Cognizant Business Consulting Swiss financial newsletter

1. October 2016
Brexit politicians are putting us on a fast track to financial jeopardy / Anthony Browne
(22/October) Chief executive of the British Bankers' Association has warned that leading banks plan to relocate from Britain
next year.
How the UK’s financial services sector can continue thriving after Brexit
(October 2016) A new 73-page report shows how the UK's financial services sector can continue thriving after Brexit. This
report examines how the current financial services ‘passport’ operates in reality and its relative importance to different
financial sectors. It also considers how UK firms could continue to access European markets if the UK decides not to stay in
the single market.
Packaged retail investment products: PRIIPS regulation postponement
(17/October) JAC have published a letter sent to the Commission and ESAs calling for the postponement of the PRIIPs
regulation.
Did ESMA address the industry’s key issues in their MiFID II guidelines for transaction
reporting?
(21/October) In December 2015, ESMA published a consultation paper on transaction reporting, order record keeping and

2. clock synchronisation. Now, having considered the issues raised in the responses to the consultation paper, ESMA has
published its guidelines.
MiFID II research unbundling to increase M&A pressure on small/mid UK managers, making it
harder to compete
(24/October) Fresh pressures will be exerted on small- and mid-sized UK asset managers as industry commentators warn
the unbundling of research payments under MiFID II could leave them unable to compete with larger market participants
offering lower fees.
Is best execution under MiFID II achievable?
(06/October) Some Fintech experts have argued that implementing Best Execution requirements pursuant to MiIFID 2 will
not be feasible.
TLAC holdings standard
(October 2016) This document is the final standard on the regulatory capital treatment of banks' investments in instruments
that comprise total loss-absorbing capacity (TLAC) for global systemically important banks (G-SIBs). The standard aims to
reduce the risk of contagion within the financial system should a G-SIB enter resolution.
Regulatory treatment of accounting provisions - discussion document
(October 2016) The Basel Committee on Banking Supervision released a consultative document and a discussion paper on
the policy considerations related to the regulatory treatment of accounting provisions under the Basel III regulatory capital
framework.
The Basel Committee on Banking Supervision is still planning to revise bank capital rules,
despite EU concerns

3. (12/October) New bank capital rules 'several years away' in practice. The Basel Committee of banking regulators from
nearly 30 countries has faced strong opposition from banks and European Union governments who fear the new rules will
bump up capital requirements.
Switzerland and Singapore hold financial dialogue and expand their cooperation in the area of
FinTech
(September 2016) The Monetary Authority of Singapore (MAS) and the Swiss Financial Market Supervisory Authority
(FINMA) signed a cooperation agreement to foster greater collaboration in FinTech.
ESMA published guidelines on the implementation of MAR, with a focus on delays in disclosure
of inside information
(20/October)
Key figures for asset management in 2015 - Management company assets
(17/October) The AMF has released new key figures for French asset management companies in 2015 showing further
growth.
The BCBS released their 11th progress report on the adoption of Basel III standards which are
due to be effective by 2019
(19/October) This report sets out the adoption status of Basel III standards for each member jurisdiction of the Basel
Committee as of end-September 2016.

4. Cognizant Business Consulting is launching its global Fintech
study
Technology & change in client behavior, regulatory and macro-economic environment have put
pressure on traditional wealth managers. It has opened the door to new entrants offering
automated advisors at lower cost with a transparent & seamless digital experience. However,
will these new entrants survive in the long run? Can they capture new clients at reasonable
cost and threaten traditional asset & wealth managers’ business models? Or, rather a
complementarity is emerging between old and new players? The reconstruction of the financial
advice market is well underway, but in which way?
To help understanding how the industry is evolving, we would appreciate that you participate to
a survey through a face to face meeting and a questionnaire to fill out.
The output is the elaboration of a white paper that we will obviously share with you by T1 2017.
Would you like to participate to this study do not hesitate to contact us
SWISS EUROPEAN GLOBAL
SNB
FINMA
SWISS COUNCIL
EUROPEAN CENTRAL BANK
EUROPEAN SECURITY AND MARKET
AUTHORITY
EUROPEAN BANKING AUTHORITY
EUROPEAN COMMISION
BCBS
OTHERS

5. CONTACT US
Audrey MIGUEL
Partner
Finance & Risk Management
T : +41 (0)75 433 48 01
E : audrey.miguel@cognizant.com
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