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23 October 2008

This week in "Brussels"

Articles from 16 October 2008 - 23 October 2008

Summit on financial crises set for November 15
Leaders will review progress being made, advance a common understanding of its causes, and agree on a common set of principles for reform of the regulatory and institutional regimes for the world's financial sectors.  View Article

ECB González-Páramo: Future of banking supervision in Europe
The review of the CRD is will enhance the role of the consolidating supervisor and provide the institutional underpinning for supervisory colleges, González-Páramo said and announced itensified cooperation between CEBS and the BSC.  View Article

US and EU agree to series of summits on world finance
US and EU leaders agreed to take steps to set up a series of international meetings to review efforts to address the crisis and seek agreement on how to prevent a reccurrence.  View Article

High Level Group on financial supervision set up
Commission President Barroso announced the composition of the High Level Group chaired by Jacques de Larosière. The Group will look at the issue of cross-border financial supervision.  View Article

IMF outlook Europe: Growth to fall sharply before starting to recover in late 2009
Beyond immediate crisis management, Europe will need to rethink its financial stability arrangements, the IMF states. This includes stepping up joint financial oversight and improving cross-border crisis resolution frameworks.  View Article

House Committee of Government Oversight and Reform hearing on Credit Rating Agencies
The hearing on examined the actions of the three largest credit rating agencies. “The story of the credit rating agencies is a story of colossal failure”, Chairman Henry Waxman said in his opening remarks.  View Article

PCAOB proposes new auditing standards
The new standards update the existing requirements to take account of the improved risk-based audit methodologies and relate to issues such as audit risk and materiality, audit planning and supervision, and the consideration of internal control.  View Article

Congress hearing on regulatory restructuring
The Financial Services Committee held a hearing to address the need for broad regulatory restructuring and reform for the financial markets, including financial institution oversight and regulation, systemic risk, and housing finance.   View Article

Fed initiative to help money market funds - MMIFF
The new funding facility which will provide senior secured funding to a series of special purpose vehicles to facilitate an industry-supported private-sector initiative to finance the purchase of eligible assets from eligible investors.   View Article

Kroszner calls for strategic risk management in banking institutions
Institutions need to address shortcomings in their risk management structures which could require fundamental changes from some firms, Kroszner said. “There can be no real strategic management in financial services without risk management.”  View Article

Bernanke open to new stimulus package
The time needed for economic recovery will depend greatly on the pace at which financial and credit markets return to more-normal functioning, Bernanke said. Considering a fiscal package at this juncture seems appropriate, he noted.  View Article

Fed guidance for compliance risk and consolidated supervision
The Federal Reserve issued enhanced guidance for the consolidated supervision of bank holding companies and the combined U.S. operations of foreign banking organizations, and on firm-wide compliance risk management.  View Article

FSA Japan - Newsletter August 2008
The August edition contains feature articles on the ‘Better Market Initiative’, and on the ‘Independent Agent Exemption’ of fund managers.  View Article

CEBS technical advice on options and national discretions in the CRD
The advice will result in 80% reduction of the present discretions available for EU members in the Capital Requirements Directive, CEBS notes, which is expected to have a positive effect on supervisory convergence in Europe.   View Article

NYSE Euronext study: Corporate issuers favour new rules on short selling
Senior management of public companies generally view the practice of short-selling of stock to be harmful during periods of market volatility and favour the implementation of new rules and disclosure requirements, the study finds.  View Article

McCreevy warns against risks coming from derivatives markets
There is a pressing need to have a central clearing counterparty for derivatives, McCreevy said and urges to have concrete proposals as to how the risks from credit derivatives can be mitigated by the end of this year.  View Article

Eurex ready to provide global solution for trading and clearing of credit derivatives
Eurex said it can immediately provide a global solution for trading and clearing of credit derivatives supporting Commissioner McCreevy’s call for action to improve market infrastructure in trading and clearing of OTC derivatives.  View Article

DTCC and LCH.Clearnet announce merger plans
DTCC and LCH.Clearnet have signed non-binding heads of terms regarding the proposed merger of the two companies.  Largest shareholder Euroclear intends to support the transaction.  View Article

Liffe to license Markit iTraxx Europe indices for its OTC clearing solution
The global derivatives business of NYSE Euronext, has signed a licence agreement with Markit, a financial information services company, to launch credit default swaps based on Markit iTraxx Europe indices.  View Article

