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08 November 2012

This week in "Brussels"
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Articles from 01 November 2012 - 08 November 2012

Banking

ECON Committee: Bank crisis rules need a dose of realism and more detail
The European Commission's bank crisis resolution plans focus too closely on individual troubled banks, and must do more to address crises that could infect an entire banking sector, commented MEPs on the draft legislation tabled in the ECON Committee on Tuesday.   View Article
Bundesbank/Dombret: Europe cannot afford 'bumpy start' with banking union
Speaking at Columbia university, Dombret said he was 'deeply convinced' that Europe had to get the banking union project right.  View Article
FT: Draghi reassures Germans on banking union
European banks should be spared from having to pool their deposit guarantee schemes, Mario Draghi, president of the European Central Bank, said on Wednesday in the latest concession to German fears over banking union proposals.  View Article
Bruegel/Wolff: A sunset clause for Europe's banking union
The final shape of the European banking union should look differently from what is currently on the table. European legislators would be well advised to include a sunset clause in the new regulations, forcing Europe back to the drawing board.  View Article
ECB: Results of the October 2012 bank lending survey for the euro area
The ECB published its report on the results of the October 2012 bank lending survey for the euro area. Conducted four times a year, this survey was developed by the Eurosystem in order to enhance the understanding of bank lending behaviour in the euro area.  View Article
BCBS/Byres: Basel III - Necessary, but not sufficient
In a keynote address to the Financial Stability Institute's 6th Biennial Conference on Risk Management and Supervision, Byres said that implementing Basel III was essential, but must be accompanied by other measures and reforms so that a truly healthy banking system is secured for the future.  View Article
FSA/Bailey: The challenges in assessing capital requirements for banks
In his speech at the Bank of America Merrill Lynch Conference, Bailey talked about the challenges bank supervisors face in determining the appropriate approach to assessing the capital requirements for banks.  View Article
FSA: Data collection on remuneration practices
The FSA sets out its approach to data collection on remuneration practices and the reporting requirements for FSA-regulated firms. In the UK, the Capital Requirements (Amendment) Regulations 2012 require the FSA to provide the EBA with remuneration data as set out in CRD III.  View Article
Reuters: Mid-sized banks more a worry than Deutsche, says BaFin
Medium-sized banks in the midst of big strategic changes are more of a worry for regulators than powerhouses such as Deutsche Bank AG, the head of German financial watchdog BaFin said.  View Article
Court of the Bank of England welcomes three independent reviews
The Court of the Bank of England commissioned a set of three Reviews into areas of the Bank's performance and existing capabilities. Each Review was led by an independent, internationally respected expert. They were completed in October 2012 and discussed on 26 October.  View Article
BoE/Bean: Central banking in boom and slump
In the JSG Wilson Lecture at the University of Hull, Charlie Bean considers how policy was set during his tenure at the Bank of England, and considers what lessons have been learnt from the financial crisis.   View Article
Business Insider: Bank of Japan takes surprise step that could change future of central banks
The BoJ governor, the Minister of Finance and the Minister of State for Economic and Fiscal Policy jointly issued a press release on the BoJ website - "Measures Aimed at Overcoming Deflation". The executive branch politicians in Japan have, for the first time ever, infiltrated the mother ship.  View Article
EMF: Mortgage Info – October 2012
The European Mortgage Federation published its October newsletter, including i.a. articles on: Structural Reform in EU Banking - a UK Perspective; Over-Indebtedness - an Irish Perspective; and The Norwegian Housing Market and Norwegian Covered Bonds.  View Article
EPC: New Rulebook versions and associated Implementation Guidelines take effect on 17 November, 2012
The European Payments Council (EPC) publishes updated versions of the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) Rulebooks annually in November, to take effect the following year.   View Article
HM Treasury: Credit Guarantee Scheme closes
The Credit Guarantee Scheme (CGS) has closed following the last CGS guaranteed debt issuance reaching maturity. Government exposure under the CGS peaked at just under £140 billion. There is no longer any taxpayer exposure to the scheme, which has closed without any payouts.  View Article
State aid: Commission approves Cypriot bank guarantee scheme
The European Commission has authorised, under EU State aid rules, a Cypriot state guarantee scheme for credit institutions until 31 December 2012. The purpose of the scheme is to facilitate the access of eligible credit institutions to medium-term funding.  View Article

