Follow Us

Follow us on Twitter  Follow us on LinkedIn
 
Home>
Print Page Save to My Library <Next Article  Previous Article>
20 December 2012

This week in "Brussels"
Jump directly to
Banking Securities Insurance
Asset Management Corporate Governance/Accounting Financial Services Policy
European Council/Parliament Graham Bishop’s Articles and Speeches About this email

Articles from 13 December 2012 - 20 December 2012

Banking

Michel Barnier: The European banking union, a precondition to financial stability and a historical step forward for European integration
In his speech, Barnier looked first at the SSM and its major benefits for Europe, and then elaborated on the next steps towards banking union.  View Article
Single supervisory mechanism is first step to mutualising risk, says Draghi
A single supervisory mechanism for banking will restore trust, which is a prerequisite for EU Member States to mutualise risk, ECB President Mario Draghi told Economic and Monetary Affairs Committee MEPs on Monday.  View Article
EBF welcomes ECOFIN outcome on single supervisor for European banks
"We especially support the recognition that this is a key starting point towards the more integrated supervision and common practices called for in a Banking Union”, declared Guido Ravoet, Chief Executive of the EBF.  View Article
ESBG: Clearly defined mandates for banking union essential, says ESBG Board
"Putting in place a single supervisory mechanism is an important step in order to achieve a coherent unique supervision for the eurozone", declared François Pérol, European Savings Banks Group President and CEO of BPCE, France's second largest banking group.   View Article
AFME comment on EU appointment of ECB as European bank supervisor
Simon Lewis, chief executive of the Association for Financial Markets in Europe, comments on the agreement by European finance ministers on the European Central Bank (ECB) becoming a common bank supervisor.  View Article
BBA: EU banking union - The UK view
The banking industry has always believed that it is in the UK's interests for there to be a stable and consistent supervisory regime in the euro area. BBA therefore welcomes and supports last night's banking union proposals.  View Article
Reuters: Bundesbank questions basis for EU bank union
Germany's central bank has serious reservations about the legal framework for creating a broad banking union in Europe, news magazine Der Spiegel reported on Sunday.  View Article
Peterson Institute/Véron: Europe takes an important step forward on banking
Centralised supervision is only the first step on the long and winding road towards European banking union, comments Véron. But the fact that this step is now essentially confirmed is almost unqualified good news.  View Article
Wolfgang Münchau: Politics undermines hope of banking union
A division into larger and smaller banks makes no economic sense, comments Münchau in his FT column.  View Article
Revisions to the Basel Securitisation Framework - Consultative document published by the Basel Committee
The Basel Committee on Banking Supervision has published a consultative paper, entitled 'Revisions to the Basel Securitisation Framework'. Deadline for comments is 15 March, 2013.  View Article
BIS: Implementation of the Basel III Framework
At its meeting on 13-14 December, the Basel Committee on Banking Supervision discussed the progress of its members in implementing the capital adequacy reforms within Basel III.  View Article
Reuters: Europe to miss Basel III deadline after EU talks postponed
Europe will definitely fail to meet the globally-agreed January deadline for the implementation of tougher capital requirements for banks, after European Union talks to agree the rules were postponed on Tuesday.  View Article
FT: US banks call for easing of Basel III
US banks are making a last-minute push to ease new global liquidity requirements, arguing that they would need to come up with an additional $800 billion in easy-to-sell assets under the proposed standards.  View Article
ECB/Draghi: "The year when the long-term vision for the euro and the euro area was re-launched"
ECB President Mario Draghi was interviewed by the FT on various topics, including the OMT programme and the ECB's future role in the banking union/supervision.  View Article
EBA opinion on the recommendations of the High-level Expert Group on reforming the structure of the EU banking sector
The European Banking Authority provided its opinion on the recommendations of the High-level Expert Group on reforming the structure of the EU banking sector.  View Article
BBA reports findings of Libor reform consultation
The feedback statement summarises the findings of the consultation and sets out the BBA's timescale for a phased discontinuation of certain Libor rates, in line with the sixth recommendation of the Wheatley Review.  View Article
ICAEW warns further stringent bank requirements may hamper ability to lend
Iain Coke, Head of ICAEW's Financial Services Faculty, comments on the joint paper published by the Bank of England and the US Federal Deposit Insurance Corporation, outlining resolution strategies for large and complex financial services institutions.  View Article
EPC: SCT and SDD Rulebooks: Next scheme change management cycle takes place in 2014; Rulebooks to be published November 2014
Based on the established scheme change management and rulebook release cycle, the EPC published updated versions of the rulebooks and associated implementation guidelines. Payment service providers and their suppliers have time to address rulebook updates prior to such changes taking effect.  View Article
FT: France unveils bank reforms
France unveiled its long-promised reform to overhaul its banks to protect taxpayers from risky operations but ran into immediate criticism that the measures were not as tough as the Socialist government had promised.  View Article
Commission approves prolongation of the Danish bank support schemes
The European Commission has authorised, under EU state aid rules, the prolongation of a Danish scheme for the winding-up of banks and of a guarantee scheme for merging banks until 30 June, 2013.  View Article

