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10 February 2011

This week in "Brussels"
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Banking Securities Insurance
Corporate Governance/Accounting Commentaries Graham Bishop’s Articles
Financial Services Policy Financial Stability - Policy Analysis Economic Crisis
European Council/Parliament About this email

Articles from 03 February 2011 - 10 February 2011

Banking

Commission launched consultation on possible measures to strengthen bank capital requirements for counterparty credit risk
The purpose of this consultation is to strengthen the capital requirements for counterparty credit exposures arising from credit institutions’ and investment firms' derivatives, repo and securities financing activities.  View Article
MEPs push forward plans for financial transaction tax
The EP approved a non-legislative report on Innovative Financing by MEP Anni Podimata and backed by the ECON Committee. The Podimata report suggests that an EU Financial Transaction Tax (FTT) could help finance budgets, reduce public deficits and fight speculation.  View Article
UK Treasury: Bank levy rates to be increased, raising £800m more in 2011
The Chancellor announced an increase in the rate of the bank levy to be charged in 2011. This change will increase the revenue from the levy in 2011 by £800m to £2.5 billion.   View Article
Anglo Irish and Irish Nationwide assets to be auctioned
The Irish Republic's debt management agency has said it will start an auction process for the sale of the deposits and assets of Anglo Irish Bank and Irish Nationwide Building Society.  View Article

Securities

European Parliament approves Steven Maijoor to be ESMA’s first Chair
Steven Maijoor, Chair of ESMA, said: "The creation of this new body marks a clear and fundamental change towards a new approach in European financial markets supervision. Independence will be a key feature, accompanied by strong accountability and transparency of ESMA towards all our stakeholders."  View Article
ECON committee: Consideration of amendment on draft report on short selling and CDS
Maria Teresa Fabregas, deputy head of DG MARKT’s Unit on Securities Markets, stressed that the flagging issue is an essential provision in the Commission proposal in order to guarantee transparency.  View Article
ITRE committee draft opinion on OTC derivatives, central counterparties and trade repositories
Draftsman Ivailo Kalfin (S&D, BG) has tabled 20 amendments in total to the Commission proposal. In the explanatory statement he expresses his support for the concerns of non-financial corporates.   View Article
ESMA publishes an update of the list of measures recently taken by competent authorities regarding short-selling
ESMA updated the list of measures recently taken by competent authorities regarding short-selling. The documents will be updated on a continuous basis; the latest update has been provided by the Romanian CNVM.  View Article
FT: Banks hit out at EC derivatives proposal
Banks in Europe have hit out at a proposal by the European Commission that would empower regulators to ban certain over-the-counter derivatives, cautioning that any ban could “exacerbate systemic risks.”  View Article
IMA calls for consistent regulation across the retail market in Europe
Guy Sears, Director of Wholesale at the IMA, said: “Rules for non-equity markets should be specific to each instrument and should not necessarily be modelled on equity markets.”  View Article
MiFID 2.0: Casting New Light on Europe's Capital Markets
A conclusion to the work of the task force set by ECMI and CEPS on the review of the Markets in Financial Instruments Directive (MiFID), this report provides a set of findings drawn from current legislative proposals, academic literature and market views.   View Article
EuropeanIssuers’ position paper on MiFID
EuropeanIssuers claim that companies may miss out on fund-raising opportunities by not understanding where their shares really trade.  View Article
Financial News: UK slams European Commission over new plans for MiFID
The UK Treasury and the Financial Services Authority slammed the European Commission's MiFID consultation process, describing it as "inappropriately curtailed" and "not conducive to sound policy-making" in a slapdown that highlights tensions between UK policy-makers and the European Commission.  View Article
FT: Europe backlash grows against MiFID reforms
European regulators face a growing backlash over moves to impose greater transparency on parts of the equities and derivatives markets as the region gears up for reforms mirroring US efforts to make the financial system safer.  View Article
MiFID Implementation in the midst of the Financial Crisis: Results of an ECMI Survey
MiFID rules have had a positive impact, through fostering a more competitive environment, which has promoted cuts in trading fees and massive investment in technologies and infrastructure. The impact of the Directive remains highly controversial in terms of data quality and implementation costs.  View Article
ICMA responds to MiFID consultation
John Serocold, Senior Adviser at ICMA, said: “We have to go on working with policy-makers to improve these proposals. ICMA’s overriding concern is to sustain the efficiency of our markets.”  View Article
FESE response to the MiFID consultation
FESE says that we need the same rules for the same business to improve the quality and safety of EU markets. The response contains specific suggestions to clarify how the MiFID rules should apply to all trading platforms.  View Article
World Bank released policy paper on self-regulation in securities markets
The World Bank published a working paper that canvases the trends in self-regulation and the role of self-regulation in securities markets in different parts of the world.   View Article
CNMV presents the action plan for 2011
The plan has these objectives: improve the efficiency of the institution; increase the transparency and accountability to markets, investors and supervised institutions; assist in the exchange of information, with the goal of transposing the availability of priorities before the institution acts.  View Article

