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03 February 2011

This week in "Brussels"
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Articles from 27 January 2011 - 03 February 2011

Banking

BCBS issues Final elements to raise regulatory capital quality
The Basel Committee on Banking Supervision has issued the Final elements of the minimum requirements aimed at increasing the quality of regulatory capital.  View Article
New Core Principles for effective deposit insurance systems issued
A joint committee of the the Basel Committee on Banking Supervision's (BCBS) Cross Border Resolution Group (CBRG) and the International Association of Deposit Insurers (IADI) have collaboratively issued new principles for effective deposit insurance.  View Article
ESFRC states need for simplicity in regulatory requirements
The European Shadow Financial Regulatory Committee (ESFRC) recommends that Basel III focus on simple metrics and rations for regulatory capital and liquidity requirements.  View Article
Stefan Ingves on Basel III: Much-needed regulations for a safer banking sector
Speaking at the Swedish Society of Financial Analysts in Stockholm, Mr Ingves stressed that if the world’s banks had had larger and better buffers as is being proposed by Basel III, both of capital and of liquidity, the crisis would not have been as serious as it was.   View Article

Securities

Commission called for action on commodities and raw materials
Recent developments in commodity markets show that the prices of derivative and physical markets may be linked in multiple ways. It is clear that investors increasingly use commodity derivatives as part of their strategic investments.  View Article
ECON committee debate on European Market Infrastructure Regulation
Rapporteur Werner Langen (DE, EPP) explained his position on EMIR. His draft report has not been made available yet. Many MEPs said that it was difficult to have a first exchange of views without having read the draft report.   View Article
Financial News: European regulations on OTC derivatives spark disquiet
The European over-the-counter derivatives sector faces unprecedented changes in 2011 to the way it operates. Market professionals are looking askance at all the changes currently under consideration, with some eliciting more disquiet than others.  View Article
ISDA released equity derivatives transparency studies
The reports conclude that due to the large variety of products, some of which are highly customised, standardisation and central clearing may not be suitable or feasible across all OTC equity derivatives.  View Article
Bloomberg: Derivatives plan for European watchdog may exceed EU’s powers
Derivatives measures intended to spur central clearing of trades in the European Union may need to be overhauled, after an internal legal analysis showed that the EU lacks the power to implement the plan.  View Article
Advanced Trading: "Welcome to the New Derivative Order"
Call Dodd-Frank and its implications the New Derivative Order. It will revolutionise the way the industry does business. For the first time, all organisations involved in the trading lifecycle will now have to communicate with one another -- and face more accountability than ever before.  View Article
ECMI published its annual report 2010: Special focus on MiFID review
ECMI proposed to create new task forces on the challenges and opportunities of the EU clearing and settlement market infrastructures.   View Article
EACT response to EC on Markets in Financial Instruments
The EACT responded to the latest consultation by the European Commission on Markets in Financial Instruments (MiFID). This will eventually lead to a new Directive which will incorporate important issues that affect the way treasurers operate, both as users of financial instruments and as investors.  View Article
The AMF published a study evaluating MiFID questionnaires in France
The aim was to know whether these questionnaires facilitated the provision of appropriate financial advice by making a sufficiently precise diagnosis of the customer’s knowledge and experience in investment matters, their financial situation and their objectives.  View Article
IOSCO extends deadline for consultation on dark liquidity
IOSCO cited the “current busy regulatory calendar and time pressures on respondents in this sector” as the reason for the extension.  View Article
IOSCO published 'Principles on Point of Sale Disclosure' for Collective Investment Schemes
The IOSCO Report analyses issues relating to requiring key information disclosures to retail investors relating to CIS4 and their distribution prior to the point of sale. It also sets out principles to guide possible regulatory responses.  View Article
ESMA: Update of the list of measures recently taken by competent authorities regarding short-selling
Some EU securities regulators have adopted measures in their respective markets either to limit or to introduce stringent requirements or further reporting obligations by firms to supervisory authorities on short-selling.  View Article
AIMA: EU proposal for public disclosure of short positions would be ineffective
An EU proposal for the public disclosure of the net short positions of individual managers risks distortion of financial markets and is not effective in meeting the needs of companies wishing to raise capital, investors seeking efficient risk management or regulators addressing financial stability.  View Article
AFME publishes a briefing note on Securities Law Directive
In Europe, the newly proposed Securities Law Directive (SLD) aims at removing the legal barriers defined in the Giovannini Reports 2001/2003, in particular Giovannini Barrier 13 that deals with the absence of an EU‐wide legal framework regarding the treatment of ‘book entry securities’.  View Article
ISLA response to EC SLD consultation paper
ISLA has submitted its response to the European Commission’s consultation on the Securities Law Directive. It points out that the proposals may have certain unintended consequences for lenders.  View Article
Reuters: SEC to propose rules for swap trading platforms
U.S. securities regulators are expected to be less heavy-handed than U.S. futures regulators in moving privately negotiated swaps onto trading platforms when they meet on Wednesday to vote on their proposal.  View Article
ISDA comments on Protection of Collateral of Counterparties to Uncleared Swaps
The comments reflect the consensus of SIFMA and an ISDA working group comprised of firms representing both buy-side and sell-side perspectives regarding considerations relevant to the proposed rules.  View Article
SEC proposes rules for security-based swap execution facilities
The Securities and Exchange Commission voted unanimously to propose rules defining security-based swap execution facilities (SEFs) and establishing their registration requirements, as well as their duties and core principles.  View Article