Securities

Commission adopts technical standards for the Regulation on OTC derivatives, central counterparties and trade repositories
The European Commission has today adopted nine regulatory and implementing technical standards to complement the obligations defined under the Regulation on OTC derivatives, central counterparties (CCPs) and trade repositories (EMIR).  View Article
FN: Maijoor warns again over OTC rules overlap
The chair of Europe's top securities watchdog has delivered a fresh call for international regulators to cooperate over reforms to the $650 trillion OTC derivatives market, just weeks after the world's largest rulemaking bodies pledged to tackle the issue of regulatory arbitrage together.  View Article
FSA: Client assets regime: changes following EMIR
This Policy Statement summarises feedback received in relation to Part I of Consultation Paper 12/22, and publishes final rules making changes required under the European Market Infrastructure Regulation (EMIR). Feedback on Parts II and III of CP12/22 will be published at a later date.  View Article
IPE: Investors urged to find new sources of collateral for derivatives trades
Institutional investors should explore alternative sources of collateral for derivatives trades at a time when regulatory reforms are expected to be a new "cost burden" for market players, BNY Mellon has warned.  View Article
ESMA consults on guidelines for CCPs' interoperability arrangements
The European Securities and Markets Authority (ESMA) has published a Consultation Paper on guidelines regarding the assessment of interoperability arrangements for central counterparty clearing (CCPs). Deadline for comments is 31 January, 2013.  View Article
CPSS-IOSCO issue Disclosure framework and assessment methodology for their principles for financial market infrastructures
The CPSS and the International Organisation of Securities Commissions (IOSCO) have published a disclosure framework and assessment methodology for their Principles for financial market infrastructures PFMIs), the new international standards for financial market infrastructures (FMIs).  View Article
The Bank of England's approach to the supervision of financial market infrastructures
The Bank published a document setting out its proposed approach to the supervision of central counterparties and securities settlement systems.  View Article
ESMA publishes supervisory briefings in the area of MiFID
The European Securities and Markets Authority (ESMA) has today published two briefings, one on Suitability and the other on Appropriateness and Execution only.  View Article
ESMA publishes official translations of Guidelines on ETFs and other UCITS issues
This publication consolidates the Guidelines on ETFs and other UCITS issues, as well as the Guidelines on repo and reverse repurchase agreements, respectively adopted in July and November this year.  View Article
ABBL: Casting shadows
The good news about proposals to regulate shadow banking is that we are probably approaching the end of a long regulatory tunnel, comments ABBL's Benoît Sauvage.  View Article
GFMA Q&A on G-SIFI Resolution paper from US FDIC and Bank of England
Simon Lewis, chief executive of the Global Financial Markets Association, was interviewed on the joint paper released earlier this week by the Federal Deposit Insurance Corporation (FDIC) and Bank of England   View Article
FT: Changes to swap costs prompt alarm
There are growing fears that specially-tailored swaps will become prohibitively expensive under new rules coming into effect from next year. Regulators want most users to pick only from the racks of standardised products.  View Article
FT: LSE and LCH review terms of €463 million deal
The London Stock Exchange and LCH.Clearnet, the European clearing house, are in talks about changing the terms of an agreed €463 million deal, even as the proposal passed a key regulatory hurdle.  View Article

