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31 May 2012

This week in "Brussels"
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Articles from 24 May 2012 - 31 May 2012

Banking

Commissioner Barnier: Towards better regulation of the shadow banking system
Speaking at a Parliamentary debate, Barnier said: "Along with stronger capital requirements, the regulation of shadow banking and a framework for managing and preventing bank crises, we need to continue the debate on possible structural reforms to the banking sector".   View Article
EPFSF Briefing: “Shadow Banking”
The European Parliamentary Financial Services (EPFSF) report that shadow banking has been identified as one of the last remaining regulatory issues in the quest for more resilient financial markets. Any future regulation clearly requires a workable definition of shadow banking.   View Article
EBF: Joint Industry communication on international trade and CRD IV
Revisions to trade finance and export finance rules under CRD IV/CRR will aid in the goal of creating a stronger banking sector, without damaging lending to the real economy. Joint industry respectfully encourages the Council to include amendments for trade finance and export finance.  View Article
Reuters: EU proposes cross-border bank rescues
EU countries could be obliged to bail out one another's struggling banks, according to a draft EU law that marks a big step towards greater EU financial integration which is likely to upset some members, particularly Germany.  View Article
EBF position on EC’s proposal for a regulation on the protection of individuals re. processing of personal data/free movement of such data
The EC's proposal aims to clarify some broad and complex issues, but the European Banking Federation has identified concerns for European banks in regard to fulfilling their data protection obligations.  View Article
EBA: Consultation on data point model related to Implementing Technical Standards on supervisory reporting
The European Banking Authority published a draft Data Point Model (DPM) based on its draft Implementing Technical Standards (ITS) on supervisory reporting requirements for institutions. Interested parties are invited to provide comments on the DPM by 11 June, 2012.  View Article
BBA: Vickered and Volckered - and then Liikanened
Three of the principal architects of the banking sector of the future, Sir John Vickers, Paul Volcker and Michel Barnier, shared a platform at the European Parliament conference to discuss where and how to curtail what are seen as the riskier activities of investment banking.  View Article
BBA: BUFFY helps business beat a path to funds
Finding finance has become easier for small businesses, as one of Britain's leading entrepreneurs has launched Business Finance For You (BUFFY), a new free tool that gives businesses access to a wide range of finance providers.  View Article
Bank of England: Financial Stability Paper No 15 - The implicit subsidy of banks
This paper examines the implicit subsidy of UK banks by the government, and the associated distortions in the financial system. It explains why the subsidy arises and why it is a public policy concern, and explores how it can be quantified.  View Article
Speech by Financial Secretary to the Treasury, Mark Hoban MP, at Barclays Citizenship Day
Mr Hoban focused in his speech on the bigger picture - the role of banking and the financial sector in society.   View Article
Stewart Fleming: End of an era - The sorry saga of JPMorgan has major implications for banks across the EU
Internal controls have failed spectacularly at the supposedly best-managed bank in the world, writes Fleming for European Voice. If this could happen at JPMorgan, it is not unreasonable to wonder what more damaging blunders could erupt elsewhere. (Includes quote from Graham Bishop.)  View Article
State aid: Commission approves restructuring aid for the sale of Spanish Banco CAM to Banco Sabadell
Banco Caja de Ahorros del Mediterraneo (CAM), a failed Spanish savings bank being taken over by Banco Sabadell SA (SAB), won European Union approval to receive restructuring aid. CAM was seized by the Bank of Spain in July after souring property loans wrecked its business.  View Article