Securities

EU-EIB Project Bond Initiative launched with start of pilot phase
The Project Bond Initiative, which aims to improve capital market financing of infrastructure, passed its final approval stage today. Following signature of a Cooperation Agreement between the Commission and the EIB clarifying risk-sharing, the pilot phase of the PBI is ready for roll-out.  View Article
ESMA publishes its opinion on the emergency measure by the Spanish CNMV under the Short Selling Regulation
The European Securities and Markets Authority has published its Opinion on the emergency measure proposed by the Spanish Comisión Nacional del Mercado de Valores (CNMV) under the Short Selling Regulation.  View Article
ESMA publishes its opinion on the emergency measure by the Greek HCMC under the Short Selling Regulation
The European Securities and Markets Authority has published its Opinion on the emergency measure by the Greek Hellenic Capital Market Commission (HCMC) under the Short Selling Regulation.  View Article
TheCityUK: Derivatives market provides UK trade surplus of £10bn but industry concerned over regulatory reform
UK banks' export earnings on international derivatives trading totalled £10 billion in 2011, according to the 2012 edition of TheCityUK's Derivatives Report. However, the report also highlighted concerns over the potential impact of regulatory reform on the derivatives market.  View Article
FT: Foreign regulators warn on derivatives reform
Financial regulators from around the world have rounded on the main US swaps regulator over its attempts to extend new rules on derivatives overseas, warning of destabilising effects on the global financial system.  View Article
FT: EU's 'fit of pique' on CDS fuels concerns
Studies have shown that rising CDS prices tend to lead to higher government bond yields. As a result, the EU in March banned the buying of CDS on the sovereign bonds of Member States when there is no underlying position to protect or hedge.  View Article
Hedgeweek: Eurex Clearing to launch central clearing service for bilateral securities lending market
Eurex Clearing is to go live with Europe's first central counterparty (CCP) service for the bilateral securities lending market on 22 November.  View Article
FT: BATS Chi-X Europe eyes UK exchange licence
BATS Chi-X Europe, Europe's largest share trading platform, is in talks with UK regulators about securing an exchange licence, in a move that could open the door to trading on the market on behalf of retail investors.  View Article

Insurance

Interview with EIOPA chairman Gabriel Bernardino conducted by Nicholas Comrie, Bermuda Reinsurance magazine
Solvency II remains the test-bed for global regulatory development. Gabriel Bernardino, chairman of EIOPA, discusses the European project's increasingly global agenda.  View Article
Insurance Europe: Solvency II must not create barriers
The forthcoming Solvency II regulatory regime for insurers must not create unnecessary barriers to insurers providing investment guarantees for customers and investing long-term,   View Article
Risk.net: Impact study on long-term guarantees package is crucial for devising new Solvency II timetable
During the past few months, the January 1 2014 implementation date has looked increasingly unrealistic, as the wrangling over Omnibus II continued due to lawmakers failing to agree on the package of measures for long-term guarantee business.  View Article
CRE: 'Tide' of regulation top concern for insurers as further Solvency II delays loom
European insurers are bemoaning the complexity of Solvency II and its ongoing delays, but there are plenty more controversial regulatory reforms waiting in the wings, according to speakers at the Lloyd's Regulators Conference in London last week.  View Article
Guardian: EU's insurer capital rules need rethink - L&G
Strict proposed capital rules for insurers based in the European Union are unlikely to work in their current form and may be redrawn, the head of Britain's Legal & General Plc (L&G) said.  View Article
Insurance Insight: Ace Europe head criticises London market's 'lack of vision'
London's insurance industry must avoid complacency and reinforce its position as the global insurance centre through innovation, collaboration and recognition of the shift towards emerging markets, the chairman of Ace European Group said today.  View Article
Insurance Insight: Competition keeps prices low for Italian PI
Italian legislation making professional indemnity insurance compulsory presents opportunities for insurers, but competition is keeping prices low, according to Davide Balocco, head of PI for Markel in Italy.  View Article
Risk.net: Loss-absorption proposals for systemically important insurers flawed
Proposals to increase the capital held by global systemically important insurance groups (G-SIIs) are flawed and could lead to regulatory arbitrage, experts are warning.  View Article
Risk.net: Asia Risk Congress - LCR drives expanding regional liquidity swap market
The increasing need by banks for liquid assets to meet the requirements of Basel III is driving a burgeoning liquidity swap market in Asia, according to two insurers from the region.  View Article

Asset Management

AIMA announces AIFMD implementation project
The Alternative Investment Management Association (AIMA), the global hedge fund association, has announced its AIFMD Implementation Project ahead of the release of the final implementation text of the Alternative Investment Fund Managers Directive (AIFMD) by the European Commission.  View Article
Guernsey plans dual regime for AIFMD
Guernsey is planning to have two parallel regulatory regimes for investment funds as a way best to meet client needs when the EU's Alternative Investment Fund Managers Directive (AIFMD) comes into force.  View Article
IPE: DC pensions market set for growth in Europe
Defined contribution (DC) will be the fastest-growing source of pensions business in Europe this year, with Germany, the Netherlands and the UK offering the best "opportunities", according to a new survey.  View Article
IPE: DWP publishes 'call for evidence' on impact of NEST restrictions
The UK government has opened the door to the possible removal of two statutory constraints to the National Employment Savings Trust (NEST), launching a consultation to see whether the limits on the auto-enrolment provider are counter-productive.  View Article
DWP consultation on removing NEST restrictions – NAPF comment
Darren Philp, NAPF Director of Policy, said that NEST (the National Employment Savings Trust) was a key part of the UK savings picture going forward, and NAPF wanted it to be a success.  View Article
RFI: Hollande government partially reverses Sarkozy pension reform
France partially reversed one of President Nicolas Sarkozy's changes to the pension system, opening the door for an estimated 100,000 people to retire at the age of 60 every year.  View Article
IPE: Study shows property debt funds facing double hurdle
Between €8 billion and €10 billion has been raised for European real estate debt investments, but a changeable lending market has prevented more debt funds from being launched, according to INREV.  View Article

