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28 February 2013

This week in "Brussels"
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Articles from 21 February 2013 - 28 February 2013

Banking

ECON Committee: MEPs cap bankers' bonuses and step up bank capital requirements
Bankers' annual bonuses must not normally exceed their annual salaries and banks must hold more high quality capital to increase stability in the sector, says a deal reached by EP and Council negotiators on Wednesday evening.  View Article
EP's Schulz welcomes new rules for banks as ground-breaking
Schulz said that the cap on bonuses was a ground-breaking measure, one that in his view would make the economic system fairer and safer.   View Article
Irish Presidency reaches breakthrough on new rules for stronger EU banks
The Irish Presidency has reached provisional agreement with the European Parliament on new rules that will help make sure that European banks hold enough good quality capital to withstand future economic and financial shocks.  View Article
EPP/Karas: Negotiation breakthrough - Bankers' bonuses will be capped in the EU
Othmar Karas MEP, Parliament's negotiator for the new set of rules, said: "The new banking law is not only a piece of banking regulation, but a real economy financing act".  View Article
S&D Group welcomes 'historic' deal on Basel III rules for banks
Negotiators from the EP and the EU Council last night struck a deal on new rules to be respected by banks to prevent a future financial crisis. The compromise to implement the so-called Basel III international agreement will introduce a cap on bankers' bonuses, a key demand of the Socialists and Democrats.  View Article
Greens/Lamberts: Provisions on bank bonuses and transparency key for deal on capital requirements legislation
Ahead of tomorrow's crunch negotiations between the European Parliament, Council and Commission on key legislative proposals establishing rules for banks (CRD IV), the Greens have called on EU governments to drop their opposition to central provisions on bank bonuses and accounting transparency.  View Article
Sharon Bowles signs open letter to ECOFIN Ministers: "Time is right for greater transparency in global banking"
The ECON chair has sent a joint letter to the 27 Finance Ministers across the EU, calling on them to force banks to reveal how much tax they pay, what their turnover is and what their profits are in each country in which they operate.   View Article
RTÉ News: EU moves closer to imposing caps on banker bonuses
Britain has fought to water down EU legislation to cap banker bonuses. Although accepting there should be a cap on cash bonuses, it wants to allow higher bonuses if they are paid in share options.  View Article
Kapoor/Lamberts: How to fix banking so the rest of us don't have to pay for it
Writing in the Guardian, the authors say that the EP's proposal to cap bonuses to no more than base salary will tackle the most egregious of bankers' actions that impose large social and economic costs on societies.  View Article
FSA: Refreshed statement regarding CRD IV implementation
The FSA is proceeding with the necessary preparatory work to be ready to begin collecting data under Common Reporting for the period beginning 1 January 2014, should the legislation and related standards be in force by this date.  View Article
Hermes EOS & NAPF - Pay Principles
The NAPF and Hermes Equity Ownership Services, with BT Pension Scheme, RPMI Railpen and USS Investment Management, have published a discussion document setting out guidance on executive remuneration.   View Article
Reuters: BuBa open to Liikanen bank proposal, some reservations – Dombret
Germany's Bundesbank largely supports a European Union proposal to separate some high-risk trading operations within banks from their deposit-taking arms but has some reservations, Bundesbank board member Andreas Dombret said.  View Article
Schoenmaker/Siegmann: Winners of a European banking union
So far, discussions around Europe's prospective banking union have focused only on the supervision of banks. This column argues that policymakers must also think about the resolution of banks in distress.  View Article
EBA consults on the process to define highly liquid assets in the Liquidity Coverage Ratio (LCR)
The EBA issued a discussion paper presenting the methodology and scope of its forthcoming analysis on definitions of highly liquid assets. The consultation runs until 21 March, 2013.  View Article
EBA: Discussion paper on retail deposits subject to higher outflows for the purposes of liquidity reporting under the CRR
This paper outlines the EBA's preliminary thinking on a methodology for identifying retail deposits subject to higher outflows and for calculating the associated outflow rates. The consultation runs until 21 March, 2013.  View Article
EBA: Interim report on the consistency of risk-weighted assets (RWA) in the banking book
This interim report is aimed at identifying any material difference in RWA outcomes and at understanding the sources of such differences. It is part of a wider EBA analysis on the consistency of RWAs.  View Article
FSA/Lord Turner: Global financial and eurozone reform - Five questions on a common theme
In his speech at the Sveriges Riksbank, Lord Turner reviewed the major reforms made in global financial regulation and the eurozone.  View Article
Irish Minister for Finance announces the ending of the Bank Guarantee (Eligible Liabilities Guarantee Scheme)
Following a decision by the Cabinet, the Minister for Finance has announced that the Bank Guarantee (the Eligible Liabilities Guarantee Scheme (ELG) Scheme) will end for all new liabilities from midnight on 28th March, 2013.   View Article

