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23 June 2011

This week in "Brussels"
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Banking Securities Insurance
Asset Management Corporate Governance/Accounting Financial Services Policy
Economic Crisis European Council/Parliament Commentaries
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Articles from 16 June 2011 - 23 June 2011

Banking

Almunia: Competition policy beyond the banking crisis
Almunia stressed that the total amount Ireland spent to recapitalise its banks over the course of the crisis is equivalent to about one third of its GDP in 2010. No other EU country comes even close to this proportion. The next in line is the Netherlands with 6.3 per cent.   View Article

Securities

ECOFIN Council conclusions: Economic governance, EMIR and public finance statistics
Finance Ministers discussed EMIR, in particular the future role of ESMA as well as the scope of the regulation, namely whether also to subject listed derivative contracts traded on regulated markets to clearing and reporting obligations.  View Article
SIFMA statement on SEC guidance on swap market rules
SIFMA looks forward to the additional guidance addressing issues related to securities-based swaps being defined as securities, which is expected next week. The Dodd-Frank Act creates an entire new legal framework and entails a complex rulemaking agenda.  View Article
FIA and ISDA publish documentation for cleared swaps
The document was developed with the assistance of a committee comprising representatives from both buy-side and sell-side firms with expertise in both futures and OTC derivatives. More than 60 organisations provided input during the development of this document.  View Article
Lawmakers worry about NYSE, Deutsche Börse deal
US lawmakers expressed concern about the planned merger between NYSE Euronext and Deutsche Börse AG, focusing their worry on how the deal will result in one entity controlling a larger share of the American equity options market than any other company.  View Article
Nasdaq OMX confirms LCH.Clearnet stake bid
Nasdaq OMX, the US-based exchanges operator, has confirmed it has made a bid for a minority stake in LCH.Clearnet, operator of the world's largest swaps clearing house.  View Article
Deutsche Börse Supervisory Board and NYSE Euronext Board of Directors approve purchase of a stake in Eurex
The Supervisory Board of Deutsche Börse AG and the Board of Directors of NYSE Euronext announced that they have approved two resolutions previously announced on June 7, 2011.  View Article

Insurance

EIOPA's stakeholder groups elect chair and vice chair
EIOPA confirmed that Michaela Koller, Germany, and Ann Kay Blair, UK, were elected Chair and Vice-Chair of the Insurance and Reinsurance Stakeholder Group. Additionally, Chris Verhaegen, Belgium, was elected Chair of the OP Stakeholder Group and Benne van Popta, Netherlands, was elected Vice-Chair.  View Article
FT: Insurers await new capital regime
EU officials stressed that working groups set up this year after the fifth industry-wide study of the impact of the regime have resolved most of the contentious issues highlighted.   View Article

Asset Management

EFAMA elects Claude Kremer as its new President
The representatives of the European investment management industry also appointed two Vice-Presidents, Mr Christian Dargnat and Mr Massimo Tosato. It is the first time that EFAMA has elected two VPs, reflecting its commitment to engaging with the industry regulatory and operating environment.  View Article
IPE: European Commission takes Poland to court over IORPs
The European Commission has started legal proceedings against Poland for failing to comply with the IORP Directive, which applies to workplace-based pension schemes, by not implementing the Directive into national law. The case is to be referred to the European Court of Justice in Luxemburg.  View Article
Hedgeweek: Hedge fund infrastructure critical to addressing regulatory and market requirements
PwC paper 'Infrastructure: from cost to benefit – hedge funds 2.0' examines the impact of the crisis on the industry and outlines what all parts of the hedge fund value chain need to do to satisfy regulatory demands and capitalise on growth opportunities.  View Article
IPE: European pension funds steering clear of equities
Europe remains under-owned by its own citizens, as pension funds in most of Europe steer clear of equities. While companies are in good shape and global M&A trends are strong, European investor equity exposure remains at all-time lows, according to Allianz Global Investors.  View Article
IASB: Improvements to the accounting for post-employment benefits
The IASB announced the completion of its project to improve the accounting for pensions and other post-employment benefits by issuing an amended version of IAS 19 Employee Benefits.  View Article

