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04 September 2009

This week in "Brussels"

©GrahamBishop.com 2009Jump directly to articles on:-
Financial Services PolicyBankingSecuritiesInsurance
Asset ManagementCorporate GovernanceEdited Minutes of key legislative BodiesCompetition issues in financial Services
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Articles from 31 July 2009 - 04 September 2009
Financial Services Policy Back to top 

BIS report on financial analysis of systemic banking crises in the world
On average, there have been between three and four systemic banking crises per year for the past quarter century.  View Article

Barroso’s speech on the current crisis - given at the European Economic Association Congress in Barcelona
The failure to predict and head off the crisis was a collective failure  of economists, banks, regulators, supervisors and politicians.  View Article

Shadow financial regulatory Committees: The securitization system needs to be regulated and supervised effectively
A complete revision of Basel II’s approach is needed so as to correct flaws revealed by the crisis and to assure reasonable leverage ratios  View Article

Bank of England assessment of the latest trends in lending to the UK economy
The major UK lenders confirmed that spreads on new loans had remained constant with some signs of renewed competition to lend.  View Article

Financial Markets Law Committee’s response to May Treasury Consultation on developing effective resolution arrangements for investment banks
FMLC highlights that a special insolvency regime for investment banks should not be introduced.  View Article

UK's Financial Services Authority provides clarity for Activist Shareholders
There is nothing under FSA rules that prevents investors from collective engagement.  View Article

FT: Interactive guide to the new regulatory and supervisory structures
The graphic explains the existing framework and proposed changes to financial regulation in the EU, US and UK  View Article

IFSL main comments on European Financial Supervision
IFSL remarks that the UK market is and should remain one of the EU’s strategic assets.  View Article

BBA statement on Treasury Select Committee 14th Report on Financial Crisis
BBA concerns on costs and implications of the suggestion that larger banks should hold so much capital that it will be a “tax on size”.  View Article

UK Treasury Select Committee publishes 14th Report on Financial Crisis.
The Report considers how regulation and supervision have changed, and can be further improved, in order to return to and maintain more stable banking.   View Article

US draft legislation on OTC derivatives
The legislation will provide for regulation and transparency for all OTC derivative transactions, strong prudential and business conduct regulation of dealers and other major participants and improved regulatory and enforcement tools.  View Article

WSJ: Geithner vents at regulators as overhaul stumbles
Treasury Secretary Timothy Geithner said "enough is enough" as he criticized the regulators for hindering progress of the financial regulatory overhaul, the Wall Street Journal reports.  View Article

Japan's opposition wins historic election – Hatoyama to become new Prime Minister
Incoming Prime Minister Hatoyama said that the era of US unilateralism may come to an end and will concentrate more on Asia, calling for a regional currency integration and bolstering alliances in Asia.    View Article

Four topics for discussion by G20 Finance Ministers this week-end in London - in preparation for Pittsburgh.
Based on our reading of the media and conversations, we believe that Bankers’ pay; capital requirements; Fair value / IAS 39; and off- shore centers will be the main issues.  View Article

Preparation of Eurogroup and Informal Economic and Finance Ministers Council for the G20
The EU is doing its share of the work. Among other things, the Commission has adopted proposals on hedge funds and private equity and made Recommendations on directors' and financial market remuneration.  View Article

McDonald: European Commission Plans on regulating Packaged Retail Investment Products (PRIPs)
Commission on track to produce first outline of proposals on new disclosure requirements and selling practices for packaged retail investment products (PRIPS) by the end of 2009. The document will be put out for stakeholder consultation.  View Article

Eurosystem consults on draft oversight frameworks for credit transfer and direct debit schemes
Once these frameworks have been finalised the Eurosystem will develop common assessment methodologies for the credit transfer and direct debit schemes.  View Article



Banking Back to top 

BBA response to Lord Turner's comments on a new tax on banks
If the wrong kind of regulation or kind of taxes are introduced the UK could easily lose its leader position.  View Article

BBA: July figures for the main high street banks
The figures show increases in the number of mortgage approvals and the amount of new lending, though this was below seasonal expectations.  View Article

French banks back bonus reforms
President Sarkozy asked the banks to report to him on their bonus policies amid pressure to curb excesses.  View Article

