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13 September 2012

This week in "Brussels"
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Banking Securities Insurance
Asset Management Corporate Governance/Accounting Financial Services Policy
European Council/Parliament Graham Bishop's Personal Contributions About this email

Articles from 06 September 2012 - 13 September 2012

Banking

Commission proposes new ECB powers for banking supervision as part of a banking union
The Commission is also proposing that the European Banking Authority (EBA) develop a Single Supervisory Handbook to preserve the integrity of the single market and ensure coherence in banking supervision for all 27 EU countries.  View Article
European Commission: Towards a banking union
"A single supervision mechanism, built around the ECB, will be a major step forward. It will send a strong political signal of credibility to our partners and to global investors. It will show once again the irreversibility of the euro."  View Article
ECON Committee: Still-winding road to banking union
The envisaged banking union must be ambitious. The EU Member States' current preferences for its establishment risk sending the wrong message, as well as perpetuating inefficiencies, warned the Economic and Monetary Affairs Committee in a resolution voted on Monday.  View Article
Vítor Constâncio: Towards a European banking union
ECB VP Constâncio focused his lecture on the underlying reasons for the decision to set up a Single Supervisory Mechanism as a major step towards a European Banking Union that was taken at the European Summit in June 2012.  View Article
FN: EC sets out opening gambit on banking union
Many agree that a European Union banking union is required following the sovereign crisis; there is less unanimity in how that union should be structured. The European Commission has provided the opening gambit in launching proposals for supervision of the financial system.  View Article
FT: Berlin pressed on banking union plan
While backing a single supervisor, Berlin has fundamental concerns over the Commission's proposal: the wide scope of banks covered, the high degree of centralisation and the quick pace and sequence of implementation.  View Article
Reuters: Europe lays groundwork for banking union
The ECB should have power to police, penalise and even close banks across the eurozone, the European Commission will say next week when it fleshes out plans for a banking union to tackle the region's debt crisis. (Includes quote from Graham Bishop.)  View Article
EurActiv: Non-eurozone nations threaten to swamp banking union
Proposals on creating a European banking union face months of blockage if non-eurozone countries' demands are not met, officials have warned.  View Article
Nucleus/Gow: Banking union forces Britain to revisit its role in the single market
This is a classic EU dilemma for Britain and one that, moreover, will get more severe as the plans for greater integration within the eurozone at least accumulate.   View Article
EPP/Thyssen: European banking supervision to break vicious cycle between banking crisis and government debts
"A uniform and integrated banking supervision is a vital part of the package of measures needed to fix the construction faults the euro is struggling with", said Marianne Thyssen MEP.  View Article
'New ECB supervision has a duty of care to the Single Market' – Sharon Bowles MEP
Sharon Bowles highlighted that the new supervisory powers granted to the ECB should come with full accountability and respect the Single Market.  View Article
Association of German Banks welcomes plans for European banking supervision
"With the ECB as head supervisory authority, the European banking sector will be made more stable", said Michael Kemmer, General Manager of the Association of German Banks  View Article
EPP: European banking supervision - Key for deeper economic and monetary integration
A high-quality and uniform European supervision will send a strong signal to the financial markets and global investors that the EU is ready and willing to support the euro by establishing complete and democratically-legitimate governance.  View Article
BNE: The UK can work with EU banking proposals
Phillip Souta, Director of BNE, said that the Commission's proposals for banking regulation reflected the fact that there was little appetitive in non-euro members such as Britain to cede national regulators' supervisory authority to the ECB.  View Article
Reuters: No big break-ups in reform of Europe's banks
The EU will insist on higher reserves from banks and impose stricter oversight to protect taxpayers and savers from further bailouts caused by risk-taking, but will not break them up to separate investment banking from retail activities. (Includes quotes from Graham Bishop.)  View Article
Money Marketing: EU close to break-through over bankers' bonuses
The European Union is on the verge of reaching a compromise over its capital rules, as a deal moves closer on controversial reforms to bankers' bonuses.  View Article
ABBL: Luxembourg's banks adopt 3D Secure Enhancing security for online payments
With online payments increasing all the time, Luxembourg's banks have decided to adopt 3D Secure technology and make credit card payments safer for merchants and online shoppers alike.   View Article
CEPS/Gros, Schoenmaker: European deposit insurance - Financing the transition
Arguing that the planned move to put the ECB in charge of banking supervision would be incomplete without a European Deposit Insurance and Resolution Authority, the authors spell out some underlying principles to guide a gradual transition.  View Article
CEPS/Gros, Schoenmaker: A European deposit insurance and resolution fund - An Update
Gros and Schoenmaker provide an update to their recent article, 'European deposit insurance - Financing the transition'.  View Article
BIS: Economic Consultative Committee statement on Libor
The Bank for International Settlement published a short press release, with a statement from BIS Governors linked to Libor.  View Article
FT: Fast Libor reform 'risks causing chaos'
Radical and rapid reform of Libor rates could trigger chaos for $300 trillion in existing debt and derivative contracts based on the interbank lending benchmarks, big investors and companies have warned.  View Article
State aid: Commission temporarily approves rescue recapitalisation of Cyprus Popular Bank
The European Commission has temporarily approved a rescue recapitalisation worth €1.8 billion that Cyprus granted to Cyprus Popular Bank for reasons of financial stability.  View Article
IMF Discussion Note: Estimating the Costs of Financial Regulation
This study shows that financial reform is likely to result in a modest increase in bank lending rates in the long term. Higher safety margins in terms of capital and liquidity will lead to an increase in lenders' operating costs, affecting bank customers, employees and investors.  View Article

