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18 June 2009

This week in "Brussels"

©GrahamBishop.com 2009Jump directly to articles on:-
European Finance ArchivesFinancial Services PolicyBankingSecurities
Asset ManagementCorporate GovernanceCompetition issues in financial Services
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Articles from 11 June 2009 - 18 June 2009
European Finance Archives Back to top 

SWIFT: Countdown to 2011 breaking Giovannini Barrier I?
The SWIFT discussion paper assesses market readiness for the 2011 deadline and asks for industry feedback. The key question is how far the industry has progressed in adopting the Giovannini protocol and breaking down Barrier I.   View Article



Financial Services Policy Back to top 

EFR Letter to ECOFIN President Fischer
The European Financial Services Round Table in its letter welcomes the recent progress made at the ECOFIN Council on 9 June on European financial supervision. It also gives some initial reactions ahead of the forthcoming European Summit.  View Article

Belgium: Lamfalussy recommendations on Belgian/EU financial architecture
The present financial crisis has enormous ramifications, with implications at national, European and global levels. The committee has been selective in the topics addressed in this report, limiting itself to the areas it judges of critical importance.  View Article

UK perspectives: Chancellor and Governor at Mansion House
UK Chancellor “DLG proposals – good starting point for debate; will publish own proposal shortly” ; BoE Governor complains of lack of powers      View Article

Lords criticize EC’s financial regulation proposals
The House of Lords EU Committee has welcomed moves to improve the regulation and to strengthen the supervision of financial institutions and markets in the EU, but criticized the EC on for their failure to follow their own Better Regulation Principles.  View Article

Joint Forum paper on the Stocktaking on the Use of Credit Ratings
This paper provides valuable information on the regulatory use of credit ratings by a broad range of regulatory authorities, including banking, securities, and insurance supervisors across 12 countries.  View Article

FSB Draghi: Scope of regulation will be broadened
"The scope of regulation will be broadened and the intensity of oversight will be recalibrated”, Draghi said. “How to deal with too-big-to-fail institutions and related moral hazard concerns will be an important focus ahead.”  View Article

Trichet: The financial crisis and the response of the ECB
Since the start of the financial turmoil, central banks around the globe face unprecedented challenges. The ECB and other central banks have reacted swiftly, flexibly and decisively.  View Article

BIS report on operational framework for financial stability
Addressing financial instability has become a policy priority. Despite the efforts made, policymakers are still a long way from developing a satisfactory operational framework. A major challenge complicating this task is the “fuzziness”.  View Article

EU experts warn against regulatory failures of future financial markets legislation
“In the last few months, legislation has been drafted in a hasty manner", the Czech Deputy Finance Minister said. "Should this trend continue, there is a risk of serious regulatory errors despite the goodwill of all partners".  View Article

IOSCO finalises policy responses to the financial crisis
IOSCO will shortly issue final reports on short-selling and the oversight of hedge funds. It also intends to consult on asset-backed securities and investment managers' due diligence in relation to structured products investment.  View Article

US Plan for Financial Services Regulatory Reform
The plan require that all financial firms that pose a significant risk to the financial system at large are subjected to strong consolidated supervision and regulation. Also, a 5 percent retention rate on securitized products should be introduced.  View Article

US administration outlines new Financial Foundation
The proposal raises capital and liquidity requirements for all institutions and stricter reporting requirements for issuers of ABSs. All derivatives contracts will be subject to regulation, all derivatives dealers subject to supervision, Geithner said.  View Article

ABA calls for co-ordination in changes to regulatory capital calculations
We are concerned that the new rule may create greater confusion in the interpretation of financial statements as opposed to offering greater clarity" said Donna Fisher, senior vice president of tax and accounting at ABA.  View Article

FASB action alert 10 June
The Board discussed issues on the proposed revenue recognition model and on measurement requirements for freestanding equity, liability, and asset instruments and equity hybrids instruments.  View Article

FASB consults on fair value of investments - hedge funds
The Staff Position amends FASB Statement No. 157, Fair Value Measurements, to provide application guidance for investment companies that have calculated net asset value per share in accordance with the AICPA Audit.  View Article

FASB statements on Securitizations and Special Purpose Entities
The new standards will impact financial institution balance sheets beginning in 2010. The impact of both new standards has been taken into account by regulators in the recent “stress tests.”  View Article

FSA Sato - Regulators must avoid impeding the vigor of the financial sector
Japan’s financial system does have considerable risks and many banks posted final losses at their annual financial results, Sato said. However, he repeatedly warned against too hasty implementation of medium-term measures and excessive regulation.  View Article

FSA Japan consults on draft framework for Inspection/Supervision of Foreign Audit Firms
The CPAAOB will require foreign audit firms to report or submit the additional information once every three years. Requirements may be reduced in cases where the foreign competent authorities are deemed equivalent.  View Article

