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25 May 2018

CPD Weekly


The top three issues of this week's CPD email are: MiFID reforms spur companies seeking investors to bypass brokers; US Congress passes a bill to rollback the post-financial crisis-era Dodd-Frank reforms; and UK competition watchdog asked to consider breaking up the Big Four accounting firms.

 

Welcome to  our CPD weekly e-mail

What is this e-mail about?

(Full description) It is designed to keep you "knowledgeable and competent" in accordance with ESMA's Guidelines (details) to implement MiFID II. We update you on EU-level developments in regulation, market structure, economic figures and events that may influence investment products marketed by your firm. This is NOT investment research attempting to forecast security prices.

Content

We select articles from our database to produce a a "10-minute Read 'n Verify" e-mail of about 1500 (normal maximum 2000) words of content per week. Each article has a link that enables you to drill down into more detail - depending on your corporate subscription level. Moreover, you can browse our website - subject to your subscription - to broaden your understanding of a subject. or set up a personalised alert.

Verify

The Verify test enables you to check your comprehension of our choice of the top three issues this week.

  • Financial Times: MiFID reforms spur companies seeking investors to bypass brokers
  • Financial Times: This is exactly the wrong time to roll back financial reform
  • Financial Times: A Big Four upheaval could endanger audit quality

At the foot of this e-mail is a link to a multiple choice test and you can use a "100% success" on the three questions to verifiy 10 minutes of CPD to your employer and/or professional qualification body.

With the arrival of the new General Data Protection Regulations (GDPR) in May 2018, unless we receive express consent to contact you with our updates we will have to remove you from our mailing list.
 
To ensure that we stay in contact please email us your consent. Unfortunately, if we do not hear from you before the 25th May all correspondence outside of ongoing active business will cease. 
 
Please be assured that we take the privacy of our contacts very seriously and would never pass on your information to any third parties. Our Privacy statement can be viewed here.

The Graham Bishop team


  Jump directly to articles on:-
Banking Union Capital Markets Union Insurance Asset Management
Corporate Governance/Accounting Economic    
      About this email
Articles from 18 May 2018 - 25 May 2018
  Banking Union
 
 
Position paper of the Association of German Banks on the role of banks in financing the European economy
Banks play a pivotal role in financing the economy and fostering growth, trade, and employment in Europe. This view is supported by a recent study by the Centre for European Economic Research on the role of private banks in corporate finance, based on data on individual bank-firm relationships.   View Article
EBA consults on standards on estimation and identification of an economic downturn in IRB modelling
The draft RTS specify the nature, severity and duration of an economic downturn, while the Guidelines focus on the appropriate estimation of the LGD in a situation of economic downturn.   View Article
EBF response to the Commission's consultation on SRD Implementing Regulation
The European Banking Federation fully supports the opportunity to share its views on the draft Implementing Regulation issued by the European Commission on shareholder identification, the transmission of information and the facilitation of the exercise of shareholders rights.  View Article
Financial Times: This is exactly the wrong time to roll back financial reform
The US Congress may very well pass a bill to rollback the post-financial crisis-era Dodd-Frank reforms, at a time when the US is at the end of a recovery cycle, with debt loads at record levels.  View Article
VoxEU: Bitcoin, Vollgeld, and popular views of money
On 10 June 2018, Switzerland will be the first country to have a referendum on the introduction of Sovereign Money ('Vollgeld'). This column argues that the Vollgeld project and cryptocurrencies such as Bitcoin build on popular fantasies about money that are disconnected from the actual operation of the current monetary system.   View Article
 
  Capital Markets Union
 
 
PCS: No, we’re not there yet!
PCS outlines the key two issues that remain a key necessary step to a viable and, hopefully, vibrant European securitisation market.  View Article
ISDA response to the European Commission proposals on the conflict of law rules for securities and claims
ISDA supports the objective of providing legal certainty in relation to the cross-border assignment of claims by promoting uniform conflict of laws rules throughout the European Union.  View Article
Financial Times: MiFID reforms spur companies seeking investors to bypass brokers
Companies are bypassing their banks and brokers to arrange meetings and calls directly with potential investors, in response to new European rules that aim to make markets more transparent and reduce conflicts of interest.  View Article
AFME calls for further progress in European post trade reform
AFME’s Post Trade Division published a new White Paper that outlines AFME’s vision for integrated, safe and efficient post trade in Europe.  View Article
 
  Insurance
 
 
EIOPA publishes the first study on the modelling of market and credit risk
The results of the study show significant variations in asset model outputs, partially resulting from model specificities, which indicates the need for further supervisory actions. The study is a first step in an ongoing process of monitoring and comparing internal market and credit risk models.  View Article
Insurance Europe: 2017-2018 Annual Report published
Insurance Europe has published its 2017–2018 Annual Report, setting out the European insurance industry’s positions on the main insurance issues of the day.  View Article
 
  Asset Management
 
 
Investment & Pensions Europe: European institutional investors expanding ETF usage
European institutional investors are increasingly turning to exchange traded funds (ETFs) as interest in smart beta strategies and multi-asset investment funds rises, a new study has found.  View Article
 
  Corporate Governance/Accounting
 
 
Financial Times: A Big Four upheaval could endanger audit quality
According to Kevin Ellis, chairman of PWC UK, the collapse of UK government contractor Carillion amid allegations of financial misreporting thrust corporate auditing into the spotlight, but supervisors' tests and changes should be measured to avoid costly disruption and unintended consequences.  View Article
 
  Economic
 
 
VoxEU: A plan to save the euro
This column argues that the proposals in the recent CEPR Policy Insight are necessary if the euro area is to avoid another catastrophic crisis and that they would go a long way towards addressing the legitimate concerns of citizens in both the core and periphery of the euro area.  View Article
Financial Times: The eurozone ‘safe asset’ is crucial to banking union
News that the commission is about to propose a financial benchmark asset for the euro, in lightning speed to turn advice from the EU’s systemic risk supervisors into a concrete legislative project, has been greeted with misgivings.  View Article
VoxEU: Fiscal rules and the role of the Commission
This column, part of the VoxEU debate on Euro Area Reform, looks at the challenges to the central role of the Commission that have arisen as the rules-based fiscal framework has been severely compromised.  View Article
Main results - European Economic Area Council
The European Economic Area ('EEA') Council discussed issues related to the EEA Agreement and cooperation between the EU and the EEA EFTA states (Iceland, Liechtenstein and Norway).  View Article
ECB publishes its 2018 Convergence Report
All seven EU Member States under review have made progress with regard to compliance with convergence criteria. No country fulfils all obligations laid down in the Treaty, including legal convergence criteria. Sustainable convergence is needed for successful adoption of the euro.  View Article
 



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