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15 December 2011

This week in "Brussels"
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Banking Securities Insurance
Asset Management Corporate Governance/Accounting Financial Services Policy
Financial Stability - Policy Analysis European Council/Parliament Graham Bishop’s Articles
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Articles from 08 December 2011 - 15 December 2011

Banking

EBA publishes Recommendation and final results of bank recapitalisation plan
The European Banking Authority published a formal Recommendation and the final figures, related to banks’ recapitalisation needs. These measures form part of a broader European package to address the current situation in the EU by restoring stability and confidence in the markets.  View Article
Association of German Banks: Results of the stress test are arbitrary
"The stress test has not helped to stabilise the markets", said Michael Kemmer, General Manager of the Association of German Banks, when commenting on today's publication of the results by the European Banking Authority (EBA).   View Article
Italian Banking Association (ABI) threatens to sue EBA over capital rules
ABI also stresses that the timing of the proposed recapitalisations are highly inappropriate due to the European negative economic outlook for the years to come.  View Article
EBF: European banks hopeful of more favourable circumstances
"We trust that the agreement will lead to concrete measures which will help restore a degree of trust and confidence in the markets", declared Guido Ravoet, Chief Executive of the European Banking Federation (EBF).  View Article
Eurofinas' observations on the Commission's Proposal for a CRD IV
Eurofinas would like to draw attention to some selected issues, which it believes are essential to uphold the important specificities of European consumer credit providers when adopting the new regulatory prudential framework.  View Article
FSA Board publishes report into the failure of the Royal Bank of Scotland (RBS)
The Financial Services Authority (FSA) Report concludes that RBS's failure amid the systemic crisis ultimately resulted from poor decisions made by the RBS management and Board.   View Article
BIS: Locational banking statistics
The Bank for International Settlements' locational banking statistics gather quarterly data on international financial claims and liabilities of bank offices in the reporting countries.   View Article
BIS: Consolidated banking statistics
The Bank for International Settlements' consolidated banking statistics report banks' on-balance sheet financial claims on the rest of the world and thereby provide a measure of the risk exposures of lenders' national banking systems.   View Article
Stefano Ugolini: What future for central banking? Insights from the past
While many central bankers feel they are now in unchartered territory, this column argues that history may provide guidance. Going back to a time before central banks, it argues that there are long-term cycles in the evolution of monetary policy – governments have alternatively internalised and externalised money creation.  View Article
ABBL: Shouting things loudly does not make them true
Jean-Jacques Rommes, ABBL CEO, said: "Today it has become pretty much an accepted truth that banks are guilty and that they should pay. Yet very few people actually lose much sleep thinking about what it is that banks are supposed to be guilty of and why they should pay."  View Article
IFC Bulletin No 34 - Initiatives to address data gaps revealed by the financial crisis
The Irving Fisher Committee on Central Bank Statistics published Bulletin No 34 - Initiatives to address data gaps revealed by the financial crisis.  View Article
EPC: The 2012 Euro Payments Outlook
The SEPA Regulation is now planned for January or February 2012. Also, Directive 2007/64/EC will be reviewed in 2012. Publishing of the Green Paper (market integration at EU level for card, internet and mobile payments) is expected in January 2012.  View Article
EMF Study on Non-Performing Loans in the EU
The European Mortgage Federation published an update of their 2010 data: '2011 Study on Non-Performing Loans in the EU'.  View Article
UK's Financial Services Authority moves to raise consumer awareness of deposit protection
The FSA is planning to make it obligatory for all banks, building societies and credit unions in the UK to display prominently how much compensation savers could claim in the event of an institution failing and where from. This information would be shown in every branch and on all websites.   View Article
Commission approved extension of Danish winding-up scheme for credit institutions
The Commission has authorised two amendments to the scheme facilitating the sale of whole or part of a failing bank. The amendments entail compensation from the State either when an acquirer is ready to take over the entire failing bank or when the failing bank is being split into sound parts.   View Article

