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06 November 2008

This week in "Brussels"

Articles from 30 October 2008 - 06 November 2008

Commission 2009 work programme
The Commission will come forward with measures looking at the adequacy of regulation, oversight, and transparency of all financial actors and all significant capital market investors, including hedge funds and private equity.  View Article

Autumn economic forecast - GDP growth close to a stand-still
EU’s economic growth should be 1.4% this year and drop to 0.2% in 2009, the Commission's autumn forecasts says. However, inflationary pressures are diminishing as oil prices fall, and the risks of second-round effects fade away.   View Article

Barroso – New financial system must include China and India
The greatest challenge will be reforming the global financial system, the Commission President said. We need a critical mass of players involved, and that must include China and India, Barroso underlined.  View Article

Commission proposes financial assistance to Hungary
The Commission formally proposed to grant financial assistance for Hungary's balance of payments and to raise the overall ceiling for providing medium-term financial assistance to EU countries' BoPs from €12 to €25 billion.   View Article

Bernanke calls for reform of US housing finance market
Regardless of the organizational form, we must strive to design a housing financing system that ensures the successful funding and securitization of mortgages during times of financial stress, Bernanke said.   View Article

First meeting of the working party on derivatives
The Commission's objective is to set up a clear roadmap on how to ensure that CDS are cleared through a central clearing counterparty by the end of this year. Technical work will proceed in subgroups.  View Article

CESR assesses impact and functioning of MiFID
CESR published two ‘Calls for Evidence’ on the impact that MiFID has on secondary markets functioning, and on the scope of MiFID’s transaction reporting obligations.  View Article

NYSE Euronext and Zhengzhou Commodity Exchange announce MoU
The exchanges entered into an agreement to establish a long-term partnership in developing futures and options markets locally and globally.  View Article

ICE to acquire The Clearing Corporation as clearing initiative advances
IntercontinentalExchange reached an agreement to acquire The Clearing Corporation of Chicago to develop a joint global clearing solution together with nine global investment banks who are dealers in the CDS markets.  View Article

Nyse Euronext enters into new clearing arrangements with LCH.Clearnet
LIFFE will become a self-clearing Recognised Investment Exchange, but will still outsource certain clearing functions to LCH.Clearnet. The new clearing arrangement will be known as LiffeClear.  View Article

CESR updated list of short-selling measures
CESR published an update of the actions taken by CESR Members in relation to short-selling.   View Article

Presidency compromise on UCITS
The Council published a Presidency compromise on the UCITS Directive, taking into account the CESR advice on the EP draft report.   View Article

CESR response on UCITS management company passport
The advice is supported by a large majority of CESR members and includes several references to potential implementing measures to be adopted by the Commission at Level 2. However, five countries voted against it.  View Article

CESR welcomes IASB’s guidance on fair value
EU preparers, auditors and other stakeholders should consider the educational guidance published by the IASB when preparing, auditing, reviewing or enforcing financial statements, CESR notes.  View Article

Commission welcomes IASB guidance on fair value measurement
The Commission considers that the IASB's position is fully consistent with the joint statement issued by the 3 European committees of supervisors and with similar guidance recently issued by the relevant US bodies.  View Article

IASB guidance on application of fair value measurement when markets become inactive
The guidance takes the form of a summary document prepared by IASB staff and the final report of the expert advisory panel established to consider the issue.  View Article

Commission adopts consolidated text of IFRS
The Commission adopted the consolidated text of all IFRSs in force in the European Union. The consolidated version replaces 18 earlier Regulations.   View Article

EFRAG draft comment letter on amendments to IFRS 7
EFRAG seeks comments on whether the disclosure requirement should be extended to other financial instruments and if contractual maturity date liquidity risk disclosures are useful and should still be required.   View Article

EFRAG advice on IFRIC 15
EFRAG submitted its advice regarding IFRIC 15 Agreements for the Construction of Real Estate and supports that the interpretation should be endorsed.  View Article

EFRAG advice on IFRIC 16
EFRAG supports IFRIC 16 on Hedges of a Net Investment in a Foreign Operation and submitted its endorsement advice to the Commission.  View Article

ECOFIN meeting 4 November
ECOFIN discussed the preparation of international initiatives in response to the financial crisis and adopted a Decision on the grant of a loan to Hungary.  View Article

ECON meeting 4-5 November
ECON discussed the revision of the CRD focusing on securitisation and supervision. Eurogroup President Jean-Claude Juncker argued that the cause of the crisis could be found in the ‘deregulatory frenzy’.  View Article

Overview of national rescue measures and deposit guarantee schemes
The European Commission prepared an overview on state-aid cases and decisions adopted by the Commission in 2008 in response to the financial crises.  View Article

Commission approves Danish liquidation aid for Roskilde Bank
The Commission authorised the package of measures to liquidate Roskilde Bank, the eighth largest bank in Denmark.   View Article

Commission approves Spanish rescue package
The Commission approved the Spanish fund for acquisition of financial assets from financial institutions to stabilise financial markets.   View Article

Commission authorises French scheme for refinancing credit institutions
The Commission approved France's debt-refinancing scheme for credit institutions that aims to stabilise the financial markets.   View Article

Commission approves Dutch guarantee scheme for financial institutions
The Commission approved the Dutch guarantee scheme intended to restore and facilitate the financing of Dutch financial institutions.   View Article




© Graham Bishop

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