|
|
 |
Welcome to our Friends weekly e-mail.
This will be the last weekly of the summer and we will re-start on 5th September, but will occasionally update the website. Happy Holidays to all our readers!
Highlights of my week: The 10th European Parliament got down to work this week – with the first task of massively re-electing Roberta Metsola as its President. The second task is currently still underway: listening to Ursula von der Leyen’s speech applying for a second term as Commission President, digesting the details in her “Political Guidelines” and then voting for her (or not) in a secret ballot. In the background, the rows about the Hungarian Presidency rumble on. However, the usual flow of detailed financial regulatory actions continues – ranging from FSB comments on aspects of cross-border payments; the EBA’s reflections on how EU banks actually manage their capital “stacks” and ESMA’s consultation on order execution policies. The Corporate Sustainability Reporting Directive (CSRD) should now have come into force in all Member States – raising the question from ICGN of - yet again - how to assure investors about `greenwashing’ claims. The UK announced plans to reform its audit watchdog – does the EU need to follow suit? The ESAs are still clearing their desks ahead of the holidays with a batch of policies, guidelines and consultations on cyber matters. The UK was dazzled by the splendour of the King’s Speech opening the new Parliament with a wide-ranging list of proposed measures – including plans to rebuild relations with the EU. Soft diplomacy starts later today with the opening of the European Political Community meeting at Blenheim Palace – Churchill’s birthplace.
Graham Bishop Articles from 11-18 July 2024
Policy impacting Finance Commission: EUROPE’S CHOICE - POLITICAL GUIDELINES FOR THE NEXT EUROPEAN COMMISSION 2024−2029 : Ursula von der Leyen: Candidate for the European Commission President View Article
Roberta Metsola re-elected as President of the European Parliament : On Tuesday, MEPs re-elected Roberta Metsola (EPP, MT) as President of the European Parliament until 2027, with 562 votes in the first round. View Article
LSE's Vegh: What to expect from Hungary’s presidency of the Council of the EU : The Hungarian presidency will be unable to paralyse the EU, but the tangible insecurities about its prospective behaviour highlight the severe consequences that Euroscepticism and the internal authoritarian challenge pose to the EU as a club of democracies. View Article
Economic and Financial Affairs Council, 16 July 2024 : Hungarian Presidency programme, European Semester, RRF View Article
Eurogroup statement on the fiscal stance for the euro area in 2025 : The conditions for a gradual acceleration of economic activity in 2024 and 2025 remain in place in the euro area. Based on the Commission spring forecast, consumption is emerging as a key driver, on the back of a further deceleration in inflation and a resilient labour market. View Article
FSB consults on recommendations related to data flows and regulation and supervision in cross-border payments : FSB proposes recommendations to address frictions in data flows related to cross-border payments and to promote a level playing field between bank and non-bank providers of payment services. View Article
IMF blog: Europe Can Better Support Venture Capital to Boost Growth and Productivity : by Arnold, Claveres, Frie : Reforms could increase investment in high-tech startups that power innovation View Article
Banking Union FSB: Recommendations for Regulating and Supervising Bank and Non-bank Payment Service Providers Offering Cross-border Payment Services: Cons : Differences in the coverage or application of legal, regulatory, or supervisory regimes to banks and non-banks that provide cross-border payment services have been identified as adversely affecting efforts to successfully address the identified Roadmap challenges and meet the G20 targets. View Article
EBA reflects on EU stacking orders and provides insight into EU institutions’ management buffers : View Article
Bruegel's Papadia, Gotti: The European Central Bank’s operational framework and what it is missing : This paper attempts to fill in the gaps in the European Central Bank's framework review View Article
Capital Markets Union ESMA consults on firms’ order execution policies under MiFID II : The objective of the proposed technical standards is to foster investor protection by enhancing investment firms’ order execution. View Article
ESMA publishes 2023 data on cross-border investment activity of firms : ESMA together with the National Competent Authorities (NCAs), completed an analysis of the cross-border provision of investment services during 2023. The data sets were collected from investment firms across 30 jurisdictions in the EU/EEA. View Article
Environmental, Social, Governance (ESG) ICGN: The assurance of sustainability reporting : Many investors are concerned that corporate sustainability disclosures may contain some unsupported claims, sometimes referred to as “greenwashing”. To enhance trust ... assurance of this information by an independent third party plays a crucial role. View Article