Securities

Consob communication on the enactment of ESMA guidelines on ETFs and other UCITS
The addressees of the guidelines subjected to examination by Consob must comply with the provisions set out in the guidelines as from 18 February, 2013.  View Article
FSA: Notification of the temporary prohibition of short selling
The regulator has notified the temporary prohibition of short selling, following a decision by the Italian Competent Authority (Consob). This temporary prohibition applies on all UK trading venues on which the above instruments are traded.  View Article
AMF applies ESMA guidelines on ETFs and other UCITS issues
The Autorité des Marchés Financiers has adopted guidelines issued by the European Securities and Markets Authority on exchange-traded funds and other issues related to Undertakings for Collective Investment in Transferable Securities.  View Article
BaFin: Rating agencies under ESMA supervision
BaFin presents an overview of the challenges associated with this function, and of existing and planned provisions for rating agencies.  View Article
IPE: Pension funds doubt EMIR will reduce derivatives risk
Most UK pension funds see no evidence of protection enhancement within the European Market Infrastructure Regulation (EMIR), and believe they will remain exposed to risk occurring in derivatives markets.  View Article
AMF reiterates to issuers their obligation to provide information
The AMF wishes to reiterate to issuers their obligation to provide information when issuing equity securities or securities giving access to capital of the issuer without a prospectus.  View Article

Insurance

EIOPA/Montalvo interviewed for report "Asset Management for Insurance, Europe"
EIOPA's executive director talked to Adrian Ladbury about i.a. Solvency II, asset allocation, credit derivatives and captive insurance.  View Article
Call for expression of interest regarding membership in the EIOPA Insurance and Reinsurance Stakeholder Group
Given the resignation of one of the members of the Insurance and Reinsurance Stakeholder Group representing cooperative and mutual insurers or reinsurers effective as of 1st February 2013, EIOPA is now calling for expression of interest from potential stakeholders in this category.   View Article
CRE: KPMG calls for clear roadmap following latest Solvency II delay
The EP plenary meeting, at which it was hoped the Omnibus 2 amendments to the Solvency II Directive would finally be approved, has been moved back from 10 June to 22 October, 2013. No explanation for the delay has been given.  View Article
Insurance Insight: Solvency II delay is "golden opportunity" to solve run-off issues
The delay in the implementation of Solvency II offers insurers a golden opportunity to deal with their outstanding run-off and US APH liabilities, according to Ruxley Ventures.   View Article
Risk.net: Swedish Solvency II discount rate move 'must address sensitivity concerns'
The Swedish financial regulator should use an extrapolation methodology that reduces interest rate sensitivity at the last liquid point when it puts forward its proposals for implementing a Solvency II-based discount rate in 2014, the Swedish insurance industry has urged.  View Article
Risk.net: Insurers urged to explore positive basis trades
Insurers should take advantage of positive basis between European government bonds and their associated credit default swaps (CDSs) to gain a yield enhancement in the current low interest rate environment, according to bankers.  View Article
Insurance Insight: Aggregator influence grows as disposable income shrinks
The importance of aggregators as a distribution channel for European insurers is increasing as strapped consumers search for better deals, according to research by CP Consulting.   View Article

Asset Management

EIOPA publishes Report on Good Practices related to the provision of information for Defined Contribution schemes
EIOPA wishes to support European and national policymakers when they draft information requirements for occupational DC schemes where members bear the investment risk, and in particular the format of annual statements and pre-enrolment information.   View Article
Q&A with EIOPA/Bernardino on the Report on Good Practices related to the information provision in DC schemes
The EIOPA chairman said that he hoped the report would encourage those responsible for pension scheme communications to provide clear, member-friendly and comprehensible information that guides and supports European citizens in effective retirement planning.  View Article
Commissioner Andor: Ensuring the sustainability of EU pension systems
"Tackling the challenges facing our pension systems calls for a holistic approach, involving labour market and taxation measures", said Andor at the conference 'Emerging Challenges in the Impact of Taxes on Pensions'.  View Article
FN: Tobin tax lawmaker softens stance for some instruments
A key policymaker responsible for the planned European tax on financial transactions will consider pushing for exemptions that would favour pension funds, as the industry furore over the levy grows.   View Article
IPE: UK pensions regulator needs more resources, not new objective
The Society of Pension Consultants (SPC) has argued that the UK government should give the Pensions Regulator (TPR) more resources to engage with individual schemes, instead of forcing it to consider an additional statutory objective.  View Article
IPE: Brussels to calibrate all Directives with long-term investing Green Paper
Michel Barnier has reiterated his plans to "calibrate" all the new regulatory frameworks the European Commission is working on – such as CRD IV, Solvency II and IORP II – with the results of the Green Paper on long-term investing, which will be released within a few weeks.   View Article
European Equities Market: 2013 State of the Industry
This report by the TABB Group includes data points on i.a. European equity institutional revenue, market participant volumes, high frequency and dark trading estimates, mutual fund flows and estimated commissions for 2013.  View Article
Luxembourg Exchange, Altus to develop fund market infrastructure
The Luxembourg Stock Exchange (LSX) and tech vendor Altus have announced their cooperation over the development of market infrastructure for investment funds in Europe.  View Article
IOSCO publishes Report on Investor Education Initiatives
The International Organisation of Securities Commissions (IOSCO) has published the Report on Investor Education Initiatives Relating to Investment Services.   View Article

