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19 April 2012

This week in "Brussels"
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Articles from 12 April 2012 - 19 April 2012

Banking

ECON second exchange of views on amendments on CRD IV/CRR
Almost all political groups are going on the same direction concerning SMEs' risk weight. Access to credit for SMEs should be facilitated, reducing the risk weight by 30 per cent for SMEs' loans.  View Article
Mario Draghi: Statistics to deliver price stability and mitigate systemic risk
Mr Draghi stressed that the ECB, the ESRB and the three new European supervisory authorities are all working to fill remaining data gaps and to meet the challenge of timely, frequent and high-quality data for their macro-prudential functions.  View Article
EBA: Consultation on draft guidelines on the assessment of the suitability of members of the management body and key function holders
The European Banking Authority (EBA) has launched a consultation on the draft guidelines on the assessment of the suitability of members of the management body and key function holders.   View Article
Quantitative impact study results published by the Basel Committee
The Basel Committee published the results of its Basel III monitoring exercise. The study is based on rigorous reporting processes set up by the Committee to review periodically the implications of the Basel III standards for financial markets.  View Article
Implementation of stress testing practices by supervisors - Basel Committee publishes peer review
The Basel Committee on Banking Supervision has published a peer review of the implementation by national supervisory authorities of the Basel Committee's principles for sound stress testing practices and supervision.  View Article
EPC: Get ready for SEPA by February 2014 – ISO 20022 is the new language of payments
Part IV of the EPC's SEPA series focuses on the implementation of the ISO 20022 message standards. The complete series reflects the experience of early movers on the demand side who have shared their lessons learnt in the EPC newsletter and in the EPC video, 'SEPA for Billers'.  View Article
VoxEU: Eurosystem TARGET balance deviations call for cautious changing of the EU banking landscape
Since the start of the crisis the Eurosystem balance sheet has grown significantly. This column by Ossi Leppänen from the Finnish Ministry of Finance argues that these balances signal a need for change and restructuring in the eurozone banking sector.  View Article
Bank of England: Payment Systems Oversight Report 2011
The 2011 Payment Systems Oversight Report offers public accountability for statutory function of the Bank, as well as increasing transparency about the performance of the overseen payment systems, and acting as a tool to encourage further risk reduction by the owners and operators of these systems.  View Article
Bloomberg: Bank overhaul mess is noose around EU’s neck, EBF says
Global financial regulators have failed to create clear standards for banks, meaning lenders are hoarding cash instead of providing loans needed to drive growth, European Banking Federation President, Christian Clausen, said.  View Article
Paul N Goldschmidt: Why the controversy on bank bonuses should be handled with care!
Goldschmidt comments that no sane observer of the banking scene will contest that remuneration practices, four years into the ongoing financial crisis, remain excessive, if not - in certain specific cases – unquestionably "obscene".  View Article
FT: EU seeks new curbs to cap bank bonuses
Bankers' bonuses across Europe would be capped at no more than their fixed salaries under strict new curbs sought by senior lawmakers in response to continued public anger over financial sector pay.  View Article
EBA survey on the implementation of the Guidelines on remuneration policies and practices
The European Banking Authority's survey findings indicate that in most countries the Guidelines came into force on 1.1.2011, and that supervisors have actively assessed remuneration policies requiring (where needed) interventions in the remuneration structures and payouts of the variable component.   View Article

Securities

ESMA approves credit ratings from Argentina and Mexico for use in the EU
The European Securities and Markets Authority announced that it considers the regulatory frameworks for credit rating agencies (CRAs) of Argentina and Mexico to be in line with European Union rules.   View Article
ECON Committee: Tough rules needed on insider trading and market manipulation
Proposed legislation to tackle insider trading and market manipulation must not fragment markets because this would make such abuses even harder to detect, said the Economic and Monetary Affairs Committee.  View Article
S&D: 'Europe needs a strong and robust framework to tackle market abuse'
S&D Euro MP, Arlene McCarthy, today called for the implementation of a "strong and robust framework" to discourage insider trading and market manipulation in the EU.  View Article
CPSS-IOSCO issue new standards for financial market infrastructures
The new principles apply to all systemically important payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories - collectively "financial market infrastructures".  View Article
AMF complies with ESMA guidelines on automated trading
The Autorité des Marchés Financiers has included the ESMA guidelines on automated trading in its position, the provisions of which will apply from 7 May 2012.  View Article
CSA and IIROC announce the implementation of a dark liquidity framework in Canada
The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organisation of Canada (IIROC) are implementing a new regulatory framework for the use of orders entered without pre-trade transparency (dark orders).   View Article
NAPF rejects proposal for OTC derivatives
The Response from the National Association of Pension Funds focuses on the Joint Supervisory Authorities' proposal that parties to bilateral derivative contracts should put up initial margin.  View Article
New York Federal Reserve Chief, William Dudley: How we will stop derivatives magnifying future crises
Dudley argues that the Lehman episode was only one example of the shortcomings in the $19 trillion over-the-counter derivatives market exposed by the financial crisis. In the boom years, the opaque nature of the market allowed large concentrations of risk to grow, out of sight of regulators.  View Article
Antonio Tricarico: The wrong battle at the wrong time
The EIB, the so-called 'EU bank' that primarily finances European infrastructure projects that are in line with EU policies, is engaged in a struggle to gain exemptions from new provisions under US law, in order to maintain its trading of over-the-counter financial derivatives in the US market.  View Article
IPE: Custody and banking reform
Iain Morse asks whether European banking reforms will have an adverse impact on securities services providers.   View Article

