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22 January 2009

This week in "Brussels"

Articles from 15 January 2009 - 22 January 2009

FSA chair sets out agenda for reforming financial regulation
The “originate and distribute” model of financing lending had a role to play in the future, but needed to be reformed, with less complexity and opacity, Turner said.  View Article

Trichet: International financial architecture requires strengthening of informal groupings
"Reflections have started on the specific role that could be played by the ECB and its Governing Council”, Trichet said. However, the Governing Council has not yet taken a position on this topic.  View Article

Trichet calls for systematic reforms without the least privilege to any entity
The events call for a set of ambitious reforms aiming to introduce, re-introduce and re-inforce if need be counter-cyclical mechanisms and the shock-absorbers in the financial system, Trichet said.  View Article

European Financial Integration Report 2008
The report is an annual analysis of the integration in the EU financial sector and its effects on competition, efficiency, financial stability and competitiveness.  View Article

G30 report calls for regulatory reforms to strengthen global financial system
The Report focuses on how the financial system might reasonably be organized once the present crisis has passed and includes 18 sets of recommendations.  View Article

Schapiro outlines future SEC regulatory reform initiatives
Mary Schapiro gave a brief overview about the actions she intends to undertake when she will take office as the new SEC chair, putting into question CRAs and IFRSs, and outlining regulatory reforms.  View Article

PWG - Best Practices for Hedge Funds
The President's Working Group final best practices for the asset managers call on hedge funds to adopt comprehensive best practices in all aspects of their business.  View Article

OECD: Asian countries should reform their pension systems
Many Asian countries will need to reform their pension systems to avoid future problems and repeating many of the mistakes made in Europe and North America, the report says.  View Article

Commission launches European database for financial education
The Database includes standardised information about educational schemes and research projects and will serve as a library of financial education projects.   View Article

ECB adjustment of risk control measures for newly issued asset-backed securities and for uncovered bank bonds
The Governing Council of the ECB decided to complement the technical refinements of risk control measures which are to take effect on 1 February 2009.   View Article

ECOFIN Council Conclusions on Bank Capital
The Council confirmed that the provision of capital to the banking sector is not intended to create new, higher statutory capital requirements for the banking sector.   View Article

UK government package to support lending
The second bank rescue plan aims to protect banks from so-called toxic assets. The government will allow banks to insure themselves against losses on their riskiest assets and offers guarantees on their debt.   View Article

FSA statement on regulatory approach to bank capital
On 14 November 2008, the FSA issued a statement to explain the approach it had taken to individual bank capital frameworks as part of the plan to support the UK banking system.  View Article

BIS consults on enhancements to the Basel II framework
The document covers the Committee's proposals to strengthen Pillar 1 minimum capital requirements, the Pillar 2 - supervisory review process and the Pillar 3 - market discipline.   View Article

BIS consults on regulatory capital treatment for trading book exposures
The papers set out the proposed enhancements to the regulatory capital treatment for trading book exposures, including an 8% capital charge for specific risk of equities in all cases.  View Article

FSA confirms extension of short-selling disclosure regime
The FSA confirmed that it will extend its disclosure obligation for short-selling of stocks in UK financial sector companies until 30 June 2009.   View Article

CESR: Mixed responses on MiFID secondary markets functioning
CESR received mixed responses to its call for evidence on the impact of MiFID on secondary markets functioning ranging from deep concern to an overall positive assessment.  View Article

FESE response to CESR consultation evaluating the MiFID regulatory framework
FESE encourages CESR to include in the analysis certain other subjects from the Intermediaries section as the functioning of the secondary markets in Europe is directly affected by the actions taken by intermediaries.  View Article

Euroclear consolidates settlement platforms in three EU markets
The Euroclear Settlement of Euronext-zone Securities platform enables cross-border transactions between counterparties in Belgium, France and the Netherlands to be processed as domestic transactions.  View Article

EuroCCP to begin clearing Spanish equities in February
EuroCCP expects to begin providing low-cost clearing and settlement of equities from Spain in support of the Turquoise pan-European trading platform, beginning next month.  View Article

Eurex and Clearstream launch new basket to GC Pooling market
Eurex and Clearstream have launched a new collateral basket on the GC Pooling market, Eurex Repo’s secured money market segment.  View Article

