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16 July 2009

This week in "Brussels"

©GrahamBishop.com 2009Jump directly to articles on:-
Financial Services PolicyBankingSecuritiesAsset Management
Corporate GovernanceCompetition issues in financial Services
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Articles from 09 July 2009 - 16 July 2009
Financial Services Policy Back to top 

Pedro Solbes appointed Chairman of the EFRAG SB
The experience he gained as European Commissioner, Economic and Finance Minister, in other ministerial posts and as member of the Spanish Parliament will be highly relevant in the coordination and monitoring role of EFRAG SB.  View Article

Financial Reporting Council welcomes the Walker Review
The FRC shares the objective of improving effectiveness through better engagement, and is willing to consider taking on an enhanced role in that regard.  View Article

BBA Response to Walker Review
These proposals added together make very substantial changes to the rules. The next step – and the key step – will be to get similar high standards adopted internationally.   View Article

Walker Review proposes fundamental changes to strengthen bank governance
The report recommends strengthening bank boards, making rigorous challenge in the boardroom a key ingredient in decisions on risk and encourages institutional shareholders to play an active role as engaged owners of banks.  View Article

AMF’s new strategy: enhance French markets
AMF priorities are: enhancing investment protection, delivering heightened risk monitoring and increasing the attractiveness of the French market.   View Article

New Brief test
This is the Brief  View Article

The BBA welcomes the white paper on reforming financial markets
Banks recognise the need for change and will continue to work positively with all the relevant authorities to ensure the long term success of the UK economy and the banking sector.  View Article



Banking Back to top 

First SOA standards released by BIAN industry coalition
The Banking Industry Architecture Network (BIAN) alliance has published its first bank IT services standards since it was spun out of SAP over a year ago.   View Article

BIS guidelines for computing capital for incremental risk in the trading book
The Committee is taking measures to mitigate any excess cyclicality of the minimum capital requirement and promote a more forward-looking approach to provisioning; strengthening capital quality and introducing a leverage ratio.     View Article

BIS enhancements to the Basel II framework of risk management, especially in securitization
Pillar 2 (supervisory review process) addresses several weaknesses in banks’ risk management processes– including governance and compensation (for immediate implementation) and Pillar 3 on securitisation.  View Article

Commission proposes further revision of banking regulation
The Commission will tighten up the way in which banks assess the risks connected with their trading book; impose higher capital requirements for re-securitisations; increase disclosure requirements; and have sound remuneration practices.  View Article

FAQ on Capital Requirements Directive
The FAQ covers the following issues: trading book, re-securitisations, remuneration policies. Their aim is to clarify the Commission proposals on CRD.  View Article



Securities Back to top 

Commission study on trading and post-trading prices, costs and volumes
This study is significant because it helps to understand the evolution of end-to-end trading and post-trading prices, costs and volumes. The main findings are that  the volume determines prices and costs are decreasing.   View Article

IOSCO publishes report on Outsourcing principles for exchanges
It focused on the issues that could arise once exchanges began to consider outsourcing activities relating to regulatory and key operational functions, services and processes.  View Article

IFSL Bond Markets review 2009 – UK overtakes US as issuing centre for international bonds
It notes that the $718bn in international bonds issued in the UK in 2008 was 42 per cent up on 2007 and estimated that London was around 70 per cent of secondary trading in international bonds.   View Article

Eurex Clearing will meet ISLA’s guidelines for CCPs in European securities lending markets
Eurex Clearing recognizes the challenges of implementing a successful central counterparty (CCP) service for the securities lending market and outlines the characteristics and objectives of a CCP business model.   View Article

CESR comments on EFRAG’s draft comment letter on the IASB/FASB’s Paper ‘Preliminary Views on Leases’
CESR urges the IASB and the FASB to consider carefully the practical implications and the disclosures which will be required by the new standard on leases to maintain an appropriate level of information in the notes to the financial statements.   View Article

CESR's comment letter to EFRAG on IASB’s Exposure Draft Derecognition
CESR agrees with EFRAG that the main crisis-related issues arising from the existing derecognition model concern disclosures.  View Article

CESR states there is need to provide transparency related to reclassification of financial instruments
The objective analysis conducted by CESR members was to consider how financial companies in Europe applied the amendments to IAS 39 and IFRS 7 regarding reclassification of some financial instruments in their 2008 annual financial statements.    View Article