ACCA welcomes the adoption of the Corporate Sustainability Reporting Directive into national laws across Europe : 6th July marked the deadline for EU member states to implement the Corporate Sustainability Reporting Directive (CSRD) into national legislation. As is often the case, however, many countries have not met the deadline. View Article
Bankenverband:BCBS – DP on the role of climate scenario analysis (CSA) in the management and supervision of climate-related financial risks : The German Banking Industry has issued a statement on the Basel Committee on Banking Supervisions (BCBS) discussion paper on the role of climate scenario analysis in strengthening the management and supervision of climate-related financial risks. View Article
EBF Response to the BIS discussion paper on the role of climate scenario analysis in strengthening the management and supervision of climate : The European banking sector generally supports the BIS’s efforts to establish common guidelines for CSA and Climate Stress Testing, which will help align supervisory practices globally. View Article
IAIS: Public consultation on climate risk supervisory guidance : An adequate response from supervisors to climate-related risks will support the objectives of insurance supervision of protecting policyholders, contributing to financial stability and promoting the maintenance of a fair, safe and stable insurance market. View Article
City AM: City accountancy firms KMPG, PwC, EY and Forvis Mazars react to audit watchdog overhaul : It was revealed today, as part of the King’s Speach, that the creation of the new audit watchdog has been put on hold. Instead, the government said it would move full steam ahead on reforming the Financial Reporting Council (FRC) into the Audit, Reporting and Governance Authority (ARGA). View Article
Fin Tech Regulation ESAs establish framework to strengthen coordination in case of systemic cyber incidents : (EBA, EIOPA and ESMA – the ESAs) will establish the EU systemic cyber incident coordination framework (EU-SCICF), in the context of the Digital Operational Resilience Act (DORA), that will facilitate an effective financial sector response to a cyber incident that poses a risk to financial stability View Article
ESAs publish second batch of policy products under DORA : The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published today the second batch of policy products under the Digital Operational Resilience Act (DORA). View Article
ESAs consult on Guidelines under the Markets in Crypto-Assets Regulation : The ESAs) today published a consultation paper on Guidelines under Markets in Crypto-assets Regulation (MiCAR), establishing templates for explanations and legal opinions regarding the classification of crypto-assets along with a standardised test to foster a common approach to classification. View Article
Basel Committee publishes final disclosure framework for banks' cryptoasset exposures and targeted amendments to its cryptoasset standard : Basel Committee has published its final disclosure framework for banks' cryptoasset exposures; The Committee has also published targeted amendments to its cryptoasset standard to tighten the criteria for certain stablecoins to receive a preferential regulatory treatment. View Article
Brexit and the City AFME: Joint Industry Statement on the Establishment of a UK Consolidated Tape for Equities and Exchange Traded Funds : The establishment of a UK consolidated tape for equities and Exchange Traded Funds (ETFs) would be a major step in enhancing the competitiveness, transparency and resilience of UK capital markets... View Article
Brexit EURACTIV: King’s Speech: UK vows to rekindle trade and investment ties with Europe : Hopes that Keir Starmer’s new Labour government will seek to rebuild closer ties with the EU gained momentum on as King Charles presented the incoming administration’s priorities at the House of Lords, with a focus on “resetting relations”. View Article
FT: Starmer seeks to start rebuilding relations with Europe : British prime minister wants a meeting of European leaders to focus on illicit migration View Article
EU-UK's Reland: The risks of Labour’s EU strategy : This suggests that the extra ideas Labour has up its sleeve will focus on unilateral measures rather than negotiated agreements..the appeal: there is no need for tricky and time-consuming negotiations with the EU, and, technically speaking, unilateral measures involve no sacrifice of ‘sovereignty’. View Article
CER's Peet: Where might UK-EU relations be under a Labour government? : The new Labour government offers a chance for a new start for UK-EU relations and there are compelling reasons for closer relations. But for better relations the UK will have to both address the causes of Brexit at home and present a compelling offer to an EU that is already moving on. View Article
Follow us on
|
© Copyright 2024 Graham Bishop |
