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05 May 2011

This week in "Brussels"
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Articles from 28 April 2011 - 05 May 2011

Banking

ECON committee: Public hearing with Mervyn King and Andrea Enria, Vice-Chairs of the ESRB
MEPs quizzed Mr King and Mr Enria on banking "stress tests", the next crucial round of which is just a month away. Mr King stressed that national authorities must put plans in place to tackle problems revealed by stress tests, without waiting for results to show which banks failed them.   View Article
EPC sets out SEPA mobile payments guidelines
The EPC says the guidelines aim to promote the use of open standards, define security requirements and clarify the roles of various stakeholders in the mobile ecosystem.  View Article
BIS Paper: The bank lending channel - Lessons from the crisis
The paper shows that new factors, such as changes in banks’ business models and market funding patterns, had modified the monetary transmission mechanism in Europe and in the US prior to the crisis, and demonstrates the existence of structural changes during the period of financial crisis.  View Article
FT: Banks anxious over Fed regulations
Wall Street banks are warning they may have to cede much of the European derivatives market to the likes of Deutsche Bank and Barclays Capital if US regulators follow through on proposals to apply new regulations extraterritorially.  View Article

Securities

Hungarian Presidency published latest compromise text on EMIR
Negotiations in the Council appear to be proceeding rather slowly, and there are key areas where an agreement has not yet been achieved, including the scope, CCP access to central bank facilities, ESMA powers and pension funds.  View Article
Summary record of the 73rd meeting of the European Securities Committee
The agenda of the meeting contained Securities Law Directive, PRIPs, AIMF Level 2, MiFID, as well as Directive 2009/44/EC and Transparency Directive.  View Article
Antitrust: Commission probes CDS market
The EC has opened two antitrust investigations concerning the credit default swaps market. In the first case, the EC will examine whether 16 investment banks and Markit have colluded and/or may hold and abuse a dominant position in order to control the financial information on CDS.   View Article
NY Times: Derivatives market faces new capital rules
The new rules are largely aimed at some 200 swap dealers — brokerage firms, large energy trading shops and Wall Street affiliates. The CFTC’s plan would also apply to hedge funds and other companies that have huge positions in swaps.  View Article
SIFMA supports passage of deadline extension legislation for Dodd-Frank derivatives rulemaking
Ken Bentsen, SIFMA's vice president, said that the current deadline does not provide sufficient time to consider the critical issues related to the new system for OTC derivatives markets.   View Article
AIMA: Asset segregation in OTC markets
The Alternative Investment Management Association director of government and regulatory affairs, Jiri Krol, says he has some concerns with the European Commission's EMIR proposals on asset segregation in the over-the-counter derivatives market and sets out his wish list.  View Article
Richard Raeburn's EACT Blog: Derivatives - doomsday scenario for end-users?
Mr Raeburn argues that there are still some outstanding key issues for end users that need to be resolved, such as the definition of what transactions satisfy the core definition of hedging and therefore qualify for exemptions as drafted in the Commission proposal.   View Article
Hedgeweek: SEC proposes product definitions for swaps
The Securities and Exchange Commission has voted unanimously to propose rules further defining the terms "swap", "security-based swap", and "security-based swap agreement". The Commission also proposed rules regarding "mixed swaps" and books and records for "security-based swap agreements".  View Article
GFS: Unlevel playing field concerns on pension clearing requirements
The European insurance industry has warned against allowing OTC derivatives proposals to exempt pension funds from clearing requirements, arguing it would put its members on an unlevel playing field.   View Article
FT: Unintended consequences of swap reform
What this antitrust intervention shows is that no one gave any thought as to how the dealers might manage to take advantage of the situation by being part of new market structures where they could make profits – and in a fashion that is not transparent, if what Brussels alleges is the case.  View Article
ISDA comments to SEC on clearing agency standards for operation and governance
The letter contains the response of the ISDA to SEC notice of proposed rulemaking, regarding the regulations to implement risk management standards for designated clearing entities, consistent with the authority to adopt such regulations provided by the Dodd-Frank Act.  View Article
FN: LSE derivatives launch fuels debate over clearing competition
This month the LSE confirmed it would begin offering trading in FTSE 100 index futures during the first week of June, bringing it into direct competition with NYSE Euronext’s London-based derivatives market, Liffe, which also trades futures contracts on the FTSE index.  View Article
NASDAQ OMX Group and IntercontinentalExchange announce exchange offer for NYSE Euronext
If NASDAQ OMX and ICE are successful in acquiring shares pursuant to the offer, they would consummate a second step merger as soon as possible thereafter to acquire the remaining NYSE Euronext shares for the same consideration per share.  View Article
NYSE Euronext comments on Nasdaq/ICE announcement that it intends to commence exchange offer on same terms that have been rejected
NYSE Euronext (NYSE: NYX) notes that Nasdaq OMX Group, Inc. (Nasdaq: NDAQ) and IntercontinentalExchange Inc. (NYSE: ICE) have announced their intention to begin an unsolicited exchange offer some time in May to acquire all outstanding shares of NYSE Euronext.  View Article

Insurance

CEA argues against EU collective redress scheme
The CEA argued that the need for an EU-wide collective redress scheme has not been demonstrated, and that priority should be given to improving consumer awareness of existing alternative dispute resolution (ADR) schemes.   View Article
Ian Williams: IMD to become IMD2: The review of the IMD, its growing role in retail financial services distribution
The Commission plans to table a new proposal Insurance Mediation Directive (IMD)2 in late 2011. In advance of this, draft consultations have provided a useful sense of the general direction of travel policymakers are taking in dealing with retail financial products following the crisis.  View Article

