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09 February 2012

This week in "Brussels"
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Articles from 02 February 2012 - 09 February 2012

Banking

European Commission published roadmap on shadow banking
The main policy objectives of the future communication on shadow banking are (i) to clarify the definition of shadow banking, (ii) to take stock of the regulatory measures already taken, and (iii) to present the possible options for addressing the shadow banking system in the EU.   View Article
EPC: SEPA 2.0 - The new regulatory reality governing the integration of the euro payments market
In February 2012, the European Parliament adopts the 'Regulation Establishing Technical Requirements for Credit Transfers and Direct Debits in Euros', which will define the 1st February 2014 as the deadline in the euro area for compliance with the core provisions of this Regulation.   View Article
EPC: Second Edition of ‘White Paper on Mobile Payments' for Public Consultation
The European Payments Council (EPC) published the second edition of its 'White Paper on Mobile Payments' which is now available for public consultation. The EPC encourages all SEPA stakeholders to provide feedback by 23 March, 2012.  View Article
HM Treasury: UK sets out approach to US anti tax evasion legislation, FATCA
The UK government has issued a joint statement with the governments of France, Germany, Italy, Spain and the United States, setting out an agreed approach to the US "FATCA" legislation, which aims to combat cross-border tax evasion.  View Article
Speech by the Financial Secretary to the UK Treasury, Mark Hoban MP, at City Week
Hoban said that to remain the world's leading financial services centre and attract the most ambitious and innovative financial services companies, it is essential to reform regulation, safeguarding an innovative and successful financial services sector without putting the wider economy at risk.   View Article
EurActiv: How to rebuild trust in the banks
Restoring trust in banking depends on policymakers establishing a stable and sustainable new regulatory framework, and on bankers themselves addressing flawed past governance and management practices, writes Simon Lewis, CEO of the London-based Association for Financial Markets in Europe (AFME).  View Article
VoxEU: Next-generation system-wide liquidity stress testing
The global financial crisis has shown that neglecting liquidity risk comes at a substantial price. This column presents a new framework to run system-wide, balance sheet data–based liquidity stress tests.  View Article
ECRI News - Winter 2011/2012
The European Credit Research Institute has published the winter edition of its quarterly Newsletter. The issue includes information on a new task force on credit reporting, ECRI's recent events and research, together with the latest news on credit markets and retail financial services.  View Article
Eurofinas: Market Profiles (2011)
Eurofinas market profiles provide an overview of local consumer credit market features, including a description of the economic context of the country in question, the local consumer credit market structure, and the position of the member association's members within the total local market.  View Article

Securities

ECON Committee: First exchange of views on MAD/MAR
Draft EU legislation to discourage insider trading and market manipulation was discussed for the first time in the ECON Committee. MEPs focused on how best to define "insider information", ensure proper surveillance, encourage whistle-blowers and punish offenders.   View Article
ESMA's Maijoor warns about timetable for EMIR
Speaking at the AFME Market and Liquidity Conference, Mr Maijoor stressed that the deadlines on EMIR are challenging considering that EMIR needs to meet the G20 deadlines. However, he hopes that for the technical standards regarding EMIR, ESMA will receive the time needed.  View Article
ESMA makes available data on past performances of CRAs
ESMA launched a Central Rating Repository (CEREP) providing information on credit ratings issued by those 15 Credit Rating Agencies (CRAs) which are either registered or certified in the European Union.   View Article
AMF: Calculation of global exposure for collective investment schemes
AMF published its guidelines on the calculations for the global exposure for collective investment schemes (CIS).  View Article
FN: Regulators dither over who-sees-what derivatives question
It could take another six months before the industry has any clarity on the thorny issue of over-the-counter derivatives data-sharing, after the latest regulatory guidelines left this issue unanswered.  View Article
FN: Deutsche Bank backs Deutsche Börse chief exec, despite failed deal
Deutsche Bank said Monday it still backed Reto Francioni as Deutsche Börse chief executive despite the exchange's failed tie-up with NYSE Euronext, putting the German bank at odds with one of its own fund managers, who suggested the chief executive's reputation had been damaged.  View Article
NYSE Euronext statement on EU decision to prohibit merger announces resumption of $550 million stock repurchase programme
NYSE Euronext announced that in light of the decision by the European Commission to prohibit its proposed combination with Deutsche Börse, the companies are in discussions to terminate their merger agreement.  View Article
FN: ESMA ETF rules bring mixed response
Proposed new rules outlined by ESMA, which aim to increase the transparency of the European exchange-traded fund market, have sparked a mixed response from the industry, disappointing many who had hoped for greater scrutiny of so-called 'synthetic' or complex ETFs.  View Article