CESR argues there is a need to review the MAD
CESR considers that the review of the MAD is a good opportunity to implement into European legislation this recommendation and not only for the futures markets but for any financial instrument subject to the market abuse regime.   View Article

CESR report on corporate bond, structured finance and credit derivatives
CESR recommends the adoption of a mandatory trade transparency regime for corporate bonds, structured finance products and credit derivatives markets.  View Article

CESR consults on a central repository for Credit Ration Agencies
The purpose of this consultation document is to seek comments on the conclusions CESR has drawn for setting common standards for presentation of historical and performance information and for the design of the potential output from the CRep.   View Article

Nyse Euronext’s SmartPool signs up 11 new members
SmartPool, the European exchange-led dark pool for block trading set up by Nyse Euronext, BNP Paribas, HSBC and JPMorgan says 14 investment firms have now signed up to the platform.   View Article



Asset Management Back to top 

COMPLINET's Elstob: Caught in the cross-fire - Commission defends AIFMD on two fronts
France believes that the directive does not go far enough in regulating the alternative investment sector while the UK finds that the AIFMD go far beyond what is needed. The Commission has to deal with both positions.  View Article



Corporate Governance Back to top 

EFRAG consults on Group Cash-settled Share-Based Payment Transactions
EFRAG is consulting both on its initial assessment of the Amendments tested against the EU endorsement criteria and on its assessment of the costs and benefits that would arise from their implementation in the EU.  View Article

ACCA welcomes completion of IASB’s ‘most important project’ for SMEs
Despite concerns by many that the new simplified standard, which still runs to more than 200 pages would be too complex for small businesses to use, ACCA’s own research shows little concern in this area.  View Article

IASB proposes improvements to financial instruments accounting
The proposals address how financial instruments are classified and measured. They also answer concerns raised by interested parties during the financial crisis.  View Article

IASB amends IFRS2 – clarifying group cash-settled share-based payment transactions
The amendments respond to requests the IASB received to clarify how an individual subsidiary in a group should account for some share-based payment arrangements in its own financial statements.   View Article

IASB seeks views on accounting for ‘own credit risk’
The discussion paper explores the issue of ‘own credit risk’ effects when debt is fairly valued, given the  relevance to other IASB projects - accounting for financial instruments, insurance, fair value measurement and provisions.  View Article

EFRAG supports the IASB's proposed amendments to IFRIC 14 Prepayments of a Minimum Funding Requirement
EFRAG notes that prepayments of Minimum Funding Requirement contributions relating to future service will meet the definition of an asset under the existing Framework.   View Article

IFAC welcomes SME Reporting Standard
This standard represents a very significant step on the path to global convergence of financial reporting practices by SMEs and will assist SMEs in gaining access to finance.  View Article

IFAC: Changing Dimension of an Accountant’s role in ethics and stakeholder needs
Sylph, Director of Professional Standards, highlighted that accountants play a major role in the global financial system and the global economy so national regulators will have to co-operate even more intensively.   View Article

FEE welcomes SME accounting standard
FEE contributes to the debate on the role IFRS for SMEs can play in Europe and calls on all stakeholders including the European Commission to consider the contents of this new standard carefully.   View Article

EC Consultation on International audit market reveals need to remove barriers to new entrants
The majority of respondents believe that the Commission should strive to reduce all potential barriers to the entry, growth and survival of audit firms in the international audit market.  View Article

International Ethics Standards Board for Accountants Releases New Code to strengthen audit independence
The increase in trust and certainty that flow from familiarity with standards will contribute immeasurably to a reduction in barriers to international capital flows.  View Article



Competition issues in financial Services Back to top 

Eurostat’s decision on data of public interventions supporting financial institutions
Three aspects of the crisis have raised particular challenges for statisticians - the uncertainty over asset values, the difficulty in measuring risks which public bodies are taking on, and the rapid development of new forms of intervention.   View Article

Bank Burgenland - Commission refers Austria to Court for failure to recover illegal state aid
The Commission had requested that Austria recover an estimated €41.5 million of illegal aid (plus interest) from the Austrian insurance group Grazer Wechselseitige (GRAWE), in the context of the privatisation of Bank Burgenland.  View Article

Commission authorises restructuring aid for Kaupthing Bank Luxembourg
The Commission has approved a loan of €320 million granted by Luxembourg for the restructuring of Kaupthing Bank Luxembourg S.A. The measure will contribute to the stability of the financial system while avoiding undue distortions of competition.  View Article






© Graham Bishop

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