Insurance

Insurance Europe: New publication, 'How insurance works'
Insurance Europe has produced a short, easy-to-read introduction to insurance. The booklet sets out the basic principles of insurance, explains what is insurable and the benefits of insurance, and outlines why the regulatory environment in which insurers operate is so important.  View Article
The Geneva Association: 'Reflections on a High-Quality G-SIFI Designation Process in Insurance'
The Geneva Association published its April 2012Insurance and Finance Newsletter. Focus is placed on high-quality G-SIFI designation process in insurance.  View Article
Fico launches new model management tool for insurers
Analytics provider, Fico, has launched a management system aimed at improving the return on investment for predictive models used in insurance.  View Article
FERMA: Launch announced of most extensive European risk management research
The Federation of European Risk Management Associations (FERMA) has launched its 2012 FERMA Benchmarking Survey, the most extensive research on risk management and risk managers in Europe and their views of the insurance market.  View Article
MSN: Four reasons life insurance costs are set to rise
Life insurance premiums have been falling for most of the last 30 years, thanks to rising life expectancy and increased competition in the industry. But that trend is now set to reverse. This article gives four reasons why life insurance premiums are going to rise over the next couple of years.  View Article
CRE: Mixed response to global programmes database plan suggests slow progress
Most insurers and brokers in the European corporate insurance market are publicly supporting the initiative to create a global compliance database to help clarify and simplify cross-border coverage for risk and insurance managers.  View Article
FT: Consolidation - There are few large deals on the horizon
Big underwriting losses, regulatory pressure and weak investment returns have caused a bout of mergers and acquisitions among smaller insurers – but analysts and bankers are unconvinced that there are many larger deals on the horizon.  View Article
Reuters: Aviva seen struggling to sell US operations
British insurer Aviva may struggle to sell its American operations, estimated to be worth some £1 billion ($1.6 billion), due in part to a tough regulatory environment, investment bankers familiar with the industry said.  View Article

Asset Management

Barnier: "I value the City" - EU commissioner responds to criticisms by City A.M.
The Commissioner states that in no way is the EC trying to call into question or alter the substance of the political agreement reached two years ago. He claims this is not the time to re-open battles that were settled then, and instead the Commission is making the law work in practice.  View Article
AIMA paper documents substantial differences between EC draft AIFMD implementing text and ESMA advice
AIMA has published detailed analysis of the European Commission's draft implementing rules for the Alternative Investment Fund Managers' Directive which shows substantial policy differences between the Commission text and the advice provided by the European Securities and Markets Authority.  View Article
EBF comments on the draft Delegated Regulation for the implementation of the AIFMD
Members of the European Banking Federation have expressed concern with the fact that the draft overrides widely agreed upon ESMA proposals at a time when the European Parliament has delegated part of its powers to ESMA and the Commission.  View Article
EDHEC-Risk survey on non-financial risk management
A new EDHEC-Risk survey reveals that "transparency, information and governance" tops the list of concerns for European fund management industry professionals in the area of non-financial risk management.   View Article
FN: Burgeoning SWFs squeeze asset managers
Sovereign wealth funds, whose assets have now reached just under $5 trillion, are using their clout to make asset managers train the SWFs' staff, in a move that could in time put asset managers out of a job.  View Article
FT: Hedge funds feel pinch from new banking rules
All of the leading prime brokerages, which provide finance and leverage to the global hedge fund industry, have started to flag up across-the-board increases in the margin requirements and fees that could hit hedge fund managers in the coming months and years.  View Article
IPE: Global limited partners to shift private equity allocations from developed to emerging markets
Global limited partners including pension funds are set to increase commitments to emerging market private equity over the coming 24 months, according to a survey by the Emerging Markets Private Equity Association (EMPEA).  View Article
IPE: Austrian finance ministry dismisses criticism of patchwork pensions
Current plans to reform Austria's "fragmented" pensions system are a "mistake", according to Allianz board member, Manfred Baumgartl. During a discussion on the future of retirement provision, Baumgartl criticised the country's "very confusing" supplementary pension sector.  View Article
Economic recovery will be hampered by negative impact of Solvency II on securitisation investment, according to new AFME survey
Proposed Solvency II rules around securitisation will dramatically reduce the willingness of insurers to invest in securitisation assets, according to the Securitisation Investor Survey, a new survey of leading asset managers and insurance companies carried out by AFME.  View Article