Insurance

CEA: Important adjustments still needed to EU’s new Solvency II regime
The results of the fifth quantitative impact study (QIS 5) must be interpreted with caution but will show the need for further work on Solvency II implementing measures.  View Article
ABI: Solvency II regime heads towards completion
EIOPA will coordinate the further release of pre-consultation papers on Solvency II Level 3 guidance. Although the Level 2 implementing measures have not yet been adopted by the EC, EIOPA took the decision to start discussions on potential Level 3 guidelines at an early stage.  View Article

Asset Management

Employment Committee on pension schemes: Reform needed to ensure sustainability and adequate income
The EU and its Member States must act to ensure that pension schemes can sustainably deliver an adequate income to the EU's growing number of retired people, despite the economic crisis, according to Parliament's Employment Committee in a resolution voted on Tuesday.   View Article

Corporate Governance/Accounting

EuropeanIssuers' response to disclosure of non-monetary items
EuropeanIssuers is not convinced that new legislative measures would enhance disclosure of non-financial information. On the contrary, there are reasons to believe that regulation could freeze the dynamic development adapted to the needs of companies and their stakeholders in this field.  View Article
ACCA and the global economy
The global economic recovery, which has been slowing down in the past few months, has now gone into reverse, according to a worldwide survey of finance professionals by ACCA.  View Article
FEE stresses the importance of integrated reporting
FEE informs that integrated reporting is a holistic approach to enable stakeholders to understand how an organisation is really performing. Addressing the wider as well as longer-term consequences of decisions, an integrated report makes clear the link between financial and non-financial value.   View Article
EFRAG final comment on effective dates and transition methods
EFRAG published its final comment letter on the IASB Request for Views on Effective Dates and Transition Methods.  View Article
EFRAG and ASB consider improving the accounting standards and financial reporting
The ASB of the FRC and the EFRAG published recommendations aimed at improving the way in which accounting standard setters develop and implement standards. The proposals call on standard setters to improve their due process from start to finish by considering the effects of accounting standards.  View Article
APB revised guidance on the Audit of Occupational Pension Schemes
The APB of the FRC published a revision of Practice Note (PN) ‘The Audit of Occupational Pension Schemes in the United Kingdom (Revised)’. An exposure draft of the revised PN was issued in July 2010 for public comment.  View Article
Financial Reporting Review Panel about reporting of principal risks and uncertainties
The Financial Reporting Review Panel of the FRC shows how companies report the principal risks and uncertainties facing their business.  View Article

Financial Services Month in Brussels - Report

January 2011 Financial Services Month in Brussels
Graham Bishop's Personal Overview  View Article

Commentaries

Paul Goldschmidt: "Belgium in Crisis"
The institutional negotiations (underway) as well as the socio-economic programming (to come) duck the question of Belgium’s European commitments, despite the key effect Belgium has on both.  View Article

Financial Services Policy

ECON committee: MEPs insist on guarantees for financial supervisory watchdogs
ECON postponed its decision on the candidates for the ESAs chairmen on the grounds that it needed more guarantees from the EC and Member States regarding the independence of all senior executives, appropriate budgetary and human resources, and an improved personnel selection procedure.   View Article
ECB publication: Central bank statistics: what did the financial crisis change?
The book analyses the growing need for statistics for financial stability and macro-prudential purposes and for central banks’ initiatives in Europe and globally to meet the new challenges.   View Article
Financial News: ‘Bailout bond’ is step towards single issuer
The runaway success of the first bond issued by the European Union’s €440bn bailout fund last week has paved the way for the creation of a single European government bond issuer, which would reduce the cost of borrowing for Europe’s weakest states, according to bankers and analysts.  View Article

Economic Crisis

World Economic Forum: European Leaders called for greater Eurozone transparency and structural reform
European leaders in Davos said that the Eurozone needs to strengthen its identity and to make long-needed structural reforms if it wants to continue to compete in a world that is rapidly changing.  View Article
Constitutional Affairs Committee: Treaty change to allow eurozone stability mechanism raises concerns
The fact that the EU Treaty change proposed to allow Member States to set up a permanent mechanism to safeguard eurozone stability was an intergovernmental choice rather than an EU one prompted concerns among Constitutional Affairs Committee MEPs.   View Article

International/G20

World Economic Forum: Merkel warned against complacency about risks of future financial crisis
She stressed that Germany stands firmly behind the euro and will continue to defend the embattled currency. But she added that currency markets need to be convinced that Europe is taking all the necessary steps to tackle its debt problems.  View Article




© Graham Bishop

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