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10 July 2008

This week in "Brussels"

Articles from 03 July 2008 - 10 July 2008

Commission publishes Internal Market Scoreboard
Member States are in line with the new 1.0% target agreed by Heads of State in implementing agreed Internal Market rules into national law, according to the European Commission’s latest Internal Market Scoreboard.   View Article

ECB Trichet – No evidence for an overhaul of supervisory framework
The recent financial market corrections do not provide any convincing evidence for the setting up of a new authority for EU supervision, Trichet said. It is of crucial importance to further exploit the potential of the Lamfalussy framework, he added.  View Article

IOSCO overview of Work of Technical Committee
The report sets forth the current work programme and includes the recommendations set forth in the Subprime Report.   View Article

US officials on challenges for a CCP for clearing CDSs
US regulators are discussing whether and how the market for OTC derivatives contracts might benefit from a central clearing party for the CDS market. A well-designed clearing house could still face significant challenges, they say.  View Article

SEC report on shortcomings in Credit Rating Agencies' Practices and Disclosure to Investors
We've uncovered serious shortcomings at these firms, including a lack of disclosure to investors and the public, a lack of policies and procedures to manage the rating process, and insufficient attention to conflicts of interest, SEC Chairman Cox said.  View Article

US Agencies statement on Basel II advanced approaches qualification process
The federal banking and thrift agencies issued an inter-agency statement outlining the qualification process for banking organizations implementing the new advanced capital adequacy framework known as Basel II.   View Article

Fed Bernanke underlines need for more robust regulation
Congress should consider requiring consolidated supervision of holding company and ‘new tools’ for ensuring an orderly liquidation of big securities firms, Bernanke said and also proposed changes in the operation of settlement systems.  View Article

Federal Reserve and SEC issue memorandum of understanding
The MOU specifically covers bank holding companies and so-called Consolidated Supervised Entities that own securities firms.  View Article

CESR data on prospectuses - July to December 2007
CESR published the tables compiling the data on prospectuses approved and passported for the period July 2007 to December 2007.  View Article

Industry Associations issue principles for managing the provider-distributor relationship
The Joint Associations Committee has issued voluntary, non-binding principles to address issues related to the distribution of structured products to investors.   View Article

CGFS report on central bank operations in response to the financial market turmoil
The report examines how central banks have adapted their liquidity operations in response to the money market tensions that emerged during the turbulence and discusses the various measures taken.   View Article

European Banking Committee Newsletter
Issues discussed by the EBC include the latest developments on the changes to the CRD and on Deposit Guarantee Schemes. The Commission plans to put forward a proposal on the CRD in autumn 2008.  View Article

Commission continues consultation on adjusted proposal for securitisation
The Commission published a feedback document on the responses received to the public consultation on amendments to the Banking Directives. The Commission would like to consult further stakeholders on an adjusted proposal for securitisation.   View Article

ESME report on commodity derivatives and related business
The report finds that differing boundaries of regulation across the EU remain a potential concern for firms seeking to operate across all Member States.   View Article

McCreevy - credit ratings agencies will be subject to regulation
The steps undertaken by the main rating agencies are insufficient, the Commissioner said. “We need to drive things forward and set the pace”, the Commissioner said underlining the European role.   View Article

CGFS report on ratings in structured finance
The report draws on the lessons that have been learnt during the credit turmoil on vulnerabilities of ratings of structured finance products and explores ways to improve the credibility of ratings of structured finance products.   View Article

CEA responds to EC consultation on Insurance Guarantee Schemes
The CEA is calling on the Commission to carry out a full assessment of existing national arrangements before deciding on any further steps. An EU directive harmonising IGS in all Member States would be difficult to achieve, CEA notes.   View Article

CGFS report on private equity and leveraged finance markets
The development of the leveraged loan market can be seen as an example of the benefits of a system of market-based intermediation of credit, the report finds and highlights a number of risks.   View Article

EFAMA survey shows growing importance of UCITS
The survey underlines the rise of UCITS as a 'gold standard' in Asia and other overseas regions. The awaited UCITS IV proposal should be seen in this perspective, EFAMA notes.  View Article

AIMA to publish guidelines for fund of hedge funds managers
The guide is due for publication in early 2009 and will focus on areas including risk management, disclosure to investors, valuation, management of conflicts of interest and other operational issues.  View Article

ECMI conference report on “Fair Value and Accounting Standards”
The European Capital Markets Institute issued its report on the conference about fair value accounting. The conference raised more questions than it answered.  View Article

IASB response to the credit crisis
The IASB summarized its initiatives underway related to the credit crisis. The three FSF recommendations relating to enhancements to financial reporting are the core of the IASB’s response to the credit crisis.  View Article

EFRAG's final endorsement advice on improvements to IFRSs
EFRAG has completed its due process regarding the Improvements to IFRSs and recommends the adoption of the amendments made.   View Article

EMPLOYMENT and CONSUMER meeting 10-11 July
  View Article

ECOFIN meeting 7-8 July
The Council shares the Commission view that the current initiatives on CRAs do not fully address the challenges posed, that further steps are needed and that regulatory changes might be necessary.  View Article

Plenary Meeting 7-10 July
Parliament debated the economic outlook with European Central Bank and adopted a resolution on sovereign wealth funds.  View Article

© Graham Bishop

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