EFRAG consultation on assessment on IFRS 2

13 March 2008

EFRAG issued an invitation for comment on its assessment of the Amendment against the EU endorsement criteria and on its initial assessment of the costs and benefits that would arise from its application in the EU. View

Financial services industry report recommends new EU retail product framework for real estate funds

13 March 2008

The Commission has published an industry report analysing the EU market for open-ended real estate funds. The report calls for the introduction of EU legislative arrangements to provide cross-border retail distribution of open-ended real estate funds. View

ICMA survey records resilience of the European repo market

13 March 2008

ICMA released its semi-annual survey of the European repo market. “The survey clearly shows that, despite the turmoil in the financial markets since the last survey, the repo markets have shown remarkable resilience”, says Godfried De Vidts, Chairman of ICMA’s European Repo Council. View

IMF urges action to strengthen global financial system

13 March 2008

The IMF called for "decisive policy action" to strengthen the global financial system, buffeted by fallout from the sub-prime crisis, noting that authorities worldwide must also "think the unthinkable" so that they can better anticipate and react to potential global economic risks. View

EFRAG initial assessment of the costs and benefits of IFRIC 13

13 March 2008

EFRAG issued an invitation for comment on its initial assessment of the costs and benefits of IFRIC 13 Customer Loyalty Programmes. View

BoJ warns against potential financial system imbalances

12 March 2008

The Bank of Japan warns in its latest Financial System Report that potential imbalances jeopardizing the stability of the financial system following the US sub-prime market had been growing. However, Japan's financial system, on the whole, has remained stable, the BoJ notes. View

FSA Japan consults on "English-Language Disclosure System"

12 March 2008

The FSA Japan published a draft Cabinet Office Ordinance to the current Cabinet Office Ordinances on the English-Language Disclosure System. The proposed revisions aim to relax the requirements for the application of the English-Language Disclosure System and reduce the requirements on foreign issuers for documents in Japanese. View

EFRAG's Draft Comment Letter on D24 Customer Contributions

12 March 2008

EFRAG issued its draft comment letter on D24 Customer Contributions. EFRAG supports the IFRIC in its efforts to provide interpretive guidance on the area of customer contributions. View

ABI bulletin on Solvency II

12 March 2008

ABI issued its latest Solvency II bulletin which provides an overview of recent developments. The ABI believes that Solvency II has the potential to deliver a world-leading regulatory regime for insurers in Europe. View

FSA commentary on systems and controls, in light of the SocGen 'rogue trader'

11 March 2008

The FSA published its latest Market watch, which focuses on firms' reviews of their systems and controls in light of the Société Générale 'rogue trader' incident. The newsletter highlights the measures firms should consider when reviewing the systems and controls which protect them against 'rogue trader' risk. View

ESFRC sees no end of recent financial crises

11 March 2008

The ESFRC states that there is ”no sign that the sub-prime crisis is coming to an end”. Also, “current events demonstrate rather clearly that the main thrust of the Basel II Accord has serious shortcomings.” View

CFTC and SEC sign MoU on enhanced co-operation

11 March 2008

The CFTC and the SEC signed a mutual co-operation agreement for a closer working relationship between their agencies. The agencies also announced their immediate plans to consider two new derivative products under the agreement. View

Speech Kroszner on the importance of fundamentals in risk management

11 March 2008

The current financial market turbulence underscores the importance of getting the fundamentals of sound risk management right”, FED Governor Randall Kroszner said in a speech before the American Bankers Association in Washington. View

Central Banks co-ordinate action to address liquidity pressures in funding markets

11 March 2008

The Federal Reserve announced an expansion of its securities lending programme. Under this new Term Securities Lending Facility (TSLF), the Federal Reserve will lend up to $200 billion of Treasury securities to primary dealers secured for a term of 28 days by a pledge of other securities. View

EFRAG Update March 2008

10 March 2008

EFRAG published its March edition of the EFRAG Update, which summarises the discussions held at the recent EFRAG TEG meetings. View

Banque de France issues review on liquidity issues during financial turmoil

10 March 2008

Economic Times: Japan eyes sovereign fund to reinvigorate markets

09 March 2008

As sovereign wealth funds ride to the rescue of ailing Western banks, Japan is considering investing some of its trillion-dollar currency reserves to help revitalise its own economy. View

