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Welcome to our Friends weekly e-mail.
The voting booths have begun to open for the world’s second largest election – to the 720-seat European Parliament. The pollsters predict that the centre-right grouping of EPP, S&D and Renew will retain their majority - albeit slim. (See POLITICO’s forecast below). After the spectacular failure of pollsters in India, perhaps we should wait to see the actual votes of the citizens! As we watch the commemorations of the June 1944 D-Day landings, it would be an astonishing turn of history if the 80th anniversary marked a return to political power of the extreme right – should they ever be able to agree amongst themselves. Meanwhile, Eurogroup met and looks as though it only awaits the signal from the G7 to begin utilising at the least the income from frozen Russian assets – a potentially momentous turn for EU finances. A new trio of top SSM leaders was announced and they may have to consider the full implication of the Swiss experience of not-liquidating Credit Suisse because it was legally so fraught. Is too-big-to-fail really defunct? PensionsEurope and FESE were the latest to contribute their thoughts on how the next Commission/Parliament should achieve genuine CMU. The ESAs set out the final rules on “greenwashing” and ECGI reported that “acting in concert” rules may frustrate institutional investors from exercising their “green power” as shareholders. Former-MEP Farage may shatter the Conservative Party in the UK Parliament but do the new Labour voters care about Starmer’s subtleties of only moving `closer’ to the EU. Will they push him to face up to joining the EU again? Graham Bishop Articles from 31 May - 6 June 2024
Policy impacting Finance European Elections : The Foundation's Forecasts How will the European elections reshape the political landscape? : Despite a surge on the radical right, the pro-European parties are likely to retain a majority at the polls from 6 to 9 June. View Article
EURACTIV: The top five national delegations in the next EU Parliament : The top national delegations will reshape the Parliament’s balance of powers while feeding new priorities into the legislative work, and with voting set to start on Thursday (6 June), Europe Elects’ final projections for Euractiv lay out what could lie ahead. View Article
EURACTIV: Meet the parties fighting for power in the European elections : Between 6 – 9 June 2024, around 350 million people in the 27 member states of the European Union are eligible to cast their vote in the 10th European elections. This makes them the second largest in the world, after India’s and ahead of the United States. View ArticlePOLITICO: All politics is local: What the EU election is actually about in each country : Voters will be thinking about domestic issues – and not Ursula von der Leyen – when they go to the polls. View Article
CER's Kessler: Is the Spitzenkandidat process a waste of time? : The Spitzenkandidat (lead candidate) process has not fulfilled its promise of engaging the average voter. Still, it has helped ‘europeanise’ the European Parliament elections and is worth persisting with. View Article
Delors Centre's Quaritisch: Political Advertising in the 2024 EP elections - Between Europeanisation and the protection of electoral integrity : The EU has reacted to this with a regulation on political advertising. The initiative facilitates transnational campaigning online and aims to protect the integrity of European elections. The 2024 European elections will be the first time EU rules operate in this area, putting these to the test. View Article
SUERF's Wijffelaars, Koopman, van Harn:Are the new EU budget rules fit for long-term challenges and ambitions? : The rules are more lenient, but will probably still only be weakly enforced. Fiscal slippage is likely and debt levels will not return to 60% of GDP. Market pressure may be the only way to force uncooperative governments to act. View Article
Remarks by Paschal Donohoe following the Eurogroup meeting of 5 June 2024 : The [virtual] meeting recalled last month’s unanimous decision by all EU member states to direct extraordinary revenues generated by immobilised Russian assets in Europe to the benefit of Ukraine. View Article
ECIPE's Bauer, Dyuti, Pandya, Sharma, Sisto: Reinventing Europe’s Single Market: A Way Forward to Align Ideals and Action : It is essential for EU institutions and Member State governments to shift their focus from the abstract concept of the “Single Market” to the concrete objective of “legal harmonisation in the EU.” View Article FSB's Liang, US Under Secretary for Domestic Finance:Remarks on Artificial Intelligence in Finance : The primary question today is whether new AI models are fundamentally distinct from existing technology or if they will be used in such a different way that the current regulatory frameworks are not sufficient or do not apply. View Article Banking Union Council: Basel III reforms: new EU rules to increase banks’ resilience to economic shocks : The changes aim to increase the resilience of banks, strengthen their supervision and reinforce risk management. In addition they will strengthen supervision and sustainability in the banking sector. View Article
Reuters: ECB picks three new senior supervisors : They are set to replace Edouard Fernandez-Bollo, who will leave in August; Kerstin af Jochnick, due to step down in September; and Elizabeth McCaul, whose term ends in November. View Article
Reuters: Swiss finmin flags legal risks to winding up global banks : International financial authorities must give consideration to legal risks surrounding the potential winding up of global banks, Swiss Finance Minister Karin Keller-Sutter was quoted as saying on Wednesday. View Article
SSM's af Jochnik: More progress needed on banking union : We need to see greater efforts to complete banking union, says Supervisory Board member Kerstin af Jochnick. We have a single rulebook, but differences in national rules and practices still make cross-border mergers difficult. View Article
Commission: José Manuel Campa Interview with the Chair of the European Banking Authority (EBA). : He talks to us about the role of the EBA, how prepared banks are to weather future crises, and how digitalisation is impacting the EU's banking sector. View Article
Steady as we go: results of the 2023 CPMI cross-border payments monitoring survey : by Fitzgerald, Illes and Lammer: Enhancing cross-border payments has been a G20 priority since 2020. This ambitious programme requires action by individual jurisdictions and payment systems. The CPMI survey results show determined progress: the vast majority of payment systems.. View Article
