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29 October 2009

This week in "Brussels" - with podcast

An audio reading of the main text - a podcast - is available for downloading

© 2009Jump directly to articles on:-
Financial Services Policy Banking Securities Asset Management
Corporate Governance Competition issues in financial Services Financial Services Month in Brussels - Report Financial stability - policy analysis
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Articles from 22 October 2009 - 29 October 2009
Financial Services Policy Back to top 

Deutsche Bank: 10 Imperatives for SEPA Migration and Completion
DB outlines the pre-conditions that must be met to achieve full SEPA realisation, for instance, complete migration of credit transfers and direct debits to the SEPA schemes. DB asks all stakeholders to assess the impact of end-dates on their business  View Article

EP ECON Chairwoman Sharon Bowles visits Washington
Bowles met with her counterparts in the US Congress as well as with the US regulators to discuss ongoing changes to financial legislation on both sides of the Atlantic and specifically raised the current US proposals on derivatives/OTC legislation.  View Article

Christian Noyer: beyond Pittsburgh – the future of financial regulation
Christian Noyer emphasised the need to achieve a balance implementation of all the financial regulation currently on the agenda. If coordination does not exist, there is a high risk of ending up with an inefficient system and regulatory arbitrage.  View Article

FSA announces tough new code for financial reporting disclosure
The code is designed to enhance investors' confidence in financial reporting and as an aid to compare banks' performance. It is based on the principle that UK banks are committed to providing high quality, meaningful and useful disclosures to users.  View Article

Commission adopts additional legislative proposals to strengthen financial supervision in Europe
The proposals will make targeted changes to existing financial services legislation to ensure that the new authorities can work effectively. It will ensure, among other things, a more harmonised set of financial rules on information sharing.  View Article

Deutsche Bank: 10 Imperatives for SEPA Migration and Completion
DB outlines the pre-conditions that must be met to achieve full SEPA realisation, for instance, complete migration of credit transfers and direct debits to the SEPA schemes. DB asks all stakeholders to assess the impact of end-dates on their business  View Article

FSA begins new banking regulation to promote fairness for consumers
On 1 November, the FSA begins regulating banks’ and building societies’ day-to-day contact with customers. It will cover direct debits, payments and savings accounts through to unauthorized transactions and notification of interest rate changes.   View Article

Bernanke’s speech on FED’s role on financial supervision and regulation
Bernanke: legislative action is needed to push forward the new financial regulation proposals. The Congress should ensure that all systemically important financial institutions are subject to robust and consolidated supervision regimes.  View Article


Banking Back to top 

ABBL comments on new regulation establishing a European Banking Authority
The Luxembourg Bankers’ Association says it does not support the presence of a European Commission representative on the Management Board of the EBA. ABBL believes it would jeopardize the independence of the operational body.  View Article

FSA publishes analysis on systemically important banks
The paper identifies dangers from firms that are too-big or too-interconnected-to-fail, or too-big-to-rescue. Remedies might include a capital/liquidity surcharge, increased trading book capital and living wills.   View Article


Securities Back to top 

CESR highlights industry practices on inducements rules: "good and poor"
The consultation concerns the MIFiD inducement rules. It raises several issues including proper fees, classification of payments and non-monetary benefits, payments subject to cumulative conditions and experience of firms’ cross-border implementation.   View Article

CESR publishes updated FAQ on the transparency directive
CESR’s recently published FAQ defines the purpose of an interim management statement and describes how an issuer can best describe its financial position. The FAQ is intended to provide market participants with responses in a quick and efficient manner.  View Article


Asset Management Back to top 

EVCA supports the ECB's opinion on AIFM directive, calls for proportionality
EVCA argues that ECB's views suggest that AIFM directive is rushed and misconceived. This should inspire the Parliament and the Council to continue dialogue with international partners to improve the text and adopt a directive respecting proportionality a  View Article

ECB’s opinion on the AIFM: international coordination is needed.
The ECB called on the Commission to continue the dialogue with its international partners on the AIFM. If the AIFM is not coordinated on an international basis, regulatory arbitrage will appear. The definition of ‘leverage’ does not include specific lever  View Article

ECB warns Brussels about hedge fund rules
According to the Financial Times, the ECB opposes the proposed European regulation on alternative assets, arguing that rules need to be harmonized to avoid regulatory arbitrage which might damage the alternative investment management market.  View Article

CESR proposes requirements for management company passport and improved investor disclosures for UCITS
The work done by CESR on disclosures will help integrate the single market for financial services further by enabling retail investors to compare products more effectively. It will ensure certainty and clarity for cross-border firms.   View Article

RBC Dexia and KPMG survey shows asset managers embrace arrival of UCITS IV
"UCITS IV: Which business model for tomorrow?" shows how some of Europe's largest asset managers plan to capitalize on UCITS IV and identifies how these reforms will contribute to wider changes across the European industry.  View Article

OECD: pension funds recovering in 2009
Funded pensions are recovering from the crisis. While the investment losses suffered in 2008 have not been fully recouped, two key variables - investment returns and funding ratios in defined benefit plans - improved in the first half of 2009.  View Article


Corporate Governance Back to top 

FASB meets Japan’s Accounting Standards Board to discuss global convergence
The development of a common set of high-quality accounting standards for domestic and international use has been a major initiative for ASBJ and FASB. Both institutions want to achieve the G20 goal of promoting transparency in global standards.  View Article

CESR calls for evidence on the use of a standard reporting format for financial reporting
A standard reporting format for financial reporting would enable automated processing of financial information, cutting out the need for manual re-entry and comparison. Stakeholders would be able to search for information about companies more easily.  View Article


Competition issues in financial Services Back to top 

Commission approves restructuring package for Northern Rock
The bank will be split into a ‘good’ bank that will continue the economic activities of Northern Rock and a ‘bad’ bank, an asset management company which will run down the remaining assets and that will remain under government control.  View Article


Financial Services Month in Brussels - Report Back to top 

October 2009
After the G20 meeting in Pittsburgh, the EU turned in October to look at its own developments. There is also a rising tide of more philosophical analysis appearing as some thinkers begin to wonder if the current path of regulatory reform will in fact prev  View Article


Financial stability - policy analysis Back to top 

Willem Buiter: proposed European Systemic Risk Board overweight with central bankers
Willem Buiter warns in FT post about the risks of the ECB being at the core of the ESRB. He argues that central banks have neither the technical knowledge, nor the legitimacy, to dominate the macro-prudential financial stability framework.   View Article

FT interview with Mario Monti: there is a need to moderate tax competition between member states
Monti highlighted that the EU may have to resolve the existing conflict between EU competition and internal market rules, as well as the social objectives of national governments. He called for a new deal that may include a reduction in tax competition.  View Article


Brief Opinions Back to top 

Nicolas Veron: Europe’s banks still need restructuring
European policymakers are busily debating how to avert the next banking crisis, but they are far from having resolved this one. Mr Veron argues that Germany will have the pivotal role in determining whether the EU tackles its sick banking sector.   View Article




© Graham Bishop

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