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01 December 2011

This week in "Brussels"
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Articles from 24 November 2011 - 01 December 2011

Banking

ECOFIN Council: Capital requirements for banks and investment firms
The Council took note of a progress report from the Polish Presidency on proposals for a 4th amendment of the EU's rules on capital requirements for banks and investment firms (CRD IV). The draft Directive introduces a capital conservation buffer of 2.5 per cent, identical for all banks in the EU.  View Article
EBA consultation papers on guidelines to the Incremental Default and Migration Risk Charge (IRC) and on guidelines to Stressed VaR
These two consultation papers are in response to the amendments to the CRD by Directive 2010/76/EU relating to Stressed VaR and to the Incremental Risk Capital Charge (IRC) in the trading book.  View Article
FT: Europe's banks feel funding freeze
European banks have sold $413 billion worth of bonds this year, equivalent to just two-thirds of the $654 billion that is due to be returned to investors in 2011 as the debts mature.  View Article
Peter Praet: Housing cycles and financial stability – the role of the Policymaker
Speech by Mr Peter Praet, Member of the Executive Board of the European Central Bank, at the European Mortgage Federation's (EMF) Annual Conference 2011. Housing markets have certain characteristics that intrinsically link them to financial stability.   View Article
Eurofinas: Report on consumer credit statistics workshop
A report providing a brief overview of the main issues presented and discussed at the consumer credit statistics workshop has been published.  View Article
Coordinated central bank action to address pressures in global money markets
The Luxembourg Bankers' Association, The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve and the Swiss National Bank announced coordinated actions to enhance their capacity to provide liquidity support to the global financial system.  View Article
Eurofinas: Global credit reporting leader, CRIF, joins Eurofinas as associate member
Eurofinas, the voice of consumer credit providers at European level, announced that CRIF, a global company specialising in the development and management of credit reporting, business information and decision support systems, has become its newest associate member.  View Article
WSJ: European nations pressure own banks for loans
Some European nations, struggling to find buyers for their bonds, are pressuring their own already-stressed banks to fill the gap by acting as lenders of last resort — in certain cases, pushing the amount of risky European debt on those institutions' books even higher.  View Article
Vítor Constâncio: The future of the international monetary system
Speech by Mr Vítor Constâncio, Vice-President of the European Central Bank, for the Golden Series lecture at the Official Monetary and Financial Institutions Forum (OMFIF), London.  View Article
José Manuel González-Páramo: The sovereign debt crisis and the future of European integration
In his speech, the ECB's González-Páramo took a step back from the crisis and reflected on what it has taught us so far about economic and monetary union in Europe.  View Article
Commission takes Italy and Poland to court for incomplete transposition of the Third Directive on Capital Requirements
The European Commission has decided to bring Italy and Poland before the Court of Justice for failure to transpose the provisions of the Third Directive on Capital Requirements (2010/76/EU), and to ask the Court to impose penalty payments on those two Member States.  View Article
EPC: SEPA for all - what customers want
Javier Santamaría, Chair of the EPC SEPA Payment Schemes Working Group, reported that the European Commission's task will be to reconcile distinct - and occasionally mutually exclusive - customer requirements articulated with regard to the SEPA Credit Transfer and SEPA Direct Debit Schemes.   View Article
EMF: Mortgage Info - November 2011 and Quarterly Review - Q2 2011
The European Mortgage Federation published its Mortgage Info - November 2011 and EMF Quarterly Review - Q2 2011.  View Article