Securities

ESMA launches consultation on possible delegated acts concerning the Prospectus Directive
The purpose of this consultation document from ESMA is to seek comments on the technical advice that ESMA proposes to give to the European Commission on a number of possible delegated acts.  View Article
Joint statement on regulation of OTC derivatives markets
In a meeting held at ESMA headquarters in Paris, the group of authorities addressed the cross-border issues related to the implementation of new legislation and rules to govern the OTC derivatives markets in their respective jurisdictions.  View Article
FN: Fears grow over EMIR delay
Europe's key piece of derivatives reform is unlikely to be agreed by the end of the year, adding to fears that the European trading industry will be hard-pushed to comply with the new rules that are set to come into force at the end of 2012.  View Article
Monopolistic behaviour from rating agencies: S&D Schulz calls for action from Barroso
S&D Group leader, Martin Schulz, has today sent a letter to Commission President, José Manuel Barroso, criticising the behaviour of rating agencies over recent days and their threat of possible downgrades for EU Member States  View Article
SIFMA addresses high-frequency trading, other market structure issues and presents considerations for regulatory change in new White Paper
The paper notes the lack of a clear definition for high-frequency trading, but seeks to address the concerns being raised by members of the public and other market participants regarding HFT.  View Article
FT: High stakes over definition of high-frequency trading
Industry trade groups are calling for a regulatory focus on the techniques of high-speed trading rather than the participants, while regulators are hoping to identify the largest speed-trading firms.  View Article
AMF launches public consultation on certain provisions relating to takeover bids
The consultation includes extension of the condition precedent relating to antitrust such that it also applies to competition rules other than those prevailing in Europe or the United States, subject to a "materiality test".  View Article
Deutsche Börse AG and NYSE Euronext statement on revised remedy submission
The revisions are designed to reflect the European Commission's feedback on the initial proposal, and thereby fully address the Commission's remaining concerns while preserving the industrial and economic logic of the merger.  View Article

Insurance

EIOPA published a joint report on calibration of risk factors in the standard formula of Solvency II
"This report represents a major step in the Solvency II calibration and I am particularly happy that the methodology and proposed calibrations were agreed between supervisors and industry", said Gabriel Bernardino, chairman of EIOPA.  View Article
Solvency II tops list of risk managers' concerns
Commercial Risk Europe reports that global speciality insurer, Torus, has announced the findings of its survey of risk managers carried out at the Ferma Forum. Results showed that Solvency II is the top current concern.  View Article
AMICE December Newsletter: Update on Solvency II state of play
The Newsletter stressed that there is an increasing interest at European level – notably at the Parliament and at the Commission – for the mutual and cooperative insurer sector, due to the important role it plays in the European economy and society.  View Article
EDHEC-Risk Institute announces “Solvency II Benchmarks” to assist European insurers with their allocation to equities
EDHEC-Risk Institute presented the results of research carried out that has led to the development of risk management strategies that allow European insurance companies to keep a reasonable capital requirement, while providing attractive products to policyholders.   View Article

Asset Management

EFAMA: Net sales figures for UCITS showed mixed signals in October
On the one hand, UCITS saw reduced net outflows, as expectations of conclusive plans to resolve the sovereign debt crisis provided hope to investors. On the other hand, net withdrawals remained at high level with all categories affected, as uncertainty lingered and economic outlook deteriorated.  View Article
FN: EC looks to boost venture capital industry
Industry figures have welcomed plans by the European Commission to ease regulations so that it is easier for venture capital funds to raise and invest capital.  View Article
IPE: Ireland to review regulation of defined contribution pension system
The Irish regulator has launched a consultation on regulation in the defined contribution (DC) sector, soliciting advice on ways to simplify the current framework.  View Article
IPE: A comedy of errors - the European Commission's stance on Solvency II regarding annuities and defined benefit pensions
The European Commission argument appears to be that annuities and defined benefit (DB) pensions are essentially the same thing and that, in some way, this justifies the regulation of their providers in the same way.  View Article
IPE: CBI survey finds EU regulations add to pension costs, limit infrastructure investments
Proposed European Union pension regulations would add significantly to business costs and harm prospects for investment in infrastructure at a time when the UK Treasury is trying to encourage pension schemes to invest in local infrastructure projects, a new survey has found.  View Article

