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24 April 2021

CSFI video: 172nd Brussels 4 Breakfast


The key events in EU financial regulation during the past month: Brexit, General, Banking, Capital Markets Union, ESG and Digital: the Lugano Convention, CBDC, CRD6 etc., with Graham Bishop (grahambishop.com) and Denis MacShane


Why you should watch:

 

The Commission's recommendation that the UK should be excluded from the Lugano Convention is big (and bad) news. More evidence that Brussels has little interest in accommodating the UK - and still less in doing a deal to bail out the City. That will also come up when CRD6 is published - even though it is really the EU's response to the external shock of Basel3 (which also, and equally, hits Britain). Other issues: the EU's push for instant payments, talk of an ECB digital currency, and lots to worry about on the ESG side.

 

Moderator: Andrew Hilton (Director, CSFI) 

 

Panellists:

 

Graham Bishop is a long-time London-based commentator on EU affairs - as well as a committed Europhile. He began his career with Phillips & Drew, moving to Salomon and Citi before setting up his own consultancy.

 

Denis MacShane is a former Minister of State for Europe and author of a number of books on Europe - including Brexiternity, now in a revised edition.

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The key topics that we discussed - though we di dnot get to them all!

Brexit:

ICMA 2Q report on bond markets; Applicable law for securities: Lugano Convention – City Corporation urges support, Com says NO to UK accession; EU/UK MoU agreed: was it worth the effort? (Example output: EU/US Forum)

General

Works starts on the Conference on the Future of Europe (CoFE); German Constitutional Court – will it kill Next Gen EU? Commission prepares to raise €800 billion; Global minimum corporate tax rate: Biden plan

Banking:

Instant payments: EBF, European Payments Council, Com targeted consultation; Retail payments: Council supports actions to promote instant/EU wide payments

Capital Markets Union:

CRD6/CRR3: AFME/ISDA’s priorities; CCP committee chair on applying EMIR to CCPs

ESG

IFRS working group to accelerate convergence in reporting standards; Accountancy Europe: EU plans for sustainable corporate governance; CFA Institute launched first global Certificate in ESG investing

Digital:

ECB reports on public consultation about a digital euro; Bitcoin surge: 0.4% of global electricity consumption.



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