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18 March 2010

This week in "Brussels" + Podcast

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European Finance Archives Financial stability - policy analysis About this email

  Articles from 11 March 2010 - 18 March 2010

  Financial Services Policy

 
 
 
ECOFIN Council conclusions on EU 2020
The Council is recommending that progress on the EU 2020 should be monitored rigorously by the European Council at least annually. The European Council may also want to consider setting intermediate milestones for achieving the targets set for 2020.   View Article
 
ECON Committee debates world's new financial architecture
The EU's post-crisis economic strategy, together with its plans to modernize the world’s financial architecture, are being debated in Brussels at a two-day meeting of MEPs and member state MPs. The first day of debate covered the EU2020 strategy, economic governance and public finances.  View Article
 
Valukas report on Lehman Brothers collapse
The just-published report by court-appointed examiner Anton Valukas concludes that the firm painted “a misleading picture of its financial condition” as it pursued questionable tactics to try to prevent its demise. E&Y, one of the big four, did not sound the alert.  View Article
 
City of London report: seventh Global Financial Centre analysis
The report is a wake-up call to policy makers that London’s standing as a world-leading global financial centre should not be taken for granted. In the face of growing competition across the world, most notably Asia, London cannot afford to be complacent.  View Article
 
MEP Sharon Bowles calls for consensus building as Commission report criticises UK recovery plans
The EC is to publish a report calling for tougher action to reduce the UK's record £178bn deficit. “According to the EC", claims Bowles, "Labour is not doing enough to tackle the deficit. On the other hand, there are concerns that Tory cuts will be a disaster for the economy.”  View Article
 
Barnier: EC to follow G20 roadmap on financial services
He stressed the need to have greater and better capital within the banking system. The Basel Committee and CRD III directive are moving in this direction, closely followed by CRD IV. The responsibility of financial institutions should also be tackled.  View Article
 
Spanish Presidency compromise text on ESAs
The key issue concerns the power given to European Supervisory Agencies. The EP has already begun the debate in its draft reports, and all rapporteurs believe the Council has watered down the EC proposal. Despite this, the arguments are now beginning to converge.  View Article
 
Council Presidency letter to 3L3C on 2010 work programme
The Council has particularly high expectations for OTC markets and CESR's contribution to the related aspects of the MiFID review, the Working Group on Derivatives, and its help with and advice on trade repositories and central counterparties.  View Article
 
FSA, OFT and Financial Ombudsman Service propose consumer protection committee to monitor emerging risks
The new committee would draw together specialists from the three bodies to spot emerging risks, increasing the ability of the regulators and ombudsman service to respond quickly and decisively to market threats.   View Article
 
FSB publishes framework for strengthening adherence to international standards
Under this framework, the FSB will foster a race to the top. FSB member jurisdictions will lead by example and undergo periodic peer reviews. The first review is on implementation of the FSB Principles for Sound Compensation Practices to be completed by March 2010.   View Article
 

 
  Banking

 
 
 
CRD III draft report on first ECON Committee exchange of views
Rapporteur Arlene McCarthy(S&D/UK)wants to follow the FSB principles on remuneration. She is proposing that bonuses be awarded on the basis of long-term performance and not be guaranteed. There should be no 'golden parachutes’ rewarding failure.  View Article
 

 
  Securities

 
 
 
EBF response to ECB consultation on loan-by-loan information for asset-backed securities
The EBF shares the ECB’s view that asset-backed securities transparency needs to be improved. However, the EBF believes that the ECB should clarify the consequences of non-fulfilment, partial fulfilment or defective fulfilment of the planned requirements for ABS eligibility.   View Article
 
LSE promotes best practice in investor relations
“Investor Relations - A Practical Guide" provides practical assistance to companies, whether quoted or considering a stock market flotation, on best investor relations practice. It examines the key principles firms should consider when developing an investor relations strategy.   View Article
 

 
  Insurance

 
 
 
CEIOPS publishes European-wide stress test findings for the insurance sector
The results of CEIOPS’ stress test exercise indicate that large and important European insurance groups would remain resilient even in severe scenarios. In all scenarios, the aggregated level of available capital would exceed regulatory requirements.   View Article
 

 
  Asset Management

 
 
 
ECON Committee debate on AIFMD compromise amendments – no worries about postponing ECOFIN’s AIFMD debate
Postponing ECOFIN’s AIFMD debate will give strategic advantage to the Parliament in the upcoming negotiations. Gauzès stressed he wants to stick to the timetable and proposes, among other things, to include an annex with the exempted funds applying the proportionality principle.  View Article
 