Corporate Governance/Accounting

Commissioner Barnier welcomed Parliament vote on reducing accounting red tape for more than 5 million small companies
Barnier also invited Member States to adopt these new, simpler accounting rules fully and called on them to find other ways to reduce red tape. The Member States should ensure that the benefits of simplification reach each and every micro-entity in the EU, which make up around 75% of EU companies.   View Article
FRC published developments in corporate governance 2011
The FRC published its first analysis of how the two codes under its supervision are being implemented – the UK Corporate Governance Code for listed companies, revised in 2010, and the UK Stewardship Code for investors, launched in the same year.  View Article
IAIS commented on IASB's exposure draft on Investment Entities
The IAIS provided views on the IASB's ED on Investment Entities. In respect of the approach proposed by the IASB, the IAIS is supportive of the overall approach of permitting a limited exclusion from the consolidation requirements for investment entities meeting certain criteria.  View Article
EFRAG: Deferral of the effective dates of IFRS 10, 11 and 12
EFRAG requests the effective date of IFRS 10, IFRS 11, IFRS 12, IAS 27 and IAS 28 be deferred to the later date of (a) 1 January 2014 or (b) 12 months after the amendments to IFRS 10 and the standard on investment entities have both been published.  View Article
FEE commented on the PCAOB Rulemaking Docket Matter No 37: Concept Release on Auditor Independence and Audit Firm Rotation
FEE provided its comments on the PCAOB Rulemaking Docket Matter No 37: Concept Release on Auditor Independence and Audit Firm Rotation. FEE has only responded to the questions in the PCAOB Concept Release that are relevant from a European or international perspective.  View Article
FRC: Financial Reporting Review Panel announces priority sectors for 2012/13
The Financial Reporting Review Panel announced that its review activity in 2012/13 will focus on the sectors of commercial property, retail and support services.   View Article
IFAC: PAIB Committee response to the IIRC discussion paper on integrated reporting
The PAIB Committee submitted its Comment Letter for the IIRC's Discussion Paper, 'Towards Integrated Reporting: Communicating Value in the 21st Century'. The PAIB Comment Letter provides the perspective of a preparer of internal and external business reporting.  View Article

Financial Services Policy

EU Economic Governance "Six-Pack" enters into force
These new measures are made of five regulations and one Directive proposed by the European Commission and approved by all 27 Member States and the European Parliament last October. This change represents the most comprehensive reinforcement of economic governance in the EU.   View Article
Barroso: We cannot build our economic union just on discipline and on sanctions
Speaking at the EP, Barroso welcomed that Member States had now finally agreed to deal properly with the involvement of the private sector with the ESM applying the same principles as the IMF. The Commission has always warned of the possible negative effects of PSI for market confidence.   View Article
Sharon Bowles MEP on UK proposal: Cynicism of the requests is blatant to someone like me involved daily in the dossier specific negotiations
The UK's protocol or explanatory note was not 'moderate'. It was a mix of attempts to reverse agreed positions disguised by inaccurate invocations of ECOFIN conclusions, interference in current legislative dossiers, and bad dreams.   View Article
FN: European Supervisory Authorities call for funding shake-up
Europe's new financial watchdogs are demanding a change to their funding structure in order to remove an “awkward” reliance on national regulators, as they prepare to use the full scope of their powers. The ESAs have called to be wholly funded by the European Union.  View Article
FTAdviser: RDR countdown
There is no doubt that the Retail Distribution Review has divided opinion. Despite it only being a year away, there are many in the industry who are still hoping that it will be amended, delayed or scrapped altogether.  View Article

Financial Stability - Policy Analysis

Bank of England: Reform of the International Monetary and Financial System
This paper argues that broader reforms to the International Monetary and Financial System (IMFS) are required. It sets out three objectives for a well-functioning IMFS: i) internal balance, ii) allocative efficiency and iii) financial stability.   View Article

European Council/Parliament

Statement by the euro area heads of state or government
Today, agreement was reached to move towards a stronger economic union. This implies action in two directions: a new fiscal compact and strengthened economic policy coordination; the development of stabilisation tools to face short-term challenges.  View Article
President Barroso: Statement at the press conference following the first day of the European Council
Barroso stated: "We have now an agreement to go forward for a new 'fiscal compact' and strengthened economic policy coordination".  View Article
Remarks by Herman Van Rompuy, President of the European Council, following the first session of the European Council
In a summary of the main outcomes of the first working session of the European Council, van Rompuy said that for the short term it had agreed on immediate action to overcome the current difficulties; for the longer term, it had agreed on a new fiscal compact for the eurozone.  View Article

Graham Bishop’s Articles

EU Summit: Britain jumps off economic and political cliff
On Monday, Prime Minister Cameron will brief the House of Commons on the Summit results. Doubtless, cheers from the "band of 81" backbenchers will ring out. How long before the cheers turn to tears?   View Article




© Graham Bishop

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