Securities

SIFMA statement on House Financial Services Committee passage of derivatives-related legislation
Mr Bentsen urged House and Senate to pass these important pieces of legislation without delay.  View Article
CFA Institute supports post-trade transparency requirements for EU bond markets under MiFID II
An analysis by CFA Institute recommends that careful implementation of post-trade transparency requirements beyond equities to the bond markets can benefit investors by improving access to pricing information and increasing competition, without sacrificing liquidity.  View Article
FN: Clearing the decks for new OTC rules
Banks and brokers will have to overcome significant operational and technological challenges if they are to meet the demands of the new post-crisis derivatives trading environment envisaged by global regulators.  View Article
Canadian Securities Administrators (CSA) seeks comments on the regulation of over-the-counter derivatives surveillance and enforcement
The Canadian Securities Administrators (CSA) today published for comment Consultation Paper 91-403 – Derivatives: Surveillance and Enforcement.  View Article
EDHEC Risk study: The performance of actively-managed exchange-traded funds
In this article the author, Gerasimos G Rompotis, evokes the evolution of ETF characteristics. Active ETFs are supposed to offer the same advantages as passive ETFs, namely low costs, tax efficiency, transparency and liquidity.  View Article

Insurance

Insurers back CEA call for Solvency II changes
Seven CEA member associations have added their voice to the CEA's calls for measures to limit volatility in the forthcoming Solvency II regulation capital requirements. Such measures are vital to avoid adverse pro-cyclicality effects on the economy.  View Article
British insurers comment on Chancellor's Autumn Statement
ABI director general Thoresen said: "The bond market is a source of finance, and insurers have long been keen to find a way to channel more of the investments they manage into UK projects. However, without action from Government we would be fighting with one hand tied behind our backs."  View Article
IAG boss warns Europe's debts could impact global insurance market
Europe's debt crisis could impact the global insurance industry, reducing competition in markets where insurers have exposure to troubled European sovereigns, says IAG chief.   View Article

Asset Management

Speech by ESMA chair Steven Maijoor given at the EFAMA Investment Management Forum
Mr Maijoor's speech focused on ESMA's strengthening efforts for ensuring consumer protection.  View Article
Hedgeweek: Latest EU report on Funds Directive is positive for Jersey
Jersey Finance says it is encouraged by the contents of the European Securities and Markets Authority (ESMA) report on the Alternative Investment Fund Managers Directive (AIFMD), which was published last week and contains its final recommendations to the European Commission.  View Article
ALFI updates a Key Investor Information Document
ALFI's Key Investor Information Document (KID) Working Group is currently analysing the implementing measures adopted by the European Commission by Regulation n° 583/2010 of 1 July 2010, as well as related regulatory guidelines.  View Article
FN: Short-sellers target pension deficits
A significant deficit in the pension scheme is making companies an attractive target for hedge funds looking for opportunities to go short - a finding that will increase the pressure on companies to remove their exposure to pension liabilities.  View Article
IPE: NAPF critical of White Paper publication alongside IORP review
The National Association of Pension Funds has raised concerns over the European Commission's approach to pension policy, criticising the planned forthcoming publication of the White Paper on Pensions occurring at the same time as a review of the IORP Directive.  View Article

