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Single Market News no 52
The Commission newsletter includes articles on credit rating agencies, the revision of bank capital requirements rules, and changes to accounting standards.
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CEPS proposes European System of Financial Supervisors
In response to the financial crises the CEPS report calls for an integrated financial oversight and calls on the Council to formally mandate the High-Level Expert Group to analyse the optimal structure.
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SEC strengthens oversight of Credit Rating Agencies
The new rules will touch upon possible conflicts of interest, ratings methodologies, and the disclosure of ratings track records, SEC Chairman Cox said. However, they will not include a 'special identifier' for complex securities.
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GAO report criticizes US Treasury over implementation of financial rescue plan
The Treasury failed to address a number of critical issues while implementing the TARP programme. Without a strong oversight and monitoring function, an appropriate level of accountability and transparency will be limited, the report says.
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Commission study on regulation of 'non-credit' institutions in mortgage markets
The study concludes that the legislative and regulatory frameworks differ significantly across the EU creating barriers to the cross-border provision of residential mortgages.
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EBIC common principles for bank account switching
The Common Principles apply to personal current account switching and sets out a guide on what steps need to be taken in the switching process. National banking associations will implement the principles by 1 November 2009.
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Securitization Organizations issue recommendations on restoring market confidence
No action is likely to be sufficient to return the securitization market to a normal level of functionality, the report finds, and recommends core industry-wide market standards of due diligence disclosure and quality assurance practices.
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Council general approach on Deposit Guarantee Directive
The Council's general approach envisages raising the deposit guarantee level to EUR 50 000 from 30 June 2009 and harmonising the level at EUR 100 000 from 31 December 2011.
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Council stays with 5 pc retention rate on CRD
Council reached a general approach on the revision of the Capital Requirents Directive establishing colleges of supervisors, harmonising reporting requirements, and introducing closer co-ordination among supervisors.
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ECON draft report on CRD - Banks may face stronger capital requirements
Banks may face a minimum of 10 percent retention rate where they have no involvement in the origination. Rapporteur Othmar Karas also calls for a decentralised European System of Banking Supervisors.
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Council underlines need for European clearing system
The Council supports the creation of one or more European CCP clearing capacities in OTC derivatives markets, and encourages coherence with parallel initiatives at global level.
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FESE publishes European Exchange Report 2007
The report includes key figures of each operator of Regulated Markets summarised on a one page statement.
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EFRP warns against applying Solvency II to IOPR
It would be disproportionate to amend the current Directive simply because of the linkage to the life-insurance Directive or misconceived level playing field arguments, EFRP warns.
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Council agrees to delete ‘group support’ from Solvency II
The Council general approach introduces colleges of supervisors and an increased coordination between supervisory authorities on key decisions.
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Council introduces European passport for UCITS
ECOFIN Ministers agreed on a general approach that introduces a "European passport" for fund management firms which will help improve the integration of the European market for asset management.
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Commission to launch consultation on hedge funds
The Commission will present a consultation paper on hedge funds this week. Results will be discussed at a conference in February. Final results should be available by end March 2009 to feed into the G20 summit in April.
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Commission services effect studies on Business Combinations and IAS 39
Following the effect studies prepared by EFRAG the Commission published its endorsement advice on IFRS 3 & IAS 27 Business Combinations, and on IAS 39 Eligible Hedge Items.
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Commission draft regulations on international accounting standards
The Council made public the Commission draft regulations on amendments to IFRS 1 and IAS 27, and on Improvements to IFRSs.
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BIS consults on fair value practices
The paper provides guidance to banks and banking supervisors to strengthen valuation processes for financial instruments supporting one of the FSF key recommendations for enhancing transparency and valuation.
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BIS paper on external audit quality and banking supervision
The paper describes the importance of audit quality in banks, particularly due to an increased reliance on sound audits and because high-quality audits can enhance market confidence during times of severe market stress.
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ECOFIN meeting 2 December
Ministers assessed the progress made in implementing the roadmaps for financial stability, and decided on a general direction for amendments to important directives currently discussed.
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ECON meeting 1-2 December
Commissioner McCreevy announced to come forward with a consultation on hedge funds in due course. ECON also voted on several reports including the UCITS directive.
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European Parliament debate on key issues of forthcoming European Council
Parliament debated the European Council of 11 and 12 December, in particular issues on the economic crisis, but also on climate change and the Lisbon Treaty.
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Commission overview on rescue measures
The Commission issued an update of the overview of national rescue measures and guarantee schemes.
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Commission clears state aid to rescue and restructure Fortis Bank
The Commission approved the package granted to Fortis Bank and Fortis Bank Luxemburg. The sale to BNP Paribas does not involve state aid in favour of BNP Paribas, the Commission finds.
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Commission to publish guidance on recapitalizations under state aid rules
Member States are now increasingly focusing on the risk of a credit crunch, Commissioner Kroes said. This is raising a new challenge in the design of recapitalization schemes and is calling for a refinement.
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Commission approves Dutch emergency recapitalisation of Aegon
The Dutch authorities plans to recapitalise the Dutch insurance and pension group Aegon with €3 billion through a special type of securities to be issued on 1 December 2008.
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