EP Draft report on Credit Rating agencies
To avoid inefficiencies among regulars in Europe, Mr Gauzes intends to intensively increase the role of CESR. However, he does not advocate an official European rating agency.  View Article

CESR statement on its activities in relation to short-selling
The statement outlines the mandate of the task-force on short-selling under the auspices of CESR-Pol and co-ordinated by the UK FSA.  View Article

Chi-X Europe extends trading to Spanish stocks
Chi-X Europe announced that it is trading, clearing and settling several component stocks of the Spanish IBEX 35 Index, and will complete the rollout of IBEX 35 index constituents on 22 January 2009.  View Article

CEIOPS equivalence assessment criteria for Reinsurance Directive
CEIOPS published a paper on the criteria for the assessment of supervisory equivalence under the Re-insurance Directive.  View Article

CEIOPS report on responses to regulatory treatment of 3rd country reinsurance undertakings
The report highlights the main findings to the questionnaire on the “Regulatory Treatment of Third Country Re-insurance Undertakings and on Existing Equivalence Procedures”.  View Article

UK starts asset protection scheme
The government’s Asset Protection Scheme is designed to protect financial institutions against exposure to exceptional future credit losses on certain portfolios of assets.    View Article

AMF newsletter on Regulation and Listed Corporates
The newsletter features the AMF recommendations for 2008 financial statements and includes information about the drafting and disseminating policy on financial offerings and disclosures.  View Article

CESR comment letter to EFRAG on IASB ED on IFRIC 9 and IAS 39 - Embedded Derivatives
CESR is generally supportive of the comment letter prepared by EFRAG. However, CESR believes that an amendment that clarifies this issue in IFRIC 9 would be useful and help to prevent any emerging practice.   View Article

EFRAG endorsement advice on the Amendment to IAS 39 and IFRS 7
EFRAG has submitted to the European Commission its endorsement advice letter regarding the Amendment to IAS 39 and IFRS 7.  View Article

CESR comments on IASB ED on IFRS 7 - Investments in Debt Instruments
CESR supports of the objective of providing investors additional information and highlights that especially the European Commission has stated that the approach for available for sale debt securities should be changed.  View Article

CESR comments to EFRAG on IASB’s ED on IFRS 7 - Investments in Debt Instruments
CESR supports the main parts of the EFRAG comment letter but has some comments with regard to issues such as the urgency of the suggested disclosures and on backdating.   View Article

IAASB practice alert on impact of credit crisis
The IAASB staff released a new practice alert to help auditors and management in addressing the challenges of the credit crises.   View Article

EFRAG comment letter on IFRS 7 'Investments in Debt Instruments'
EFRAG does not believe the proposed disclosures are as urgently needed as the timetable implies and calls on the IASB to undertake further analysis.  View Article

ECOFIN 20 January
ECOFIN discussed the capital requirements of banks, structural reforms within the Lisbon Strategy, and the Czech Presidency work programme.  View Article

ECON meeting 20-21 January
ECON considered the draft report on credit rating agencies prepared by rapporteur Jean-Paul Gauzès, and held its monetary dialogue with ECB President Jean-Claude Trichet.  View Article

JURI meeting 19-20 January
JURI committee adopted two reports on the establishment of a statute of a European private company, and on the crossborder transfers of company seats.  View Article

Visa Europe says close to EC deal on interchange fees
Visa Europe says it expects to reach an agreement with the European Commission over interchange fees charged for cross-border card transactions by the end of the year.  View Article

Commission authorises France temporary aid scheme for up to €500 000
The Commission authorised the first in a series of aid measures for businesses adopted by France to tackle the current economic crisis.   View Article

Commission authorises Portuguese scheme for aid of up to €500 000
The Commission authorised the first in a series of aid measures for businesses planned by Portugal to deal with the current economic crisis.   View Article

Commission approved € 6.7 billion guarantee for German SdB
The Commission approved the € 6.7 billion SoFFin-guarantee for SdB. The guarantee aims to bolster the German Deposit Protection Fund and to pre-finance future proceeds from the estates of insolvent Lehman Brothers entities.  View Article

Commission approves Finnish state guarantee for Kaupthing Bank
The Commission approved the Finnish state guarantee accompanying a private sector arrangement to the benefit of depositors in the Finnish branch of the insolvent Kaupthing Bank.  View Article




© Graham Bishop

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