IMCO meeting 27-28 February
28 February 2008
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Issues discussed included the reports on "Improving consumer education and awareness on credit and finance", and the the report on the "Green Paper on Retail Financial Services in the Single Market" View
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ECON meeting 26 -27 February
27 February 2008
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ECON Committee held a third exchange of views on Solvency II. ECON also discussed the reports on "Transparency for Institutional Investors", the "Green paper on Retail Financial Services", the "Sector Inquiry on Retail Banking", and the forthcoming report on Hedge Funds. View
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JURI meeting 25-26 February
26 February 2008
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JURI Committee held a hearing on the "Transparency of institutional investors". Most speakers denied the need for additional legislation, although many called for better implementation and harmonisation of already existing directives. View
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COMPETITIVENESS Council meeting 25 February
25 February 2008
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The Council adopted a key issues paper on competitiveness and innovation, as well as conclusions on the single market review. Both documents will be submitted to the spring meeting of the European Council, to be held in Brussels on 13 and 14 March. View
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Commission published recast version of Solvency II Directive
28 February 2008
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The Commission published the long awaited recast version of the Solvency II Directive. The scope of application of the Directives has not been changed. However, the present exclusion of small mutual undertakings has been extended to all small insurance undertakings. View
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IASB discussion paper on financial instruments with characteristics of equity
28 February 2008
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The IASB published for public comment a discussion paper on the distinction between equity financial instruments and other financial instruments. The discussion paper is the first stage of the IASB’s project to improve and simplify the requirements in IAS 32 Financial Instruments: Presentation. View
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Commission infringement proceedings against Czech Republic and Latvia
28 February 2008
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The Commission has decided to refer the Czech Republic to the European Court of Justice over its partial implementation in national law of the IORP Directive. The Commission will also formally request Latvia to implement a company law Directive. View
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FSA chief executive underlines commitment to risk-based regulation
27 February 2008
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Hector Sants, Chief Executive of the FSA, said that recent market turbulence and the problems at Northern Rock would not deflect the FSA from its commitment to more principles based regulation. "The FSA is, and will remain, a risk-based and evidence-based regulator", he said. View
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IPE: EC to stage pensions assets enquiry
27 February 2008
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The European Commission is planning to hold a “broad-based enquiry” into the asset management of defined benefit pension funds, following pressure from DB pensions managers and concerning a threat which would oblige them to transfer assets out of equities and into fixed-interest securities. View
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Speech McCreevy on the origin and consequences of the financial turmoil
27 February 2008
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“It is not clear whether this turmoil has been the result of stupidity, ignorance, or misplaced opportunism”, Commissioner McCreevy said. “Hopes that it might be short-lived have now given way to a realisation that significant problems still lie ahead”. View
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Basel Committee chair outlines BIS initiatives to tackle financial turmoil
27 February 2008
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“Some of the lessons learnt from the turmoil point to the importance of risk management fundamentals”, Nout Wellink, Chairman of the Basel Committee on Banking Supervision said. “Recent difficulties also highlighted the lack of transparency due to insufficient disclosure”, he added. View
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Speech McCreevy on Financial Markets Developments
27 February 2008
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Presenting the Commission Communications on the current financial turmoil and Sovereign Wealth Funds in Brussels, Commissioner McCreevy stated that credit rating agencies must ensure better management of conflicts of interests, a more transparent rating process, stronger rating methodologies and enhanced governance and accountability. View
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Commission communication on adapting Europe's financial system
27 February 2008
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The Commission adopted a communication on adapting European and global financial systems to better promote financial stability to contribute to the Spring European Council on March 13-14. View
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Commission communication on a European approach on sovereign wealth funds
27 February 2008
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The Commission adopted a communication on sovereign wealth funds to contribute to the Spring European Council on March 13-14. The communication proposes to EU leaders a balanced and proportionate common EU approach, to protect legitimate policy interests without falling into the trap of protectionism. View
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Commission launches probe into state bail-outs of IKB and Sachsen LB
27 February 2008
