Follow Us

Follow us on Twitter  Follow us on LinkedIn
 
Home>
Print Page Save to My Library <Next Article  Previous Article>
02 June 2011

This week in "Brussels"
Jump directly to
Banking Securities Asset Management
Corporate Governance/Accounting Financial Services Policy Economic Crisis
European Council/Parliament Financial Services Month in Brussels - Report Graham Bishop’s Articles
Commentaries Graham Bishop's Webinars About this email

Articles from 26 May 2011 - 02 June 2011

Banking

Commissioner Barnier replied to the critics of the Commission’s work on Basel III
Barnier emphasised that Europe will implement Basel III. Furthermore the Commission's CRD IV will respect the balance and level of ambition included in Basel III.  View Article
IMF published working paper on bank behaviour in response to Basel III: A cross-country analysis
The IMF paper investigates the impact of the new capital requirements introduced under the Basel III framework on bank lending rates and loan growth. The paper suggests that higher capital requirements, by raising banks' marginal cost of funding, lead to higher lending rates.   View Article
WSJ: EBA postpones publication of bank stress test results
The European Banking Authority is said to have decided to delay the publication of results of its latest round of bank stress tests until July, from later this month, amid worries that banks and their national supervisors submitted overly optimistic data.  View Article
FT: Britain’s banking reforms must not fall short
Jesse Norman writes in the FT that what is really needed in the UK is a financial truth and reconciliation commission to analyse the crash, including the role of officials at the Treasury, the Financial Services Authority and the Bank of England, which were all deeply implicated. The Vickers commission is not that.  View Article

Securities

Hungarian Presidency published latest compromise text on EMIR
In Article 5 (non-financial counterparties), the Hungarian Presidency proposes that if a non-financial counterparty exceeds the thresholds for 30 days over a three month period, it will have to clear through a CCP its OTC derivatives contracts and will have three months to find the cash needed.   View Article
Steven Maijoor delivers a keynote address at the ICMA conference
Mr Majioor said that important common objectives which are reflected in the new regulatory initiatives are more transparency, both for investors and regulators, contributing to stability, and improving the co-ordination of regulation and supervision with regions outside the EU.  View Article
European Structured Investment Products Association (eusipa) adopted Code of Conduct
The newly published eusipa Principles contain seven rules, which are supposed to ensure the quality of the products and the fair treatment of investors. They include rules concerning the issuer's credit risk, transparency of the underlying instrument, product clarity, trading and price.  View Article
Cyrus Ardalan appointed new chairman of ICMA
The International Capital Market Association (ICMA) has announced that Cyrus Ardalan is the Association's new chairman. Mr Ardalan becomes chairman with immediate effect, having been elected by the Board of ICMA during the 43rd AGM and Conference held in Paris.  View Article
ISDA publishes OTC derivatives market analysis
The International Swaps and Derivatives Association, Inc. (ISDA) published today a new analysis of the over-the-counter (OTC) derivatives market based on year-end statistics published by the Bank for International Settlements (BIS) and LCH.Clearnet’s SwapClear.  View Article
IPE: Europe may introduce new OTC Directive before end of reprieve
The article points out that pension funds could see legislation regulating their use of over-the-counter derivatives introduced prior to the end of the three-year reprieve.  View Article
ESMA launches Calls for Evidence in the area of CRAs
The calls for evidence on 'Ratings data periodic reporting requirements for CRAs according to Article 21 (3)(e) of the Draft Amended CRA Regulation', and 'Assessment of compliance of CRAs with Article 8.3 of the Credit Rating Agencies Regulation (1060/2009/EC)' are open for comments by 20 June.  View Article
Publication of the regulation on supervision of CRAs
The Credit Rating Agency (CRA) regulation establishing ESMA's responsibility for the supervision and registration of CRAs in the European Union is published in the official journal.  View Article
AMF chairman Jouyet calls for market circuit breakers
The chairman of the French regulator has urged European exchanges and alternative trading facilities to adopt more stringent market rules, including region-wide circuit breakers, in an effort to ensure they function properly as centres for capital raising and long-term investment.  View Article
AMF: Risk and trend mapping for financial markets and retail savings 2011
The AMF stressed that the work being done on shadow banking is a key component of risk prevention. A broad, open-ended definition is needed to keep pace with constant innovation in the financial sphere.  View Article
FT: Exchanges fight for LCH.Clearnet
The move for the London-based clearer, between NYSE Euronext, Nasdaq OMX and the London Stock Exchange, is a sign that the world’s bourses are desperate to snap up businesses that allow them to profit from sweeping post-crisis reform of the financial system.  View Article

Asset Management

Council adopts EU rules for alternative investment fund managers
Adoption of the text follows an agreement reached with the European Parliament at first reading. The Directive will enter into force on the 20th day following its publication in the Official Journal. Member States will have two years to transpose its provisions into national law.  View Article
EFAMA releases new figures on the contribution of European asset managers to the European economy
EFAMA has published its 4th Annual Review 'Asset Management in Europe: Facts and Figures'. The review provides a snapshot of the industry, looking at its overall size, general structure, asset allocation and client base.  View Article
AIMA's Investor Steering Committee publishes new guide for institutional investment
The aim of the guide is to outline investor views, expectations and preferences on a variety of important operational and organisational issues, which are increasingly the focus of due diligence reviews and discussion among investors and fund managers.  View Article
WSJ: Pensions leap back to hedge funds
The article says that public pension plans are lifting hedge fund investment, and seeking to boost long-term returns despite losses suffered in some funds in the financial crisis.  View Article
EVCA launches a new Handbook on the 'Professional Standards for Private Equity and Venture Capital' for public consultation
The Handbook combines the Code of Conduct, the Governing Principles and the Corporate Governance Guidelines into one condensed and coherent document. The substance of the Professional Standards has not been changed.  View Article
FN: A shift in the balance of power for private equity
A new and more chastened private equity industry has emerged from the crisis, one which has been forced to go cap in hand – and often with its tail between its legs – to the people it used to take for granted: investors.  View Article

