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01 November 2012

This week in "Brussels"
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Banking Securities Insurance
Asset Management Corporate Governance/Accounting Financial Services Policy
European Council/Parliament International/G20 Graham Bishop’s Articles and Speeches
Financial Services Month in Brussels - Report Graham Bishop's Personal Contributions About this email

Articles from 25 October 2012 - 01 November 2012

Banking

ESFRC: Resolution and recovery in a banking union
The European Shadow Financial Regulatory Committee presented a Statement, "Resolution and Recovery in a European Banking Union", at a conference on European Banking Union at the LSE on October 22nd.  View Article
EBF: European banks committed to financing the economy
Board members of the European Banking Federation highlighted the importance of a strong and healthy banking sector to support growth, particularly in an adverse economic environment.  View Article
Basel Committee reports to G20 Finance Ministers and Central Bank Governors on Basel III implementation
The Basel Committee on Banking Supervision has published its Report to G20 Finance Ministers and Central Bank Governors on Basel III implementation by its member jurisdictions. The report will be considered at the meeting of G20 ministers and governors in Mexico City on 4-5 November.  View Article
ICFR/Reid: The year is 2020 – Basel 6 – How did we get here?
The history of the Basel process suggests that it will evolve, with the likelihood that Basel III is not the end of the story.  View Article
Vienna 2 proposes enhancements in cross-border supervision to European authorities
The Steering Committee of the Vienna 2 Initiative has submitted observations and proposals on cross-border supervisory practices to a number of European authorities.  View Article
BoE/Tucker: The role of deposit insurance in building a safer financial system
Paul Tucker gave an update on the FSB's progress in its work on resolving distressed financial institutions, and outlined how deposit insurance fits in to that endeavour.  View Article
BoE/Haldane: On being the right size
Andrew Haldane reviews the initiatives taken to solve the too-big-to-fail problem. He concludes that while existing change initiatives are right in direction, they may be insufficient in degree and that supplementary policy options might be necessary to ensure that banking is "the right size".  View Article
CEPS Newsletter - November 2012
CEPS's latest newsletter presents i.a. a summary of the ECMI Annual Conference 2012, 'Capital Markets for Growth', and of a subsequent meeting where Governor Liikanen presented the expert group's first steps in EU banking sector reform.  View Article
Laurence J Kotlikof: The Vickers Commission's failure
This column argues that the UK's Independent Commission on Banking has failed in its aims to make banking safer and to change both the structure and regulation of banking as needed. It instead proposes a new way to make the financial system and wider economy safer: Limited Purpose Banking.  View Article
Macro-prudential supervision in Germany is given a legal basis – Bundesbank takes on key functions
Germany's lower house of parliament, the Bundestag, has now passed the Act to strengthen German financial supervision, the 'Gesetz zur Stärkung der deutschen Finanzaufsicht', or Financial Stability Act.  View Article
European Payments Council Newsletter - October 2012 edition
This EPC Newsletter offers information supporting payment service users (PSUs) in the euro area to get ready for the SEPA by 1 February 2014, as effectively mandated by the SEPA Regulation.  View Article
EPC: To anyone who has not yet started the process of getting ready for SEPA by 1.2.2014, act now!
It has been clear for more than a decade that the EU authorities expect national legacy euro credit transfer and direct debit schemes to be replaced by harmonised SEPA Schemes, with a view to promoting the further integration of the internal market and completing the monetary union.   View Article
FSA: Mortgage Market Review – feedback on CP11/31 and final rules
The Financial Services Authority (FSA) has published new rules that put common sense at the heart of the mortgage market and will prevent future borrowers ending up with a mortgage they cannot afford.  View Article