FT: Brussels faces test on clearing houses

09 March 2008

Two derivatives trading rows, both involving LCH.Clearnet, Europe’s largest clearing house, look set to test the determination of the European Commission to open securities markets to more competition. View

AMF publishes a drafting guide for fund prospectuses

07 March 2008

The AMF published a drafting guide for fund prospectuses. The guide addresses some of the relevant rules and the arrangements for implementation and gives recommendations for applying these rules. View

Accounting Standards Board Japan – Newsletter No.1

07 March 2008

The Accounting Standards Board of Japan announced the launch of a regular Newsletter. This first issue includes articles on the development of ASBJ Standards and information on the Financial Accounting Standards Foundation. View

FSA Japan comments on CESR advice on third countries GAAPs

07 March 2008

The Japanese FSA issued a comment on the CESR advice on the equivalence of Chinese, Japanese and US GAAP.  The FSA notes that the Accounting Standard Board of Japan already accepts, without reconciliation, financial reports from EU issuers using the EU version of the International Financial Reporting Standards. View

Fourth Japan-EU monitoring meeting on accounting and auditing

07 March 2008

The Fourth Japan-EU monitoring meeting on developments in accounting and auditing issues was held in Tokyo. Both parties agreed that, with regard to CESR advice on the equivalence issues, the holistic approach and its assessment on Japanese GAAP were constructive. View

finextra: New legislation to allow US merchants to negotiate interchange fees

07 March 2008

New legislation that would enable merchants to negotiate the interchange fees charged on card transactions by Visa and MasterCard is being introduced by the US House Judiciary Committee, the article states. The Credit Card Fair Fee Act is the first attempt by US Congress to address credit card interchange fees. View

CESR retail investor guide on MiFID

07 March 2008

CESR published a guide for retail investors on the MiFID Directive. The guide explains the new protections retail consumers will experience in buying financial services. View

ECSA feedback to code of conduct on clearing and settlement

07 March 2008

The European Credit Sector Associations published its feedback statement in response to the implementation of the pan-European code of conduct for clearing and settlement by market infrastructures. It concludes that the full results of the implementation of the Code have not emerged and it would, therefore, be premature for users to conclude that the Code has succeeded or failed in delivering on its aims. View

EFRAG's final comment letter IFRS 1 and IAS 27

07 March 2008

EFRAG has completed its due process regarding the ED of Proposed Amendments to IFRS 1 and IAS 27. EFRAG supports, with one exception, the main amendments to IFRS 1 and IAS 27 proposed in the ED. View

Senior Supervisors Group issue joint report assessing risk management practices

06 March 2008

Senior financial supervisors from five countries issued a report that assesses a range of risk management practices among a sample of major global financial services organizations. The report identifies a number of risk management practices that may be associated with negative or positive performance to date. View

OECD launches Global Network on Privatisation and Corporate Governance of State-Owned Enterprises

06 March 2008

The OECD launched its Global Network on Privatisation and Corporate Governance of State-Owned Enterprises. The inaugural meeting focused particularly on the issues of transparency and accountability of state-owned enterprises. View

FT: China signals it could ease share curbs

06 March 2008

The head of China’s central bank said on Thursday that Chinese citizens could be allowed to invest directly in stocks in London, Tokyo or Singapore as well as in Hong Kong. A plan to allow the right to invest directly in Hong Kong is still on track but could be modified to include markets beyond the territory, Zhou Xiaochuan, governor of the People’s Bank of China said. View

Financial services firms draw up industry response to credit crisis

06 March 2008

Global financial services firms draw up an industry response to the credit crisis that will urge stronger risk management and accounting standards, Deutsche Bank Chairman Ackermann announced. View

NAPF: Schemes are not using matching or hedging strategies to reduce liability risk

06 March 2008

Schemes are not using matching or hedging strategies to reduce liability risk, Pension Protection Fund research reveals. The lifeboat fund’s survey revealed most schemes only matched or hedged a “small proportion” of liabilities against exposure to risks such as inflation and interest rates. View

IPE: IASB pulls back from ASB plans

06 March 2008

The chairman of the IASB has hinted that changes to the rules on pension accounting will not go as far as the measures suggested by the UK Accounting Standards Board (ASB). The IASB discussion paper on pension accounting will be published next month. View