Corporate Governance/Accounting

EFRAG TEG meeting summary in June edition of EFRAG Update
The June 2011 edition of EFRAG Update, summarising the discussions held at the recent EFRAG TEG meeting.  View Article
IASB's exposure draft of amendments under its annual improvements project
The IASB published for public comment an exposure draft of proposed amendments to five IFRSs under its annual improvements project. The project provides a streamlined process for dealing efficiently with a collection of narrow scope amendments to IFRSs.  View Article
ISACA and IFAC help organisations maximise the value of XBRL
ISACA and the IFAC's Professional Accountants in Business (PAIB) Committee have jointly developed a paper, 'Leveraging XBRL for Value in Organisations', to provide guidance on how to leverage the value of eXtensible Business Reporting Language (XBRL) through effective implementation.  View Article
IFAC: IAESB proposes clarified standard on professional accounting education entry requirements
The IAESB released for public exposure a proposed revision of International Education Standard (IES) 1, 'Entry Requirements to a Program of Professional Accounting Education'. Comments on the Exposure Draft are requested by September 21, 2011.  View Article
EFRAG commented on the 2nd batch of IFRS for SMEs draft Q&As
EFRAG issued its comment letter in response to the second batch of draft Q&As to the IFRS for SMEs: Captive insurance subsidiaries; Interpretation of "traded in a public market"; and Investment funds with only a few participants.   View Article
FASB improved presentation of comprehensive income
The FASB issued Accounting Standards Update (ASU) No. 2011-05 'Comprehensive Income (Topic 220): Presentation of Comprehensive Income'. The Update is intended to increase the prominence of other comprehensive income in financial statements.  View Article
IASB and EFRAG met to discuss completion of the IASB's work plan and future agenda
The IASB and the EFRAG met on 14 June 2011 to review the IASB's current work programme. EFRAG is the private sector body responsible for stimulating debate in Europe around the evolution of IFRSs and providing input to the work of the IASB, after appropriate due process, on behalf of Europe.  View Article
IASB and FASB amended requirements for other comprehensive income
The IASB and the FASB issued amendments that will improve and align the presentation of items of other comprehensive income (OCI) in financial statements prepared in accordance with IFRSs and those prepared in accordance with US GAAP.   View Article

Financial Services Policy

Economic Governance Package of six proposals: Council offers compromise to Parliament
Mr Matolcsy, Hungarian Economy Minister, said the Council will continue to disagree with the expansion of reverse majority voting on the prevention part of the S&G Pact. Nevertheless, he was optimistic that the Council has made so many concessions that the EP will ultimately endorse the package.   View Article
ECON committee: Finance ministers have not moved enough for good economic governance
The ECON committee said ministers have not done enough to prevent EU countries' budgets from derailing and were backtracking on commitments to look at high-export countries as well as sources of imbalances.   View Article
Commissioner Rehn: The Commission will work until the last minute to achieve a satisfactory solution on economic governance
Speaking in ECON committee, Rehn stressed that he will be worried if the economic governance package is not soon agreed. He also said that neither the Council nor the Parliament should think that they can successfully shift the responsibility onto the other.   View Article
Parliament seals its position ahead of European Council on Economic Governance
This EP position will form the backbone of the talks between MEPs and Member States, which are set to continue in earnest in order to reach a final deal as soon as possible.  View Article
Barroso promised that the Commission will come up with a formal legislative proposal on a financial tax
Speaking during the plenary session in Brussels, Barroso said that an FTT will avoid fragmentation in the internal market for financial services because there are an increasing number of uncoordinated national tax measures being put in place.  View Article
Council published 18 month programme prepared by the future Polish, Danish and Cyprian Presidencies
The completion and consolidation of the reform of the financial sector will remain a priority. Focus will be on the ongoing, extensive reform of the financial services regulation, which will help prevent a recurring crisis and will ensure the stability of the EU financial system.  View Article

Economic Crisis

President Barroso met Greek Prime Minister Papandreou
Barroso stressed that if there were an easier route out of the crisis, it would have been taken. But there is not. The only way for Greece to return to growth and create jobs in a sustainable way is to restore competitiveness and put its public finances on a solid footing.   View Article
Eurogroup statement: Greece is unlikely to regain private market access by early 2012
Ministers agreed that the required additional funding will be financed through both official and private sources, and welcome the pursuit of voluntary private sector involvement in the form of informal and voluntary roll-overs of existing Greek debt.  View Article
IMF: Europe needs greater economic integration
John Lipsky, IMF Acting Managing Director, highlighted that the recovery is broadly sound, but that the sovereign crisis in the periphery remains a risk and will require continued action and attention to avoid it causing trouble in the core and spilling over to the rest of the world.   View Article

Commentaries

Wolfgang Münchau: Against the odds, the euro will scrape through
In his FT column, Münchau noted that the euro critics who predicted the immediate demise of the eurozone had been proven wrong by last week's events. George Papandreou reshuffled the cabinet, and Angela Merkel capitulated on the private-sector involvement debate.   View Article




© Graham Bishop

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