Securities

ISDA commentary on August 31 compromise texts on MiFID II/MiFIR
ISDA strongly welcomes the clear link that is made between the scope of transparency requirements under Article 7 and OTC derivatives contracts that are subject to the derivatives trading obligation.  View Article
IOSCO Task Force on Unregulated Markets and Products meets in Brussels
IOSCO's Task Force on Unregulated Markets and Products met to discuss structured products and securitisation-related issues, and is preparing a report on structured products.  View Article
FSA: Client assets regime: EMIR, multiple pools and the wider review
This joint consultation and discussion paper on the client assets regime consults on changes to the client assets regime necessary to adhere to a European Regulation, and proposes a radical change in the client money rules that may affect all firms holding client money relating to investment business.  View Article

Insurance

Risk.net: Bernardino calls for strong capital principles in global insurance framework
International standards for supervising global insurance groups should contain strong principles for calculating capital requirements in order to ensure greater consistency between regulatory regimes, Gabriel Bernardino, chairman of the EIOPA, has urged.  View Article
Peter Skinner: Solvency II and Pensions Directive are not linked
In a letter published in the FT, Peter Skinner, the European Parliament Rapporteur for Solvency II, provides his views on the comparison of Solvency II with pension legislation.  View Article
Risk.net: German insurers warn of Solvency II threat to infrastructure investment
German insurers have echoed concerns in the UK that Solvency II could be a significant barrier to investment in infrastructure, despite government efforts to encourage such investment.  View Article
GC Capital Ideas: Making models more responsive - The framework
Many insurance executives will have seen their companies incur high costs preparing for Solvency II, in particular for actuarial staff resources that build internal models. But are they seeing a good return on this investment?  View Article
Insurance Age: FSA moves to quell concerns over staff changes
The Financial Services Authority (FSA) has moved to pacify senior politicians' fears about staff turnover and its impact on the consistency of communication between firms and the regulator during the transition to the 'twin peaks' and Solvency II regimes.  View Article
Fitch director: 'Bermuda stands to gain from having greater regulation'
Bermuda provides a stronger regulatory environment for insurers than the Cayman Islands and is likely to benefit from its quest for Solvency II equivalence.  View Article

