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30 January 2009

This week in "Brussels"

Articles from 23 January 2009 - 30 January 2009

IMF calls for more aggressive policy actions including possible "bad bank"
More aggressive actions are needed to ensure that the necessary deleveraging process is less disorderly, the IMF states. The restructuring process might also involve the use of a publicly-owned "bad bank".  View Article

Almunia: A real necessity to have a single supervisory agency at EU level
The 'laissez faire' approach to regulation can no longer be tolerated. We must design a system, based on transparency, rigorous supervision, and vigilant risk management, he said. EU cross-border supervision is an ‘urgent' priority.  View Article

McCreevy outlines issues to come on financial regulation
McCreevy does not rule out legislation on credit derivatives. “We have asked the industry to come forward with a clear roadmap”, he said. "Given the inadequate industry response so far I am keeping open the option of legislating".  View Article

BoJ: Funding conditions tightened further
Financial conditions in Japan had deteriorated sharply on the whole, the BoJ states. The economic conditions had been deteriorating further, and it would likely take some time for the necessary conditions for Japan's economic recovery to be satisfied.  View Article

BoJ Shirakawa: Crises has substantial impact on Japan’s financial markets
“It is extremely important not only to monitor the individual risks of financial institutions or products, but also monitor the risks inherent in the financial system as a whole from a macro-prudential perspective”, Governor Shirakawa said.  View Article

FSA Japan - second progress report on "Better Regulation"
In view to the financial crises, the FSA strengthened its co-operation with foreign supervisory authorities and established supervisory colleges comprised of major relevant foreign authorities to large financial institutions based in Japan.  View Article

BoJ Monthly Report of Recent Economic and Financial Developments
Japan's economic conditions are likely to continue deteriorating for the time being, and financial conditions in Japan have become tighter, the latest Bank of Japan report notes.   View Article

Committees issue Ten Common Principles Colleges of Supervisors
CEBS, CEIOPS and the IWCFC have jointly prepared ten common principles, which are relevant for the banking, insurance and financial conglomerates sectors, regarding the functioning of colleges of supervisors.  View Article

Lamfalussy review - Commission introduces quality majority voting
The Commission has revised the Decisions establishing the 3L3 Committees introducing qualified majority voting when consensus cannot be reached. However, the measures adopted by the Committees remain non-binding.  View Article

Commission proposes direct funding of financing supervisory committees
The Commission proposes providing direct funding from the Community budget to the 3L3 Committees and to key international and European bodies involved in the standard setting process for financial reporting and auditing.  View Article

BIS provisional international banking statistics - third quarter 2008
Cross-border activity decreased significantly on a consolidated basis, the BIS finds. On a locational basis and at constant exchange rates, overall cross-border credit turned slightly positive as a result of substantial inter-office lending by banks.  View Article

ESFRC recommends raising average capital requirement to 15 percent over time
The report discusses the longer term consequences for competition and risk-taking incentive and makes recommendations to restore bank capital in the short term and provide for a competitive financial system subject to market discipline in the longer term.  View Article

CEBS revised template for written agreements on colleges
The revised Template provides a framework for co-operation among supervisors within a college of supervisors and facilitating the effective working of supervisory colleges of supervisors.  View Article

Quadriserv and Eurex Clearing co-operate on Transatlantic Central Counterparty for Securities Lending
Quadriserv and Eurex Clearing will co-operate to provide central counterparty clearing and settlement services for securities lending of European equities. It will create services for trading, clearing and settlement in UK, German and Swiss equities.   View Article

AMF 2008 report on credit rating agencies
The AMF calls for an effective EU-wide supervisory framework that must be conducted in a co-ordinated manner within CESR. It also proposes to facilitate the emergence of alternative models of credit analysis.  View Article

SmartPool receives FSA approval to begin trading
The new Multi-lateral Trading Facility has received FSA approval to launch its dark pool for block trading in European stocks and will begin trading services on 2 February 2009 with stocks from 15 European markets.  View Article

NYSE Euronext and BIDS receive SEC approval to launch NYBX
NYSE Euronext and BIDS Holdings announced that the SEC has approved their joint filing to launch the New York Block Exchange on January 29, 2009. NYBX will be open to all NYSE members and is also accessible through BIDS Trading.  View Article

CEIOPS report on the current use of internal models in insurance
CEIOPS published its report on the outcome of the stock-taking exercise on the current use of internal models in insurance. It represents a reflection of state of play given that industry practices of internal models use are evolving.  View Article

Commission to clarify responsibilities of UCITS depositaries following Madoff scandal
The incident revealed different expectations as to whether the depositary is required to keep assets under its control, or whether its responsibilities are confined to monitoring the security of the assets.  View Article

IFRIC clarifies the accounting for transfers of assets from customers - IFRIC 18
The IFRIC Interpretation provides additional guidance on the accounting for transfers of assets from customers. The Interpretation is effective for annual periods beginning on or after 1 July 2009 and applies prospectively.  View Article

EFRAG Comment Letter on proposed amendments to IFRS 1
EFRAG submitted to the IASB its comment letter on the ED of proposed amendments to IFRS 1 Additional Exemptions for First-time Adopters. EFRAG is generally supportive of the amendments proposed.  View Article

EFRAG endorsement status report update January 2009
The report reflects the endorsement of the amendments to IAS 1, IAS 27, IAS 32 and IFRS 1 and the Improvements to IFRSs by the European Commission and some revisions in the timetable for the endorsement of some other amendments.   View Article

EFRAG consults on revised version of IFRS 1 'First Time Adoption of IFRSs'
EFRAG consults both on its assessment of the amendment against the EU endorsement criteria and on its initial assessment of the costs and benefits that would arise from the implementation of the amendment in the EU.   View Article

January 2009
Europe has finally begun to consider whether the mechanics of the enforced bank re- capitalisation scheme in October may have produced some unintended side-effects, Graham Bishop says introducing the January Financial Services Month in Brussels report.  View Article

Commission authorises modification of French scheme to inject capital into certain credit institutions
The modification gives banks the option to use preference shares instead of subordinated debt securities for their recapitalisation by the State. Banks will also be able to convert subordinated debt securities already issued into preference shares.   View Article

© Graham Bishop

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