Securities

ESMA/Verena Ross: Speech at the ICMA conference in Milan on the EU regulatory framework and the role of ESMA
Ms Ross, ESMA executive director, focused on the priorities and challenges for 2012 and beyond, and on the need for international convergence and cooperation.  View Article
FN: EMIR set for summer consultation
The European Market Infrastructure Regulation, which will forcibly shift standardised over-the-counter derivatives through clearing houses and onto organised trading venues, will be open to public review for six weeks over the summer.  View Article
IPE: Tailor-made OTC solutions could become commonplace in hedging, says PGGM
According to PGGM, pension funds currently using derivatives for hedging purposes could decide to avoid going through central clearing - as required under new US and European rules - due to the potential cost burden, and instead opt for tailor-made OTC solutions.  View Article
ESMA publishes list of short selling measures
ESMA has published an updated list of measures adopted by competent authorities on short selling.  View Article
Opinion of the ECB on the introduction of legal framework for the operation of central counterparties
The European Central Bank received a request from the Marshal of the Polish Parliament (Sejm) for an opinion on a draft law amending the Law on trading in financial instruments and certain other laws.  View Article
IPE: European committee amends Directive on credit rating agencies
The European Permanent Representatives Committee has agreed to amend two proposals within the credit rating agencies (CRAs) Directive, with the view to reducing some funds' reliance on external credit ratings.  View Article
IOSCO consults on certain internal controls and procedures of the credit rating agencies
This Consultation Report describes certain internal controls and procedures that credit rating agencies (CRAs) use to promote the integrity of the credit rating process and address conflicts of interest, with a view to promoting a better understanding of these practices.  View Article
ESMA finds high level of consistency in EU national regulators’ practices for the approval of investment prospectuses
The European Securities and Markets Authority has published "Prospectus Directive – Good Practices in the approval process", a peer review report on the application of regulatory good practices by national supervisory authorities/competent authorities when approving investment prospectuses.  View Article
IPE: Institutions should lobby 'aggressively' against EU trade reporting proposals
Institutional investors should lobby "aggressively" against EU proposals to limit delays in trade reporting, according to JPMorgan, as they would further decrease supply in the secondary bond and equity markets.  View Article
IOSCO: Final communiqué on the 37th annual conference
The conference sessions and meetings underscored the importance of IOSCO as both a standard-setter and a platform for regulators from emerging and developed economies to meet the challenges ahead.  View Article

Insurance

European Commission Proposal on Solvency II
The European Commission has issued a Proposal for a Directive amending the Solvency II Directive (2009/138/EC) as regards the dates of its transposition and application, and the date of repeal of certain Directives.  View Article
BaFin: Insurance undertakings - Real estate financing and real economy investments are becoming more attractive
The Federal Financial Supervisory Authority reports that increasing numbers of insurance undertakings wish to get into financing of commercial real estate and invest in the real economy, e.g. in infrastructure or renewable energies. BaFin presents the background of this development in an analysis.   View Article
Insurance Insight: Solvency II - Equivalence versus non-equivalence
Solvency II has had more than its fair share of headlines recently but, as Fiona Le Poidevin explains, countries outside the European Union jurisdiction or 'third countries' have to think carefully when considering whether or not to seek equivalence to the regulation.  View Article
Insurance Insight: A third of general insurers to re-price products in run-up to Solvency II
Increasing numbers of insurers plan to re-price and reorganise their product mix in response to the introduction of Solvency II regulations, according to a Deloitte Survey.  View Article
MarketWatch: Tullett Prebon Information launches unique Solvency II solution
Tullett Prebon Information ("TPI") announced the launch of its 'Solvency II Benchmark Curves', a unique premium service comprising a comprehensive series of benchmark Solvency II curves designed specifically to address the regulatory demands of insurance companies.   View Article
Insurance Journal: How relevant is insurance, asks XL CEO McGavick
XL Group CEO, Mike McGavick, asked a provocative question in a keynote speech at the European Insurance Forum in Dublin last week. How relevant is the insurance industry in today's globalised world?  View Article

Asset Management

DG ECFIN: 2012 Ageing Report
This report, presented to the ECOFIN Council in May 2012, details the expenditure projections covering pensions, health care, long-term care, education and unemployment transfers for all 27 Member States and Norway.   View Article
IPE: EFAMA - Asset managers likely to focus on less liquid assets in coming years
EFAMA has said that asset managers are likely to shift their investment focus towards alternative, debt-orientated products over the coming years, due to both incoming European regulation and the ongoing deleveraging undertaken by the banking sector.  View Article
Hedgeweek: Analysis highlights Commission’s divergence from ESMA level 2 proposal
The Alternative Investment Management Association has published an analysis of the divergences it has identified between the European Commission's draft Level 2 regulation implementing the AIFMD and the technical advice provided to the Commission last November by ESMA.  View Article
ALFI London Conference: Focus on UCITS, alternative funds and responsible investing
The ALFI London conference focused on aims to foster the development of the alternative investment fund industry, improvements in UCITS, and building responsible investing as a third pillar for the investment fund area.  View Article
Reuters: US hedge funds find ways to trade euro misery
According to US hedge fund managers, there are a multitude of strategies to play Europe's troubles, and many different participants.  View Article
IPE: Pensions regulation - A spoonful of sugar helps the medicine go down
With new regulations have come requirements for fewer but better trained trustees, the ability to develop a core of independent chairs of trustees with strong outside business acumen, and – last but not least – better purchasing power for the fund in terms of underlying costs.  View Article
BoE/Bean: Pension funds and quantitative easing
Charles Bean stressed that excessive focus on QE as a cause of low, long-term, risk-free interest rates also risks detracting attention from other factors, driving yields which may present a more durable challenge to the sponsors and trustees of pension funds.  View Article