EU banks express confidence in meeting Payment Services Directive compliance
Tier one banks in Europe have set aside as much as EUR20 million each to achieve compliance with the EU's PSD.  View Article

ECB Eurosystem consults on draft oversight frameworks for credit transfer and direct debit scheme
It will enable customers to make cashless euro payments to anyone located anywhere in the euro area, using only a single bank account and a single set of payment instruments.  View Article

EFBS: Regulation of mortgage credit at EU level not justified by financial crisis
Harmonisation would scarcely lead to more favourable conditions for consumers or an extension of the product range because of the different financing cultures in the Member States.   View Article

CEBS publishes passport guidelines
These Guidelines facilitate the efficient and on-going supervision of credit institutions that provide their services or perform their activities, throughout the Community, either through the establishment of a branch or the free provision of services.  View Article



Securities Back to top 

Derivatives market players warn Commission on dangers of over-regulation
The industry bodies believe the regulators should focus on measures to strengthen legal standards in central counterparty clearing and on the harmonisation of close-out netting and collateral regimes across Europe.   View Article

NVB: response to the Commission's consultation on OTC derivatives.
NVB rejects any further moves towards a large scale standardisation of derivatives contracts per se.  View Article

AMF Regulation newsletter
It is unacceptable for issuers and the regulator alike that the majority of equity market transactions should be carried out on lightly or unregulated platforms, said AMF chair Jean-Pierre Jouyet.  View Article

CESR update on MiFID pre-trade transparency waivers
The table includes information on new assessments regarding an application for a waiver to be granted on the basis of Article 18 that CESR considered not to be compliant with MiFID.  View Article

CESR comments on EFRAG's Draft Comment Letter on The IASB's Discussion Paper On Credit Risk in Liability Measurement.
Appropriate disclosures are necessary in order to provide users with the information necessary to value an entity appropriately and to ensure sufficient market transparency for investors.  View Article

CESR publishes 6th Extract from EECS’s Database of Enforcement Decisions
CESR has published enforcement decisions on impairment of available for sale equity and for sale of financial assets.   View Article

Eurex Credit Clear clears first single name CDS worldwide
Eurex Credit Clear is the full STP integration into DTCC Deriv/SERV Trade Warehouse and a state-of-the-art risk management solution specifically designed for CDS.   View Article

SmartPool launches pan-European mid cap service
Smart Pool expansion into offering mid-caps across Europe will be of great value to customers who wish to trade less liquid securities in a non-displayed environment.  View Article

FSA looks into high-frequency trading and dark pools
The review is an exercise in information gathering and is not expected to lead to a formal report.  View Article

The Singapore Exchange and Chi-X plan dark pool
They have agreed to develop and launch Asia Pacific's first bourse-backed dark pool.  View Article

LSE close to binning TradElect
TradElect is an effective financial platform; however, problems exist concerning maintenance and support of this trading platform.  View Article



Insurance Back to top 

Association of British Insurers’ response to FSA remuneration guidance
ABI believes that great care needs to be taken to avoid reading across from banks to insurers and asset managers, whose businesses are substantially different  View Article



Asset Management Back to top 

Notes by the Swedish Presidency on the AIFM directive
A number of delegations are not satisfied with third countries’ restrictions and supervision.  View Article

EVCA calls on European Parliament for ‘better, transparent, appropriate and sustainable regulation
For regulation to be appropriate and fair, it must be tailored according to different forms of alternative investment.   View Article

Hedgeweek on AIFM Directive: implications for third country managers
Third country managers will be banned from marketing their funds in Europe - whether established in the EU or otherwise - for at least three years following the entry into force of the directive.  View Article

AIMA Welcomes FSA's European AIFM Directive Impact Assessment
AIMA is campaigning for the draft directive in its current form to be revised.  View Article

CESR addendum to consultation on KI for UCITS – computation of synthetic risk
CESR published an addendum to its consultation on the format and content of Key Information Document Disclosures for UCITS as published on 8 July.  View Article

AIMA: AIFM could cost pension funds €25bn a year
The reduction in returns would be because the directive contains restrictions on leverage with increased compliance costs, which would limit the investment opportunities.  View Article

