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12 February 2009

This week in "Brussels"

Articles from 05 February 2009 - 12 February 2009

EFR calls for college structure for EU supervision
The EFR calls for greater convergence and harmonisation of the EU regulatory framework. Colleges of supervisors offer the most realistic way forward in terms of achieving more efficient prudential oversight in the EU, the EFR argues.  View Article

EU to present guidelines on treatment of impaired assets
The European Union is working on a co-ordinated approach towards banks impaired assets. The Commission is working on various principles to guarantee a fair and transparent evaluation of assets and will publish a proposal within the next two weeks.  View Article

FSA Financial Risk Outlook 2009
The paper outlines the main risks facing firms, consumers and the regulatory system in the economic downturn, and underlines the need to review possible major changes in regulatory policies on banks and bank-like institutions.  View Article

EBF calls to create European Financial Stability Forum
The review of the current prudential supervisory architecture should take as a starting point the ultimate objective of achieving a pan-European financial supervisory framework to support a single financial market, the EBF says.  View Article

Commission Expert Group calls for removing barriers to electronic invoicing
The Group consults on its interim report which sets out a vision for a European framework to be developed by the end of 2009. The report outlines a number of initial recommendations to remove or reduce existing barriers.  View Article

US Treasury Secretary Geithner introduces Financial Stability Plan
The Plan includes an amount of initially $500 billion to absorb toxic assets and up to $ 1 trillion extending the Fed's Term Asset Backed Securities Loan Facility. It will be accompanied by new, higher standards for transparency and accountability.   View Article

New SEC chair enhances enforcement division
SEC chair Schapiro ended the Commission's two-year ‘penalty pilot’ experiment, which introduced significant delays into the process of bringing a corporate penalty case. She also called for a new era of responsibility on Wall Street.  View Article

FSA Japan newsletter January 2009
Topics of the January edition include articles explaining steps taken with regard to building up a framework of regulation of CRAs and disclosure systems in Japan.  View Article

Commission consultation on ensuring access to a basic bank account
The Commission in particular welcomes input on how the responsibilities and competences between public authorities and the private sector, and more broadly between the national and the European level, should best be shared.  View Article

Presidency compromise proposal on cross-border payments
The compromise package finds large support among Council delegations. However, still outstanding issues concern the multi-lateral interchange fee and the reachability obligation for direct debit transactions.  View Article

ECON discussed CRD report
ECON discussed the amendments made on the Capital Requirements Directive. A solution on the retention rate seems to be unproblematic. The concept of supervisory colleges are considered a temporary solution only.   View Article

McCreevy calls for overall cap on leverage
We need an overall cap on leverage on bank balance sheets regardless of risk asset weightings or value at risk measurements, he said and also announced much tougher capital requirements for trading book exposures.  View Article

CEBS consults on guidelines on passport notifications
The Guideline provides principles and practicalities for co-operation between EEA supervisory authorities in respect to the new notifications of services and activities provided by credit institutions.  View Article

Commission call for evidence on review of Investor Compensation Schemes Directive
The call for evidence is focused on the scope of the Directive, the amount of compensation, the funding of the compensation schemes, the restrictions on the carryover of unpaid reimbursement debts, and the reduction of payout delay.  View Article

Council Presidency compromise package on Credit Rating Agencies
The Presidency issued a compromise package on the proposed directive on CRAs. Changes and clarifications were made in particular with regard to the treatment of UCITS, the use of ratings issued in third countries, and the transparency of ratings.  View Article

CESR FAQ on Prospectuses – update February 2009
The paper adds new questions and answers to those included in the previous document CESR published in December 2008. CESR welcomes feedback on issues identified as areas to continue working towards a common understanding among its members.   View Article

CESR statement on 17th Market Participants Consultative Panel meeting
The discussion covered the developments in trading and post-trading in the EU and a further discussion on the effects of the market turmoil, both in the EU and the US.   View Article

CESR statement on 18th Market Participants Consultative Panel meeting
Panels addressed various issues related to the market crisis, exchanged views on the organisation, infrastructure and transparency of OTC markets and discussed a future framework for EU financial supervision.  View Article

Commission third call of advice to review conglomerates directive
Key issues to be resolved include the supervision at the level of the holding company, and the treatment of participants for the supervision of risk concentrations, intra group transactions, and internal control mechanisms, the Commission states.  View Article

FSA consults on short selling practice
The FSA discussion paper proposes a general short-selling disclosure requirement for all UK listed stocks, noting that there are advantages in having enhanced transparency of short-selling and underlining the importance of an international consensus.  View Article

OECD Private Pensions Outlook 2008
The Outlook presents a special feature on the implications of the financial crisis for private pensions and analyses private pension arrangements across OECD and selected non-OECD countries.  View Article

EFRAG publishes summaries of comments received on three PAAinE Discussion Papers
EFRAG has published jointly with others, summaries of the comments received on three discussion papers issued as part of the pro-active accounting work.  View Article

EFRAG concerned about IASB/FASB discussion paper on Financial Statement Presentation
The proposed rule is neither the only, nor the best way to achieve cohesiveness, EFRAG criticizes. EFRAG is also concerned about the proposed method of presenting operating cash flows and criticizes the proposed reconciliation schedule.  View Article

IFAC guidance on corporate governance addresses risks and organizational accountability
The International Good Practice Guidance provides a framework and principles-based guidance for professional accountants in business and their organizations on evaluating and improving governance in organizations.  View Article

EFRAG consults on its draft comment letter to IFRIC 9 and IFRIC 16
EFRAG believes that additional to the proposal, acquisitions of associates should be excluded from the scope of IFRIC 9. On IFRIC 16 the effective date requirements need further clarification.  View Article

ECOFIN 10 February
Ministers agreed on the need for a common and co-ordinated approach towards a framework on buying up impaired assets. The Council also reviewed the implementation of the European economic recovery plan and adopted conclusions on SEPA.  View Article

ECON meeting 11-12 February
ECON discussed the amendments made on the CRD. Main issues included the supervisory structure and the amount of the retention rate for securitisations and CDSs. Committee also adopted several reports and held a meeting with National Parliaments.   View Article

JURI meeting 12 February
Rapporteur Sharon Bowles presented her draft opinion on the Directive on Credit Rating Agencies asking whether the proposal should be in form of a Regulation or a Directive.  View Article

Commission approves capital injection for Ethias group
The Commission approved a capital injection of €1.5 billion from the Belgian Government for the insurance and banking group Ethias. State authorities will acquire a stake in the Ethias group that will give it a preferential claim on future profits.  View Article

Commission authorises support package for Hungarian financial institutions
The package will provide eligible credit institutions with new capital and guarantees on short and medium term newly issued debt, under strict conditions.  View Article

Commission approves Swedish scheme to recapitalise banks
The Swedish recapitalisation scheme allows the Government to provide share capital or hybrid capital to be counted as bank Tier 1 capital. The state will only provide capital if a substantial contribution is provided by private investors.  View Article

© Graham Bishop

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