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20 November 2008

This week in "Brussels"

Articles from 13 November 2008 - 20 November 2008

BIS Wellink outlines Committees key issues
The primary objective is to strengthen capital buffers and help contain leverage in the system arising from both on- and off-balance sheet activities, Wellink said. The BIS will publish proposals in early 2009.  View Article

G20 Leaders agree on action plan and intensified co-operation
Leaders underlined the need for intensified international co-operation among regulators and stronger international standards. They also agreed on the establishment of supervisory colleges for all major cross-border financial institutions.   View Article

G20 Summit Declaration
The full version of the Declaration of the Summit on Financial Markets and the World Economy as agreed by the Leaders of the Group of Twenty  in Washington on November 15, 2008.  View Article

Germany supports pan-European banking regulator
The German government appears to be supporting a report which calls for an EU-level supervisor for the large cross-border banks, a Spiegel report says.  View Article

SEC Cox supports single set of accounting standards
The events of recent months have only underscored the importance of an international language of financial disclosure and transparency, SEC Chairman Christopher Cox said.   View Article

SEC roadmap for the use of IFRS for US issuers
The Roadmap sets forth the milestones which could lead to the use of IFRS by U.S. issuers. Under certain conditions early use of IFRS could begin in 2010.  View Article

PWG initiatives on OTC derivatives oversight and infrastructure
The Group announced a series of initiatives to strengthen oversight and the infrastructure of the OTC derivatives market including the development of credit default swap central counterparties.  View Article

TARP programme under harsh criticism in US Congress
It’s fairly obvious that Congress would have never passed the EESA had it known how Treasury would marshal the resources it was given, chairman Kucinich said.   View Article

House Committee of Government Oversight and Reform hearing on Hedge Funds
The world’s five top hedge funds managers agreed that hedge funds can pose systemic risk to the financial system, and supported the need for more regulation and disclosure requirements of hedge funds activities.  View Article

Commission to revise institutional set-up of 3L3 Committees
Commissioner McCreevy will come forward with proposals next month. The current institutional set-up may not be adequate to operate in the new integrated reality, he said and called the colleges of supervisors a “pragmatic step”.  View Article

McCreevy announced possible SEPA Action Plan
Commission and ECB are assessing a "SEPA Action Plan". The joint document would provice with a timetable of concrete actions to be taken by various stakeholders, McCreevy said.   View Article

Euroclear to acquire Xtrakter from ICMA
Euroclear is to acquire Xtrakter, the capital markets services division of trade association ICMA.   View Article

ECB Tumpel-Gugerell calls for consistent regulatory framework of EU infrastructures
EU infrastructures have not yet reached a sufficient level of integration, Tumpel-Gugerell said. More must be done, and there is no room for complacency, she warned.   View Article

CEIOPS publishes fourth Quantitative Impact Study
Results show that measured against the level of stress embedded in the QIS4 simulations the European insurance industry appeared to be well capitalized, CEIOPS notes.  View Article

Council compromise proposal on Solvency II
An agreement in the Council on the Solvency II draft directive can only be reached if the issue of group supervision is dissociated from the remaining parts of the text, the Presidency notes.  View Article

CEA reiterates need for Solvency II
The CEA has published a paper setting out eight key messages from the turmoil from a European insurance industry perspective.  View Article

CEIOPS report on risk management standards on assets
The survey assesses the current level of risk management standards on assets applicable to insurance and reinsurance undertakings and to IORPs.  View Article

AIMA updates guidance on insider dealing and market abuse
The expansion by European hedge fund managers into more business areas resulted in increased scrutiny from regulators of how hedge fund managers use the information they acquire in the course of business activity.  View Article

ECB Tumpel-Gugerell - the role of pension funds in shaping financial markets
A significant increase in the value of assets managed by the retirement savings industry can be expected, she noted outlining some the challenges faced by the euro area economy.  View Article

CESR feedback statement on fair value accounting
Respondents considered that CESR should not issue its own application guidance. In particular, some auditors felt that the guidance provided in the Consultation Paper edges on the border of being interpretative.   View Article

ESC votes to grant equivalence in relation to third country GAAPs
The European Securities Committee supports the Commission proposals for granting equivalence to the Generally Accepted Accounting Principles of certain third countries as from next year.   View Article

CESR proposes to accept Indian GAAP
CESR recommends Indian GAAP to be accepted until end of 2011 when the convergence of Indian Accounting Standards to IFRS is completed.   View Article

Commission consults on control structures in audit firms
The consultation examines possible ways to stimulate the emergence of new players in the international audit market, including the deregulation of the capitalisation of audit firms.   View Article

ECON meeting 17 November
ECON discussed a draft motion for a resolution on the implementing measures of the CRD.  View Article

Plenary Meeting 17-20 November
Parliament debated the financial and economic crisis in the light of the Washington G20 summit. The Commission announced a European Recovery Plan to be tabled by 26 November.  View Article

Commission approves rescue plan for Dexia
The Commission approved the joint state guarantee provided by Belgium, France and Luxembourg for the Dexia financial group following the crisis in the Belgian financial market.   View Article

Commission authorises Greek bail out programme
The Commission approved the Greek package intended to stabilise the markets as a response to the global financial crisis.   View Article

Commission overview on rescue measures
The Commission issued an update of the overview of national rescue measures and guarantee schemes.  View Article

MLex - More confusion for card fees as Polish authority's decision overturned
A Polish court overturned a decision by the national competition authority against 20 banks for jointly setting charges on MasterCard and Visa cards, which may risk further fragmenting the treatment of so-called 'interchange fees'.   View Article

Commission authorises Italian scheme for refinancing credit institutions
The Commission authorised Italy's liabilities' guarantee and swaps scheme for credit institutions.  View Article

Commission approves Finnish support scheme for financial institutions
The Commission approved the Finnish support scheme to stabilise financial markets by providing guarantees to eligible financial institutions.  View Article




© Graham Bishop

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