BIS: Next generation correspondent banking : by Garratt, Koo Wilkens and Shin: Existing correspondent banking processes have struggled to adapt to new regulatory and supervisory requirements, posing questions on the future of the correspondent banking model. View Article
Capital Markets Union PensionsEurope’s 2024-2029 policy priorities for the new European Parliament and European Commission : Europe’s pension landscape is at a critical juncture. As we move towards 2029, the aging demographic, economic uncertainty, and changing work patterns require an updated approach to pensions. PensionsEurope is committed to promoting resilient, inclusive, and adequate pensions across Europe. View Article
FESE Manifesto: ‘C.H.E.C.K-list – Getting European Capital Markets in motion’ : To maximise the potential of a successful CMU, FESE’s manifesto underlines the following C.H.E.C.K.-list: View Article
The EBA and ESMA invite comments on the review of the investment firms prudential framework : The discussion paper touches upon a broad range of topics, including: the adequacy of the current prudential requirements; an analysis of the existing methodology; risks not covered by the current framework. View Article
IOSCO publishes Final Report on Leveraged Loans and CLOs Good Practices for Consideration : In its analysis IOSCO has focussed on examining the impact of fewer and looser covenants on investor protections, whether there is adequate transparency in these markets and the scope for potential conduct-related issues to arise. View Article
PCS : June 2024 newsletter : Market data – Beneath the headlines; The big picture; Asset classes; Russian Dolls and French “élan”; A transformation of the mood music; The Noyer Report; A European Fannie Mae?; News you may have missed View Article
IOSCO publishes Good Practices to improve trading venues’ resilience in case of Market Outages : It identifies key findings from recent market outages and sets forth five good practices to assist regulators, trading venues and market participants in preparing for, and managing, future market outages and thereby helping improve market-wide resilience. View Article
Environmental, Social, Governance (ESG) ESAs call for enhanced supervision and improved market practice on sustainability-related claims : The European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) today published their Final Reports on Greenwashing in the financial sector. View Article
Global Accountancy Profession’s Response to the IESBA’s Proposed International Ethics Standards for Sustainability Assurance (IESSA) : The global business community and the accountancy profession are at the start of significant transformation with respect to evolving sustainability disclosures. IESBA has an important role, like other standard setters, in this transformation. View Article
ECGI's: Puchniak, Varottil: Climate-Related Shareholder Activism as Corporate Democracy: A Call to Reform “Acting in Concert” Rules : Unless there is a new model for acting in concert rules, the potential for green activism to address climate change will never be realized View Article
Developed countries materially surpassed their USD 100 billion climate finance commitment in 2022 - OECD : Developed countries provided and mobilised USD 115.9 billion in climate finance for developing countries in 2022, exceeding the annual 100 billion goal for the first time and reaching a level that had not been expected before 2025. View Article
Fin Tech Regulation CEPS' Renda: Europe’s digital future is brighter than we think – we just need to fight for it : The EU is gradually laying the foundations of a ground-breaking digital edifice which may boost its future role as a geopolitical actor, a prosperity project and an economic power. .., European policymakers need to ensure that this is a key priority in the next mandate. View Article
ESAs publish templates and tools for voluntary dry run exercise to support the DORA implementation : The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published templates, technical documents and tools for the dry run exercise on the reporting of registers of information in the context of Digital Operation Resilience Act (DORA) announced in April 2024. View Article
ESMA: Final MiCA rules on conflict of interest of crypto assets providers published : ESMA sets out draft Regulatory Technical Standards on certain requirements in relation to conflicts of interest for crypto-asset service providers (CASPs) under MiCA... View Article
finextra: Central banks to test FX settlement in wCBDC : The Bank for International Settlements (BIS) is launching Project Rialto to explore how instant cross-border payments could be improved using a modular foreign exchange component combined with settlement in wholesale central bank digital currencies (wCBDC). View Article
Brexit and the City CityAM's Conchie: ‘Our reforms are working’: Is the London Stock Exchange on the cusp of a revival?Hopes are growing that the City’s listings drought could soon be quenched as a wave of top firms draw up plans to debut on the London Stock Exchange in the coming months. View Article
UKandEU's Portes, Hall, Hunsaacker: UK trade 2024 : While this partly reflects global trends, the UK has outperformed almost all other advanced economies in terms of the resilience of its services trade.... View Article
Brexit Bloomberg: Farage’s Return Sees Reform Party Close on Tories, YouGov Says : The return of Brexit architect Nigel Farage as leader of Reform UK and general election candidate has seen the right-wing party close to within just two points of Prime Minister Rishi Sunak’s governing Conservatives, threatening a dire election result for the premier, a new poll by YouGov showed. View Article
POLITICO: Voters think Labour will unpick Brexit. They may be disappointed : Keir Starmer wants to foster a closer relationship with the EU, but outside its single market and customs union. If Labour wins the election, he could face pressure to go further. View Article
UK TPO: Why discussion of Trade Policy matters in the General Election : As a hugely successful open economy, international trade constitutes a significant share of economic activity, supports over 6 million jobs in the UK, spurs innovation, and enhances consumption choices. In short, trade and investment flows are an important element in leading to higher economic growth and welfare. View Article
EIAG's Cloos: A Reset in EU-UK Relations: If Not Now, When? A Personal View from Brussels : The upcoming elections in the UK and the start of a new institutional cycle in the EU provide an opportunity for a reset; it will be neither automatic nor easy, whoever will be in charge in London, also since the media landscape is still the old one. View Article
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