Insurance

ECON committee: Draft report on Insurance Guarantee Schemes
Rapporteur Peter Skinner (S&D, UK) urged the Commission against advocating an ex-ante approach to funding, given the absence of compelling arguments in favour of such an approach and the disruption it could cause.  View Article

Corporate Governance/Accounting

IFRS Foundation Monitoring Board published report on governance review for public consultation
The Monitoring Board released a document “Consultative Report on the Review of the IFRS Foundation’s Governance” for public comment and made a timetable of future Governance Review activities public.   View Article

Commentaries

Nicolas Véron - Too big to fail: the transatlantic debate
Although the United States and the European Union were both seriously impacted by the financial crisis of 2007, the resulting policy debates and regulatory responses have differed considerably on the two sides of the Atlantic.   View Article

Graham Bishop’s Articles

Graham Bishop's comments on the February European Council: "Concrete talk – putty actions"
It has created market expectations of “concrete” action in March and meaningful bank stress tests. Both expectations are likely to be disappointed. But it is not too late to change course and collective economic governance may emerge – creating an effective eurozone political union.   View Article

Financial Services Policy

ECON committee public hearing with Trichet, Chairman of the European Systemic Risk Board (ESRB)
Mr Trichet stressed that the new tool of macro-financial oversight should be focused on the prevention or mitigation of systemic risks at the EU level as a whole, in specific countries that pose a threat to the entire Union and to global developments that might have a negative impact on the Union.   View Article
Hungary to oppose tax harmonisation
Prime Minister, Viktor Orbán, argued that harmonised tax systems would deprive Hungary of the opportunity to catch up with more developed countries.  View Article
CEA responded to EC PRIPs consultation
In relation to the disclosure of information, the CEA has released a more sophisticated version of its Key Information Checklist for unit-linked life insurance.   View Article

Financial Stability - Policy Analysis

Former Commission official David Wright: "Repairing the financial system and the consequences of failure"
David Wright began by declaring that simultaneous failure at all three levels - regulatory, supervisory and within firms themselves - had caused “near meltdown”, with no fewer than 200 state aid cases.   View Article

Economic Crisis

European Council conclusions: Nothing concrete - hard decisions postponed to March
President van Rompuy delegated to consult with the eurogroup members (and "interested non-euro members")on the details of "concrete ways forward", with commitment to finalising concrete proposals to strengthen the EFSF by March.  View Article
MEPs questioned President Herman Van Rompuy on the outcome of EU summit
On the economy, Van Rompuy said that "the outlook of the European economy has substantially improved. Business indicators show confidence and optimism. However, there is still a lot of homework to do and there is no time for complacency; we will draw lessons from the crisis.”  View Article




© Graham Bishop

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