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20 May 2015

110th Brussels for Breakfast

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Main topics included: Brexit, increasing financial integration, Denmark and Banking Union, PSD2, Capital Market Union and MiFID impacts on research and CPD obligations.


Hosted by the BBA and organised by the CSFI – with Graham Bishop and Raoul Ruparel (Open Europe).

(After this event, Graham Bishop went to CISI for a 30 minute live interview) 

Now that a referendum seems virtually certain, YouGov polling numbers show a major turnaround from 2012 – to give the Ins a significant (and now sustained) lead. The Bertelsmann Foundation has produced the first calculations of the possible impact on the remaining EU states. Whilst the potential impact on the UK looks serious, the impact elsewhere is fairly minor. The European Movement Senior Experts analysed the UK Government’s Balance of Competences Review and found little that needs to be repatriated. However, Open Europe has just published a list of the topics that could be put forward for reform and has strong legal argument for its view that substantial changes to migrant welfare eligibility would not require Treaty change. The CSFI’s report on City views about Brexit underlined the commitment of City professional to remain in the EU.

The discussion on Capital Market Union – triggered by the publication of the contributions of many trade associations – made it clear there is strong support for the principle but a number of reservations about existing measure enacted at the height of the crisis. As the details of MiFID Level 2 measure begin to emerge, it’s clear that the issue of how clients pay for research is a major topic. Moreover, ESMA has just launched a consultation about the professional qualifications of those bank employees who market securities o savers. The ESMA view seems to be that they also need several years of experience before advising clients – and that they should keep their professional knowledge up to date by continuous professional development.

© Graham Bishop

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