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19 February 2009

This week in "Brussels"

Articles from 12 February 2009 - 19 February 2009

Commission outlines policy priorities for 2010
Major initiatives to improve financial supervision and enhance macro-financial surveillance and crisis management will be put into practice. The White Paper on the reform package for EU Financial markets will be published on 8 July 2009.  View Article

EUROFI calls for integration of supervision at European level
Eurofi calls for the integration of supervision at European level. For each financial institution, a network-based approach calls for specific colleges to be set up, made up of supervisors with a common and country-neutral mandate.  View Article

Trichet - avoid going back to the status quo ante
For the financial system there is a need for more stringent regulation which must impose a much more stability-oriented perspective, Trichet said. Incentives and rules have to be introduced to prevent focussing excessively on short-term returns.  View Article

FESE calls for improvements to framework of securities supervision
Improvements  should provide a higher degree of convergence and a more effective co-ordination between CESR and its members, FESE states and calls for a clearer CESR mandate and budgetary independence.  View Article

G7 calls for urgent reforms of international financial system
G7 finance ministers agreed to prepare a progress report on developing an agreed set of common principles and standards on propriety, integrity and transparency of international economic and financial activity by June 2009.  View Article

FSA Japan consults on IFRS application in Japan
The report proposes the use of IFRS on a voluntary basis from 2010 onwards, and the mandatory use of IFRS around 2012. Opponents of the Report demand a clear statement about the exact timing.  View Article

FSI survey on implementation of new capital adequacy framework
The 2008 survey findings indicate that the new capital framework will be implemented by the overwhelming majority of non-BCBS countries.  View Article

CEBS work programme for 2009
CEBS prepared a priority list for topics it needs to work on. Highest priority has been given to activities in relation to the current crisis situation and to CEBS’ deliverables connected to the EU roadmaps.  View Article

ESF guidelines for issuers of European residential mortgage-backed securities
The Principles propose a new combined uniform Credit Rating Agency Reporting Template for the minimum information to be provided by issuers to credit rating agencies in respect of UK Non-Conforming RMBS.  View Article

CESR review of supervisory powers and practices in relation to MiFID
The report gives a factual overview of the implementation of MiFID by mapping the supervisory powers, practices and sanctioning regimes of CESR Members.   View Article

McCreevy welcomes Industry commitment to EU central counterparty for CDS
The only other option would have been a legislative one, McCreevy indicated. “I also take note of their commitment to engage immediately in a dialogue to resolve all outstanding technical issues.”  View Article

Industry commits to EU Central Counterparty for CDS
Major industry participants have committed to the use of central counterparty clearing for CDS in the EU. Nine of the leading dealer firms confirmed their engagement to use EU-based central clearing for eligible EU CDS contracts by end-July 2009.  View Article

EBF supports Central Clearing
The EBF supports the establishment of CCPs to facilitate the clearing of Credit Default Swaps in Europe and urges MEPs to reconsider amendments to the Capital Requirements Directive in light of the current progress made.  View Article

LCH.Clearnet to launch Eurozone clearing of Credit Default Swaps
LCH.Clearnet plans to launch clearing services for Credit Default Swaps in the Eurozone by December 2009, subject to regulatory approval.  View Article

Gauzès: Regulation on Credit Rating Agencies falls short of expectations
EP rapporteur Jean-Paul Gauzès is concerned by the way the Czech Presidency is leading the dossier criticizing that the text as it stands falls short of expectations, given what is at stake with this topic.  View Article

CESR preliminary technical advice on post-trading infrastructures
CESR issued its preliminary technical advice on the access and inter-operatibility arrangements. With a view to the adoption of the CESR/ESCB Recommendations in early 2009, a strong political endorsement is recommended, CESR notes.  View Article

CEIOPS 2009 report on the Functioning of Co-ordination Committees
CEIOPS considers that the co-operation in Co-Cos is a very important part of supervision and recommends continuing to work on enhancing co-operation through increasing the frequency of contacts between all supervisors on an IG.  View Article

CESR consults on possible implementing measures of the future UCITS directive
The call requests technical advice on the level 2 measures related to the management company passport, key investor information, and to fund mergers, master-feeder structures and the notification procedure.  View Article

World Economic Forum report on Private Equity
The report finds that private equity-owned firms are generally better managed than counterparts and have strong operational management practices. Private equity-owned firms experience higher productivity growth than firms of like profile.  View Article

Private Equity Council adopts guidelines for responsible investment
The Private Equity Council adopted a set of comprehensive responsible investment guidelines that they will apply prior to investing in companies and during their period of ownership.  View Article

Commission overview of national measures as a response to the financial and economic crisis
The Commission issued an updated overview of national measures as a response to the financial and economic crisis.  View Article

© Graham Bishop

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