Corporate Governance/Accounting

Competition Commission: Audit market not serving shareholders in the UK
The Competition Commission concluded that competition in the audit market is restricted by factors which inhibit companies from switching auditors, and by the tendency for auditors to focus on satisfying management rather than shareholder needs.   View Article
ACCA: Provisional findings for the future of audit services in the UK
ACCA welcomed the provisional solutions and remedies offered today from the Competition Commission's investigation into the audit market in the UK.   View Article
IMA calls for mandatory tendering requirement for audit firms
Liz Murrall, Director of Corporate Governance and Reporting at the Investment Management Association, responded to the Competition Commission's provisional findings on the audit market inquiry.   View Article
FT: Auditors' cosiness with clients under threat
In a bid to dilute the dominance of the four biggest audit firms, the Competition Commission is considering innovative ways of reminding auditors that they serve shareholders – and not the chief financial officer whose calculations they check.  View Article
EuropeanIssuers' position paper on the amendments in the Legal Affairs Committee
In preparation for the discussion on compromise amendments in the European Parliament's Legal Affairs Committee, EuropeanIssuers shares the views that represent interest of European quoted companies on the amendments tabled in JURI Committee on the reform of Statutory Audit.  View Article
IFAC: IAASB February 2013 meeting highlights
The summary consists of the IAASB's decisions on: auditor reporting, using the work of internal auditors (direct assistance), assurance engagements other than audits or reviews of historical financial information, ISA implementation monitoring, and future strategy and work programme.  View Article
IFAC: Integrating governance throughout an organisation helps achieve sustainable success
The PAIB Committee of the IFAC published a new report that analyses how professional accountants in business can integrate governance into their organisations' drivers of sustainable success.  View Article
EBF's comment letter on the impact of the Review Draft general hedge accounting on macro hedge accounting
The EBF agrees on the focus put on the implications of the Review Draft, and says that macro-hedging activities are crucial for European banks.  View Article
FEE: The EC's proposal strengthens the EU Anti-Money Laundering framework
FEE welcomes the EC's proposed Fourth Anti-Money Laundering Directive. The considerable improvements brought by the Proposal should be supported. The European accountancy profession will continue contributing to the development of more effective instruments in the fight against Money Laundering.  View Article
EFRAG/National Standard-Setters: Invitation to participate in a field test on IAS 39 and new IFRS 9 requirements
EFRAG and National Standard-Setters ANC, ASCG, FRC and OIC are performing a joint field test on how the transition from IAS 39 to the new IFRS 9 requirements will affect classification and measurement of financial assets. Completed questionnaires should be returned by 5 April, 2013.  View Article
IASB: Answering 10 great misconceptions about IFRSs
The IASB published an article written by Philippe Danjou, IASB member, addressing 10 areas that often give rise to misunderstandings about IFRSs, in particular in continental Europe.   View Article
ACCA: IFRS in China bring greater transparency for investors
New research commissioned by ACCA has found that convergence to IFRS has benefited the Chinese economy, by making accounting earnings more informative and therefore more useful to domestic and international investors.  View Article
CPA Australia: In defence of IFRS financial statements
CPA Australia published a paper by former IASB member Warren McGregor, evaluating the criticisms and seeking the usefulness of IFRS financial statements.  View Article

Financial Services Policy

European Commission Winter forecast 2012-14: Gradually overcoming headwinds
The Commission published its first winter economic forecast for the euro area and the European Union as a whole. The forecast covers a wide range of indicators including GDP, inflation, employment and public finances for 2012‑14.  View Article





© Graham Bishop

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