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28 October 2010

This week in "Brussels"
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Financial Services Policy Banking Securities
Asset Management Corporate Governance/Accounting Edited Minutes of Key Legislative Bodies
Brief Opinions/Commentaries Best of Media About this email

Articles from 21 October 2010 - 28 October 2010

Financial Services Policy

Commission adopts strategic priorities for 2011
In the first half of 2011, the Commission will propose a further series of improvements to bank capital rules, changes to MiFID and the Market Abuse Directive, a proposal on CRAs, as well as legislation establishing a framework for bank crisis management.  View Article
ECON committee first exchange of views on the economic governance package
Corien Wortman-Kool, rapporteur on the Commission proposal to strengthen the SGP, said that although Parliament had already touched on these issues in the CRIS committee, the economic governance debate to date had taken too little account of Parliament's views.   View Article
G20 Finance Ministers and Central Bank Governors: It is essential to complete financial repair and regulatory reforms without delay
The ministerial meeting also announced significant progress in reforming the International Monetary Fund, shifting power away from Europe and towards emerging nations like China and Brazil.  View Article
G20 Ministers agree on historical reforms in IMF governance
Strauss-Kahn said that the issue of global imbalances had been something of a forgotten question during the global economic crisis. However, the issue had been fairly discussed in a straightforward manner at the ministerial G20 meeting.  View Article
CEA co-signs industry letter to G20: Insurance business model different from banking model
The CEA and 16 other insurance associations and federations have written to the leaders of the G20 ahead of their summit next month, covering issues such as global trade, accounting, regulation, capital requirements, levies and taxes.  View Article
FSA publishes a consultation paper on regulatory fees and levies
This first stage consultation paper covers discrete policy changes that affect some firms under the FSA, the ombudsman service and CFEB.  View Article

Banking

Commission launches consultation on further capital buffers for banks
A regime for countercyclical capital buffers could also help to moderate the build-up of excessive levels of credit in the financial system by raising the cost of credit. This would dampen demand where there is evidence that credit levels are growing above established benchmarks.   View Article
Commission published 3rd survey on public administrations’ readiness and migration to SEPA
Public administrations' migration used the Single Euro Payments Area for 2.7 per cent of their credit transfers as of the end of February, up from 1.5 per cent last September, according to European Commission data published in the survey.   View Article
Joint Forum recommends improvements in risk aggregation models
A report has been released by the Joint Forum, examining supervisory approaches to firms' use of risk aggregation models and suggesting improvements to the current modelling techniques used by complex firms to aggregate risks.  View Article
Bruegel: The unequal effect of new banking rules in Europe
In this paper, Benedicta Marzinotto and Jörg Rocholl focus on the tightening of credit conditions for banking rules (Basel III), particularly the estimated macroeconomic costs range, monetary policy and the aggregate costs of the measures.  View Article
State aid: Commission approves Danish state support for the liquidation of Fionia Bank
The bank was initially rescued by the Danish government, a rescue that was temporarily approved by the Commission in May 2009. However, as the rescue failed, Denmark sold a significant portion of Fionia to Nordea after an open tender.   View Article
SIBOS: Bankers warn of unintended consequences of Basel III
New bank capital requirements under Basel III will force up the cost of trade finance services and hamper global economic recovery, bankers stressed.   View Article

Securities

CESR publishes Technical Advice to the European Commission in the context of the MiFID Review – Client Categorisation
CESR summarises and comments on the responses received to its Consultation Paper “CESR Technical Advice to the European Commission in the context of the MiFID Review – Client Categorisation”.  View Article
IOSCO proposes regulatory oversight principles for dark liquidity
Despite the concept of dark pools differing across jurisdictions, the draft principles will assist regulators in their assessment of their regulatory regimes surrounding dark pools and dark orders. The implementation of the proposed principles may vary according to the type of trading and platform.  View Article
Financial Stability Board releases report on improving OTC derivatives markets
The report includes 21 recommendations which address practical issues that authorities may encounter in implementing the G20 Leaders’ commitments concerning standardisation, central clearing, exchange or electronic platform trading, and reporting of OTC derivatives transactions.  View Article
FSB published principles for reducing reliance on CRA ratings
The principles aim to catalyse a significant change in existing practices, to end mechanistic reliance by market participants and establish stronger internal credit risk assessment practices instead.   View Article
FT: Brussels looks to cut settlement times
Reducing the so-called “settlement cycle” would be one of the biggest moves taken by regulators in the wake of the 2008 financial crisis since proposed reforms of the over-the-counter derivatives markets, recently finalised by the European Commission.  View Article
ISDA publishes OTC Derivatives Settlements Best Practice and OTC Derivatives Interest Compensation Claims Best Practice
The Best Practices are the results of the collaborative efforts of firms represented on the ISDA Settlements Implementation Group (“SIG”) which takes direction from the ISDA Operations Steering Committee.  View Article
ISDA provides concentration statistics on OTC derivatives activity and publishes Mid-Year 2010 Market Survey results
At its 2010 regional conference in Hong Kong, the International Swaps and Derivatives Association provided new statistics regarding the concentration of OTC derivatives activity among major market participants.  View Article
T2S winning wider industry acceptance
The ECB plan to create a single settlement process for all European securities, Target 2 Securities (T2S), appears to have gained more industry acceptance at last, although significant issues still remain about the eventual cost of the service and its governance.   View Article
CESR publishes its half-yearly report for 2010
This interim report for 2010 complements CESR‘s annual report for 2009, published in June 2010, by providing a half-yearly update on the activities of CESR to the European Commission, Parliament and the European Securities Committee (ESC). The report covers work conducted from January to June 2010.  View Article
A new insider reporting regime effective from November in Canada
One of the aims of this regime is to shorten the reporting deadline from 10 to five days. The Regulation provided for a six-month transition period for the application of the five-day reporting deadline. This transition period will end on October 31, 2010.  View Article
SIBOS: OTC chaos moves from derivatives to regulators
The OTC market is being reformed by concentrating risk in CCPs, operating on a for-profit basis, over which financial authorities have little experience of regulating.  View Article