Corporate Governance/Accounting

Barnier: It is critical to address serious shortcomings in the audit sector
Barnier stressed that the Commission has taken the time to reflect seriously as well as consult widely on the issues proposed in the audit reform. Barnier mentioned that it is time for auditors to respond to the societal role with which they are entrusted.  View Article
Commission published proposals to reform the audit sector
The proposals will clarify the role of the auditors and introduce more stringent rules for the audit sector, aimed in particular at strengthening the independence of auditors, as well as greater diversity into the current highly-concentrated audit market.   View Article
ACCA comments on EC audit policy developments
The long-awaited proposals from the European Commission about the future of audit have been given a cautious welcome today by the Association of Chartered Certified Accountants (ACCA).  View Article
ECR: EU audit proposals must not undermine audit quality
Rapporteur Syed Kamall (ECR, UK) has said that he will approach the process with an 'open mind'. However, he said that he wants to hear from companies and investors if they believe that the 'Big Four' auditing firms should be subjected to "artificially-imposed" competition via structural changes.  View Article
EuropeanIssuers: Corporate governance conference
The Polish Presidency organised on 14-16 November the Presidency Conference on Corporate Governance. The main highlight was the presentation by Nadia Calviño, DG Markt deputydDirectorgGeneral, of the feedback statement and conclusions from the Corporate Governance Green Paper launched in April 2011.  View Article
IAIS commented on the IASB’s Request for Views 'Agenda Consultation 2011'
The IAIS provided views on the IASB's Request for Views 'Agenda Consultation 2011', and commended the IASB for undertaking its first formal agenda consultation to seek broad input on strategic direction for its work plan.  View Article
FASB added an agenda project on fair value measurement disclosures for private companies and not-for-profit organisations
The Financial Accounting Standards Board added to its agenda a project to assess the feasibility of reducing or eliminating certain fair value measurement disclosure requirements for private companies and not-for-profit organisations.  View Article
FT: 'Big Four' accountants face audit reform
Mr Barnier's audit reforms have prompted furious lobbying in Brussels, particularly since the leaking of draft proposals that triggered protests from the Big Four and business groups, which feared they would increase costs.  View Article
ECIIA: Auditors vs risk managers
Internal auditors, as much as other risk professionals, are gaining stature in European companies, but they do not want to step on the toes of risk managers. However, roles meed to be defined, according to the new president of the ECIIA, Carolyn Diettmeier.   View Article
FT: Appeal for EU to stick by accountancy reforms
The heads of several midsized audit networks have issued a last-ditch appeal to the European Commission not to dilute sweeping proposals aimed at reducing the dominance of the four biggest accountants and improving audit quality.  View Article
EBA commented on the IASB's request for views 'Agenda Consultation 2011'
The EBA provides views on the IASB's request for views agenda consultation 2011 and welcomes first public consultation undertaken by the IASB on its future agenda. As mentioned in the consultative document, this process should “further enhance its public accountability and legitimacy”.  View Article

Financial Services Policy

ECOFIN Council: Euro Plus Pact - coordination of tax policies
Finance ministers of the Member States participating in the Euro Plus Pact endorsed a report on tax policy coordination and agreed to forward it to the European Council prior to its meeting on 9 December.  View Article
FT: EU Commissioner for taxation has London in his sights
During an interview with the Financial Times that will raise the hackles of Westminster eurosceptics, the EU tax Commissioner called on the chancellor to ignore special pleading from the City and bend to the will of humble taxpayers, who deserve to be repaid for the financial crisis.   View Article
RDR: Shaking up investment management?
This paper from Deloitte explores some of the direct and indirect impacts investment managers will face as a result of the RDR, identifying those groups who are either best placed to take advantage of, or likely to be most challenged by, the changing landscape.   View Article
Investment managers will need at least three share classes for funds after RDR
Deloitte, the business advisory firm, says asset managers will need at least three share classes for investment funds after the implementation of the Retail Distribution review (RDR) – adding cost and complexity to their business.  View Article

International/G20

EU-US Summit joint statement
US and EU representatives announced that they are committed to working together to reinvigorate economic growth, create jobs, and ensure financial stability.  View Article
IMF: Spotlight on G20 as Mexico takes over leadership
Ms Lagarde warned that Latin America is not immune to the global environment, including the turmoil in Europe. "In our interconnected world, there is simply nowhere to hide. And so countries in the region should take all necessary precautions to make all needed preparations”, she said.   View Article

Financial Services Month in Brussels - Report

November 2011 Financial Services Month in Brussels
Graham Bishop's personal overview of events throughout November 2011.  View Article

Graham Bishop’s Articles

Graham Bishop: Letter from Copenhagen - hard 'pounding' for the Danish Presidency
Denmark takes up the EU Presidency in a month. This note reflects views gathered from conversations in Copenhagen recently.  View Article
Graham Bishop's blog: A two-year refinancing for all € bill/most bond maturities until 2013 - An “EMU Bond Fund” Proposal from ELEC
Graham Bishop acted as Rapporteur for this report. The modest proposal is designed to provide a limited degree of mutual support that will be sufficient to allow adequate time to States that are themselves trying to restore their competitiveness.  View Article

Graham Bishop's Webinars

Graham Bishop Webinar: Review of November 2011
Our next webinar will be held on the 2nd December 2011, when Graham will be joined online by outstanding specialist co-hosts.   View Article




© Graham Bishop

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