ECB Working Paper on the Real Effects of Private Equity Investment: Evidence from New Business Creation
Private equity investment seems to lower the cost of start-up capital and results in higher industry dynamics with private equity investment having a beneficial effect on entry.  View Article

EVCA: Private equity fundraising rises as investment falls further in Q2 2009
The number of companies receiving private equity investment fell by 8%, while the amount invested fell by 16% to €3.9bn.  View Article



Corporate Governance Back to top 

ASBJ project plan towards convergence to IFRS
Considering that the IASB has accelerated its numerous accounting standards developments , the ASBJ closely monitors the IASB’s deliberation and further engage in the global accounting standard-setting process.  View Article

EFRAG comments on the IFRIC's D25 Extinguishing Financial Liabilities with Equity Instruments
EFRAG thinks that the equity instruments issued should be measured at the fair value of the financial liability extinguished.  View Article

EFRAG comments on IASB’s Classification of Rights Issues
EFRAG considers that the proposals should be more clearly articulated as an exception to the current equity/liability model in IAS 32.  View Article

ASB issues Amendment to FRS 20 on Group Cash-settled Share-based Payment Transactions
It clarifies group cash-settled share-based payment transactions in the separate financial statements of the entity receiving the goods or services when that entity has no obligation to settle the share-based payments transaction.   View Article

BIS: guiding principles for the revision of accounting standards for financial instruments issued by the Basel Committee
These principles should facilitate continued, necessary coordination among standard setters, supervisors and regulators in their respective efforts to implement the G20 recommendations.  View Article

IASB publishes proposals for amendments under its annual improvements project
The proposals range from clarification of the measurement of non controlling interests in IFRS 3 Business Combinations to changes of wording to clarify the meaning of IFRSs and remove unintended inconsistencies.  View Article

ACCA: Cracking the Code – FSA code lacks international outlook
ACCA points out that the FSA’s new code is on a shaky footing internationally as major financial markets in the EU and other G20 countries do not appear to share the UK's stance.  View Article

IFAC's letter to the G20: SME’s are the engine of the global economy
IFAC encourages adoption and implementation of global accounting, auditing, and auditor independence standards to improve the ability of capital markets to work globally  View Article

SEC, FASB criticised to commit to IFRS
“If the SEC comes out and says we're never going to accept IFRS, then there will obviously be repercussions worldwide,” Sir David Tweedie, Chairman of IASB, said. “It will be impossible to continue this after 2011”.  View Article

IASB consults on classification of rights issues
The proposals seek to clarify the accounting treatment when rights issues are denominated in a currency other than the functional currency of the issuer.  View Article

IFRIC guidance on settling financial liabilities with equity instruments - IFRIC D25
IFRIC consults on its guidance on how an entity should account for such transactions in accordance with IAS 39 Financial Instruments: Recognition and Measurement and IAS 32 Financial Instruments: Presentation.  View Article

CESR response on Revenue Recognition in Contracts with Customers
CESR suggests that in order to develop a new unique principle more time is needed and calls on the IASB to issue a new discussion paper.  View Article

ACCA: Independent study highlights closeness of international convergence of auditing standards
The report confirms that investors are in favour of one set of auditing standards that are followed on a global basis; so it will be interesting to see the reaction to the study in the US.  View Article

IAASB: Q&A to Guide Auditors Effective implementation of Clarified ISAs
The publication answers questions relating to audit procedures, work effort, documentation and professional judgment.  View Article



Edited Minutes of key legislative Bodies Back to top 

ECON meeting 2 September
Concerning the AIFM directive, Jean-Paul Gauzes (EPP/FR) remarked that it is unlikely to be passed before 2010.   View Article



Competition issues in financial Services Back to top 

Commission review of national aid schemes
The review addresses the effectiveness of the schemes implemented to date and analyses issues raised by Member States in this context.  View Article

State aid: Commission approves German asset relief scheme
It provides an efficient tool for addressing the uncertainty regarding the quality of banks' assets.   View Article

Commission approves additional aid for IKB
The Commission approved EUR 7 billion to the German bank IKB. The bank will have to provide a revised restructuring plan within three months.  View Article






© Graham Bishop

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