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30 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 23 July 2009 - 30 July 2009
Financial Services Policy Back to top 

IMF works to Plug Data Gaps Exposed by Crisis
Important data was available from official suppliers before the crisis but was not known about by users and was not available quickly enough.  View Article

IMF paper: Governance Practices at Financial Regulatory and Supervisory Agencies
Almost 90 % of banking-only supervisors view monitoring systemic risks and maintaining financial stability as mandates.   View Article

AMF: Financial Regulation Newsletter 3rd quarter
AMF will call for an early review on how MiFID has impacted European Equity markets and will propose a uniform approach to the 27 for assessing the methods used by CRAs in Europe.  View Article

BIS paper on operational risk
These papers show how to further understand both supervisors and banking institutions with regard to outstanding issues in measurement and management of operational risk and they promote consistency with these issues across all jurisdictions.   View Article

ACCA’s concerns for the next G20 meeting in September 09
ACCA states “rushing through new financial regulation in a purely reactive response to the financial crisis would be a mistake. Priority should be so that existing regulation is enforced thoroughly.”   View Article

ACCA: The New European Parliament. What Can You Achieve in Your First 100 Days?
The priority: to ensure that existing legislative and regulatory measures are implemented and enforced effectively across the EU, rather than reactively rushing through new financial legislation.  View Article

Council adopts rules on credit rating agencies, bank capital requirements, cross-border payments and e-money.
The Regulation on CRAs establishes a common framework for measures adopted at national level. Amendments to the CRD include the supervision of cross-border banking groups, securitisation practices and the classification Tier 1 capital.  View Article

Dutch financial sector position on EU supervision
The Netherlands supports the strengthening of European financial supervision and agrees on continuing the discussion on burden sharing.   View Article

BBA response to opposition parties' banking reforms
BBA is pleased there is a growing understanding that monetary policy and regulation are interconnected. BBA supports change in the UK banking sector.  View Article

SEC finalizes rules against short selling abuse
The SEC have announced several actions to protect against abusive short sales and make more short sale information available to the public. However, hedge funds will not be required to disclose to regulators details about their short positions.  View Article



Banking Back to top 

Bank of England Special Resolution Regime for failing banks in an international context
The report concludes that the SRR is at the forefront of best practice internationally. This explains why other countries look to the SRR as they seek to reform their own approaches.  View Article

EBF – Newsletter 19
EBF considers that regulators should not adopt a one-size-fits-all approach regarding remuneration in the financial services as substantial differences in business have to be taken into account.  View Article

NVB warns that the Deposit Guarantee Scheme is not the solution to the crisis
Dutch Bankers Association (NVB) highlighted that the DGS has performed well in the past. Making major changes to the current framework could create instability and reduce depositor confidence.  View Article

UK Chancellor Darling worried by banks’ loans charges
Banks need to raise margins to rebuild battered balance sheets and cope with the recession; however, the lack of affordable finance for businesses will scupper an economic recovery.  View Article



Securities Back to top 

IOSCO guidelines on due diligence policies
The report provides guidelines on assessing the quality of their due diligence procedures regarding investments in structured finance instruments by collective investment schemes offered to retail investors.  View Article

SWIFT: EU-US bank will be an "interim" one, says Jacques Barrot
The new agreement with Washington would be only an interim one, because "the SWIFT system is changing", and this justifies negotiating a new agreement, "under the aegis of Lisbon".   View Article

CESR annual report for 2008
CESR focused on ensuring effective and convergent implementation of securities legislation. However, the key issue is how the crisis has accelerated the need to review more radically the role of CESR and the other 3L3 Committees.  View Article

Short selling: AMF extends exceptional measures on financial stocks and issues recommendations.
The prohibition of short selling of selected financial stocks would be extended until the end of January 2010. AMF urges IOSCO and CESR to carefully examine supplemental measures regarding information disclosure on short selling.  View Article



Insurance Back to top 

UK Treasury’s Report of Insurance Industry Working Group
The report sets out a vision for the UK insurance industry in 2020 as the leading global insurance centre with an unsurpassed reputation for excellence, a deep and constructive relationship with its customers.  View Article



Asset Management Back to top 

FT: Draft EU hedge fund rules to be revised
Sharon Bowles said European pension funds and institutional investors faced “excommunication” from global capital markets if the draft directive on alternative investment funds was implemented unchanged.  View Article

IMA: UK Investment Fund Statistics June 2009
Investors have been coming back to the market : over the past two months UK retail investors have begun putting money into equity funds, particularly international equities and bond funds.  View Article

AIMA warns of Global Impact of EU AIFM Directive
AIMA argues that the directive creates potentially major difficulties for non-EU funds and/or non-EU managers in accessing the EU market, therefore making the directive protectionist.  View Article



Corporate Governance Back to top 

ASB will issue a consultation on the Future of UK GAAP
IASB on IAS 39 is moving at an accelerated pace and will be mandatory in January 2012.   View Article

EFRAG comments on the IASB’s DP leases
EFRAG considers that IASB should not take a final decision on the approach to lease accounting to be adopted for lessees until the lessor accounting part of the project has progressed significantly.  View Article

IASB: Financial Crisis Advisory Group publishes wide-ranging review of standard-setting activities following the global financial crisis
FCAG’s report articulates four main principles concerning effective financial reporting and its limitations, convergence of accounting standards and standard setter’s independence and accountability.  View Article

EFRAG’s comments on the IASB’s DP Revenue Recognition in Contracts with Customers
EFRAG welcomes work being carried out on this subject because it believes that revenue recognition is the cause of many practical problems and that it will help all the IASB's constituents if the existing material on the subject could be enhanced.  View Article

IFAC: G20 Accountancy Summit Issues Renewed Mandate for Adoption of Global Standards
Having balanced views in the standard-setting process, ensuring that there is no undue influence from any one stakeholder group and establishing a robust governance structure in the IASB is a key issue to ensure effectiveness and independence.  View Article

IFAC explains how better costing can result in better management decision-making.
The guidance highlights the importance of distinguishing between the purposes and information needs of cost accounting to meet the demands of external reporting, cost measurement and reporting for internal decision support.   View Article

IASB amends the retrospective application of IFRSs for first-time adopters
Exemptions will apply to oil and gas assets and entities with existing leasing contracts.  View Article

IASB publishes proposals on rate-regulated activities
The proposed IFRS would define regulatory assets and regulatory liabilities; set out criteria for their recognition; specify how they should be measured; and require disclosures about their financial effects.   View Article

EFRAG comments on the IASB Paper on Credit Risk in Liability Measurement
EFRAG has considered the arguments for and against the inclusion of own credit risk in the measurement of liabilities.  However, the key issue is what approach would result in the most useful information.  View Article



Competition issues in financial Services Back to top 

Commission sets new bank bail-out rules
Banks which receive state help must show they have a viable future without further support under new guidelines published by the European Commission.   View Article






© Graham Bishop

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