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04 November 2010

This week in "Brussels"
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Articles from 28 October 2010 - 04 November 2010

Financial Services Policy

Commissioner Barnier: The US must take part in reforming bank compensation policies
Concerning the financial reform, Barnier highlighted that policy-makers should deal with remaining macro-economic imbalances, instable exchange rates and the current price fluctuations on certain commodity markets.  View Article
Joint declaration of Commissioner Michel Barnier and U.S. Treasury Secretary Tim Geithner
They reiterated that the United States and the European Union have a special responsibility to promote and implement stronger global financial standards, reduce the scope for regulatory arbitrage and work towards greater regulatory convergence and consistency.  View Article
President of the European Council van Rompuy: Next month's G20 meeting a turning point for world economy
After the first session of the European Council, Van Rompuy stressed that the creation of a new macro-economic surveillance framework will be essential, as it will be able to detect imbalances and risks such as housing bubbles.  View Article
Joint letter of Barroso and van Rompuy on the upcoming G20 summit
They stressed that in Seoul all parties should confirm the agreements reached at the G20 ministerial meeting on IMF quota shift and the composition of the Executive Board, and should commit to including broader governance reform, such as enhanced ministerial involvement.   View Article
European Council agrees small Treaty change that may bail-in private creditors
The Council agreed the need for a permanent crisis mechanism with very strong conditionality. The Commission and President van Rompuy will prepare the general features of a mechanism that includes the role of the private sector.  View Article
Financial Stability Board releases report on supervisory intensity and effectiveness
Every jurisdiction must have a supervisory system that is up to the task of ensuring strict compliance with new regulations, delivering high quality risk assessments through the use of leading-edge risk detection methods, and intervening early to address problems in firms.   View Article
IMF will step up its focus on global systemic stability
The IMF Committee said that stronger and even-handed surveillance to uncover vulnerabilities in large advanced economies is a priority. Surveillance should also be better focused on financial stability issues and their macro-economic linkages.  View Article
Financial Stability Board proposes to establish regional consultative groups
Countries represented in the regional groups will be expected to pursue the maintenance of financial stability and maintain the openness and transparency of the financial sector. They will also be expected to implement international financial standards.  View Article

Banking

IMF: New rules will curb risks in U.S. and European Banks
New international banking rules designed to make the global financial system safer will rein in riskier investment banking activities in the United States and Europe, according to a study from the International Monetary Fund.  View Article
The EMF publishes October 2010 Mortgage Info Newsletter
The European Mortgage Federation addresses issues such as Basel III/CRD IV, tying and bundling of products, post trade transparency in the covered bond market and the choice between senior unsecured and covered bonds in their October 2010 Newsletter.  View Article
EFBS says EC plans will adversely affect mortgage finance mechanisms
The European Federation of Building Societies highlighted its concerns about disadvantages of the European Commission's plans to push forward the proposals for regulating mortgage credit for consumers.  View Article
BDB announces that German banking industry has reached its limits
The Board of Directors of the Association of German Banks have undersigned that as a result of recent policies, German banks will no longer be competitive on the international stage.  View Article
ESBG welcomes new European financial supervisory architecture
The WBSI-ESBG have expressed their agreement with the new financial Supervisory arrangement recently approved by the European Parliament in October 2010.  View Article
ESBG releases Positon paper on the BIS proposal to ensure loss absorbency of regulatory capital
The World Savings Banks Institute (WSBI) and the European Savings Banks Group (ESBG) provide comments on the Basel Committee on Banking Supervision (BCBS) consultative document on its ‘Proposal to ensure the loss absorbency of regulatory capital at the point of non-viability’.  View Article
Top US bank regulator supports stricter capital requirements
The Head of the US Federal Deposit Insurance Corporation supports Basel III and mentions that some of the US bank rules will be even stricter than Basel III for systemic institutions.  View Article
EPC calls on EU lawmakers to set end dates for migration to the SEPA schemes through regulation
EPC Chair, Gerard Hartsink, stressed that it is now up to EU lawmakers to provide planning security to all market participants by setting a clear deadline for migration to the SEPA schemes.  View Article
ECB publishes 7th SEPA Progress Report: Migration continues but requires realistic yet ambitious regulatory end dates
The report shows achievements in major areas. For instance, the launch of the SEPA direct debit in November 2009 has made direct debit payments possible for the first time across borders.   View Article

Securities

CFTC Chairman Gary Gensler and Commissioner Michel Barnier joint statement on OTC derivatives
They expressed general support for the IOSCO Task Force on Commodity Futures Markets and related efforts in the G20, which are working to improve the regulatory oversight and transparency of futures and physical commodity markets.   View Article
CESR releases notes on Market Participants Consultative Panel meeting
At the last MPCP meeting, issues such as general overview of financial markets, Transparency Directive, retailisation and market infrastructure were discussed.  View Article

