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19 March 2009

This week in "Brussels"

©GrahamBishop.com 2009Jump directly to articles on:-
Financial Services PolicyBankingSecuritiesInsurance
Asset ManagementCorporate GovernanceEdited Minutes of key legislative BodiesCompetition issues in financial Services
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Articles from 12 March 2009 - 19 March 2009
Financial Services Policy Back to top 

FSA publishes Turner review of global banking regulation
The Turner Review calls for a new European regulatory authority and increased national powers to constrain risky cross-border activity. Alongside, a FSA discussion paper recommends steps to enhance regulatory standards.  View Article

IMA calls for more effective financial regulation
IMA is calling for equally robust regulatory structures and regimes for the financial sector as a whole, and underlines the need to separate "good" assets from the "bad" within bank balance sheets.     View Article

G20 Finance Ministers and Central Bank Governors Meeting Communiqué
Key priority is to restore lending through continued liquidity support and bank recapitalisation, the ministers agreed, and issued a common framework which outlines how to deal with impaired assets.  View Article

FSF discussions on financial crises
The FSF discussed reports on procyclicality, sound compensation practices and cross-border crisis management. Reports on each of the topics will be published in the coming weeks. The FSF also decided to broaden its membership.  View Article

Fed Tarullo calls for consolidated supervision of all systemically important financial firms
There should be statutory coverage of all systemically important financial firms”, Tarullo said. The concept of too-big-to-fail has failed. Tools have to be improved to allow the resolution of systemically important non-bank financial firms.  View Article

BoJ Financial System Report - March
Japan is gradually influenced in terms of financial intermediation function and robustness, mainly through the growing losses on securities and the rise in credit costs, the Bank of Japan states.  View Article

Japan's Government considers Stock-Buying Plan
Japan's ruling party will discuss spending public funds on shares of Japanese banks and other companies hit by the market's sell-off, a newspaper report says. Finance Minister Kaoru Yosano said discussion will be held next week.   View Article

ASBJ / IASB review progress in achieving convergence in accounting standards
Ikuo Nishikawa, Chairman of the ASBJ, said the ASBJ will continue to work with the IASB towards convergence of high quality global accounting standards in order to ensure transparency in the Japanese financial and capital markets.  View Article



Banking Back to top 

BIS consults on core principles for effective deposit insurance systems
The consultation provides the core principles for effective deposit insurance systems and addresses a range of issues including deposit insurance coverage, funding and prompt reimbursement.   View Article

National regulators delaying EU payments harmonisation
A survey of 37 senior industry participants found that one in four think they are unlikely to be ready with implementing the payment services directive by November 2009. European banks are blaming the slowdown on failures in national regulation.  View Article

CEBS assessment of measures taken on valuation of complex and illiquid financial instruments
CEBS undertook a review of the progress made on issues relating to the valuation of complex and illiquid financial instruments and concludes that there are still more improvements to be made.  View Article

CEBS interim report on liquidity buffers and survival periods
The report presents the preliminary views on how CEBS could steer the approach the industry will use to calibrate the size, and determine the composition, of liquidity buffers over certain defined time horizons.  View Article



Securities Back to top 

FESE response to Commission assessment on prospectus directive
CESR’s use of the FAQ and Answers format became ineffective at addressing divergences, FESE states. In some cases the FAQ simply disclosed the different approaches taken by jurisdictions without concluding with a common approach.  View Article

IOSCO update on CRA oversight
The review found that the three largest CRAs, Fitch, Moody’s and Standard & Poors, have substantially implemented the revisions of the IOSCO CRA Code. Also, the Japan Credit Rating Agency is in complete compliance with the IOSCO CRA Code.  View Article



Insurance Back to top 

OECD consults on Issues Paper on Insurer Corporate Governance
The paper provides background on insurer corporate governance, describes practices and identifies possible regulatory and supervisory issues. It discusses the issues such as corporate governance, control functions and external audit.  View Article

ABI newsletter March 2009
There appears to be a genuine interest in reaching agreement and a sense that sufficient progress can be made in time to allow for a ‘first reading’ deal in the European Parliament, the latest ABI Bulletin states.   View Article



Asset Management Back to top 

AMF newsletter on Regulation an Asset Management – No.9
To harmonise the rules on investor protection stemming from the UCITS Directive, a legislative initiative concerning the roles and responsibilities of depositaries should not be ruled out, Jean-Pierre Jouyet said.  View Article

CESR consults on Key Information Document disclosures for UCITS
The consultation paper identifies the options available for the KID in the areas of risk and reward, past performance or performance scenarios, and charges. It provides a detailed description of the different policy options and describes their potential.  View Article

IOSCO consults on Hedge Funds oversight
The paper contains preliminary findings and recommended regulatory approaches. IOSCO believes that concerted, global regulatory action is required to appropriately and effectively mitigate the risks associated with hedge funds.  View Article

Commission feedback on Hedge Fund consultation
Most respondents believed that an international or global response would be superior to an EU response. However, a small majority of respondents believe that it is nevertheless appropriate to come forward with EU level action.  View Article

Private equity activity slows during 2008
Private equity activity slowed during 2008 in response to widespread uncertainty across financial markets, according to preliminary data for 2008 released today at EVCA’s Investors’ Forum 2009 in Geneva.  View Article



Corporate Governance Back to top 

IASB seeks views on FASB guidance on fair value
The IASB seeking views about the FASB proposals that deal with guidance on fair value measurement and impairments of financial instruments. It considers publishing formal proposals for public comment following the feedback.  View Article

ASBJ / IASB review progress in achieving convergence in accounting standards
Ikuo Nishikawa, Chairman of the ASBJ, said the ASBJ will continue to work with the IASB towards convergence of high quality global accounting standards in order to ensure transparency in the Japanese financial and capital markets.  View Article

EFRAG consults on IFRIC 17 Distributions of Non-cash Assets to Owners
Issues of the Invitation to Comment are its assessment of the Interpretation against the EU endorsement criteria, and its initial assessment of the costs and benefits that would arise from the implementation of the Interpretation in the EU.   View Article



Edited Minutes of key legislative Bodies Back to top 

EP Plenary meeting 9-12 March
Parliament held a debate on the forthcoming European Council and adopted several reports in the field Company Law.  View Article



Competition issues in financial Services Back to top 

Commission opens in-depth investigation into restructuring of Dexia
The Commission has started an in-depth investigation under EC Treaty state aid rules to establish whether the restructuring plan for the Dexia group will restore the group's long-term viability.     View Article

Commission approves Portuguese state guarantee to Banco Privado Português
The Commission has approved the state guarantee underwriting a €450 million loan granted to Banco Privado Português by six Portuguese banks.  View Article






© Graham Bishop

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