Asset Management

IPE: EFRP questions Commission's Call for Advice on IORPs
Verhaegen said EFRP was worried the CfA had taken Solvency II as a "benchmark" for risk-based supervision. "We hoped for more creative ideas, and we will propose an alternative to this that will hopefully be met with sufficient attention so we can walk away from the Solvency II straitjacket."  View Article
FN: Pension schemes scramble to avoid inflation
European pension schemes are buying protection against the risk of rising inflation, raising concerns that some may be over-reacting because their structure already helps shelter them from rapidly-rising price increases.  View Article

Corporate Governance/Accounting

FEE commented on micro entity's accounting
FEE presents views on a matter of importance to the EU economy the Council is currently debating. FEE says the Council is right to focus its attention on the EC proposal for a Directive on the annual accounts of certain types of companies, i.e. micro-entities, as per SEC(2009) 206 of 18 March 2009.  View Article
IASB: Summary of the March 2011 Trustees’ meeting
The Trustees of the IFRS Foundation published a summary of the conclusions of their meeting in London on 30 and 31 March 2011.  View Article
FASB improved repurchase agreements reporting
The FASB published Accounting Standards Update (ASU) No. 2011-03, 'Transfers and Servicing (Topic 860): Reconsideration of Effective Control for Repurchase Agreements'.  View Article
EFRAG commented on the IASB ED 'Offsetting Financial Assets and Financial Liabilities'
EFRAG supports the IASB decision to use, as a basis for the converged requirements, the existing guidance for offsetting financial assets and financial liabilities in IAS 32 Financial instruments: Presentation, with some amendments.  View Article
EFRAG's summaries of IASB re-deliberations on the Revenue Recognition and Leases projects
EFRAG prepared summaries of IASB re-deliberations to date on the Revenue Recognition and Leases projects, highlighting the changes made from the Exposure Drafts and the concerns the changes are intended to resolve.  View Article
IFAC: IAESB´s exposure draft on assessment of professional competence
The IAESB expects comments to a proposed revision of International Education Standard (IES) 6, Assessment of Professional Competence. The revised standard will assist IFAC member bodies and other professional accountancy organisations in understanding both the learning and development requirements.  View Article
IFAC: PAIB Committee’s guidance on predictive business analytics
The PAIB Committee of the IFAC issued proposed international good practice guidance on 'Predictive Business Analytics: Forward-Looking Measures to Improve Business Performance'. Comments on the exposure draft are requested by July 29, 2011.  View Article
IAASB's exposure draft on assurance engagements
The IAASB published for public comment proposed revised International Standard on Assurance Engagements (ISAE) 3000, 'Assurance Engagements Other Than Audits or Reviews of Historical Financial Information'. Comments on the exposure draft are requested by September 1, 2011.  View Article

Financial Services Policy

ECON committee: ECB presents 2010 report on financial integration to MEPs
ECB's Vitor Constancio called for budget belt-tightening throughout the eurozone, especially in the bailout programme countries, where "drastic reforms" are needed. Mr Constancio said that ECB would maintain a watchful eye on inflation build-up.   View Article
ECB: Challenges to financial integration in 2010
The ECB’s report concludes that after the improvement observed in 2009 in many market segments, and despite continuous equity market integration in 2010, the financial environment with the worsening fiscal situation in some euro area countries posed challenges for European financial integration.   View Article
DG MARKT's Jonathan Faull and Nadia Calviño visited the US
They discussed progress on strengthening and improving the regulation of the financial sector agreed at G20 level, including regulation of banks, CRAs, auditing companies, derivatives and trading venues. Detailed discussions took place on the timing and content of these initiatives in the EU/US.   View Article
DG MARKT's new organigram
In accordance with the Commission's mobility rules, several heads of units have moved to different units after the reorganisation. DG MARKT has taken the opportunity to change some units' titles to make them more understandable to stakeholders.   View Article

Financial Stability - Policy Analysis

Bruegel: ESRB should act on sovereign risk
Mr Wolff argues that the ESRB should make an assessment of the systemic implications of a Greek debt restructuring. The ESRB is the institution with the best access to data needed to undertake such an assessment. It also has the legal mandate to warn about and mitigate systemic risk.   View Article

Economic Crisis

Statement on Portugal by Commissioner Olli Rehn and IMF's Dominique Strauss-Kahn
They stressed that the programme’s success will require a truly national effort. The total financial support being provided (€78 bn) from the European Union and the IMF clearly indicates the international community’s commitment to help ensure that Portugal will succeed.   View Article

Financial Services Month in Brussels - Report

April 2011 Financial Services Month in Brussels - Graham Bishop's personal overview of April events and near-term risks
Even in this Easter-shortened month, there were still many major developments. The most far-reaching continue to focus on the future economic governance of the EU and more specifically the eurozone. But the most immediate events could be pre-emptive reactions to the bank stress tests.   View Article

Commentaries

Paul N. Goldschmidt: Why the British citizen should reconsider joining the European Monetary Union
Goldschmidt stressed that the financial crisis is far from over and that the UK has - and is - paying a heavy price for dealing with the situation.   View Article

Graham Bishop's Webinars

Graham Bishop's Webinar: 6th May 2011
Our next Webinar will be held on the 6th May 2011. Graham will be joined online by selected co-hosts to discuss this month's developments in European Regulatory Affairs.   View Article




© Graham Bishop

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