BAC agrees on application of IFRS in Japan
The Business Accounting Council approved a roadmap for the adoption of IFRS in Japan that allows for early adoption this year, and proposes mandatory adoption of IFRSs from 2016.  View Article

Statement of G8 Finance Ministers - Lecce, Italy, 13 June, 2009
We, the G8 Finance Ministers, remain focused on addressing the ongoing global economic and financial crisis. We have taken forceful and co-ordinated action to stabilize the financial sector and provide stimulus to restore economic growth.  View Article

Eurfinas welcomes report on Credit Histories
A key benefit in facilitating cross-border access to credit databases lies in improving access to finance for some categories of applicant borrower who are more difficult to assess, Eurofinas argues.   View Article

Commission Consultation on Responsible Lending and Borrowing in the EU
Certain of the topics being addressed, such as information, conduct of business and the role of intermediaries, are consistent with those in the recent Commission Communication on Packaged Retail Investment Products.  View Article

Commission Consultation on Expert Group report on Credit Histories
The report recognises the low appetite for important changes in credit data sharing. Experts rejected global and complex solutions, such as setting up a pan-European credit register or aligning all Member States to a single credit data model.  View Article



Banking Back to top 

ECB Financial Stability Review - June 2009
The ECB is concerned should the global economic downturn prove to be deeper and more prolonged than currently expected. Uncertainty prevails about the shock-absorption capacity of the euro area banking system.  View Article

ECB Tumpel-Gugerell outlines necessary ‘regulatory repair’
Regulatory gaps for systemically important hedge funds, credit rating agencies and OTC derivatives markets need to be closed. In particular the supervision of systemically important cross-border institutions has to be strengthened.  View Article

CEBS consults on implementation guidelines for large exposures regime
The revised large exposures regime is now included in an amendment to the Capital Requirements Directive. The provisions need to be transposed into Member States’ national law by 31 October 2010.   View Article



Securities Back to top 

CESR updates the list of measures taken by Members regarding short-selling
CESR published on 22 September 2008 a statement that facilitates an overview of actions taken by CESR Members in relation to short-selling. This list of measures is updated often.  View Article

ECB Tumpel-Gugerell – no room for complacency for market infrastructures
Regulation is not sufficient for systemically important markets, institutions and infrastructures, Tumpel-Gugerell said. Public authorities must take appropriate measures to regulate, supervise and oversee.  View Article

EuroCCP proposes Convention on Inter-operability for CCPs
EuroCCP called for the adoption of a single standard that all central counterparties would sign. The Convention would require CCPs to agree on risk management arrangements that are transparent to market users, platforms and regulators.  View Article

SWIFT: Countdown to 2011 breaking Giovannini Barrier I?
The SWIFT discussion paper assesses market readiness for the 2011 deadline and asks for industry feedback. The key question is how far the industry has progressed in adopting the Giovannini protocol and breaking down Barrier I.   View Article

BIS final report on the use of credit ratings
The report focuses on the responses concerning the usage of credit ratings. It also describes respondents' assessments regarding the impact of their use of credit ratings.  View Article



Asset Management Back to top 

EDHEC: Impact of regulations on the ALM of European Pension Funds
The study analyses the impact of prudential and accounting constraints on the asset-liability management (ALM) of pension funds in the Netherlands, UK, Germany, and Switzerland.   View Article

CESR consults on Risk Measurement for calculation of UCITS’ global exposure
The paper is limited to the use of risk models such as VaR in the context of the calculation of global exposure as UCITS may use this or other models in its overall risk management process.  View Article



Corporate Governance Back to top 

FEE commends ECOFIN’s continued support for global standards
On 9 June, the EU finance Ministers met in the ECOFIN and discussed accounting standards,  in particular valuation of financial instruments. The Council held an exchange of views with Sir David Tweedie, Chairman of the IASB.  View Article

EFRAG's Draft Comment Letter on the IASB's Exposure Draft 'Derecognition'
EFRAG argues that the focus of the IASB’s work on derecognition should for the time being be to address the crisis-related issues arising from the existing derecognition model, and making other incremental changes.  View Article

EFRAG opposes IASB proposals for new Derecognition model
The focus of the IASB’s work should be to address the crisis-related issues arising from the existing model. Improving disclosure requirements should be the priority for now, EFRAG argues and strongly opposes the Alternative Approach.  View Article



Competition issues in financial Services Back to top 

European Retailers file new complaint against Visa Europe
EuroCommerce, an association of European retailers, said that "the fees, set by Visa and its member banks and imposed on retailers, constitute an infringement of European competition law."  View Article






© Graham Bishop

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