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27 January 2011

This week in "Brussels"
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Securities Insurance Asset Management
Corporate Governance/Accounting Commentaries Graham Bishop’s Articles
Financial Services Policy Economic Crisis European Council/Parliament
International/G20 About this email

Articles from 20 January 2011 - 27 January 2011

Securities

G20 Presidency: Sarkozy stressed the need to tackle the instability of the world commodities market
French President, Nicolas Sarkozy, also restated France's support for a financial transaction tax, which has been backed by Germany but opposed by the United States.  View Article
JURI committee debate on the draft opinion on EMIR
The draftswoman, Sharon Bowles, gave an overview of the situation of the derivatives markets worldwide and explained what an OTC derivative contract is. She also emphasised that her draft opinion is aimed at tackling the legal issues of EMIR.   View Article
ESMA: Publication of letters to the SEC and the CFTC on rulemakings on registration of foreign swap data repositories
These letters are sent in the context of the consultation on proposed rulemakings conducted by the SEC and the CFTC.  View Article
ESMA invites comments to the call for evidence on possible delegated acts concerning the Prospectus Directive
On 25 January 2011, the European Commission published its request to ESMA for advice on possible delegated acts concerning the Prospectus Directive (2003/71/EC) as amended by Directive 2010/73/EU. ESMA has been asked to deliver certain parts of the requested advice by 30 September 2011.  View Article
Request for ESMA technical advice on possible delegated acts concerning the Prospectus Directive
On 19 January 2011 the Commission sent a mandate to ESMA for advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU.  View Article
Financial News: ESMA warns of regulatory divide
Europe’s newest market watchdog has used its first report to warn that the region’s national regulators will struggle to prevent a repeat of the financial crisis because of a lack of legislative convergence.  View Article
The Financial Stability Oversight Council Chairman’s study on risk retention
The risk retention study examines ways in which risk retention can help reform the securitisation market, protect the public and the economy against irresponsible lending practices, and facilitate economic growth by allowing for safe and stable credit formation for consumers, businesses and homeowners.  View Article
EuropeanIssuers' comments on the European Commission's consultation on Securities Law
EU legislation needs to recognise the distinction between bearer and registered shares in order to leave the issuer able to exercise its responsibility to ensure that elections and votes received are recorded accurately and as far as possible reflect the intentions of shareholders.  View Article
ISDA’s comment letter on registration of swap dealers and major swap participants
ISDA believes that the registration process should be minimally disruptive to ongoing business operations and the swaps markets, irrespective of the date on which registration occurs.  View Article
ISDA’s comment letter on the FSOC’s Proposed Rulemaking: Authority to Designate Financial Market Utilities as Systemically Important
ISDA addresses some of the issues raised in the ANPR which are relevant to ISDA member firms.  View Article
SEC proposes private fund systemic risk reporting rule
The Securities and Exchange Commission proposed a rule that would require advisers to hedge funds and other private funds to report information for use by the Financial Stability Oversight Council (FSOC) in monitoring risk to the U.S. financial system.  View Article
SEBI revises reporting requirements for offshore derivative instruments
The Securities and Exchange Board of India (SEBI) issued a circular outlining revisions to the reporting requirements for offshore derivative instruments (ODIs) or participatory notes (PNs) on underlying Indian securities.   View Article
SEC proposes net worth standard for accredited investors under Dodd-Frank Act
The Securities and Exchange Commission today voted to propose amendments to its rules to conform the definition of "accredited investor" to the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act.  View Article
SEC approves new rules regulating asset-backed securities
The Securities and Exchange Commission voted to adopt two sets of new rules designed to help revitalise the important asset-backed securities (ABS) market by encouraging better disclosure for investors.  View Article

Insurance

ECON committee: First exchange of view on Insurance Guarantee Scheme system
Rapporteur Peter Skinner (UK, S&D) recalled that insurance is not banking and that the case of an insurance company failing is not the same “drama” as if a bank fails. He also supports a home based principle for IGS.   View Article
ECON committee: Presentation of draft report on financial conglomerates
Rapporteur Theodor Dumitru Stolojan (RO, EPP) explained that it is essential to ensure that the new European Supervisory Authorities will issue general guidelines regarding the supervision of the financial conglomerates through the Joint Committee.   View Article
State aid: Commission rules against the unequal treatment resulting from certain French insurance policies
The Commission has reached the conclusion that a French plan to grant tax aid to insurers for managing certain supplementary sickness insurance policies ("contrats solidaires" and "contrats responsables") is not compatible with the rules on state aid in the EC Treaty.   View Article