EVCA: the effect of AIFMD on venture capital investment
The results of the survey show that 67% of the world’s most active institutional investors in venture and growth capital funds would either withdraw from venture and growth investment completely or substantially reduce their allocations if the proposed EU AIFMD is implemented in its current form.  View Article
 
Spanish Presidency publishes latest AIFMD compromise text – a QMV is emerging for it
The EC has also issued a publication explaining the state of play regarding member states. A qualified majority is emerging in the Coreper negotiations; however, the UK, Czech Republic, Ireland, Malta and Austria are raising concerns on the depositary issue.  View Article
 
Preqin research report: UCITS - The Future of Regulated Funds?
Preqin carried out a survey of 50 institutional investors in order to determine the current demand for UCITS-compliant hedge funds. Four factors were most frequently listed by investors as UCITS value-added: transparency, regulatory oversight, liquidity and a strong risk management framework.  View Article
 

 
  Corporate Governance/Accounting

 
 
 
Basel Committee issues principles for enhancing corporate governance
The consultation paper sets out the best practices for banks. It also stresses the importance of board and senior management having a clear knowledge and understanding of the bank's operational structure and risks. This includes risks arising from special purpose entities and related structures.  View Article
 
EC plans for corporate governance in the financial sector
The EC is preparing a report that will most likely become a consultation on corporate governance in the financial sector. It is intended for publication on May 2010. The consultation will be open for three months. A legislative proposal will almost certainly follow in 2011.  View Article
 
EFRAG consults on operational effects of financial instruments: amortised cost and impairment
The objective of the proposed standard is to establish principles for the measurement of financial assets and financial liabilities at amortised cost. This is so that users of financial statements can be provided with useful information for the assessment of the amounts and future cash flows.   View Article
 
ACCA: IASB should not abandon fair value
ACCA’s policy paper argues that the 'mark-to-market' regime is not to blame for the banking crisis. ACCA maintains that the IASB should use the financial turmoil to establish a definitive conceptual framework for financial reporting, with fair value remaining a significant feature.  View Article
 
IASB ECOFIN Council Chair: IASB and FASB in continuous talks to achieve financial reporting convergence
Progress on IFRS 9 - the first phase of IAS 39 reform - is underway, Sir David Tweedie said. EU stakeholder groups, including some major banking institutions across Europe and elsewhere and national standard-setters, have already called for IFRS 9 to be endorsed.   View Article
 
IAESB consults on competence requirements for audit professionals
The IAESB is seeking guidance on IES 8's target audience, the knowledge and skills required to work as a competent audit professional and the advanced-level competences required by audit professionals.   View Article
 
EFRAG wants Advisory Panel candidates to monitor disclosure framework project
The aim of the project - led by EFRAG and supported by the UK ASB - is to improve the presentation and relevance of information in financial reports. To support the project, a pan-European advisory panel is being set up.  View Article
 

 
  European Finance Archives

 
 
 
FSA publishes 2010/11 business plan
In 2010 the FSA will be recruiting an additional 460 staff in order to implement Solvency 2 and deliver the intensive supervisory approach required for the largest firms. It will also look at the reform programme driven by the Turner Review and the wider policy agenda mandated by the EU.   View Article
 

 
  Financial stability - policy analysis

 
 
 
Wolfgang Münchau: problems with EMF proposal
Münchau analyses German Finance Minister Schäuble’s proposal for the EMF. It is not about helping countries in trouble, but about countries leaving the Eurozone without leaving the European Union. Schäuble’s political message is that Greece will be the last bail-out ever.  View Article
 
EMF: an unnecessary and expensive construction for enforcing stability and growth pact discipline
Paul Goldschmidt believes that the EMF will not work because it faces many obstacles. The intermediation of a new “Institution” could serve as a smokescreen, making less obvious the explicit joint and several guarantees given by member states to the EU’s commitments.  View Article
 
CEPS: Overcoming too-big-to-fail; a regulatory framework to limit moral hazard and free riding
The CEPS-Assonime Task Force is arguing that legally forcing financial institutions to split their businesses and limit their risk-taking activities is not the right solution. It would be hard to implement and could entail large costs in terms of the availability of credit to the economy.  View Article
 

 

 


© Graham Bishop

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