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18 February 2010

This week in "Brussels" + Podcast
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  Articles from 11 February 2010 - 18 February 2010

  Financial Services Policy

 
 
 
Barnier: binding remuneration rules across the financial sector would be an incentive for taking less risk
The immediate priority for Europe is concluding unfinished business. This includes equipping it with effective regulation for alternative investment funds and enforcing the EC's supervisory package proposal based on the Larosière Report.  View Article
 
ECOFIN Council: Greece must correct government deficit by 2012
The Council has set numerical limits on Greece's government deficit, requiring it to make annual changes to its consolidated gross debt in 2010, 2011 and 2012. Greece must implement a tight timetable of corrective measures, the first deadline being 15 May 2010.  View Article
 
ESRB, EIOPA and ESMA “Rapporteurs” publish draft reports for discussion at next ECON Committee
ESRB dossier rapporteur and French Liberal MEP Sylvie Goulard is proposing, among other things, to regroup all the European supervisory authorities together in Frankfurt.  View Article
 
Lord Turner: past assumptions about benefits of unlimited financial services liberalization and innovation must be challenged
The FSA Chairman said the recent crisis had shown that expansion in the scale and sophistication of financial activity is not always beneficial to the global economy. Policymakers need to indentify the fundamental drivers of past financial crises.  View Article
 
New classification system between ECB and CEBS reporting frameworks
The aim is to reduce the reporting burden for entities required to deliver data to the Eurosystem and to supervisory authorities. It also creates synergies between datasets originally designed for different purposes.  View Article
 
ECB Executive Board creates Directorate General, Financial Stability and appoints Director General
The aim of the new Directorate is to cope with increased responsibilities for the monitoring, identification and assessment of systemic risks in the euro area and the EU financial system, as well as support for the future European Systemic Risk Board.  View Article
 
Spanish Presidency publishes Omnibus Directive Compromise text
The Omnibus Directive amends existing key directives in order to give powers to the ESAs. The areas in which amendments are proposed include the appropriate scope of technical standards and the possibility of authorities settling disagreements.  View Article
 
ESBG position on EC supervisory package proposal
ESBG has concerns about the powers envisaged for the ESAs, in particular, its ability to impose binding decisions on individual institutions. It is of the utmost importance that the situations and legal relationships established by the new EU supervisory framework remain predictable.  View Article
 
EU member states agree to support Greece with its debt crisis
After a speculative week on the future of Greece, member states agreed to support the Greek government and help it solve its debt crisis. The accord amounted to an implicit assurance to help Athens with debt refinancing problems in April and May.   View Article
 
Jerzy Buzek on EP rejection of SWIFT interim agreement
The Lisbon Treaty, agreed by 27 member state governments, has given MEPs a right of veto over international agreements of this kind. The same governments must accept that the EP will use this power in a way which reflects the concerns of Europe's citizens.  View Article
 
FT: “Japan supports Tobin tax”
The Financial Times reports that the Tobin tax is increasingly being seen as a real policy option. Japanese Vice-Finance Minister Naoki Minezaki believes a tax should be levied on financial transactions to curb market volatility and prevent it from threatening economic growth.  View Article
 
Letter from Tokyo - reflections after my visit: Some devils leap out of the detail of implementing G20 recommendations in Japan
The recently-elected Japanese Government may be more forceful in G20 negotiations in areas of technical detail if Japan’s interests are divergent: bank capital adequacy, accounting standards and clearing of derivatives.  View Article
 

 
  Banking

 
 
 
CEBS publishes high-level principles for risk management
These principles should be considered by institutions (as part of the ICAAP) and supervisors (as part of the SREP) within the supervisory review framework under Pillar 2. The aim is to strengthen risk culture within institutions through enhancements in the risk management function.  View Article
 
EBF publishes set of 9 principles for successful banking in Europe
EBF’s paper sets out the industry's recommendations for standard-setters and decision-makers. The principles, if followed, should help to promote the health, safety and vitality of EU banking in the coming years.   View Article
 
BBA publishes series on next steps for UK banking
This covers everything from why the City matters and the European agenda to rebuilding consumer confidence. The reports addresses “the too big to fail” issue, the financial services bill, the Turner review and banking reforms.  View Article
 

 
  Securities

 
 
 
Eurex: new standard in risk management
Leading European clearing house Eurex Clearing has set another milestone in risk management by providing its members with real-time risk data. The service is offered through the new industry standard AMQP (“Advanced Message Queuing Protocol”) transport via Eurex’s Enhanced Risk Solution interface.  View Article
 

 
  Insurance

 
 