Asset Management

IPE: European pension funds hail ECB's leading role in fight for euro
Pension funds and national associations welcomed the announcement by the European Central Bank's president Mario Draghi that it could begin an unlimited bond purchase programme in an effort to lower the yields of countries including Spain and Italy.  View Article
UK asset managers lament regulatory imperialism
UK asset managers have stressed their concerns over the barrage of regulation the industry is facing. There are particular concerns about fragmentation, more aggressive extra-territoriality and protectionism in different jurisdictions.   View Article
SIFMA supports legislative alternatives to Volcker rule
SIFMA sent a letter to Representative Spencer Bachus, chairman of the House Financial Services Committee, in response to his request for public comments on legislative alternatives to the Volcker Rule.  View Article

Corporate Governance/Accounting

EFRAG final comment letter on the IASB's ED/2012/1 Annual Improvements to IFRSs 2010-2012 Cycle
EFRAG issued its final comment letter on the IASB's ED/2012/1 Annual Improvements to IFRSs 2010-2012 Cycle. EFRAG agrees with most proposals in the ED and with the objective they are trying to achieve.  View Article
EFRAG final comment letter on 'Levies Charged by Public Authorities on Entities that Operate in a Specific Market'
EFRAG issued its final comment letter on the IFRS Interpretations Committee Draft Interpretation on 'Levies Charged by Public Authorities on Entities that Operate in a Specific Market'. EFRAG encouraged the Committee to assist the IASB in addressing the accounting for payments to public authorities.  View Article
IFAC: Evaluating and improving internal control in organisations
The PAIB Committee of the IFAC has issued new International Good Practice Guidance (IGPG), 'Evaluating and Improving Internal Control in Organisations', highlighting areas where the practical application of existing internal control standards and frameworks often fails in many organisations.  View Article
FRC: ASB responds to Draft IFRIC Interpretation 'Put Options Written on Non-controlling Interests'
The FRC broadly supports the draft interpretation on the basis that it provides clarification in practice. The FRC agrees that a put option written over NCI should be subsequently measured at fair value through profit and loss in accordance with IAS 39.  View Article
FT: New code of conduct for internal auditors
The Chartered Institute of Internal Auditors plans to publish a revised code. Internal auditors of financial companies are to get a new UK code of conduct, aimed at securing them increased resources and respect, while getting them to focus more sharply on risk management.  View Article
ACCA: Local government audit needs to be strengthened and clarified
ACCA released its official response to the [UK] Government's Draft Local Audit Bill about the future of local government audit. ACCA has suggested that the Government's proposals to establish audit panels are unnecessary and will introduce additional costs and burdens on local authorities.  View Article

Financial Services Policy

Luxembourg for Finance: EU financial centres break new ground
The role of a robust network of financial centres to leverage the necessary value of financial services to the economies of the EU was debated at the first conference of the European Financial Centres Roundtable.   View Article
ICFR Regulatory Round-Up: The summer of 2012
The International Centre for Financial Regulation has noted four themes emerging from the research, speeches, consultations and scandals that came out this summer.  View Article
UK Regulatory Reform: PRA and FCA regimes relating to aspects of authorisation and supervision
This paper consults on certain proposed changes to existing regulatory rules and guidance following the introduction of the Financial Services Bill in January 2012, which will create a new framework for financial regulation in the UK. Comments are requested by 12 December, 2012.  View Article
Treasury Committee publishes letter from Martin Wheatley on Retail Distribution Review
The Treasury Committee has promised to monitor the benefits to consumers of changes introduced as a result of the RDR, after the FSA again said it would be sticking to its year-end implementation deadline.  View Article

European Council/Parliament

Plenary Session: Economic crisis and democracy dominate State of the Union debate
MEPs gave mixed support to Commission President Barroso's vision, broadly welcoming the need for a stronger EU but highlighting the need to address social issues better, and commenting that his federation proposals needed more ambition.  View Article

Graham Bishop's Personal Contributions

Graham Bishop: Karlsruhe on the ESM
The Eurogroup appears to have no doubts about the Karlsruhe judgement. So the ESM will soon be in force - clearing that particular hurdle for the euro.  View Article




© Graham Bishop

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