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24 November 2011

This week in "Brussels"
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Asset Management Corporate Governance/Accounting Financial Services Policy
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Articles from 17 November 2011 - 24 November 2011

Banking

ECON Committee: Exchange of views with Commissioner Barnier
MEPs discussed with Barnier whether the EU needed to introduce similar rules to those being introduced in the UK and the US, to force banks to separate retail and investment banking. The rules were recommended by the Vickers banking commission in the UK and by Paul Volcker in the US.  View Article
Vítor Constâncio: A European solution for crisis management and bank resolution
Mr Vítor Constâncio, Vice-President of the European Central Bank, focused in his speech on the ongoing reforms aimed at enhancing the mechanisms with which authorities can handle problems in banks and reduce the potential impact of failures, should they occur.  View Article
Almunia presents the Work Programme on Competition Policy for 2012
The sovereign debt crisis, and its effects on the capital and liquidity of banks, clearly shows that the EU as a whole continues to experience a serious disturbance in its economy. It is therefore appropriate to extend the application of the special crisis rules for State aid to banks beyond 2011.  View Article
Mody/Sandri: The interplay of sovereign spreads and banks' fragility in the eurozone
This column argues that the payoffs from strengthening banks' balance sheets can still be large and, therefore, fiscal support is merited. But a more resolute strategy for winding down banks is also needed.  View Article
ECRI: Foreign currency indebtedness - a potential systemic risk in emerging Europe
In this new ECRI Commentary, Angelo Fiorante writes that foreign currency indebtedness in new EU Member States has had serious post-crisis consequences, where a substantial currency mismatch has contributed to an alteration in the macro-economic and financial risk profile of individual countries.   View Article
FT: Crisis hits central and eastern Europe
These are the most difficult times for banking in central and eastern Europe (CEE) since the immediate aftermath of the end of communism. With the eurozone in crisis, many lenders are pulling in their horns even more drastically than they did when the global turmoil first struck in 2008-09.  View Article
Andreas Dombret: Back home – making the G20 Summit commitments work
Speech by Dr Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank, at the 14th Euro Finance Week in Frankfurt on 15 November 2011.  View Article
EPC publishes Mobile Contactless SEPA Card Payments Interoperability Implementation Guidelines
The European Payments Council (EPC) published these Guidelines, offering a description of the mobile contactless payments ecosystem today and the stakeholders involved, to provide a clear understanding of the technology available and its deployment within the market.  View Article
EPC publishes new versions of the SEPA Credit Transfer and SEPA Direct Debit Rulebooks
The European Payments Council (EPC) published updated versions of the rulebooks.   View Article
BIS: Counterparty credit risk rules - Basel III FAQs
The Basel Committee on Banking Supervision today issued frequently asked questions on Basel III's counterparty credit risk rules.  View Article
State aid: Commission grants temporary approval to Spanish support for Banco de Valencia
The EC has approved a capital injection up to €1 billion and a liquidity facility of up to €2 billion for this small, publicly-listed bank based in Spain.  View Article
EBIC encourages EC to accept its self-regulatory initiative on transparency and comparability of personal current account fees
The European Banking Industry Committee (EBIC) has put forward to the European Commission a final proposal for self-regulatory measures on transparency and comparability of personal current account fees.  View Article

Securities

ECON Committee: Public questionnaire on MiFID II
The Rapporteur for the review of MiFID, Mr Markus Ferber (EPP, DE), has launched a consultation based on a questionnaire to inform the Committee's work on the review of MiFID. All interested parties are invited to send responses.  View Article
ECON Committee: MEPs debate credit rating agencies and bank recapitalisation with Almunia and Barnier
The many problems created by credit rating agencies include conflicts of interest, opaque methodology and possible market abuse, but there is no anti-trust issue with them, said Commissioner Almunia in reply to a question by Antolin Sànchez Presedo (S&D, ES).  View Article
Paul N Goldschmidt: Rating agencies - misguided Commission proposals
The inexcusable error of Standard and Poor's in releasing an announcement concerning the loss of France's triple A rating has considerably reinforced the "emotional" appeal of further poorly thought-out reforms of the rating industry.  View Article
CGFS report: The macro-financial implications of alternative configurations for access to central counterparties in OTC derivatives markets
The Committee on the Global Financial System (CGFS) has released a report entitled 'The macro-financial implications of alternative configurations for access to central counterparties in OTC derivatives markets'.   View Article
FT: Greek bond losses put role of CDS in doubt
Earlier this year, Deutsche Bank quietly decided to reduce its exposure to Italian government bonds. But it did not do that by simply selling debt; instead it achieved this partly by buying protection against sovereign default with credit derivatives contracts.  View Article
Deutsche Börse and NYSE Euronext confirm submission of remedy proposal
The proposed remedies are designed to address the remaining concerns of DG Competition in derivatives trading and clearing, while preserving the compelling industrial logic of the transaction.  View Article
BATS wins final approval to buy Chi-X Europe
The combined group, to be called BATS Chi-X Europe, is looking into launching a derivatives trading platform to challenge the strong hold of Deutsche Börse AG and NYSE Euronext in the region's derivatives market.  View Article

