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10 January 2008

This week in "Brussels"

Pensions regulation endangers stock exchange - IMF

09 January 2008

Strict pension fund regulations are hampering the development of the Bulgarian stock exchange (BSE), the International Monetary Fund (IMF) has warned. Analysts “Capital market regulation and supervision needs further strengthening,” the IMF explained. View

MasterCard to launch French venture

08 January 2008

MasterCard Europe and EuroPay have signed an agreement to integrate their respective operating structures in France and establish a new company that will provide electronic payments services to financial institutions across the country. View

Commission adopts "equivalence mechanism" on third country GAAPs

08 January 2008

Commissioner McCreevy welcomed the adoption on 21 December 2007 of a regulation on third-country Generally Accepted Accounting Principles by the Commission, following a favourable opinion of the European Parliament. The Commission now can present concrete proposals on which third country GAAPs should be accepted as equivalent with effect from 2009. View

Pension funds fight IFRS

08 January 2008

Dutch umbrella organisations for pension funds and employers are mounting a joint effort to prevent the accounting rules of the International Financial Reporting Standards (IFRS) from undermining the Dutch pension system. View

Crisis Brings Sovereign Funds Back Into Favour

07 January 2008

Over the summer Sovereign Wealth Funds (SWFs) found themselves in the firing-line of controversy, stirred in part by the prediction that they would increase fivefold by 2015 to reach a combined value of twelve trillion US dollars. With the autumn, everything changed. SWFs were now having a soothing effect on panic-prone markets. View

CESR letter on IASB’s exposure draft on joint arrangements

07 January 2008

CESR sent a letter to EFRAG on IASB’s exposure draft on ED 9 Joint arrangements stating that although the IASB’s decision to eliminate the method of proportionate consolidation for jointly controlled entities will advance towards convergence with US GAAP, it will not be a full convergence. View

CESR letter on IASB’s Exposure Draft of proposed Improvements to IFRS

07 January 2008

CESR published a letter to EFRAG on IASB’s exposure draft of proposed improvements to IFRS 2007. CESR is very concerned with the amendment to IAS 1 proposed by the IASB regarding the statement of compliance with IFRSs. View

FSA to get power to shut failing banks

04 January 2008

The main City regulator will be given powers to shut down and restructure failing banks as part of a wide-ranging package of measures designed to avert a repeat of the Northern Rock debacle. Ministers are understood to believe the reforms will provide a robust defence against a similar run on a bank and answer critics who argue the entire regulatory system for banks was shown to be flawed.View

Slovenian Presidency calendar

01 January 2008

The Slovenian Presidency issued its calendar for the first half year 2008. View

LSE outlines trading plan

24 December 2007

The London Stock Exchange has privately outlined a series of measures to a group of its largest customers that are aimed at helping them cut the expense of trading shares without attacking the exchange’s own tariff structure. The plans mostly centre on the key post-trade service of clearing. View

Commission consultation on Solvency II – QIS4

21 December 2007

The Commission launched a public consultation on the draft QIS4 technical specifications produced by CEIOPS. In March , the Commission will publish a Call for Advice, asking CEIOPS to run QIS4 between April and July 2008 on the basis of the up-dated QIS4 technical specifications. View

EBF Economic Outlook

21 December 2007

The EBF published its year end economic outlook stating that the euro area will not be immune to global slowdown. The senior economists of the European banking sector emphasise that pressure will come from a number of fronts, the most influential of which is the cyclical slowdown in the US. View

AMF Regulation and Asset Management Newsletter No 4 - 2007

21 December 2007

The AMF published its fourth Regulation and Asset Management Newsletter. The AMF announces the first two measures of the collective investment reforms being implemented under its Better Regulation approach. On 7 January, it will inaugurate a new fast-track fund authorisation procedure. View

Commission Fin-Focus Newsletter December 2007

21 December 2007

The Commission published its December Fin-Focus newsletter. The edition covers articles on the US sub-prime mortgage crisis, the Single Market Review, Payments, and Solvency II.View

Commission clears proposed brokerage joint venture between Société Générale and Crédit Agricole

20 December 2007

The Commission has cleared under the EU Merger Regulation the proposed creation of the joint venture Newedge between the French banks Société Générale S.A and Crédit Agricole Group. The Commission concluded that the operation would not significantly impede effective competition in the European Economic Area (EEA) or in any substantial part of it. View

MasterCard appeals to consumers over interchange ruling

20 December 2007

MasterCard has stepped up its campaign against the Commission's rulings on interchange charges by warning consumers not to expect lower prices when they shop if the fees are scrapped. The Commission gave MasterCard six months to scrap the non-negotiable interchange fees it charges for cross-border transactions or face daily penalties. View

EBF report on Better Regulation

20 December 2007

The EBF published its assessment of Better-Regulation in the various Member states. The overall assessment made by the EBF is positive, and also stresses the importance of Impact Assessments as crucial tools in the Better Regulation process, particularly at EU level, and recommends their further development. View

IASC Foundation amends Constitution

20 December 2007

The Trustees of the International Accounting Standards Committee (IASC) Foundation published amendments to the Foundation’s Constitution reflecting their wish that the membership of the International Financial Reporting Interpretations Committee (IFRIC) should have greater diversity of practical experience.View

EBF statement on integration of Financial Services

20 December 2007

The EBF issued a statement on the integration of Financial Services, supporting the views of the Commission that efforts must now concentrate on retail, where progress has been less important than in wholesale services and welcomes the improvement of European competitiveness at global level, an aim it strongly encourages. View



14 January 2008

EP Public Hearing on Credit Rating Agencies

The European Parliament ECON Committee will hold a Public Hearing on Credit Rating Agencies in Strasbourg. Venue of the Hearing will be the Winston Churchill Building, Room WIC 200, 7 pm to 8.30 pm.


15 January 2008

CEBS Public Hearing on Large Exposures

CEBS will hold a public hearing on its second part of technical advice on large exposures.

CEBS will have to report back to the Commission by the end of March 2008.


21 January 2008

CESR Public Hearing on equivalence of Chinese, Japanese and US GAAP

CESR will hold Public Hearing on equivalence of Chinese, Japanese and US GAAP. The Commission has to determine the equivalence of third country GAAP under the Prospectus and Transparency Directives by 1 July 2008. CESR must respond to the Commission which is 29 February 2008. CESR expects to delay the submission of its final advice to the Commission until the end of March.



28 January 2007

Commission Public Hearing on Solvency II

The Commission Services are organising a Public Hearing on the draft QIS4 specifications. Panel sessions will cover Groups, SMEs, and the use of internal models. Registration is open until 18 January 2008. A formal consultation process on the draft QIS 4 specifications is running from 21 December 2007 to 15 February 2008.


June 2008

Commission Public Hearing on "substitute" retail investment products


© Graham Bishop

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