Insurance

BCBS issues paper on the risk-mitigating impact of insurance
The potential benefits and shortcomings of banks' use of insurance to mitigate operational risk has been discussed in a paper issued by the Basel Committee.  View Article
IPE: Industry heavyweights reject application of Solvency II rules to pension funds
Representatives from the European pension fund industry have poured cold water over the possible application of Solvency II rules to pension schemes mooted earlier this year in the EU Green Paper.  View Article

Asset Management

ECON Chairwoman: The UK must export more of its regulation to Europe
MEP Sharon Bowles stressed that some in the City forget that the UK's hedge fund and private equity industries were regulated long before the Commission proposed the AIFMD. In this respect the UK was already ahead of the game.  View Article
IOPS stressed the importance of risk-based supervision
The International Organisation of Pensions Supervisors launched a series of standards and tools designed to strengthen supervisory techniques around the world, including the introduction of a risk-based approach to pension supervisors.   View Article

Corporate Governance/Accounting

ACCA welcomes new measures for the modernisation of the still too fragmented Single Market
ACCA highlighted that the two accounting directives are now over thirty years old and are in need of overhaul. Therefore, ACCA is happy with the Commission's commitment to bringing forward measures designed to improve the business environment.  View Article
EFRAG comments on the IFRS Interpretations Committee's tentative agenda decision on IAS 36 Impairment of Assets
EFRAG has issued its comment letter on the Interpretations Committee's tentative rejection decision on IAS 36 Impairment of Assets - Calculation of Value in Use.  View Article
FASB: Current technical plan and project updates
The FASB published a project plan to communicate information about its standard-setting activities to stakeholders.  View Article
SEC published Work Plan for the consideration of IFRSs into the financial reporting system for U.S. issuers
The purpose of the SEC's first progress report on the Work Plan related to IFRS is to consider specific areas and factors relevant to a determination in 2011 as to whether, when and how the current financial reporting system for U.S. issuers should be transitioned to a system incorporating IFRS.  View Article
IASB: new editorial corrections and changes
Editorial corrections include changes to IFRS for SMEs (issued July 2009), IFRS 9 Financial Instruments (issued November 2009), Red Book 2010, Blue Book 2010, Improvements to IFRSs (issued May 2010) and IFRS 7 Financial Instruments: Disclosures – Transfers of Financial Assets (issued October 2010).  View Article
IASB: additions to IFRS 9 for financial liability accounting
The IASB issued requirements on the accounting for financial liabilities. These requirements will be added to IFRS 9 Financial Instruments and complete the classification and measurement phase of the IASB’s project to replace IAS 39 Financial Instruments: Recognition and Measurement.  View Article
EFRAG: Final comment letter on IASB ED removal of fixed dates for first-time adopters (proposed amendments to IFRS 1)
EFRAG has issued its final comment letter on the IASB's ED 2010/10 removal of fixed dates for first-time adopters (proposed amendments to IFRS 1). EFRAG agrees with the proposals and the rationale stated in the Exposure Draft.  View Article
Summary of October EFRAG Planning and Resource Committee meeting
EFRAG PRC sets the agenda for the pro-active work with guidance on the allocation of available resources to pro-active projects. The objective of the pro-active work is to influence the IASB and to create discussion and a better understanding of financial reporting issues in Europe.  View Article
IAASB proposes International Standard on Related Services, Compilation Engagements
IAASB released for public exposure proposed International Standard on Related Services (ISRS) 4410, Compilation Engagements. Comments on the exposure draft are requested by March 31, 2011.  View Article

Financial Services Month in Brussels - Report

October 2010
The European Council decision to go for a Treaty change that may bail-in private creditors has moved the fiscal crisis directly into the regulatory field. This should profoundly change the risk-weighting for banks holding eurozone government debt.  View Article

Brief Opinions/Commentaries

Europe dances to Germany's tune - CER's Charles Grant
Germany's influence was evident on the three key issues discussed by the summit: tightening rules on economic governance, setting up a new institution to deal with countries unable to borrow in the markets, and revising the EU treaties.   View Article
Wolfgang Münchau: An EU treaty change is necessary but hazardous
Münchau disagrees with Merkel’s obsession with fiscal stability at the moment. However, on the specific question of the need for a change in the EU treaties to create a permanent crisis resolution mechanism, Münchau believes she is indeed right.   View Article

Best of Media

Il Sole: Reactions to the expected Fed liquidity injection – ECB remains prudent, Australia and India increase the rates
Two faces of the globalisation – interest rates that fluctuate between 0 and 1 per cent in some parts, and between 4.75 and 5.25 in other parts of the world.  View Article
Il Sole: Bernanke’s future policies between Fed's falcons and doves
On November 3, the Federal Open Market Committee (FOMC) will meet and decide on the course of future monetary policy, in order to try to support the American economy.   View Article




© Graham Bishop

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