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The Commission has opened an in-depth investigation into state support measures in favour of the German banks IKB and Sachsen LB. View
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BBC: FSA sees credit squeeze on banks
27 February 2008
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The FSA has warned banks that the crisis in the financial markets will force them to change the way they do business. Chief executive Hector Sants said banks would never again be able to raise as much money as cheaply as they had been doing by selling off their loans. View
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TowerGroup expects substantial effects of PSD
27 February 2008
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The EU Payment Services Directive will considerably alter legal and client contractual relationships between corporate banks and business banking customers a research paper from TowerGroup finds. The PSD will have wider ranging and more substantial effects than other elements of SEPA requiring even greater spend on compliance. View
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CEIOPS consultation on Proportionality
26 February 2008
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CEIOPS published a Consultation Paper of draft advice to the Commission for the Solvency II project on Proportionality. The draft advice addresses how to gear the new risk-based regime to the nature, scale and complexity of an insurer’s or reinsurer’s risks, including small and medium-sized undertakings. View
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CEIOPS consultation on Insurance Groups
26 February 2008
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CEIOPS published a Consultation Paper of draft advice to the Commission for the Solvency II project on Insurance Groups. The draft advice concerns measures to facilitate their effective supervision. View
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Commission report to extend EU rules on cross-border euro payments
26 February 2008
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EU rules on charges for cross-border euro payments should be modified to improve consumer protection and include direct debit payments, according to a new Commission report. A Revision of these rules should also alleviate the burden of statistical reporting placed on banks and reduce the processing costs of cross-border bank transfers. View
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IPE : Ireland to regulate 'poor' pensions admin
26 February 2008
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The Irish government is to start regulating third-party administrators where they carry out scheme administration on behalf of trustees, in an attempt to improve 'poor' standards. View
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ECB public consultation on the CCBM2 User Requirements
26 February 2008
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The ECB published the draft Collateral Central Bank Management CCBM2 user requirements for public consultation. CCBM2 is a common platform for Eurosystem collateral management, which may be used by the Eurosystem NCBs on a voluntary basis. View
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PCAOB proposes new auditing standard: engagement quality review
26 February 2008
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The PCAOB issued for public comment a new auditing standard on engagement quality review and a conforming amendment to the Board’s interim quality control requirements. View
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Treasury Assistant Secretary Swagel Remarks on U.S. regulatory modernization
26 February 2008
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The Treasury will release a blueprint for regulatory modernization in the coming weeks, Treasury Assistant Secretary Swagel announced. The scope of this review includes the spectrum of market participants, including brokers, originators, issuers and underwriters, credit rating agencies, and investors, he explained. View
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FT: Reformer to head China’s finances
26 February 2008
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| China has settled on a new top leadership team for the finance industry, headed by Wang Qishan, an incoming vice-premier with a strong track record in forcing through reforms in the banking and securities sectors. View |
Statement Baroso on sovereign wealth funds
25 February 2008
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During his visit to Norway, president Barroso issued a statement on sovereign wealth funds. He proposed a common approach at European level, avoiding any distortion of the single market with incompatible national responses. View
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US Treasury presents guiding policy principles on Sovereign Wealth Funds
25 February 2008
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US Treasury Assistant Secretary Lowery presented four guiding policy principles as a framework for multilaterally-agreed best practices for sovereign wealth funds. “If sovereign wealth funds are not going away, then we must work to ensure their smooth integration into the international financial system”, he said. View
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Speech Kroszner: Improving risk management in light of recent market events
25 February 2008
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“Financial institutions should gather a wide range of relevant information before they see market troubles brewing”, Governor Kroszner of the US Treasury said. “Scrambling for information once turbulence sets in is not good practice”. View
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AMF report on securities lending before general meetings of shareholders
25 February 2008
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The AMF issued a report on securities lending before general meetings of shareholders. To ensure that general meetings of shareholders are properly conducted, efforts must be continued to promote the active participation and effective involvement of shareholders in meetings. View
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IASB: Fair Value Measurement project starts standard-by-standard review
25 February 2008