Insurance

European Commission: Third country equivalence under Solvency II
The Commission wrote to EIOPA indicating the list of third countries with which it has informally discussed a potential transitional regime for third country equivalence under Solvency II.  View Article
FSB published peer review on deposit insurance systems
Amongst its recommendations, the FSB encourages its member jurisdictions without an explicit deposit insurance system (DIS) to establish one, in order to maintain financial stability by protecting depositors and preventing bank runs.   View Article
The Geneva Association launched a report on insurance resolution
This report looks into the regimes that exist for resolving insurers and reinsurers. It discusses what the possible impacts could be for some distinctive cases, and how supervisors can resolve them using the existing and available supervisory and regulatory tools at their disposal.  View Article
Ernst & Young: European insurers challenged to prosper amid uncertainty
European life and non-life insurers face significant strategic decisions and difficult choices in 2012 with the recent European sovereign downgrades adding to capital pressures, according to Ernst & Young's new European Insurance Industry Outlook.  View Article

Asset Management

UK a major destination for sovereign investment – as assets of sovereign wealth funds climb to record $4.8 trillion in 2011
Assets under management of sovereign wealth funds (SWFs) increased for the third year running in 2011 to a record $4.8 trillion in the UK.   View Article
EBF comments on ESMA’s Final Report on technical advice to the European Commission on possible implementing measures of the AIFMD
The ESMA Final Report on technical advice on implementing measures for the AIFMD contributes to the clarification of the provisions of the Level 1 text on many aspects. The EBF submitted some comments on the external valuer and on the depositary aspects.  View Article
FN: Firms braced for regulatory surprises
The amount of financial services regulation currently being implemented across Europe and the US has been referred to as a "tidal wave", "tsunami" or an "ill-thought-out mess" by private equity executives.  View Article
EFRP warns against unexpected effects of FTT
The EFRP has issued a Position Paper assessing the EC Proposal for a Directive on Financial Transaction Tax, currently under discussion at the European Parliament and at the Council of the European Union.  View Article

Corporate Governance/Accounting

AccountancyAge: ABI wants cover for insurance accounting
John Breckenridge, assistant director of prudential regulation at the ABI, writes that as the ASB's new UK GAAP proposals don't cover insurance accounting, it is consulting separately on the direction in which to go.  View Article
IASB: Monitoring Board and IFRS Trustees announced conclusions of their Governance and Strategy Reviews
The Monitoring Board and the Trustees of the IFRS Foundation jointly announced the conclusions of their separate reviews of the governance and strategy of the IFRS Foundation.  View Article
BUSINESSEUROPE: Alternative approaches to enhance the audit of financial statements and accompanying measures
BUSINESSEUROPE published speaking points from director general, Philippe de Buck, at the Institut der Wirtschaftsprüfer in Deutschland symposium, entitled "The future of audit".  View Article
GO USA: Comment letter on the PCAOB concept release on “Auditor independence and audit firm rotation”
Peter Clapman, Chairman and President of GO USA, commented on the PCAOB concept release on "Auditor independence and audit firm rotation".  View Article
IFAC: Demands from investors for environmental, social and governance information
The PAIB Committee of the IFAC published its report, 'Investor Demand for Environmental, Social, and Governance Disclosures: Implications for Professional Accountants in Business'.  View Article

Financial Services Policy

European Commission welcomed US move to ensure enhanced international tax cooperation in a more business-friendly way
The EC welcomed the USA's acceptance of a government-to-government approach to tackling tax evaders and implementing the US Foreign Account Tax Compliance Act (FATCA). This more business-friendly arrangement for EU financial institutions is the result of intense discussions with the USA.  View Article
The EC published a booklet on restoring the health and stability of the EU financial sector
The EU is in the end phase of its biggest ever programme for financial services reforms. Around 30 measures have been proposed or adopted, including almost all the key ones agreed at the G20. The EC's goal is for all new legislation to be in force by 2013.  View Article
ECON Committee public hearing on the FTT
A eurozone FTT would not only curb high-frequency and intermediary traders, but could even boost overall GDP, said financial experts at the hearing. MEPs also reiterated their support for the idea, although some said that the Commission proposal needs more fine-tuning.   View Article
EACT Chairman's presentation to ECON Committee of the European Parliament on the subject of the Financial Transaction Tax
Richard Raeburn stressed that the EACT hopes that discussion of FTT will focus on whether the cost of the tax will be carried internally by the financial sector or whether it will in fact be passed through to the real economy – companies, individuals and pension funds.  View Article
EIOPA published initial overview of key consumer trends in the EU
EIOPA stressed that future work on consumer trends may include cross-sectoral analysis under the auspices of the Joint Committee of the ESAs because some consumer trends may cut across financial sectors.  View Article
FSA: Update on the regulatory reform programme & European issues
Hector Sants, FSA chief executive, gave a speech providing an update on the regulatory reform programme in the UK and discussing the key issues on the European regulatory agenda.  View Article

Financial Services Month in Brussels - Report

January 2012 - Financial Services Month in Brussels
Graham Bishop's Personal Overview of events in European financial services regulation throughout the month of January.  View Article




© Graham Bishop

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