Corporate Governance/Accounting

ECA: Member States and Commission must manage spending better
The ECA commented on the 2011 accounts which present fairly the financial position of the European Union, as well as the results of its operations and its cash flows for the year. Revenue and commitments were free from material error; however, payments were affected by material error.  View Article
IASB: IFRS Foundation published proposals to create an Accounting Standards Advisory Forum
The IFRS Foundation published for public comment proposals to create a new advisory group to the IASB, consisting of national accounting standard-setters and regional bodies with an interest in financial reporting. The document will be open for comment until 17 December, 2012.  View Article
CRE: Choosing correct corporate governance model 'crucial' for Europe, warns ECIIA
Recently-elected president of the European Confederation of Institutes of Internal Auditing (ECIIA), Marie-Hélène Laimay, has warned that Europe must choose the correct corporate governance model to ensure its future economic success.  View Article
IASB/Hoogervorst: Leasing standard essential for uncovering hidden leverage
Hans Hoogervorst, Chairman of the IASB, called on securities regulators and national accounting standard-setters to support the IASB's joint efforts with the FASB to "bring much-needed transparency" to lease accounting.  View Article
IFAC: IESBA's additional questions and answers on implementing Code of Ethics
The staff of the IESBA released additional questions and answers (Q&As) to support the adoption and implementation of the IESBA's Code of Ethics for Professional Accountants (the Code).  View Article
IFAC: Draft strategy for professional accountants in business initiatives
The IFAC released for comment the Professional Accountants in Business Strategy and Work Plan for 2013-2016, outlining how professional accountants need to be positioned to drive successful and sustainable organisations. Comments on the Exposure Draft are requested by January 31, 2013.  View Article
UNCTAD: Accounting standards, corporate transparency and developing countries
UNCTAD hosted a three-day meeting on International Standards of Accounting and Reporting (ISAR). Experts deliberated on the role of regulatory and institutional arrangements for the consistent implementation and enforcement of international standards and codes of corporate accounting and reporting.  View Article
FASB: Extended comment period related to the framework
The FASB has extended the comment period for its Invitation to Comment, Disclosure Framework until November 30, 2012 and for the staff paper, Private Company Decision-Making Framework: A Framework for Evaluating Financial Accounting and Reporting Guidance for Private Companies, until November 9, 2012.  View Article
IASB: Amendments to IFRS 10, IFRS 12 and IAS 27 related to investment entities
The IASB issued Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27). The amendments apply to a particular class of business that qualify as investment entities.   View Article
IASB welcomes FSB's Enhanced Disclosure Task Force Report
On 29 October 2012 the FSB, of which the IASB is a plenary member, announced the publication of the Report of the Enhanced Disclosure Task Force (EDTF). The EDTF was formed at the initiative of the FSB in May 2012 to investigate ways in which to improve the quality of risk disclosures for banks.  View Article
FRC's Financial Reporting Lab announces the commencement of a second project in relation to remuneration reporting
The Financial Reporting Lab is seeking help from listed companies to develop example formats of proposed disclosures on remuneration which will help to shape the new remuneration reporting regulations being introduced by the Department of Business, Innovation and Skills (DBIS).  View Article
IFAC/Ball: €133bn in gold says take federal auditing seriously
In his letter to the FT, IFAC Chief Executive Ian Ball addresses the causes of the financial crisis in connection with accounting and auditing by governments.  View Article
IASB and ASBJ: Summary of biannual meeting
Representatives of the IASB and the ASBJ met on 29 and 30 October 2012 in London. Financial instruments, revenue recognition and leases were discussed.  View Article

Financial Services Policy

European Commission: Autumn forecast 2012-14 - Sailing through rough waters
The short-term outlook for the EU economy remains fragile, but a gradual return to GDP growth is projected for 2013, with further strengthening in 2014.  View Article

Graham Bishop’s Articles and Speeches

Graham Bishop's Blog: Visit to Cyprus - a major twist to the regional geo-politics and economics?
The most startling aspect for me is the natural gas element. The implications for the geo-politics of the entire Eastern Mediterranean region and Europe's energy security are profound.  View Article





© Graham Bishop

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