Securities

Plenary Session: Tougher rules to protect investors and curb high-frequency trading
Investors should be better protected, and financial market trading made fairer, by draft EU rules voted by Parliament on Friday. These rules would apply to all investment firms and to almost all financial instruments. MEPs also tightened up proposed rules on high-frequency trading.  View Article
"Today’s vote will make financial markets safer for consumers" - Sharon Bowles MEP
ECON chair Sharon Bowles has congratulated her colleagues for joining her in pushing for stronger investment protection rules and tighter regulation on commodity derivatives in the Markets in Financial Instruments Directive (MiFID).  View Article
S&D/Goebbels: New rules on trading of financial instruments to increase transparency
Socialists and Democrats in the European Parliament today backed new rules on trading of financial instruments in order to increase transparency and reduce harmful speculative practices.  View Article
ALDE: Parliament approves stronger protection for investors in financial products
"Just as Europe needs investments, investors need confidence in the financial market", said ALDE spokesperson Olle Schmidt MEP, commenting on the EP's signing off on MiFID.  View Article
ISDA comments on the European Parliament vote on the Markets in Financial Instruments Directive (MiFID)
The International Swaps and Derivatives Association (ISDA) welcomes last Friday's European Parliament vote on how to regulate financial markets in Europe from derivatives to government bonds.  View Article
Reuters: Merkel urges more far-reaching financial regulation
German Chancellor Angela Merkel urged the world's top economies to push ahead with further financial regulation, saying that not enough had been achieved so far.  View Article
FSB: OTC Derivatives Market Reforms - Fourth Progress Report on Implementation
This fourth progress report complements earlier reports by focusing on the readiness of market infrastructure - central counterparties (CCPs), trade repositories (TRs) and organised trading platforms (i.e. exchanges and electronic trading platforms) – as the end-2012 deadline approaches.  View Article
CNMV extends Spain's short-selling ban for three months
Spain's stock market regulator is to extend a ban on the short-selling of securities for three months to January 31, to discourage investors from trying to profit from the country's economic crisis. (Includes link to ESMA opinion.)  View Article

Insurance

Insurance Europe: Addressing the demographic challenge in the insurance sector
Insurance Europe has published a report on a seminar held in Prague as part of the project, "Addressing the demographic challenge in the European insurance sector". The seminar discussed ways to tackle the effect of ageing populations on the European insurance workforce.  View Article
Insurance Europe: Holistic view required in IASB insurance contract consultation
Insurance Europe, the CFO Forum and the HUB global insurance group have called on the International Accounting Standards Board (IASB) not overly to restrict its forthcoming consultation on its proposed standard for insurance contracts (IFRS 4 Phase II).  View Article
Insurance Insight: FERMA working party sets out timetable for European risk management certificate
The Federation of European Risk Management Associations (FERMA) intends to announce a definite plan for the European certification of risk managers at the FERMA Risk Management Forum in September 2013.  View Article
Risk.net: FSA proposals to ease ICAS modelling burden raise questions over inclusion of Solvency II risk margin
Financial Services Authority (FSA) proposals to allow firms to use their Solvency II internal models to meet current regulatory requirements are unclear and may lead to insurers having to hold more capital, actuaries warn.  View Article
Bloomberg: Swiss Re says new Solvency rules won't increase sales
Swiss Re AG, the world's second- largest reinsurer, said the introduction of new risk-based rules for European insurers such as Allianz SE and Axa SA won't boost its sales.  View Article
Risk.net: Hedging the Zinszusatzreserve for German insurance companies
While European insurers prepare for Solvency II, current insurance regulations in Germany give rise to a more immediate issue. Insurers there are facing large increases over the next few years to the reserves they must set aside to support existing contracts with high guarantees.   View Article
Insurance Insight: HKFI sets up task force as second round of regulation consultation begins
The Hong Kong Federation of Insurers has welcomed the second-round consultation on the proposed establishment of an independent insurance authority (IIA).  View Article

Asset Management

IPE: Brussels identifies top priorities for long-term investing Green Paper
The European Commission has identified three main areas of action for its Green Paper on Long-Term Investment, which it hopes to launch as early as December.  View Article
Investors set to lose out from new EU rules
Most alternative investment managers are unprepared for incoming European regulations, which could leave them unable to offer services to investors from July 2013, according to a PwC study  View Article
Central Bank of Ireland consults on regulatory regime for non-UCITS funds
The consultation outlines the changes to be introduced in connection with the implementation of the Alternative Investment Fund Managers Directive (AIFMD) in July 2013. Deadline for comments is December 11, 2012.  View Article
Hedgeweek: Research reveals transformation in investor evaluation of hedge funds
A study by Deutsche Bank has revealed a fundamental shift in the depth and nature of due diligence carried out by hedge fund investors.  View Article
IPE: German government dismisses pension industry's call for reforms
Germany's centre-right coalition government has dismissed the pension industry's calls for reform of the second-pillar system.  View Article
IPE: Germany's ABA dismisses QIS as 'Solvency II with complexity'
According to Mr Nellshen, CFO at Bayer's pension fund, the inclusion of sponsor covenants and pension protection schemes in the holistic balance sheet makes the solvency calculations suggested for the revised IORP Directive more complex but not necessarily fitter for occupational pension schemes.  View Article
IPE: OECD set to recommend auto-enrolment for Irish pension system
The OECD has given its strongest indication yet that it will recommend the introduction of auto-enrolment in its forthcoming review of the Irish pension system.  View Article