Corporate Governance/Accounting

FASB: Establishment of the Private Company Council
The FAF Board of Trustees of the FASB published a final report, "Establishment of the Private Company Council" (PCC). The report contains background and key events for standard-setting for private companies, key discussion issues considered by the trustees, and PCC responsibilities and procedures.  View Article
FRC: APB's consultation paper on revisions to auditing standards addressing the use of internal audit
The APB of the FRC published a consultation on proposed revisions to ISAs (UK and Ireland) addressing the use of internal audit to adopt changes to the corresponding ISAs issued by the IAASB.   View Article
FEE's comment letter to the IESBA on proposed change to the definition of “Engagement Team”
FEE published its comments on the International Ethics Standards Board for Accountants' (IESBA) Exposure Draft on the Proposed Change to the Definition of "Engagement Team" ("the ED").  View Article
ACCA urges that 'integrating material sustainability information into corporate reports should be a key and critical outcome of Rio +20'
ACCA's new paper deals with corporate reporting and its need to be brought into the 21st century by integrating material sustainability information into corporate reports of listed and large private companies.  View Article
ISDA: Comparison of derivative reporting under US GAAP and IFRS
The ISDA's paper is intended to give the reader an insight into the different offsetting requirements under IFRS and US GAAP and their impact on the new Basel III Leverage Ratio.  View Article
IASB: Speech by Michel Prada at 2012 IOSCO conference in Beijing
Michel Prada, Chairman of the Board of Trustees of the IFRS Foundation, participated in the Beijing Annual Conference of IOSCO on 16 May 2012. He focused on IOSCO's work and areas where enhanced cooperation with IOSCO would be mutually beneficial.   View Article

Financial Services Policy

PRIPS euro edict could hit auto-enrolment, says Shadow Rapporteur Kamall
Conservative MEP, Syed Kamall, is fighting against the European Commission including pensions in its regulation on packaged retail investment products, saying it would be "regulatory overkill", with serious unintended consequences for auto-enrolment.  View Article
Regulation should not undermine shareholders‘ role – says IMA evidence to TSC inquiry into corporate governance and remuneration
The Investment Management Association's submission to the Treasury Select Committee's inquiry into the corporate governance and remuneration of systemically important financial institutions (SIFIs) acknowledges that failings in SIFIs' governance were a contributory factor to the financial crisis.  View Article
TheCityUK response to EP opinion: 'FTT will still restrict growth and damage EU economy'
Despite the exemption for pension funds agreed on 24 May 2012, TheCityUK believes that the FTT will restrict growth across the EU, and will hit the UK hardest.  View Article
Bruegel/Benedicta Marzinotto: The importance of the European Semester in its second cycle
Benedicta Marzinotto comments that as the EU recommendations that will be delivered this year rely on more coercive methods than last year, Member States are going to be subject to strong pressures for change.  View Article
European Council debate: Review of the Professional Qualifications Directive
The Council held a debate on a draft directive aimed at improving the system of recognition of professional qualifications, with the purpose of further facilitating mobility of skilled workers across the EU. The outcome of the debate provides political guidance for future work.   View Article
Risk.net: Stripping out commission will transform UK market, says FSA's Woodall [RDR]
Linda Woodall, head of investments at the UK Financial Services Authority, talks about the balance between consumer protection and the need to police financial advisers ahead of the Retail Distribution Review.  View Article

International/G20

Fannie Mae and Freddie Mac: Turning the American Dream into a Nightmare – detailed in Oonagh McDonald’s new book
Read the machinations that converted a US political ideology into global financial turmoil as almost half of the outstanding US mortgages were subprime by 2008. Where were the regulators? Where was the political oversight?  View Article




© Graham Bishop

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