CESR report on the transposition of the Transparency Directive
The report summarises the responses received on a mapping process conducted on the transposition of the Transparency Directive in EU Member States.   View Article

CESR interim report Jan-Jun 2008
The interim report provides a half-yearly update on the CESR activities and covers the period from January to June 2008.   View Article

NYSE Euronext launches TradeCheck
NYSE Euronext launched a service that enables its users to establish whether they have got the best possible deal when trading equities on 18 European exchanges and other trading venues.  View Article

European MTFs to create common symbology
BATS European Markets Division, Chi-X Europe Limited and NASDAQ OMX Europe announced the formation of an open, industry working group to develop a uniform symbology framework for trading European stocks.  View Article

IAIS to enhance supervisory co-ordination and standards
The IAIS discussed the need for co-operation and transparency concluding that structural improvements need to be made including further development of supervisory colleges.  View Article

CEIOPS preliminary results of QIS4 exercise
The preliminary results show that although further refinement at Level 2 is needed on specific issues, the industry supports the overall adoption of a risk based supervisory framework for the insurance sector.  View Article

IAIS issues supervisory papers on solvency assessment
The IAIS adopted a series of supervisory papers on solvency assessment. The papers identify key features supervisors should consider in their particular solvency regimes.   View Article

Commission report on role of private pensions
The study identifies large variations in coverage and contribution levels between EU countries, reflecting the diversity of schemes in place. It confirms the trend towards an increased role for privately funded pension provision in EU countries.  View Article

IOSCO consults on regulatory standards on Funds of Hedge Funds
IOSCO consults on the proposed elements of international regulatory standards on funds of hedge funds which are based on its June Report.  View Article

3L3 Committees joint statement on fair value accounting
The Committees welcome the action taken by the IASB and the new regulation from the European Commission, and encourage preparers and auditors to follow this IASB staff position immediately.    View Article

IASB and FASB commit to a global approach to enhance market confidence
The boards announced further details on their joint approach to dealing with reporting issues arising from the global financial crisis. It includes a high-level advisory group, a series of roundtables and the further development of accounting rules.   View Article

EFRAG draft comment letter on ‘Simplifying Earnings per Share'
EFRAG proposes to defer further work on this project until later as long as the IASB and the FASB are involved in a joint project on distinguishing equity from liabilities.   View Article

EFRAG final comment letter on amendments to IAS 19 Employee Benefits
EFRAG submitted to the IASB its comment letter opposing several issues. To have a final standard before the end of 2010, work on the definition of contribution-based promises should probably be deferred until later.  View Article

IFAC: Radical changes to fair value accounting reduces transparency
IFAC strongly opposes attempts to change more radically, or to suspend, the use of fair value accounting without adequate due process. Reducing transparency will not serve the interests of investors, IFAC says.   View Article

IASB and FASB create advisory group to review reporting issues related to credit crisis
IASB and FASB will create a global advisory group comprising regulators, preparers, auditors, investors and other users of financial statements to ensure that reporting issues are considered in an internationally co-ordinated manner.  View Article

IASB and FASB consult on the presentation of financial statements
The discussion paper contains an analysis of the current issues in financial statement presentation and presents the boards' views on how those issues could be addressed in a possible future format.  View Article

EFRAG comment letter on improved conceptual framework for financial reporting - The Reporting Entity
EFRAG thinks it is premature concluding that consolidated financial statements should be presented from an entity perspective and recommends an in-depth analysis of all the issues involved.  View Article

EFRAG comment letter on improved conceptual framework for financial reporting - Chapter 1 and 2
EFRAG has several concerns with the proposal and remains strongly of the view that no part of the Framework should be finalised until the whole Framework is ready to be finalised.  View Article

EFRAG draft comment letter on IFRSs
EFRAG agrees with most of the proposals, but sees a need for some rewording or for an additional amendment to make the issue clearer.   View Article

Plenary Meeting 20-23 October
MEPs debated the results of the EU summit of 15-16 October. French President Sarkozy said the financial crisis had strengthened the case for a united European response to major world problems.  View Article

Commission requests Hungary to end indemnity in favour of Postabank's buyer, Erste Bank
The Commission concluded that the measure was in breach of the state aid rules because a prudent private investor would not have granted an unlimited indemnity to Postabank's buyer.  View Article

Commission approves restructuring of IKB
The Commission approved the €9 billion restructuring package, for German bank IKB. In the context of the restructuring, the bank was sold to the US investment fund Lone Star in August 2008.   View Article




© Graham Bishop

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