Asset Management

IMA comments on AIFMD: Unnecessary detail could be detrimental to investors
Responding to the European Securities and Markets Authority’s Call for Evidence, the Investment Management Association says introducing further unnecessary detail into the Alternative Investment Fund Managers Directive (AIFMD) Level 2 and 3 measures could be detrimental to investors.  View Article

Corporate Governance/Accounting

EC decided on international cooperation on the supervision of auditors
EC adopted a decision recognising the equivalence of the audit oversight systems in 10 third countries. This decision reinforces a cooperation between Member States and third countries which have been declared equivalent, so that they can mutually rely on each others' inspections of audit firms.   View Article
FT: Auditors seek to ease fears over risk
The four biggest auditors have denied that their dominance on the market for large company audits had created a systemic risk akin to that posed by leading banks.  View Article
IAASB: Publications on financial statement disclosures and audit quality
The IAASB released two new documents: a discussion paper - 'The Evolving Nature of Financial Reporting: Disclosure and Its Audit Implications', and a publication - 'Audit Quality: An IAASB Perspective'.   View Article
ACCA created 'Foundations in Accountancy'
ACCA launched Foundations in Accountancy, a new flexible suite of entry-level awards. Foundations in Accountancy was created after detailed consultation with employers, learning providers, members, students and other professional accountancy bodies and regulators.   View Article

Commentaries

ECMI: The year ahead for Europe's capital markets
ECMI Director, Karel Lannoo, foresees a year full of developments in terms of regulation and supervision in Europe: "The agenda of re-regulation is being completed in response to the crisis. The priority is gradually moving to implementation and assessment of the potential market reaction."  View Article

Graham Bishop’s Articles

Graham Bishop: Three Proposals to ensure Fiscal Sustainability in the Eurozone
The EFSF should be reformed to encourage eurozone members to borrow via it - as a major carrot to good fiscal behaviour as the EFSF should be the cheapest form of borrowing for many states. But there is a big stick: removal of "special access to financial institutions" for ineligible states.  View Article

Financial Services Policy

European Systemic Risk Board holds inaugural meeting
The General Board decided to approve the procedures to select the members of the Advisory Scientific Committee and to publish a call for expressions of interest for membership to the Committee.  View Article
Hungarian Presidency’s hearing in European Parliament
György Matolcsy, Minister for National Economy, stressed the importance of close and mutual connection of the reform of economic governance, the creation of the European Stability Mechanism and the implementation of the European Semester and the Europe 2020 Strategy.  View Article
ECON committee - rapporteurs present their reports on the economic governance package
This Committee meeting marks an important milestone, as it officially opens the draft reports for a public discussion among all Members of ECON.  View Article
McDonald PRIPS and IMD consultation responses: potential pitfalls, dangers and complexities abound
Harmonising the need for more effective consumer protection without stifling bureaucracy is the key to the next step in regulating PRIPS and insurance products. Some of the proposals for KIIDS would lead to a range of detailed templates for PRIPS, which may too easily restrict innovation.  View Article
The EC published a call for expression of interest to appoint members of the joint Board of Appeal
The Board of Appeal is a joint body representing all three European Supervisory Authorities (EBA, ESMA, EIOPA). It is currently being established and will be composed of six members and six alternates.  View Article
UK Government announced package of measures to enhance consumer protection in the mortgage market
Mark Hoban, Financial Secretary to the Treasury, said that giving the FSA responsibility for the whole residential mortgage market will simplify the mortgage regulation landscape for consumers and lenders.  View Article

Economic Crisis

IMF: World still needs to fix key economic and financial problems
The IMF released updates to its two flagship analyses, the World Economic Outlook and the Global Financial Stability Report, showing that the world is in a two-speed economic recovery, with advanced economies still recovering slowly and emerging markets relatively buoyant.  View Article
Spanish plan for the strengthening of the financial sector
The plan increases the capital requirements for credit entities and strengthens the Fund for the Orderly Restructuring of the Banking Sector (FROB) as a backstop for cases where the capital needed is not obtained through the market.  View Article
Commission requests Ireland to amend restrictive exit tax provisions for companies
Under the Irish tax law, a company is taxed on its unrealised capital gains when it transfers its place of central management or control to another Member State. However, comparable transfers within Ireland are not taxed for unrealised capital gains.  View Article

International/G20

IIF: G20 leadership needed on macroeconomic and key financial regulatory issues
Charles Dallara, Managing Director of the IIF, stressed that although global economic recovery has gained momentum in recent months, conditions remain fragile.   View Article




© Graham Bishop

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