 
CEIOPS publishes convergence roadmap for 2010
The roadmap reflects the status of CEIOPS’ work in response to the latest ECOFIN roadmap and the G20 recommendations. CEIOPS has played a crucial role in developing the new Solvency II regime and ensuring that insurance and reinsurance undertakings will meet the challenge.  View Article
 
CEIOPS publishes Convergence 2009 report
The report provides an overview of CEIOPS’ achievements in respect of the ECOFIN Roadmap and G20’s 2009 recommendations. It describes what CEIOPS has done, amongst other things, to strengthen transparency and accountability and reinforce international cooperation.  View Article
 

 
  Asset Management

 
 
 
AIMA warns of protectionist provision in AIFM directive
The Spanish text reinstates a provision from the original draft that may result in EU investors such as pension funds being prevented from accessing non-EU funds and managers. This provision had been removed from the directive by the previous Presidency, Sweden.  View Article
 
Spanish Presidency publishes second compromise text on AIFMD
The AIFM Directive has reached a critical point in the Council and the European Parliament. The Spanish Presidency has taken a protectionism approach in contrast with the previous Swedish Presidency which was more industry-friendly. Next week the EP will debate the proposed amendments.  View Article
 
BVCA responds to House of Lords report on AIFM
BVCA shares the opinion presented in the House of Lords report. Its chief concern is to ensure that what is enacted does not damage the EU's competitive position globally. Policymakers should ensure that regulation is proportionate and workable.  View Article
 

 
  Corporate Governance/Accounting

 
 
 
NAPF: “Putting a stronger corporate governance culture into practice”
National Association of Pension Funds’ Head of Corporate Governance, David Paterson, said the aim of the new code is to encourage pension funds to incorporate effective engagement monitoring into their fund manager reviews. This should help to build a stronger corporate governance culture.   View Article
 
Summary of January EFRAG Technical Experts Group discussions
EFRAG has finalised its endorsement advice to the EC on IASB's Amendments to IAS 24 Related Party Disclosures. It comprises IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments and IASB Amendment to IFRIC 14 Prepayment of a Minimum Funding Requirement.  View Article
 
CESR: comments on EFRAG’s response to IASB/ED management commentary
Europe has a long tradition of requiring adequate management commentary information. CESR agrees with EFRAG and IASB that if resources are to be expanded, then the provisions of management commentaries should not be prescribed by an IFRS, but rather by non-authoritative guidance.  View Article
 
IASB trustees clarify position on IFRS adoption objective and support for convergence
Trustees' Chairman Gerrit Zalm has responded to concerns that the constitutional emphasis on the objective of global IFRS adoption represents a weakening of the Trustees’ support for ongoing convergence efforts. The Trustees fully support the ongoing work to converge global accounting standards.   View Article
 
FT: Deloitte and PWC reignite debate about how banks account for losses
A global head of Deloitte Touche Tohmatsu has told the FT that he "advocates" banks making loan-loss provisions for "incurred losses" separately from "expected losses", and reporting them in two different lines in their accounts. PWC, by contrast, criticizes this approach.  View Article
 
IASB Trustees announce further changes in governance enhancements
These changes, aimed at enhancing public accountability, stakeholder engagement and operational effectiveness, complete the second part of the IASC Foundation’s five-yearly constitution review. The new constitution will take effect on 1 March 2010.  View Article
 
FT: IASB softens position on convergence
The Financial Times reports that the International Accounting Standards Board is no longer willing to pursue convergence with its US peer as “an objective in itself”, its oversight body said on Monday. This is the latest sign of eroding consensus on accounting rules.  View Article
 
ESBG supports postponement of IAS 39/IFRS 9 adoption
ESBG believes IASB’s proposal regarding IAS 39/IFRS 9 would lead to an increased use of fair value where the business model does not warrant it – especially for savings banks. Furthermore, pro-cyclicality is not appropriately addressed.  View Article
 

 
  Competition: Financial Services

 
 
 
Almunia: “The goal is to apply competition rules fairly but firmly”
At the 1st Annual Conference of the Institute for Competition Law, Almunia said the Commission will be focused on state aid to ensure it does not create an unfair market. Bilateral and multilateral cooperation between the EC and competition authorities of third countries will be an essential issue.  View Article
 
Almunia’s vision for competition policy in Europe
On his first statement as Competition Commissioner, Mr Almunia said he would focus on fighting against cartels, preventing dominant companies from abusing their market power in any sector or any country in Europe, and maintaining a rigorous scrutiny of proposed mergers.  View Article
 

 

 

 



© Graham Bishop

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