Corporate Governance/Accounting

IFAC: Integrating good governance leads to sustainable success
The PAIB Committee of the IFAC has issued 'Integrating Governance for Sustainable Success', which uses case studies to analyse how professional accountants in business support the performance of their organisations by integrating governance into the key drivers of sustainable organisational success.  View Article
PwC: Corporate governance for Main Market and AIMS Companies
This guide aims to encourage companies and executives to consider corporate governance in the widest sense, including board efficiency, transparency, reporting requirements, investor communications and sustainability.  View Article
EFRAG's feedback statement on the IASB's ED/2012/1 Annual Improvements to IFRSs 2010-2012
EFRAG published its feedback statement from comment letters received on the IASB's ED/2012/1 Annual Improvements to IFRSs 2010-2012. This feedback statement describes the main comments received and how those comments were considered by EFRAG during its technical discussions.  View Article
FSB welcomed EDTF report, 'Enhancing the Risk Disclosures of Banks'
The FSB welcomes the publication of the Report of the Enhanced Disclosure Task Force (EDTF), and views it as a valuable step to improve the quality of risk disclosures. The FSB encourages banks to continue to strive to improve risk disclosures.  View Article
Statement from the IIF Board of Directors on the Report of the Enhanced Disclosure Task Force
The private sector Enhanced Disclosure Task Force, organised under the auspices of the Financial Stability Board (FSB), released its report of principles and recommendations for enhanced risk disclosures by financial institutions.  View Article
Fitch: Better disclosure would aid bank comparisons, raise trust
Enhanced risk disclosure by banks is needed to assist comparison and restore investors' confidence, Fitch Ratings says, after the FSB published a report compiled by the EDTF on Monday.  View Article
IASB and SOCPA: Progress towards IFRS adoption
Representatives of the IASB and the Saudi Organisation of Certified Public Accountants (SOCPA) met on 24th October in London to discuss progress towards the adoption of IFRSs in the Kingdom of Saudi Arabia.   View Article
FT: Corporate China hit by unpaid bills
Chinese listed companies have reported a sharp rise in unpaid bills during the third quarter, in one of the clearest signs yet of the toll that China's economic slowdown is taking on corporate balance sheets.   View Article

Financial Services Policy

Insurance Europe: PRIPs - Quality not quantity of information
Better information for consumers does not necessarily mean more information, Insurance Europe stresses in its new Key Messages on the European Commission's proposed Regulation on packaged retail investment products (PRIPs).  View Article
Ian Williams: The EBA, consumer protection and the "retailisation" of complex products
There are signs that two years after its creation, the EBA is starting to take on board consumer protection issues. This agenda was set out clearly in the recently published Work Programme 2013. In addition, the EBA has held its first "Consumer Day" which provided a useful forum to take stock of its latest thinking.  View Article
FTAdviser: FSA gets green light for RDR clampdown
The European Parliament's final version of the Markets in Financial Instruments Directive (MiFID) contains a clause spelling out the fact the FSA can press on with its Retail Distribution Review commission ban.  View Article

European Council/Parliament

Plenary Session: Politics and accountability must characterise EU economic coordination
EU-wide coordination of national budgetary and economic policies must become more political, democratic, and include more stakeholders, says an opinion adopted Friday which evaluates the economic coordination done in 2012.   View Article

International/G20

BIS hosts first GPFI conference on standard-setting bodies and financial inclusion
The Financial Stability Institute of the BIS hosted the first annual Global Partnership for Financial Inclusion (GPFI) conference on standard-setting bodies and financial inclusion.   View Article

Graham Bishop’s Articles and Speeches

Graham Bishop's Blog: Schäuble invites UK to work with Germany to develop EU’s future: UK MPS refuse to hear...
... Labour starts down the road to Brexit?  View Article
Graham Bishop: Brexit: Hague versus City/British industry/Lib Dems?
The Banking Union debate is heating up – and looks set to be a major event in UK/EU relations. Is British industry and the City now waking up to the real risks of a fracture of the Single Market? Can such a fracture be avoided in the longer term?  View Article

Financial Services Month in Brussels - Report

October 2012 Financial Services Month in Brussels
Graham Bishop's personal overview of events throughout the month of October. The December Council meeting will probably be a landmark in the nature of the EU, as the eurozone moves to deeper integration and some non-euro states move further to marginalisation.  View Article





© Graham Bishop

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