Insurance

EIOPA publishes opinion on interim measures regarding Solvency II
As part of the preparation for Solvency II, national competent authorities should put in place, starting on 1 January 2014, certain important aspects of the prospective and risk-based supervisory approach.  View Article
EIOPA to launch the technical assessment of the Long-Term Guarantees Package
The European Insurance and Occupational Pensions Authority (EIOPA) will assess the impact of the Solvency II Long-Term Guarantees (LTG) package, as requested by the Trilogue parties (the European Parliament, the Council of the EU and the European Commission).  View Article
CRE: Europe's insurers call for clarity on Solvency II
Uncertainty surrounding the implementation of Solvency II, Europe's planned capital adequacy and reporting regime for the insurance sector, was identified by insurance leaders at a high level conference in Paris last week as the number one concern caused by the Directive.  View Article
Risk.net: Insurers wrestle with Solvency II internal model change policies
Insurers are forging ahead with the development of their internal model change policies, despite uncertainty about what alterations to the model will trigger supervisory intervention.  View Article
EIOPA publishes its second half-year financial stability report
The European Insurance and Occupational Pensions Authority (EIOPA) published its second half-year report for 2012 on the financial stability of the insurance and institutions for occupational retirement provision (IORP) sectors in the European Economic Area (EEA).  View Article
Insurance Europe response to the IAIS consultation on proposed policy measures for Global Systemically Important Insurers
Insurance Europe has urged the International Association of Insurance Supervisors (IAIS) to adopt a step-by-step process for possible policy measures for global systemically important insurers.  View Article
Geneva Association Response on IAIS Policy Measures and Consequences Consultation
Leading international insurance think tank, The Geneva Association, published its response to the International Association of Insurance Supervisors' public consultation, 'Proposed Policy Measures for Global Systemically Important Insurers'.  View Article
IIF: Leading insurers call for careful consideration of unintended consequences emerging from IAIS proposals on systemic risk
The IIF responded to the IAIS regarding its proposed policy measures for G-SIIs, calling for sector-specific and proportionate regulation.  View Article
FT: Insurers issue 'too big to fail' warning
Insurers are conducting a war of words with regulators trying to prevent a repeat of AIG's collapse, as the industry makes a last-ditch effort to avoid capital surcharges.  View Article
Insurance Insight: Mutuals outgrow insurance market, says new research
The period between 2007 and 2011 saw premium income for the world's mutual and cooperative insurers grow by 25.4 per cent, compared with 12 per cent for the insurance market as a whole.  View Article
FSA: Packaged bank accounts
This Policy Statement reports on the main issues arising from Consultation Paper 12/17, 'Packaged bank accounts – New ICOBS rules for the sale of non-investment insurance contracts' (July 2012), and publishes final rules.  View Article
Airmic invites bids to create global compliance database
Airmic has issued a second Request for Proposal (RfP) for companies interested in creating a global database of international insurance requirements, with a view to having the project completed by the end of 2014.   View Article
Risk.net: Insurers behind on risk assessment framework for ORSA - Insurance Risk North America
Insurers have made progress in developing their risk management framework for the forthcoming US Own Risk and Solvency Assessment (ORSA), but significant work still needs to be done in order to meet the deadline for implementing the new regime.  View Article

