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27 November 2008

This week in "Brussels"

Articles from 20 November 2008 - 27 November 2008

Commission proposes €200 billion plan of combined measures
The Recovery Plan includes a co-ordinated fiscal stimulus of around €170 billion at Member State level, and around €30 billion at EU level.  View Article

ECB Trichet - Global challenges call for global responses
Short-termism, transparency, and pro-cyclicality are on the reform agenda, Trichet said. Also, large domestic and external imbalances have to be reduced in systemically important economies.  View Article

Fed to create Term Asset-Backed Securities Loan Facility - TALF
The TALF will support the issuance of asset-backed securities collateralized by student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration.  View Article

Fed to purchase the direct obligations of GSEs and MBS
The Fed will initiate a program to purchase the direct obligations of housing-related government-sponsored enterprises and mortgage-backed securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae.   View Article

Treasury extends of Temporary Guarantee Program for Money Market Funds
The programme to boost investment in money-market funds will now expire April 30, 2009. The Secretary may extend the program until September 18, 2009.  View Article

Treasury, Fed and FDIC Joint Statement on Citigroup
US authorities agreed on a plan to rescue Citigroup. Citigroup will therefore comply with enhanced executive compensation restrictions and implement the FDIC's mortgage modification program.   View Article

Treasury Paulson - not too interconnected or too big to fail
We need more effective regulations within an entirely new regulatory framework and a stronger capacity for resolution and crisis intervention that reinforces market discipline, Paulson said.  View Article

Commission green paper on collective redress
The Green Paper identifies barriers to effective consumer redress in terms of access, effectiveness and affordability and presents various options to close the gaps identified.   View Article

MLex Comment - Retail banking regulation after the state bail-outs
The over-riding involvement of the state will leave a lasting imprint on the retail sector where it looms large in an often competitive commercial world, MLex argues.  View Article

BIS statistics on payment and settlement systems - 2007
The annual publication provides data on payments and payment systems in the CPSS countries and contains data for 2007 and earlier years.   View Article

ECB sixth progress report on SEPA
The report contains a list of ‘ten milestones for SEPA implementation and migration’ including a timeline of measures to be undertaken.  View Article

IOSCO creates new task forces following G-20
The three task forces will co-ordinate global regulatory measures on short-selling, unregulated financial markets and products, and unregulated entities including hedge funds.  View Article

IMA survey on MiFID – information quality on equity deteriorated
Information quality across Europe still has significant room for improvement, and as far as the UK equities are concerned information quality has significantly deteriorated, the IMA survey finds.   View Article

FESE: Code of Conduct general implementation report 2007
FESE Members have completed and submitted the requested reports on price transparency and on access and inter-operability to the European Commission.  View Article

Eurex and Clearstream launch CCP for securities lending
Eurex Clearing and Clearstream announced the introduction of a central counterparty service for securities lending in the second quarter of 2009.  View Article

MEP Skinner calls for more reliance on private pensions
We need a principle risk-based approach to meet the needs of the pension funds, he told IPE. He also expressed his contentment with the EP’s decision to reject the application of Solvency II rules to pension funds.  View Article

AMF report on corporate governance and internal control
The AMF published fifth report on corporate governance and the internal control procedures of companies making public offers of securities.   View Article

ARC meeting report
The Accounting Regulatory Committee released its summary report of its last meeting held on 6 November.  View Article

IASB revised IAS 39 reclassification amendments
The IASB issued an updated version of the recent Reclassification Amendments to IAS 39 and IFRS 7 to clarify the effective date of the amendments.   View Article

IASB issues IFRIC 17 - guidance on distributions of non-cash assets to owners
IFRIC issued an Interpretation that will standardise practice in the accounting treatment of distribution of non‑cash assets to owners.   View Article

EFRAG update November
The update summarizes the discussions held among others on the amendments to IAS 39 and on the exposure drafts to IFRS standards.   View Article

IASB revised version of IFRS 1
The IASB has released a restructured version of IFRS 1 - First-time Adoption of International Financial Reporting Standards.   View Article

EFRAG draft comment letter on IFRS 1
EFRAG is generally supportive but has some concerns about the industry-specific nature of the exemptions being proposed.  View Article

November 2008
Graham Bishop’s Personal OVERVIEW - In the continuing fog of the financial crisis, some outlines of the future shape of financial regulation have begun to emerge. There will be much more international co-operation – with the term “international” now defined far more broadly  View Article

Commission approves Latvian state support for JSC Parex Banka
The package includes a state guarantee and sub-ordinated loans to strengthen its capital base. Also, a series of behavioural commitments will be imposed.  View Article

Commission monitors Dutch State plans on Fortis and ABN AMRO
The Commission states that the Dutch government is still obliged to make the divestments judged necessary by the Commission in the October 2007 clearance of the merger of the two banks  View Article

© Graham Bishop

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