Corporate Governance/Accounting

EC prolongs the convergence mechanism in relation to third country GAAP
The EC has adopted two delegated Regulations and one implementing Decision to revise and update the equivalence mechanism. These acts will be published in the Official Journal of the EU and the Regulations will enter into force applying retroactively from 1 January, 2012.   View Article
IFAC: Private Sector Taskforce of Regulated Professions and Industries updates recommendations to the G20
On behalf of the Private Sector Taskforce, IFAC has submitted an update to the report 'Regulatory Convergence in Financial Professions and Industries', which was issued to the G20 Deputies in September 2011.   View Article
FEE commented to the Irish Department of Jobs, Enterprise and Innovation on its consultation to EU Audit Proposals
FEE published its comment letter on the consultation by the Irish Department of Jobs, Enterprise and Innovation on EU Audit Proposals – Proposal for a Regulation of the European Parliament and of the Council on specific requirements regarding statutory audit of public interest entities (PIEs).  View Article
IFAC: Request to G20 for solution of inconsistent, unreliable public sector financial reporting
The IFAC urged the G20 Deputies and Finance Ministers at their April 2012 meeting in Mexico to take action to encourage governments to address seriously the quality of public sector financial management systems and institutions.  View Article
IFAC: Spanish translation of the Handbook of International Standards on Auditing and Quality Control
IFAC welcomes the Spanish translation of the Handbook of International Standards on Auditing and Quality Control. This Spanish translation is the result of a collaborative effort by representatives from Spain, Argentina, Bolivia, Chile, Colombia, Costa Rica, Mexico, Panama, Paraguay and Uruguay.  View Article
FT: EU looks to Dutch audit change for reform
An endorsement by the Dutch parliament's upper chamber, the Senate, is expected that obliges leading companies to institute an eight-year term limit for their auditors.   View Article

Financial Services Policy

Commissioner Šemeta presents the "revised Regulation on European Statistics"
Commissioner Šemeta said that the initiative to revise the Regulation on European Statistics was an important one, and that the proposal would reinforce the credibility, quality and independence of statistics throughout the EU.  View Article
IMF published its Global Financial Stability Report
The report includes an assessment on the changes in the global financial stability map, and lays out three different scenarios for responses to existing policy challenges, notably those associated with the sovereign debt crisis.  View Article
IMF Director, Christine Lagarde: Opening remarks at the IMF/CFP Policy Roundtable on the future of financial regulation
Ms Lagarde encouraged those present to be bold in their discussions and challenge the status quo, as such thinking would help ensure a strong and stable financial system for the future.  View Article
Speech by President Barroso following his meeting with the Federal President of Germany, Mr Joachim Gauck
The discussion touched upon a broad range of issues, including the overall economic situation and the very important economic and political role of Germany.  View Article
Speech by Financial Secretary to the Treasury, Mark Hoban, at the IOMA annual conference
In his speech, Hoban focused on the importance of the financial sector, regulatory reform, EMIR/MiFID and open third country access.   View Article
ALDE: Improving the fight against tax fraud and evasion as an extra tool to tackle the current crisis
"Cutting expenditure is not the only tool to recover from the current crisis. Fighting against tax fraud and tax evasion is equally important, as Greece's struggling situation has shown", said ALDE spokesperson on the topic, Sylvie Goulard.  View Article
EPP: Harmonisation of corporate tax base
This month, MEPs will vote on a report by Rapporteur Marianne Thyssen MEP on proposals for a single European system for calculating the corporate tax base of multinationals (common consolidated corporate tax base or CCCTB).  View Article
FSA Linda Woodall: Getting ready for the Retail Distribution Review (RDR)
In her speech at the FT Intermediary Forum in London, Ms Woodall stressed that the FSA wants to see more people obtaining the appropriate qualification, and identifying in particular where gap-fill is needed, as this is one of the weaker areas.  View Article
FTAdviser: IFA guide on new continuing professional rules
Advisers struggling to understand new rules on continuing professional development can access a free online guide, "CPD in a Regulatory Environment", that has been published by the Chartered Institute for Securities and Investment (CISI).  View Article

Financial Stability - Policy Analysis

Stability Programme for France 2012 - 2016
The French Ministry of Economy, Industry and Employment (Ministère de l'Économie, des Finances et de l'Industrie) issued its Stability Programme for 2012 - 2016.  View Article

International/G20

Peterson Institute/Truman: The G20 is failing
Truman believes that although the leaders of the G20 countries have played a crucial role in rescuing the world from the brink of economic and financial disaster, their accomplishments are now in danger of unravelling.  View Article




© Graham Bishop

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