Corporate Governance/Accounting

EFRAG commented on the IFRS Foundation report of the trustees' strategy review
EFRAG published its draft comment letter on the IFRS Foundation Report of the Trustees' Strategy Review for public consultation. Comments on the EFRAG Draft Comment Letter are expected by 11 July 2011.  View Article
FASB introduced educational webcast series with CPE credit
The FASB announced the launch of IN FOCUS: WEBCAST, an educational webcast series that will offer continuing professional education (CPE) credit to those participating in these live broadcasts.  View Article
FEE commented on IAASB discussion paper regarding the audit of financial statement disclosures
FEE published a comment letter on the IAASB Discussion Paper: 'The Evolving Nature of Financial Reporting: Disclosure and its Audit Implications'.   View Article
FEE commented on IPSASB Exposure Draft CF-ED1 'Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities'
FEE published a comment letter on IPSASB Exposure Draft CF-ED1 'Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Role, Authority and Scope; Objectives and Users; Qualitative Characteristics; and Reporting Entity'.  View Article
FEE: 'Environmental, Social and Governance (ESG) indicators in annual reports - An introduction to current frameworks'
This paper aims at providing information on documents prepared by various bodies, most commonly referred to when considering the identification and use of ESG indicators (also Key Performance Indicators (KPIs) and reporting principles).  View Article

Financial Services Policy

The Commission published a note explaining the EU economic governance: A major step forwards
The EU has taken a series of important decisions which will ensure that Member States more closely coordinate their economic policies – something the crisis has shown to be essential.   View Article

Economic Crisis

CRIS committee: Invest more at EU level to counter crises
Crisis committee MEPs stress that both EMU and the single market need a stronger co-ordination of national tax policies, and call on the Commission "to carry out an investigation into a future system of Eurobonds".  View Article
ECR Group: “More Europe” is not the answer to preventing an economic crisis
The ECR welcomes certain proposals from the CRIS committee, such as suggestions for completing the EU's Single Market. However, the report also calls for national contributions to the EU to increase to 5-10 percent of national GDP. It also calls for EU taxes and a common consolidated tax base.   View Article
ECMI report: A torrent of mortgage defaults - a possible effect of the eurozone debt crisis
This ECRI commentary takes a closer look at the mortgage situation of households in Portugal, Italy, Ireland, Greece and Spain – countries whose economic condition have been under the magnifying glass throughout the eurozone debt crisis.   View Article
FT: Lagarde lobbies for IMF support
Starting in Brazil, Lagarde will then visit India, China, Russia and Saudi Arabia to reassure developing countries that she will continue reforms started by Dominique Strauss-Kahn.   View Article
Europe's World: Three scenarios for the unfolding eurozone crisis (Graham Bishop article)
To try to predict the twists and turns of the eurozone debt crisis is very risky. Graham Bishop outlines three possible scenarios, ranging from defaults that might cripple the EU itself, to a federal eurozone that could become a model of financial probity.  View Article
FT: Intolerable choices for the eurozone
Martin Wolf writes that the eurozone - based on a set of principles that have proved unworkable at the first contact with a financial and fiscal crisis - has failed, and that it has only two options: to go forwards towards a closer union, or backwards towards at least partial dissolution.  View Article
FT: Greece set for severe bail-out conditions
European leaders are negotiating a deal that would lead to unprecedented outside intervention in the Greek economy, including international involvement in tax collection and privatisation of state assets, in exchange for new bail-out loans for Athens.  View Article

Financial Services Month in Brussels - Report

May 2011 Financial Services Month in Brussels
The situation in Greece remains at the top of the EU agenda as the implications run far and wide. Press reports suggest possible international assistance that would be a step along the road to a de facto political union in the eurozone – as foreseen in my recent book.  View Article

Graham Bishop’s Articles

Graham Bishop's blog: The future of EU financial infrastructure
ICMA session triggered many questions on the full implications of T2S and CCBM2 for the settlement process...but who has the answers?  View Article

Commentaries

Paul N Goldschmidt presents a pragmatic approach to the Greek crisis
The arguments between protagonists of the sovereign debt crisis crystallise the need to find rapidly a solution capable of restoring the necessary serenity to financial markets, while fully taking into account the legitimate concerns of stakeholders.   View Article
Wolfgang Münchau: Soft options are no longer viable options
Münchau argues that the disagreement between the IMF and the EU over the future funding policy for Greece has one good aspect: It ends the illusion of half-hearted soft options such as soft restructuring. Politicians either have to roll over – and keep on doing so – or choose a hard default.   View Article
Paul N Goldschmidt comments on Münchau’s article on the Greek crisis
Goldschmidt agrees with Müchau (WM) on almost everything. However, he says that the weakness of WM's "hunch" that the EU will continue to roll over Greek debt is based on the premise that the current "political balance" in Eurozone Member States will remain stable for the foreseeable future.  View Article

Graham Bishop's Webinars

Graham Bishop's Webinar: 3rd June 2011
Our next Webinar will be held on the 3rd June 2011. Graham will be joined online by selected co-hosts to discuss this month's developments in European Regulatory Affairs.   View Article




© Graham Bishop

< Next Previous >
Key
 Hover over the blue highlighted text to view the acronym meaning
Hover over these icons for more information


Add new comment





 


www.grahambishop.com
// Business Applications by Denaploy 		Web Master Information
Terms & Conditions
Privacy Policy