AFME recently published a new report, ‘Impact of Regulation on Banks’ Capital Markets Activities: Anex-postassessment’.While there have been many forward-looking studies examining how banks may respond to regulatory reforms, this study is the first that examines theactualimpact of regulations 10 years on from the global financial crisis. This member briefing examined key findings from the study.Members were joined in the Briefing byNick Forrest, Director, Financial Economics, PwC,Michael Lever, Managing Director, Head of Prudential Regulations, AFME, Rick Watson, Managing Director, Head of Capital Markets, AFME and Pablo Portugal, Director, Advocacy, AFME

The European Commission recently announced ambitious Sustainable Finance and FinTech Action Plans, the latest part of its Capital Markets Union initiative. This Members' Briefing examined the announcements in closer detail, highlighting the most significant aspects and exploring what they mean for the industry. Members were joined in the briefing by Edmund Lakin, Manager, Global Markets Policy at HSBC, and Adriana Ennab, Director, Public Policy, from Credit Suisse, as well as AFME experts Pablo Portugal, Director, Advocacy, Cedric Pacheco, Manager, Capital Markets and David Ostojitsch, Director, Technology and Operations.

With GDPR’s implementation date of 25 May fast approaching, we gave an overview of key compliance areas that firms will need to focus on, including record-keeping, outsourcing management, international data transfers and data subject rights. Members were joined on the call by Richard Jones, Director of Data Privacy, Clifford Chance, Richard Middleton, Co-Head of AFME’s Policy division and Nathan Coffey, EMEA Head of Data Privacy and Technology Compliance, JPMorgan, who shared their expert insight on key GDPR issues.

Following the publication of the new securitisation regulation in the EU Official Journal, at the end 2017, we examined the key components of the new STS regime and looked at the work ahead to develop an effective and sustainable market in Europe. AFME securitisation experts led the call and were joined by a panel of investors - Harry Noutsos, ING, Janet Oram, Blackrock and Rob Ford, 24 Asset Management - who offered their perspective on implementation challenges.

With just a few weeks to go until the MiFID II go-live date we discussed some of the key considerations for those preparing for its implementation. We were joined for the Briefing by Elisa Menardo, Director of Policy and Public Affairs at Credit Suisse and Chair of AFME’s MiFID steering committee. Elisa gave an overview of some of the key issues industry has been working through as well as looking ahead to 2018, and what MiFID challenges remained for the year ahead.

Following the conclusions of October’s European summit, the briefing call examined what was next for the Brexit process. We were joined by Nicolas Véron, Senior Fellow at Brussels-based economics thinktank, Bruegel. Nicolas gave an overview of some of the key differences between the EU and UK negotiating positions such as on aims and objectives and the impact of domestic politics. As well as answering questions about the development of a future trading relationship between the UK and the EU.

September’s Member Briefing call discussed the topic of Cyber Security and the role of AFME’s Technology and Operations Division in responding to what is a key priority for the financial services industry. On the call, David Ostojitsch and Emmanuel Le Marois from AFME’s Tech & Ops Division, together with Dave Evans, Director in Cyber Security at UBS, discuss the developing EU policy framework and the challenge of solving Cyber risk globally.

July’s Member Briefing Call discussed AFME’s latest report entitled, ‘Bridging to Brexit: Insights from European SMEs, Corporates and Investors,’ commissioned from the Boston Consulting Group and written with Clifford Chance. We discussed the paper’s methodology, findings and its implications for policy throughout the Brexit negotiations process.

June’s Member Briefing Call discusses the conclusions from the European Commission’s mid-term review of the Capital Markets Union project which was announced in early June 2017. As part of the conversation on Capital Markets Union, we also discuss one of the important pillars of this project – the new securitisation regulation which was agreed in the European Parliament at the end of May 2017. On the call, Robert van Geffen, Director of Policy and Pablo Portugal, Director of Advocacy at AFME take us through the CMU mid-term review. In the second half of the recording, Richard Hopkin, Head of Fixed Income and Anna Bak, Manager of Securitisation at AFME discuss the latest securitisation regulation.

AFME’s May Member Briefing Call examines the latest findings from the European Post Trade Forum (EPTF) report, which takes into account achievements of the past five years as well as unresolved and new issues, and features a discussion on CSD regulation. Speakers include Werner Frey, Managing Director for Post Trade at AFME and Stephen Burton, Managing Director for Post Trade at AFME.