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05 February 2009

This week in "Brussels"

Articles from 29 January 2009 - 05 February 2009

McCreevy calls for regulatory approach on CDS
A regulatory approach is necessary for the clearing of CDS on a CCP, McCreevy said and called on the EP to support an amendment in the CRD . He also strongly opposed to any carve-out of all short term inter-bank exposures from any prudential rules.   View Article

FSA Japan Sato: Putting the current financial crisis in perspective
The current situation in the U.S. and the U.K. rather has some similarities to Japan in the 1990s, Sato said and outlined the short and medium term measures taken in Japan, which also includes a framework for regulation on CRAs.  View Article

Commissioner Kuneva to focus on retail banking issues
The financial crises are no excuse for ceasing to pay attention to retail banking. It is one of the sectors that causes the most problems for consumers, Kuneva said presenting the second Consumer Markets Scoreboard Report.  View Article

ECB Euro Money Market Study 2008
Aggregated turnover in the euro money market decreased for the first time since 2004, the ECB report finds. As regards to the OTC derivatives market, the turnover in forward rate agreements almost doubled.   View Article

CEBS call for evidence for custodian banks
Following the report to ECOFIN on custodian banks, CEBS has committed to undertake further work to establish the materiality of custodian banks internalising settlement activities or carrying out CCP-like activities.  View Article

Responses on CESR/ESCB draft recommendations for securities settlement systems and CCPs
Banking organisations welcome that the recommendations exclude from scope custodian banks and are limited to CSDs and CCPs. The LSE, however, criticises that the recommendation is written as if the settlement cycle was governed by the CSD.  View Article

CESR information for investors affected by Madoff collapse
The statement informs on the potential actions European investors can take, and provides guidance to those indirectly affected on how they might proceed. The deadline by which claims should be filed with the US trustee is 4 March 2009.  View Article

CESR call for evidence on technical standards of OTC derivatives
The call seeks the views on which classification and identification standards should be used for OTC derivative instruments, and is focused on OTC derivatives where the underlying instruments are securities admitted to trading on regulated EEA markets.  View Article

CEIOPS methodology for assessment of 3rd country professional secrecy standards
To facilitate an effective supervisory cooperation with third countries, the CEIOPS methodology identifies the key principles and objectives encapsulated in the insurance legislation.  View Article

EBF response on Commission hedge fund consultation
Hedge funds are more likely to play a stabilising role than other market participants, EBF notes, underlining that there is no homogeneous definition of hedge funds. Also, the short selling issue should be disconnected from the discussion on hedge funds.  View Article

ISFL - Recession triggers 18pc drop in global pension assets
The steep fall of global pension assets between end-2007 and end-2008, is the largest annual decline for many years, ISFL finds. The economic recession has affected pension schemes across the world in several ways.  View Article

IASB consults on amendments to IFRIC 9 and 16 Interpretations
On IFRIC 9 the Board proposes to exclude embedded derivatives resulting from the change of the definition of a business combination in IFRS 3. The amendment to IFRIC 16 proposes to remove the restriction on the entity that can hold hedging instruments.   View Article

IASB amends IASCF Constitution
The IASC Foundation Trustees have announced important amendments to the IASCF Constitution effective 1 February 2009, including formation of a Monitoring Board and expansion of the IASB from 14 to 16 members.   View Article

FEE prefers to leave IFRS 5 unchanged
FEE is not supporting the proposed amendments made and shares most of the significant concerns presented by EFRAG. The changes may have some unintended consequences, the Federation says.  View Article

EFRAG final comment letter on IFRIC 9 and IAS 39 'Embedded Derivatives'
The focus of IFRIC 9 is on whether entities should reconsider whether an embedded derivative is closely related to the host contract, EFRAG understands, and demands further clarifications.   View Article

EFRAG final comment letter on amendments to IFRS 5 - Discontinued Operations
Among others, EFRAG does not agree with the proposal in the ED that the definition of discontinued operations should focus on ‘operating segments’.   View Article

ECON meeting 2 February
ECON Committee discussed the amendments made to the report on the Capital Requirements Directives, prepared by MEP Othmar Karas, and had an exchange of views with Commissioner McCreevy.  View Article

Commission approves support package for Danish financial institutions
The Commission approved a package of measures aimed at supporting the financing of the real economy in Denmark. The new measures include a recapitalisation scheme and amendments to the existing guarantee scheme for banks.  View Article

© Graham Bishop

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