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09 July 2009

This week in "Brussels"

©GrahamBishop.com 2009Jump directly to articles on:-
Financial Services PolicyBankingSecuritiesInsurance
Asset ManagementCorporate GovernanceCompetition issues in financial Services
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Articles from 02 July 2009 - 09 July 2009
Financial Services Policy Back to top 

UK Treasury Report on reforming financial markets
The report sets out the Government’s analysis of the causes of the financial crisis, the action already taken to restore financial stability and the regulatory reforms necessary to strengthen the financial system for the future.   View Article

ECOFIN Council Conclusions 7 July
European Union finance ministers supported urgent reforms to reduce the impact of economic cycles on the banking sector.   View Article

US Treasury official Mark Sobel highlighted the Role of US-EU Co-operation
“The US and the EU will have critical roles to play in striking the right balance between promoting sound regulation and preserving market dynamism, while ensuring that their actions are firmly anchored in the global system.”  View Article

FSA proposes bigger fines to achieve credible deterrence
FSA consults on changing policy on the determination of the level of financial penalties and on the alternative approaches where a person claims that paying a financial penalty may result in serious financial hardship.  View Article

Commission sees permanent decline in Euro area’s potential output
In addition to restoring the health of the banking sector, the faults of the financial system must be fixed. “We need to put in place a new and more effective supervisory framework”, Marco Buti stated.   View Article

SIFMA raises concerns about MSRB's proposed rule changes
"The current market conditions and volatility create additional problems with clearing bonds out of a competitive syndicate," said Leslie Norwood, managing director and associate general counsel of SIFMA.  View Article



Banking Back to top 

ABBL responds to the EC communication on European Financial Supervision
ABBL supports the reform of the European supervisory architecture; however, ABBL has some concerns regarding the role of the European Supervisory Authorities.   View Article

European banking needs a state-led triage body
A Solution for Europe’s Banking Problem would be the creation of a “European Bank Treuhand”, a fiduciary entity that would be created jointly by those countries with the main continental European banks.  View Article

ECB Gertrude Tumpel-Gugerell: SEPA’s challenges
“Harmonization and innovation will reduce the fragmentation of the European payment market", she said. "Currently the state of our financial integration shows some signs of segmentation along national borders".  View Article

CEBS consults on liquidity buffers
The consultation proposes guidelines on the appropriate size and composition of liquidity buffers to enable credit institutions to withstand a liquidity stress for a period of at least one month without changing their business models.   View Article



Securities Back to top 

Commission consults on UCITS depositary function
The Commission requests comments on the depositary’s duties, the responsibility regime, organisational requirements and on the eligibility criteria and supervision. The outcome will serve as guidelines for potential future initiatives.   View Article

IOSCO consults on Principles for Periodic Disclosure by Listed Entities
These Principles set out the issues to be considered by securities regulators in developing disclosure regimes for the periodic reports of listed entities.   View Article

Commission consults on reforms of EU derivatives markets
The Communication outlines the tools to ensure a higher degree of standardization and transparency of the OTC derivatives market. The Commission will also assess the channelling of further trade flow through transparent and efficient trading venues.   View Article

Draft commentary on the Convention on Substantive Rules on Intermediated Securities
The draft Official Commentary explains the substantive law provisions set out in Chapters I-VI of the draft Convention.   View Article

CESR consults on a pan-European short selling disclosure regime
CESR developed a list which provided an overview of the situation across Europe. CESR also considered it appropriate to launch a policy review, with the aim of formulating pan-European standards for short selling.   View Article

CESR: report on Financial Information - Coordination of Enforcement Activities
The results provide a full assessment of CESR Members’ application of Standard No 2 by the Review Panel and reflect some changes in the conclusions drawn by CESR Members in relation to their self-assessments.   View Article

CESR calls for evidence on ratings issued by third countries CRAs in the EU
CESR is interested in the third country CRAs planning to apply for External Credit Assessment Institution recognition, and the use of their ratings by EU financial entities and other relevant market participants.   View Article



Insurance Back to top 

CEIOPS consults on Solvency II-Level 2 implementing measures
The consultation deals with a large number of Pillar I, Pillar II, the future implementation of Pillar III, group issues and provides advice on key aspects for the Solvency II framework. The third set foreseen to be released at the beginning of November.  View Article

CEIOPS report on United-Linked Insurance Products
The survey looks at national measures on disclosure requirements and professional requirements regarding unit-linked life insurance products and also refers to relevant provisions of the MiFID Directive  View Article



Asset Management Back to top 

Lord Myners tells AIMA that AIFM draft directive needs major changes
The UK Treasury Minister attacks leverage caps but says UK is not in the business of blocking more stringent regulation, contrary to what some in Europe may say.  View Article

IMA Chairman frustrated by EU proposal for the alternatives industry
On the proposal to cap leverage used by alternative fund managers, he noted that it had been much greater within the banking system than in hedge funds.  View Article

CESR consults on UCITS management company passport
This work should ultimately serve to increase convergence among CESR Members and will seek to strengthen investor protection, which are two key CESR objectives. It also represents an example of CESR’s role in providing technical advice to Europe  View Article

CESR consults on Key Information Document disclosures for UCITS
The importance of fostering investor understanding in financial products is a key issue. The introduction of the KID will bring the quality of investor disclosures for UCITS and allow easier comparison of products.    View Article

OECD calls for better pensions governance
The report provides guidelines and regulatory principles from which it believes all pensions regimes should base their pension fund governance, to deliver “stronger regulation and better governance  View Article

EIAMS 2009 – European pensions see profound changes
The report reveals that European institutional investors are changing the way they allocate assets and interact with external service providers. Investors also prioritized the level of relative risk to a greater extent than before.  View Article



Corporate Governance Back to top 

IAESB seeks Comments on Proposed Strategy for 2010-2020
"Accounting education remains a fundamental pillar in improving the reliability of financial reporting and continues to be needed by accountants to serve the public interest."  View Article

International CRUF Town Hall Meeting - The importance of good financial reporting
The IASB is committed to providing high quality accounting standards but  cannot achieve that goal without the input of investors and corporate management. The CRUF has offered the Board tremendous insight into the practical needs of today.  View Article

EFRAG's Draft Comment Letter on the IASB's Exposure Draft 'Derecognition'
EFRAG has significant reservation about the proposals for a new derecognition model. Concerning the alternative approach, EFRAG believes it goes far beyond the incremental changes needed.   View Article

ACCA welcomes proposed EU adoption of ISAs
 “Modernising auditing standards will be beneficial to the auditing profession because it will mean a consistency of approach across the EU.”  View Article

IASB publishes IFRS for SMEs
The standard is a result of a five-year development process with extensive consultation of SMEs worldwide. It is aimed to reduce the reporting burden for SMEs.   View Article



Competition issues in financial Services Back to top 

Commission approves French Temporary Framework risk-capital scheme
The Commission has approved this additional French measure. France has demonstrated how Member States can take advantage of the Commission's Temporary Framework to intensify efforts to tackle the effects of the crisis.   View Article






© Graham Bishop

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