Asset Management

ECON committee: Success achieved in pushing through new chapters on asset stripping and remuneration principles inside AIFMD
Over a year in the making, this often-controversial law will impose registration, reporting and initial capital requirements on a financial industry sector which until now has been subject only to "light touch" regulation.   View Article
European Parliament negotiations on AIFMD complete
The AIFM Directive has finally been agreed in the European Parliament. It will now be voted in Plenary in November but the directive is not expected to face any difficulties.   View Article

Corporate Governance/Accounting

Commission consults on financial reporting on a country-by-country basis by multinational companies
Country-by-country reporting is a concept that would require multinational companies to disclose financial information on their operations in third countries in their annual financial statements.  View Article
CESR comments on IAASB's consultation document on Assurance Reports on the Process to Compile Pro Forma Financial Information
Proper compilation and consistency with the issuer's accounting policies and status of application guidance are of concern to CESR in its letter to IAASB.   View Article
ECGI comments on governance and regulation of financial institutions
The ECGI Research Newsletter focuses on the Governance and Regulation of Financial Institutions: Lessons from the Crisis. It draws on research papers made available to inform the recent academic conference.  View Article
FT: UK’s new Stewardship Code commented by Tony Jackson
Last week, 69 institutional investors signed up to the UK’s new Stewardship Code. The publishing of this Code brings several questions that are analysed by Tony Jackson.  View Article
October 2010 IASB meetings – highlight on financial instrument project
October IASB meetings were focused on the financial instruments project, discussing impairment, hedge accounting, the fair value measurement and removing the financial instruments with characteristics of equity project from IASB´s active agenda.  View Article
IASB: Lessor accounting - what are lessor's assets really
IASB published a newsletter for investors about lessor accounting written by a Board member, Stephen Cooper. Stephen Cooper is dealing with two alternative methods for lessor accounting, short-term lease, uncertain lease term and equipment lease.  View Article
CESR's ninth batch of IFRS enforcement decisions
CESR has published its ninth batch of extracts from its confidential database of enforcement decisions taken by EU national enforcers of financial information.  View Article
Seven misconceptions about IFRS
Accounting experts debunk seven of the most common differences between IFRS and U.S. GAAP on CFO.com. Misconceptions about IFRS mostly deal with convergence and the adoption of IFRS in the United States.   View Article
EFRAG comments on the IASB's Exposure draft severe hyperinflation – proposed amendments to IFRS 1
EFRAG published a draft comment letter on Exposure draft severe hyperinflation – proposed amendments to IFRS 1. EFRAG is concerned about the scope and application of the proposals.   View Article
EFRAG comments on the IASB's Exposure draft revenue from contracts with customers
EFRAG is concerned that the Exposure draft has been issued without thorough conceptual debate on the importance of revenue recognition. The revenue recognition model as to when control of goods and services is transferred did not find support in EFRAG's comment letter.   View Article
CESR: Improvements in financial instruments disclosures by European financial institutions in 2009 accounts
CESR restates its commitment to report to the market on the subsequent developments in the area of financial instruments disclosures under IFRS, with respect to 2008 IFRS financial instruments disclosures and the effects those actions had on firms' 2009 IFRS financial statements.  View Article

Brief Opinions/Commentaries

Paul Goldschmidt: Why the G20 (Finance Ministers) Declaration on Foreign Exchange Turbulence is disappointing.
Goldschmidt argues that regulators and supervisors should develop a coherent set of rules and a tool kit containing the appropriate intervention mechanisms to ensure that the FX market does not become the main focus of “residual” harmful speculative attention.   View Article
Wolfgang Münchau: Why the stability pact is irrelevant
Münchau argues that the eurozone will end up with tough rules, poor implementation, no effective framework to deal with private sector imbalances and an officially instituted mechanism that encourages default.   View Article

Best of Media

El País: The BBVA criticises slow savings banks reform
Angel Cano, chief executive of BBVA, Spain’s second-biggest listed bank, called for the restructuring to be completed so that bankers could begin 2011 “with equal conditions and on a level playing field”.   View Article




© Graham Bishop

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