An audio reading of the main text - a podcast - is available for downloading
| ©GrahamBishop.com 2009Jump directly to articles on:- |
|
|
|
Articles from 29 October 2009 - 05 November 2009
|
| |
Special committee on financial crisis first meeting: urgent need to be efficient and to prove that the committee is useful
Special Committee EPP Group Coordinator Othmar Karas MEP warns of slackening of European reform efforts following recently published economic forecasts, and argues that CRIS committee should be the guarantee that the political will is not wasted. View Article
|
FSA chairman says: 'no silver bullet' to address 'too-big-to-fail' challenge - appropriate capital requirements are not the only solution
Lord Turner stressed that the answer lies in a combination of different policies, in particular, higher capital standards, the need to reduce inter-connectedness in derivatives markets and the development of firms’ resolution and recovery plans. View Article
|
Commission autumn economic forecast looks for gradual recovery but an essential condition is to complete the repair of the banking sector
A gradual recovery is expected with GDP forecast to grow by ¾% in 2010 and around 1½% in 2011 but uncertainty remains high. If the banking sector does not repair its balance sheet, it may not be able to provide sufficient support to the recovery. View Article
|
Briefing McDonald: Responsible Borrowing and Lending
The Commission is still taking soundings on this issue as part of its work on driving recovery forward. The concern now is: what next after ECOFIN’s Roadmap on future retail policies? View Article
|
European Council to ECOFIN: Reach a conclusion by December 2009 on the new supervisory structure
European Council urged ECOFIN Council to reach complete agreement by December 2009 on a new supervisory structure in the EU and to make progress on the resolution of financial crises. An EU-wide framework for closer policy coordination needed. View Article
|
IFSL’s annual Financial Market Trends on Europe vs. US: As EU markets fell by more, the US gained in relative size.
It compares key financial markets in Europe with the US and reveals that in nearly half of activities the US share rose relative to Europe between 2007 and 2008 as US markets fell by less. In 6 markets, Europe’s share rose relative to the US. View Article
|
3L3 Work Programme 2010 is packed with the new European Supervision Authorities creation as they need to transform the existing committees
The work programme includes 3L3 crisis handling, responses to the Commission on the operation set-up and financing of the new supervisory authorities, and establishing a 3L3 cross-sector risk assessment framework. View Article
|
EU-US Summit agrees on ‘enhanced cooperation’ on reform and exit strategies
Leaders from the EU and the US agreed to undertake further financial regulatory reforms, create more resilient financial regulatory structures, and to plan for coordinated exit strategies ‘once recovery is ensured’. View Article
|
AIMA supports the registration of Hedge Fund Managers in the U.S. – with exemptions for recognised registration elsewhere
AIMA support comes as Representative Kanjorski’s Bill that will require hedge fund managers operating in the U.S. to register with, and be supervised by, the SEC won bi-partisan support from the House Financial Services Committee. View Article
|
US Senate to introduce draft bill on financial regulation
The financial Times reports that the bill may complicate the Obama’s administration’s own plan for dealing with future crisis and that may end the chances of a bipartisan law passing this year. View Article
|
| |
McCreevy: Consumers in the EU now benefit from easier bank account switching – and the Commission will control banks’ compliance
EBIC’s 'Common Principles for Bank Account Switching' have now been implemented. When consumers wish to switch their current account to another bank, the new bank will offer its assistance throughout the switching process. View Article
|
DG Competition consults on draft competition guidance for SEPA Direct Debit schemes and looks for input on the impact on legacy schemes
The DG Comp working document for comments focuses on general principles concerning multilateral interchange fee ('MIF') arrangements applied on a per transaction basis and concerning transactions that cannot be properly executed. View Article
|
Commission: SEPA on cross-border direct debits is a reality from Nov 2 – thousands of Euro Banks have already signed up for it
Banks will start to offer customers the possibility to make regular payments using the new SEPA Direct Debit scheme, meaning that consumers and businesses will be able to make direct debit transactions between different countries in the euro area. View Article
|
| |
CEBS/CEIOPS: Advice to Commission on reviewing the Financial Conglomerates Directive – amend the holding company definition
The Joint Committee on Financial Conglomerates (JCFC) recommends a change to the definition of holding companies to ensure that the application of the sectoral group directives is supplemented by the FCD irrespective of the structure of the group. View Article
|
CESR analysis of IFRS 7 disclosures on financial instrument holdings: almost 10% of FTSE Eurotop financial companies fail in 2008
The findings revealed that a significant proportion of companies failed to comply with mandatory disclosure requirements relating to financial instruments, for example regarding the use of valuation techniques and 40% did not disclose sensitivities. View Article
|
| |
CEIOPS consults on its third set of Advice on Solvency II - Level 2 implementing measures – especially welcomes comments on SCR standard for
CEIOPS consults on a series of 16 papers covering the calibration of both SCR (solvency capital requirements) and MCR as well as simplifying technical provisions and dealing with internal models. View Article
|
CEIOPS publishes revised texts of the Budapest Protocol - assisting supervisors in the process of co-operation
The environment in which the review was conducted has been one where the general level of cross-border activity across all Member States is still low compared to the number of domestic IORPs. The review has also highlighted some genuine challenges. View Article
|
| |
CFA Institute Centre for Financial Market Integrity: survey shows ninety-four per cent support AIFM mandatory requirements
Eighty per cent of survey respondents believe that alternative investment fund managers should be mandated to appoint an independent third party for the valuation of assets. Such a move is important in order to limit the potential for fraud. View Article
|
AIMA supports the registration of Hedge Fund Managers in the U.S. – with exemptions for recognised registration elsewhere
AIMA support comes as Representative Kanjorski’s Bill that will require hedge fund managers operating in the U.S. to register with, and be supervised by, the SEC won bi-partisan support from the House Financial Services Committee. View Article
|
| |
EFRAG: Study report on IFRS 9 Financial Instruments on classification and measurement of financial assets.
EFRAG is consulting on both, its assessment of IFRS 9 against the EU endorsement criteria and on its initial assessment of the costs and benefits that would arise from the implementation of IFRS 9 in the EU. View Article
|
IFAC releases new tool which evaluates ISA adoption by jurisdiction as well as how the adoption process can vary
Apart from evaluating ISA adoption by jurisdiction, this tool demonstrates the commitment of IFAC to transparency by providing a comprehensive summary of ISA adoption to its stakeholders and inviting feedback on how to further refine the information. View Article
|
IASB simplifies requirements for disclosure of related party transactions
IASB has revised IAS 24 to provide a partial exemption from the disclosure requirements for government-related entities and to clarify the definition of a related party. When transactions are individually or collectively significant info is required. View Article
|
| |
Commission opens in-depth investigation into support measures for German savings bank Sparkasse KölnBonn
The Commission wants a restructuring plan for German savings bank Sparkasse KölnBonn. At the end of 2008 its capital was strengthened by €650 million through the issuing of participation certificates. Germany did not notify the measures until later. View Article
|
DG Competition consults on draft competition guidance for SEPA Direct Debit schemes and looks for input on the impact on legacy schemes
The DG Comp working document for comments focuses on general principles concerning multilateral interchange fee ('MIF') arrangements applied on a per transaction basis and concerning transactions that cannot be properly executed. View Article
|
| |
Briefing McDonald: Responsible Borrowing and Lending
The Commission is still taking soundings on this issue as part of its work on driving recovery forward. The concern now is: what next after ECOFIN’s Roadmap on future retail policies? View Article
|
|
© Graham Bishop
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article