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19 June 2008

This week in "Brussels"

Articles from 12 June 2008 - 19 June 2008

Basel committee proposes new risk-management guidelines
The Basel Committee on Banking Supervision is urging the industry to enhance its risk management. The panel has proposed new banking regulations for liquidity supervision and said they should focus on off-balance-sheet exposures.   View Article

OECD Financial Market Trends – June 2008
The publication contains articles focusing in particular on the recent financial turmoil such as lessons regarding deposit insurance, and on sovereign wealth and pension fund issues.  View Article

FSF update on implementation of recommendations
Although progress has been made and the work undertaken by international organisations is well on track, a number of challenges remain, the FSF report concludes. The final FSF report is expected for September 2008.  View Article

G8 – imperative to enhance transparency and risk awareness
The conditions in financial markets have improved somewhat in recent months. However, tensions in the financial and credit markets remain, G8 Ministers concluded.  View Article

FESE letter to SEC on mutual recognition
In the forefront of a possible SEC proposal to amend the requirements on foreign broker-dealers' solicitation of institutional investors, FESE announced its concerns that the reform would inadvertently create a ‘regulatory anomaly’.  View Article

US Treasury Norton supports central insurance-sector advisor
The EU’s Solvency II framework potentially will be at odds with the U.S. regulatory structure for insurance, Norton warned, adding that it is unlikely that the EU would find the current U.S. state-based regulatory structure equivalent.  View Article

US Congress to hold hearings on financial market regulatory restructuring
The Financial Services Committee will hold hearings on the policy implications of the transformation of domestic and international financial markets starting in July. Potential systemic risks and the adequacy of current oversight are on the agenda.   View Article

SIFMA warns against SEC proposals on CRA
The Association warns that the rating modifier proposal could impair capital raising and lead to the sudden sale of structured finance securities if existing credit rating scales are changed.  View Article

CESR data on prospectuses approved and passported
The statistical information will assist the Commission in view of the forthcoming review of the Prospectus Directive, due by the end of 2008.   View Article

CEBS report on valuation of complex and illiquid financial instruments
The report puts forward a set of issues that should be addressed by institutions and accounting and auditing standard setters to improve the reliability of the values ascribed to these instruments.   View Article

CEBS report on banks' transparency
The assessment covered disclosures on exposures and their impacts on results and looked at information on business models, risk management practices and accounting and valuation practices.  View Article

CEBS consults on liquidity risk management - second part
The consultation paper sets out CEBS’s preliminary recommendations regarding the management of liquidity risk by credit institutions and investment firms and the supervision of liquidity risk by EEA prudential authorities.   View Article

Commission creates Expert Group on Credit Histories
The Commission is to create an Expert Group on Credit Histories. The new group will present its recommendations in the form of a report by 1 May 2009. Deadline for applications is 14 July.   View Article

FSA introduces disclosure regime for short selling
The FSA introduced provisions in its Code of Market Conduct which will require the disclosure of significant short positions in stocks which are undertaking rights issues. The new provisions come into effect from Friday 20 June 2008.   View Article

McCreevy announces regulation on Credit Rating Agencies
Meaningful but targeted regulatory measures are now necessary for rating agencies operating in the structured credit markets in Europe, McCreevy said. The measures will be proposed in the coming months.  View Article

New York and German insurance regulators sign co-operation agreement
The MoU establishes a formal basis for consultation, co-operation and co-ordination between the BaFin and the New York State Insurance Department.  View Article

IOSCO final report on Private Equity
The report identified two pieces of work that the TC proposed to take forward, a survey of the complexity and leverage of capital structures employed in leveraged buyout transactions, and the analysis of conflicts of interest.   View Article

AMF response on open-ended real estate funds
The AMF favours the principle of a European passport for OEREFs funds and calls to establish a European framework offering a high level of investor protection. The choice of legislative arrangements should be left up to the European Commission.   View Article

Next steps regarding the creation of a group to interact with the international accounting standards committee foundation
The world’s securities authorities welcome the creation of an IASCF Monitoring Group whose role will be designed to ensure the independence of the IASB, while reinforcing the public interest oversight provided by the IASCF Trustees.  View Article

EFRAG calls IASB to allocate its resources right
EFRAG criticized the IASB for drawing too many resources on its MoU update with the US FASB rather than concentrating on its work related to the introduction of the Solvency II Project.  View Article

European Council 19-20 June
The Presidency intends to focus the agenda of the European Council on the following items: The European Council will take stock of the state of ratification of the Lisbon Treaty: The Presidency will report on the progress of the preparatory work cond  View Article

ECON meeting 16 June
Econ Committee held an exchange of views with Neelie Kroes, Commissioner for Competition, following publication of the Commission's 2007 Report on Competition Policy.  View Article

Plenary Meeting 16-19 June
Mr Pöttering called on EU leaders meeting in Brussels for the summit in June to ensure that the Treaty becomes a reality. He underlined that the ratification process must continue.  View Article

MasterCard temporarily repeals cross-border MIF
MasterCard has temporarily repealed its multilateral interchange fees for cross-border payment card transactions. MasterCard failed to come forward with an alternative MIF having risked daily penalty payments.  View Article

Mlex: EC plots regulation to take on retail banks over account switching
The Commission has drafted a regulation designed to force open the market for bank accounts and promote more switching among consumers seeking better deals at other credit institutions.    View Article

Commission requests information on preferential tax regimes in Italy
The Commission has asked Italy for information regarding preferential tax regimes for co-operatives operating in the retail, distribution and banking sectors in Italy. At this preliminary stage the tax measures may not constitute state aid.  View Article

Commission clears acquisition of insurance subsidiaries of Austria's Erste Bank by Vienna Insurance Group
In view of the remedies offered by the parties, the Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.  View Article

© Graham Bishop

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