Asset Management

Commission adopts implementing rules for the Directive on Alternative Investment Fund Managers
The European Commission has acted to underpin solidly the new rules for Alternative Investment Fund Managers (AIFM) by today adopting a Delegated Regulation supplementing the Directive on Alternative Investment Fund Managers (AIFMD).  View Article
Statement by EVCA Secretary-General Dörte Höppner following publication of Level Two Delegated Acts for the AIFMD
"The EVCA welcomes today's publication of the Level Two Delegated Acts for the AIFMD by the European Commission. The Acts are an important step towards giving European private equity fund managers and their investors legal certainty."  View Article
AIMA responds to final AIFMD implementation text
The Alternative Investment Management Association (AIMA), the global hedge fund association, has responded to the publication of the final text of the implementing measures of the Alternative Investment Fund Managers' Directive (AIFMD) by the European Commission.  View Article
Hedgeweek: Prime brokers battle the perfect storm
Revenue pressures coupled with increased costs are forcing many in the industry to overhaul their business models in an attempt to capture new revenue streams. The alternatives industry has radically changed and the turmoil created by this has been particularly damaging to prime brokers.  View Article
EFAMA: UCITS enjoy surge in net inflows of €41 billion in October
The European Fund and Asset Management Association (EFAMA) has today published its latest Investment Fund Industry Fact Sheet, which provides investment sales and asset data for October 2012.  View Article
NAPF: Europe's pensions directive study "not fit for purpose"
The EU's assessment of Solvency II-type rules for pension funds is seriously flawed and does not provide an adequate test of regulations that could damage pensions and businesses for decades, the National Association of Pension Funds (NAPF) warned today.  View Article
Reuters: Spain plans deeper pension reform to meet EU demands
Spain will soon intensify pension reforms, possibly accelerating an increase in the retirement age and restricting index-linking of pension payouts to meet European Union demands to fix the country's troubled public finances, Spanish officials said.  View Article
IPE: Dutch investors falling short on sustainability policies
Dutch pension funds have made progress on sustainable investing in general, but failed to implement overall sustainable policies, according to the Association of Investors for Sustainable Development (VBDO).  View Article
Hedgeweek: CFTC releases rule enforcement review of ICE Futures US
The Commodity Futures Trading Commission has notified ICE Futures US of the results of a rule enforcement review completed by the commission's division of market oversight. The division assessed the exchange's compliance with new Core Principle 13, relating to the exchange's disciplinary programme.  View Article
SIFMA/Ryan on the state of the industry
As 2012 comes to a close, SIFMA President and CEO Tim Ryan was asked to share some of his reflections on this year and to look ahead to how he sees 2013 taking shape.   View Article

