1. Welcome by the Chair and adoption of the agenda |
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2. Update ahead of the Brisbane G-20 Summit: TLAC and ISDA Resolution Protocol |
Issue: |
A discussion of the likely key issues which will be raised in Brisbane, focusing on development of international standards for loss absorbing bank capital, and developments on trading agreements, as well as cross border recognition of resolution actions. |
Documents: |
ISDA press release on the Resolution Protocol. ISDA background briefing on the Resolution Protocol. Financial Stability Board press release on the Resolution Protocol. FSB Consultation on Cross Border Resolution. |
Rapporteur: |
Francis Dickinson, Bertrand Brehier |
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| 3. From Banco Espirito Santo to Novo Banco |
Issue: |
A tailor-made adaption of the Portuguese resolution rules to allow the creation of a bridge bank, Novo Banco, and the transfer thereto of the assets and liabilities of Portugal’s largest private bank by market cap, BES.
Main features of the Portuguese legal framework transposing the BRRD, the bridge bank and the possible courses of action for (the remainder of) Banco Espírito Santo. |
Documents: |
Presentation |
Rapporteur: |
Pedro Ferreira Malaquias |
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| 4. Commission Report on ESAs |
Issue: |
The ESAs Regulations mandated the current revision exercise by COMM. |
Documents: |
Commission Report COM(2014)509.final / presentation |
Rapporteur: |
Susan O’Malley |
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| 5. Legal Opinions under Article 194 CRR |
Issues: |
After an introduction of the issue (which was briefly discussed at the last EFMLG meeting), a tour de table with experiences of EFMLG members to date will be conducted. |
Documents: |
Regulation (EU) 575/2013 CRR |
Rapporteur: |
Bertrand Brehier |
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| 6. Quadrilateral 2014 |
Issue: |
Debriefing |
Documents: |
TBD |
Rapporteur: |
EFMLG participants and EFML Secretariat |
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| 7. Netting. Negative (?) developments in recent German jurisprudence |
Issue: |
A German case seems to put in strong doubt all the EU legislative efforts in favour of netting. |
Documents: |
2012-09-28 EFMLG letter on the proposal for a Directive establishing a framework for the recovery and resolution of credit institutions and investment firms
2014 ISDA Opinion (Hengeler Müller) |
Rapporteur: |
Adolfo Fraguas with support of German EFMLG colleagues |
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| 8. Volcker rule: application by EU banks. |
Issue: |
After an introduction to the issues at stake, a tour de table will take place. How do EU banks deal with Treasury activity, non-market activity, separation? |
Documents: |
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Rapporteur: |
Bertrand Brehier |
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| 9. Differences in application of MiFid by national authorities |
Issue: |
Level playing field affected. A few examples will be shared. |
Documents: |
Presentation |
Rapporteur: |
Adolfo Fraguas |
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| 10. Negative interest rates. |
Issue: |
Difficulties in relation to the ISDA 2014 Agreement. Implications for interbank market. |
Documents: |
Presentation |
Rapporteur: |
Fernando Conlledo |
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| 11. Miscellaneous |
11a. Update by the EFMLG Secretariat on the outcome and on-going work of the EFMLG Task Forces. |
Documents: |
Reforming Major Interest Rate Benchmarks |
Rapporteur: |
EFMLG Secretariat |
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11b. Update on Euribor. Meeting at European Banking Federation on 10 October |
Documents: |
Presentation |
Rapporteur: |
Fernando Conlledo |
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Any other business |
Close of meeting |
