jsproge@ teptoe.com Brussels Weekly News Prepared for SwissBanking 5 – 9 November 2018 BREXIT Next week, Brexit chief negotiator Michel Barnier will update the EU General Affairs Council on the ongoing Brexit talks. All withdrawal issues, including that of avoiding a hard border between Ireland and Northern Ireland, must be agreed in good time for the deal to be ratified before the withdrawal date of 29 March 2019. ELECTIONS/APPOINTMENTS The Congress of the European People’s Party (EPP) nominated Manfred Weber as its candidate for President of the European Commission. He is now the person most likely to succeed Jean-Claude Juncker. The ECB nominated the EBA’s chair Mr Andrea Enria as a new Chair of Supervisory Board. The final approval has to be given by the Council after the Parliament’s vote. Irish Member of the European Parliament and author of the own-initiative report on relationships between the EU and third countries concerning financial services regulation Brian Hayes announced that he will leave politics shortly and become CEO of the Banking and Payments Federation in Ireland. FINANCIAL SERVICES The Eurogroup continued its discussion on creating a common backstop to bank resolution. The Terms of Reference establishing a common backstop will be delivered to the Euro Summit in December. ESMA launched a call for evidence on periodic auctions for equity instruments. ESMA is concerned that frequent batch auctions could be used to circumvent the double volume cap and other MiFID II pre-trade transparency requirements. The Court of Justice of the European Union ruled that the exclusive operation of a national mobile payment system by an undertaking controlled by the Hungarian State is contrary to EU law. Ten EU countries branding themselves as 'Hanseatic' states have presented a joint paper suggesting that the European Stability Mechanism managing director should be tasked to verify the adequacy of the borrower's repayment capacity before presenting the programme to the Board of Governors for approval. The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA) launched a public consultation to amend the Implementing Regulations on the mapping of credit assessments of External Credit Assessment Institutions. The consultation runs until 31 December 2018. The EBA has published the results of the 2018 EU-wide stress test. It has also published its final guidelines on management of non-performing and forborne exposures. ESMA published a list of the signed Memoranda of Understanding by the EU authorities with non-EU regulators around the globe regarding the Alternative Investment Fund Directive (AIFMD). ESMA and the EBA published a Guidelines compliance table regarding the assessment of the suitability of members of the management body and key function holders under CRD IV and MiFID II. ESMA published new data for bonds subject to the pre- and post-trade requirements of MiFID II and MiFIR as well as data for the systematic internaliser calculations for equity, equity-like instruments and bonds under MiFID II and MiFIR. ESMA also issued a decision pursuant to Article 40 MiFIR to restrict the marketing, distribution or sale of contracts for differences (CFDs) to retail clients. ESMA published the responses received to its Consultations on Prospectus. ANTI-MONEY LAUNDERING The ECB’s Governing Council decided to withdraw the banking licence of Malta's Pilatus Bank accused of money laundering. TAX The Council removed Namibia from the EU’s list of non-cooperative tax jurisdictions. The EU finance and tax ministers held a policy debate on the proposal to establish a digital services tax but further work at technical level is required to reach an agreement at the Council meeting on 4 December.
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jsproge@ teptoe.com
Brussels Weekly News Prepared for SwissBanking
5 – 9 November 2018
BREXIT
Next week, Brexit chief negotiator Michel Barnier will update the EU General Affairs Council on the ongoing
Brexit talks. All withdrawal issues, including that of avoiding a hard border between Ireland and Northern
Ireland, must be agreed in good time for the deal to be ratified before the withdrawal date of 29 March 2019.
ELECTIONS/APPOINTMENTS
The Congress of the European People’s Party (EPP) nominated Manfred Weber as its candidate for
President of the European Commission. He is now the person most likely to succeed Jean-Claude Juncker.
The ECB nominated the EBA’s chair Mr Andrea Enria as a new Chair of Supervisory Board. The final
approval has to be given by the Council after the Parliament’s vote.
Irish Member of the European Parliament and author of the own-initiative report on relationships between the
EU and third countries concerning financial services regulation Brian Hayes announced that he will leave
politics shortly and become CEO of the Banking and Payments Federation in Ireland.
FINANCIAL SERVICES
The Eurogroup continued its discussion on creating a common backstop to bank resolution. The Terms of
Reference establishing a common backstop will be delivered to the Euro Summit in December.
ESMA launched a call for evidence on periodic auctions for equity instruments. ESMA is concerned that
frequent batch auctions could be used to circumvent the double volume cap and other MiFID II pre-trade
transparency requirements.
The Court of Justice of the European Union ruled that the exclusive operation of a national mobile payment
system by an undertaking controlled by the Hungarian State is contrary to EU law.
Ten EU countries branding themselves as 'Hanseatic' states have presented a joint paper suggesting that
the European Stability Mechanism managing director should be tasked to verify the adequacy of the
borrower's repayment capacity before presenting the programme to the Board of Governors for approval.
The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA) launched a
public consultation to amend the Implementing Regulations on the mapping of credit assessments of
External Credit Assessment Institutions. The consultation runs until 31 December 2018.
The EBA has published the results of the 2018 EU-wide stress test. It has also published its final guidelines
on management of non-performing and forborne exposures.
ESMA published a list of the signed Memoranda of Understanding by the EU authorities with non-EU
regulators around the globe regarding the Alternative Investment Fund Directive (AIFMD).
ESMA and the EBA published a Guidelines compliance table regarding the assessment of the suitability of
members of the management body and key function holders under CRD IV and MiFID II.
ESMA published new data for bonds subject to the pre- and post-trade requirements of MiFID II and MiFIR
as well as data for the systematic internaliser calculations for equity, equity-like instruments and bonds under
MiFID II and MiFIR. ESMA also issued a decision pursuant to Article 40 MiFIR to restrict the marketing,
distribution or sale of contracts for differences (CFDs) to retail clients.
ESMA published the responses received to its Consultations on Prospectus.
ANTI-MONEY LAUNDERING
The ECB’s Governing Council decided to withdraw the banking licence of Malta's Pilatus Bank accused of
money laundering.
TAX
The Council removed Namibia from the EU’s list of non-cooperative tax jurisdictions.
The EU finance and tax ministers held a policy debate on the proposal to establish a digital services tax but
further work at technical level is required to reach an agreement at the Council meeting on 4 December.
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