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The IASB Fair Value Measurement project team has begun the standard-by-standard review of existing fair value measurements in IFRSs to assess whether each standard’s use of a fair value measurement basis was intended to be an exit price. View
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EDHEC: The practices of European asset managers and investors examined
25 February 2008
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Practices in the European asset management industry have failed to keep up with the research advances of the last twenty years, EDHEC concludes in its European Investment Practices Survey. View
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EDHEC response to QIS4 consultation
25 February 2008
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In its response to the CEIOPS consultation on the preliminary technical specifications for the fourth quantitative impact survey (QIS4), EDHEC argues that the main risk faced by life insurance companies is not taken into account in the standard formula. View
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MLex: EC expected to set 3 April deadline to rule on BNP Paribas’ stake in Natixis’ SLIB
25 February 2008
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The European Commission is expected to set an initial 3 April deadline to rule on the acquisition of a minority stake in the capital of SLIB by BNP Paribas. The transaction was notified in Brussels today. View
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finextra: Domestic exchanges squeezed as post-MiFID fragmentation hits
25 February 2008
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Equity trading data collected by Reuters since the introduction of the MiFID in November indicates "considerable fragmentation" of the European equity market, with new entrant MarkitBoat making substantial inroads into the publication of trades once carried by domestic exchanges. View
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GAO report on Hedge Funds
25 February 2008
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The US Government Accountability Office released a report on Hedge Funds. The use of multiple prime brokers as service provider by most large hedge funds may limit the effectiveness of market discipline or illustrate failures to properly exercise it, the report finds. View
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FSA further consultation on access for retail customers to alternative investments
22 February 2008
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The FSA set out further progress on allowing UK retail consumers to invest in funds of hedge funds and other alternative investments authorised in the UK. The new consultation paper initiates a further round of consultation on issues which have been raised by fund managers and other interested parties during the last consultation. View
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FSA Japan establishes framework for regulatory co-operation with China
22 February 2008
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The FSA Japan and the China Banking Regulatory Commission (CBRC) reached an agreement concerning the establishment of the framework for regulatory co-operation related to the QDII - Qualified Domestic Institutional Investors - system. View
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EFRAG comment on IASB insurance contracts paper
22 February 2008
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EFRAG issued its final comment letter on the IASB discussion paper on insurance contracts. EFRAG has a number of concerns about exactly which future cash flows should be included and exactly what the margin should represent in addition to a margin for ‘pure risk’. View
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IPE: Europeans "rely on occupational pension" – AXA Barometer
21 February 2008
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More and more people see the responsibility of providing guaranteed retirement income with the employer, AXA insurance found in its latest pension barometer. View
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Forthcoming
10 March 2008
Conference on the European Private Company
The European Commission will organise a conference on the SPE in Brussels, ahead of a forthcoming proposal for a SPE. The Conference will address the SPE both from a practical and from a legal point of view. Expert panellists from several Member States will share their views of what should be the key aspects of the future SPE.
Conference Programme, registration form
26 March 2008
CESR consultation on the role of Credit Rating Agencies
CESR will hold a public hearing for interested market participants at the CESR premises in Paris. CESR will welcome interested parties (other than CRAs) attending the hearing.
Online registration
2 April 2008
CEIOPS consultation on Proportionality and Insurance Groups – Solvency II
CEIOPS will organise a Public Hearing on both Consultation Papers on Proportionality and Insurance Groups.
8 April 2008
Commission hearing on non-harmonised retail funds/real estate funds
The Commission hearing will examine recent developments in European retail funds and assess possibilities for cross-border retail distribution of these products and devote particular attention to markets for European real estate funds.
Online registration form, programme
8 April 2008
Cass-Capco Institute Risk Conference
The conference draws together practitioners and academics to discuss how risk can be managed to lessen its impact on business and economic growth. It offers four panel discussions on the topics of "Reputational Risk", "Operational Risk", "Pricing of Risk", and "Challenges of Complex products".
More information, programme
16 April 2008
IBC Legal Conferences' EU and UK Financial Services Forum
The EU and UK Financial Services Forum will assess the key developments mid-way through implementation of the Commissions White Paper on Financial Services. Sir Christopher Bellamy QC from Linklaters LLP in London is chairing the event. Joining him is a panel of experts from the Commission, banks, the Office of Fair Trading, the London Stock Exchange and leading law firms.
More information and booking
June 2008
Commission Public Hearing on "substitute" retail investment products
© Graham Bishop
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