Insurance

FT: EIOPA questions 'risk-free' bonds
Europe's top insurance regulator has called for a re-think over whether the industry should consider government bonds as risk-free in the light of the eurozone debt crisis.  View Article

Asset Management

EVCA comments on ESMA's advice on the Alternative Investment Fund Managers Directive
Karsten Langer, chairman of EVCA, said there remain areas of concern, in particular around the role of depositaries, whose interference in the investment decision would be of concern to fund managers and investors alike, by upsetting the tight alignment of interests which exists in the industry.  View Article
ALFI report on Alternative Investment Funds Domicile
The study identifies which major offshore centres of fund domicile are currently used by alternative investment funds, looking separately at hedge funds, private equity funds and real estate funds.  View Article
FN: Pension schemes fearful of Tobin tax threat
More pension schemes have joined the ranks of those warning about the impact of a potential financial transaction tax, which they say would threaten their ability to pay their retired members their monthly pensions.  View Article
IPE: Pension associations welcome draft White Paper, but concerns remain
The European Commission's White Paper on pensions is a necessary step in the development of a pan-European pensions policy, but barriers over the implementation of such a Directive remain, experts have claimed.  View Article
Pension funds need to embrace a 3D vision
In this FN article, John Belgrove writes that pension investment is missing a dimension, and says that the ideal approach is 3D – de-risking, diversification and dynamism.  View Article
ABBL: Investors want greater board responsibility and accountability in key areas
The report, which juxtaposes the views of managers and investors, indicates that the two groups differ on some important matters such as governance, fund expenses, administration, succession and capital raising.  View Article

Corporate Governance/Accounting

IASB and IFAC cooperate in developing accounting standards
The IASB and the IFAC announced an agreement to strengthen their cooperation in developing private and public sector accounting standards.  View Article
FASB: Proposed improvements to consolidation accounting
The 'FASB in Focus' deals with the proposed improvements to consolidation accounting and summarises amendments that affect all companies that are required to evaluate whether they should consolidate another entity.  View Article
IFAC's summary of council seminar focused on accounting for crisis
The International Federation of Accountants provided highlights of its 34th Ordinary Council Meeting in Berlin. As part of the meeting, IFAC held its annual seminar, which this year focused on 'Accounting for Crisis: Public and Private Sector Perspectives'.  View Article
EFRAG's draft endorsement advice and draft effects study report on IFRS 13 Fair Value Measurement
EFRAG published an Invitation to Comment that is consulting both on its assessment of IFRS 13 against the technical criteria for the endorsement in the EU, and on its initial assessment of the costs and benefits that would arise from its implementation and application in the EU.  View Article
EFRAG published draft comment letter on the IASB's ED Government Loans
EFRAG issued its draft comment letter on the Exposure Draft - Government Loans (Proposed Amendments to IFRS 1). Comments are invited on the letter by 27 December 2011.  View Article
FASB: Proposed improvements to criteria for investment company accounting and proposed accounting guidance for investment property entities
The FASB published its November 'FASB in Focus'. The FASB is proposing improvements to the accounting guidance for investment companies and also new accounting guidance for entities focused on investing in real estate properties.  View Article
FT: PwC and KPMG criticised over audits
The PCAOB's findings from an annual inspection revealed that years after the financial crisis both auditing firms were not adequately challenging companies' valuations of certain assets when the market for them dried up.  View Article

Financial Services Policy

Commission presents further economic governance proposals
Under the new rules, the Commission will have greater surveillance powers so that the situation does not arise again whereby failings in one country endanger the stability of the euro area as a whole.   View Article
ECON Committee: Exchange of views with taxation Commissioner Šemeta on the FTT
MEP Swinburne stressed that three Member States had already stated their opposition to an FTT, which she said meant that any further work was useless, as unanimity among Member States was required. Šemeta, however, felt that the positions of Member States were "converging".  View Article
FSA published RDR Newsletter November 2011
Peter Smith, Head of Investments Policy at the Financial Service Agency, says preparing and implementing the RDR is well underway.  View Article

International/G20

IMF: Financial regulators and central banks share financial stability role
David Lipton, First Deputy Managing Director of the IMF, stressed that economists need to understand better how monetary and macro-prudential policy can best be conducted to achieve the objective of overall stability.  View Article
ICFR: Comparison of FSB and FSA proposals for the resolution of financial institutions
Both the FSB and FSA proposals on resolution make a number of advances, and provide evidence that the peculiar difficulties of resolving failing financial institutions have been recognised and are being addressed.  View Article




© Graham Bishop

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