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26 February 2009

This week in "Brussels"

© 2009 Jump directly to articles on:-
Financial Services PolicyBankingSecuritiesAsset Management
Corporate GovernanceFinancial Services Month in Brussels - ReportCompetition issues in financial Services
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Articles from 19 February 2009 - 26 February 2009
Financial Services Policy Back to top 

De Larosiere Report calls for a European System of Supervision
The report calls for a new European Systemic Risk Council on macro-prudential risks in the EU. CEBS, CEIOPS and CESR should be transformed into European Authorities and equipped with new competences. A detailed plan should be provided by end 2009.  View Article

Trichet – ECB ready to play a role in new financial system
The current crisis is a loud and clear call to extend regulation and oversight to all systemically important institutions and markets, notably to hedge funds, credit rating agencies and OTC derivatives markets, Trichet said.  View Article

Pre-G20 summit demands global system of supervision and oversight
European leaders call for tighter oversight of financial markets, including for hedge funds, credit rating agencies and other private pools of capital. All financial markets, products, and participants should be subject to supervision and regulation.  View Article

US Treasury terms of new bank bailout programme - CAP
The U.S. Treasury announced the terms and conditions for the Capital Assistance Program, which will include “stress tests” for some banks and is designed to shore up balance sheets of some of the country’s biggest financial institutions.  View Article

US regulators outline details on capital assistance programme for banks
The program will be launched on Wednesday and will include ‘stress tests’ to evaluate the potential capital needs of major U.S. banks. Any government capital will be in the form of mandatory convertible preferred shares, the regulators said.   View Article

Banking Back to top 

FSA code of practice on remuneration policies
The aim of the code is to ensure that firms have remuneration policies which are consistent with sound risk management, and which do not expose them to excessive risk. It is not concerned with setting levels of remuneration.  View Article

Commission provides guidance for impaired assets in the EU banking sector
The Communication provides a common European approach and outlines various methods of dealing with impaired assets, notably through asset purchase - including bad bank scenarios - or asset insurance schemes.  View Article

ECB publishes Eurosystem oversight policy framework
The framework describes the role of the Eurosystem and provides an overview of the existing methods and instruments. Also, the oversight standards for payment instruments will create a common ground for all payment instrument frameworks.   View Article

Securities Back to top 

AMF consults on permanent regime on short-selling
The AMF started a consultation on a set of measures intended to regulate short-selling in normal market conditions, but not to attempt to ban short-selling systematically.  View Article

IOSCO consults on Principles for Outsourcing by markets
The Report sets out a set of principles that are designed to assist markets and market authorities when considering outsourcing arrangements.  View Article

IOSCO consults on principles for direct electronic access to markets
The report identifies three key areas where IOSCO is proposing developing principles in the use of direct electronic access. The principles address pre-conditions for DEA, information flow and adequate systems and controls.  View Article

ICMA European repo market survey reflects deleveraging by banks
The contraction in the repo market has come as no surprise as major players continue to decrease leverage, Godfried De Vidts, Chairman of ICMA’s European Repo Council said.  View Article

European CCPs support clearing of OTC derivatives
Regulation should not place barriers preventing cross-border access and membership, EACH states. US and European regulators should agree on common principles on oversight and supervision.  View Article

EBF opposes to pre-trade transparency arrangements
The major shortcomings in the structured products markets could not be usefully addressed through a post-trade transparency framework, EBF states. There is no case for legislative measures, given that the necessary information is in principle available.  View Article

Brazil, China and India to join IOSCO Technical Committee
The securities regulatory authorities from Brazil, China and India are to become members of the IOSCO Technical Committee and will take up membership at its next meeting in June.  View Article

Asset Management Back to top 

Special EFAMA Report on Payout Solutions for Pension Schemes
The report shows that the requirement to convert accumulated pension assets into an annuity at the time of retirement or shortly after is very costly for a pensioner.  View Article

AIMA supports regular disclosure of large holdings and risks to regulators
AIMA started an initiative which will back the principle of full transparency and supervisory disclosure of systemically significant positions and risk exposures by hedge fund managers to their national regulators.   View Article

EVCA: European private equity industry proposes unified code of conduct
The proposal calls for a unified Europe-wide set of standards based on a code of conduct and corporate governance guidelines in the management of private-equity held standards. The new regime could be completed within 12 months, the report states.  View Article

Corporate Governance Back to top 

McCreevy urges SEC and PCAOB to agree the draft policy statement on overseas oversight bodies
"We need more time to ensure that the United States is ready to co-operate with us fully", McCreevy said. "The crisis has highlighted the lack of co-operation and co-ordination amongst authorities".  View Article

Financial Services Month in Brussels - Report Back to top 

February 2009
Graham Bishop’s OVERVIEW. - Financial markets are part way through a catastrophic global failure that was not foreseen – in the totality  View Article

Competition issues in financial Services Back to top 

Commission approves Crédit Mutuel acquisition of Cofidis
The Commission has cleared the proposed acquisition of consumer credit company Cofidis by retail banker and insurer Crédit Mutuel, both headquartered in France.   View Article

© Graham Bishop

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