Corporate Governance/Accounting

ESMA's statement on forbearance practices in IFRS financial statements of financial institutions
The ESMA is issuing this Public Statement on forbearance practices in order to promote consistent application of European securities and markets legislation, and more specifically that of IFRS.   View Article
EuropeanIssuers: Summary of Commission's European Company Law and Corporate Governance Action Plan
Of key interest to companies are: new non-financial disclosure requirements and mandatory vote on remuneration policy and report; proposals on shareholder identification; voting policies; and possible recommendation on comply/explain.  View Article
ICAEW comments on EC corporate governance proposals
ICAEW commented on the EC's action plan for enhancing the EU framework for company law and corporate governance. The EC has identified three main focus areas: increasing transparency on corporate governance issues, encouraging shareholder engagement and supporting growth.  View Article
IFAC: Policy position paper on effective governance, risk management and internal control
IFAC issued Policy Position Paper 7, 'Effective Governance, Risk Management and Internal Control', to highlight good practice and the role of professional accountants in business.  View Article
Insurance Europe/CFO Forum: Implementation of IFRS 4 and 9 should remain aligned
Insurance Europe and the CFO Forum have called on the IASB to keep the implementation of the accounting standards for insurance contracts (IFRS 4) and financial instruments (IFRS 9) aligned.   View Article
ICAEW paper: 'The future of IFRS'
ICAEW takes a step back from the detail to rehearse the benefits of a global set of standards, to take stock of what has been achieved to date, and to encourage the widest debate possible about what more needs to be done to safeguard the continuing success of IFRS.  View Article
EFRAG: Draft comment letter on annual improvements to IFRSs 2011-2013
EFRAG is issuing its draft comment letter to the IASB on its Exposure Draft Annual Improvements to IFRSs 2011-2013 Cycle ("the ED"), seeking feedback from its constituents. Comments are invited on the letter by 1 February, 2013.  View Article
EFRAG's draft comment letter on proposed amendments to IAS 16 and IAS 38 relating to depreciation and amortisation
EFRAG published its draft comment letter to the IASB on its Exposure Draft, 'Clarification of Acceptable Methods of Depreciation and Amortisation (Proposed Amendments to IAS 16 and IAS 38)'. Comments are invited on the letter by 11 March, 2013.  View Article
IASB ED: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
The IASB published for public comment an Exposure Draft of proposed narrow-scope amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures (2011). The IASB requests comments on these proposals by 23 April, 2013.  View Article
IASB concludes three-yearly public consultation
The IASB finished its far-reaching public consultation on its future agenda by releasing a feedback statement mapping out its future priorities.   View Article
FRC: Update of standard on assumptions for pension scheme projections
The FRC has published a revised version of actuarial standard TM1 (AS TM1) which sets out the assumptions to be used in annual statutory money purchase pension illustrations (SMPIs).  View Article
FRC: Positive uptake of UK Corporate Governance and Stewardship Codes in 2012
According to the FRC, the Stewardship Code has been a catalyst for greater engagement between companies and their shareholders in 2012. Introduced in 2010, there are now over 250 signatories to the Code, including most major institutional investors.  View Article
EuropeanIssuers/Institutional Investor Committee comment on EU audit proposals
The IIC which represents the major trade associations representing investors in the UK, who are also major shareholders in many non-UK companies in Europe, has published investors' comments on the EU audit proposals.  View Article
FRC: IFIAR's first global survey of audit inspection findings
The International Forum of Independent Audit Regulators' survey brings together issues identified by IFIAR Members located around the world. The survey also responds to a request from the FSB to provide details of findings from the inspections of audits of major financial institutions.  View Article
FASB and CAQ: Forum observations summary on disclosure effectiveness
The FASB, in conjunction with the Centre for Audit Quality (CAQ), published a summary of observations from two forums on disclosure effectiveness.  View Article
ISDA publishes recommendation for FpML version 5.4
FpML version 5.4 focuses on further enhancing a robust framework for global regulatory reporting. In addition, the coverage for several asset classes has been expanded to represent Dodd-Frank reporting requirements fully.  View Article

Financial Services Policy

FSA: The Financial Services Bill - Implementing markets powers, decision-making procedures and penalties policies
The regulator is consulting on the new rulebooks and policies for the successor organisations to the FSA. Deadline for comments is 1 February, 2013.  View Article
Rita Laura D'Ecclesia: Improving the European Commission's PRIPs proposals
In this Risk.Net article, D'Ecclesia assesses the EC's proposal on packaged retail investment products. The proposal has raised questions, especially with regard to the key investor information document (KID).  View Article

European Council/Parliament

Remarks by President Van Rompuy following the first session of the European Council
The Council took decisions on the way forward for the eurozone, focusing on two areas: strengthening the banking system, and bringing economic policies closer.  View Article
European Council conclusions on completing EMU - Adopted on 14 December 2012
In light of the fundamental challenges facing it, the Economic and Monetary Union needs to be strengthened to ensure economic and social welfare, as well as stability and sustained prosperity.  View Article

Graham Bishop’s Articles and Speeches

Graham Bishop's Blog: UK and Banking Union – is Cameron "delusional"?
The results of Cameron's delusion about a banking union deal could well crystallise during the European Parliament election campaign in May 2014!  View Article





© Graham Bishop

< Next Previous >
Key
 Hover over the blue highlighted text to view the acronym meaning
Hover over these icons for more information


Add new comment





 


www.grahambishop.com
// Business Applications by Denaploy 		Web Master Information
Terms & Conditions
Privacy Policy