (ESAP). View Article
EIOPA analyses internal models for non-life underwriting risk : View Article
Environmental, Social, Governance (ESG) ACCA/CISI: European Commission urged to improved stringency of SFDR classifications to fight greenwashing : ACCA and CISI call for European Union regulations to be more effective in promoting sustainable finance...ACCA and CISI say that to ensure effective regulation, the SFDR needs greater guidance and clarification. View Article
?IPE's Fixsen: Insurance Sweden says SFDR should be simpler, not used as product label : Insurance Sweden said it believed the regulation should continue to be a regulatory framework to increase transparency and inform customers about sustainability risks and ultimately enable sustainable investments. View Article
Fin Tech Regulation G20 faster payments roadmap could boost financial crime - report : The Future of Financial Intelligence Sharing (FFIS) is now warning that there "appears to be a lack of joined-up policy thinking" between this effort and economic crime security considerations. Faster payments threaten to remove a fundamental part of existing processes .. View Article
FT: How many banks might ECBitcoin break? : Morgan Stanley has a note out on the digital euro, the European Central Bank’s grasp to retain monetary sovereignty in an increasingly paperless union. View Article
Finextra: ECB issues digital euro vendor call : The European Central Bank has opened applications for vendors to provide components and related services for a potential digital euro in contracts that could total more than EUR1 billion. View Article FT: SEC approves first spot bitcoin ETFs in boost to crypto advocates : Funds could start trading as soon as Thursday after months of anticipation and pushback View Article Economic Policies Impacting EU Finance Economic Dialogue with the European Commission on EU Fiscal Surveillance : In 2024, the general escape clause of the Stability and Growth Pact will not anymore be in force and the fiscal recommendations adopted by the Council in July 2023 will be applicable until any new rules are agreed and enter into force. View Article
Brexit What UK thinks Brexit latest poll: Jan 2024 - Remain 60%; out 40% : Results of latest six polls - average Remain 58%, out 42% View Article
FT: Sadiq Khan to attack Brexit with new research on economic damage : London’s Labour mayor to call for debate on the case for rejoining the customs union and single market View Article
UKTPO's Henig: What the extended grace period for Electric Vehicle Rules of Origin tells us about the UK-EU relationship : There was relief for Europe’s automotive sector at the start of December when the UK and EU agreed to maintain current product specific rules of origin for electric vehicles within the Trade and Cooperation Agreement (TCA) until the end of 2026. View Article
The London Economic: New poll shows Brexit could be the key to winning over undecided voters : Up to a million undecided voters believe Brexit has failed and want a Labour government to pursue closer ties to the EU, new polling shows. View Article
POLITICO: Brexit’s bum note: UK orchestras hit by new touring tax : Musicians fear European tours could become unviable under the new regime. View Article
POLITICO: Brits left baffled by Brexit’s ‘not for EU’ food labels : Post-Brexit rules requiring foods to carry ‘not for EU’ labels spark confusion — and, in some cases, outright disgust — from UK shoppers. View Article
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