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05 March 2009

This week in "Brussels"

© 2009Jump directly to articles on:-
Financial Services PolicyBankingSecuritiesInsurance
Asset ManagementCorporate GovernanceEdited Minutes of key legislative Bodies
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Articles from 26 February 2009 - 05 March 2009
Financial Services Policy Back to top 

Commission endorses de Larosière report recommendations
The Commission calls for a supervisory system combining much stronger oversight at EU level with maintaining a clear role for national supervisors and backs the to set up an early warning body under ECB auspices to identify and tackle systemic risks.  View Article

The de Larosière Report: Preliminary commentary and analysis
The report lacks ambition in the discussion of the Supervisory architecture. Proposals seem confined to be 'politically correct' rather than considering structures that would be deemed the most desirable.  View Article

CER: Financial regulation - Is the Channel narrowing?
The financial crisis is transforming some longstanding British assumptions and calls into question the merits of ‘light touch’ regulation. But does the Larosière report propose institutional structures that the UK could accept?  View Article

Issing Committee outlines recommendations for new financial order
Macro-prudential supervision should become a major objective of banking supervision,  the Issing committee states. Other topics include a credit register, and the regulation and supervision of hedge funds and rating agencies.  View Article

Single market news 53
The newsletter includes articles on a range of policy areas including the De Larosière group report on EU financial supervision and the review of Investor Compensation Scheme Directive.  View Article

Banking Back to top 

BIS Quarterly Review
The Review presents an overview of recent developments in financial markets. Policy measures aimed at stabilising markets gain traction over the period, the report states. Central bank actions and government guarantees helped to calm interbank markets.  View Article

Council adopted Directive on Deposit Guarantee Schemes
The new directive raises the coverage level to a minimum of EUR 50 000 as from 30 June 2009, sets the coverage level at EUR 100 000 as from 31 December 2010, and reduces the payout delay to 25 working days.   View Article

Securities Back to top 

AMF launches consultation on regulation of money market funds
The AMF consults on a stricter classification for money market funds and new requirements on investor disclosures and product marketing.      View Article

CESR protocol on the operation of CESR MiFID database
The protocol describes the tasks and responsibilities of the CESR members and the CESR Secretariat respectively. Additionally it contains practical guidance on how to conduct the calculations as well as the necessary technical instructions.  View Article

Council Presidency compromise proposal on CRA
The Czech Presidency issued a new compromise proposal on the Directive on CRAs. The Commission said it has reservations on the provisions relating to scope, treatment of third country ratings and the transitional periods.  View Article

CESR - Languages accepted for the Prospectus and the Summary
CESR compiled the relevant information to ease the functioning of the passport of prospectuses and to provide clarity for market participants in relation to the use of languages in the different competent authorities.  View Article

CESR calls for EU-based derivatives information repository
CESR is calling for the creation of a euro-centric repository of bilaterally-agreed credit derivatives, mirroring the DTCC's Trade Information Warehouse in the US.  View Article

Insurance Back to top 

CEIOPS reply on Alternative Dispute Resolution
The Committee encourages any attempt to fill the gaps in the European framework as to consistent consumer protection provisions and networks in the context of the development of the single market.  View Article

Asset Management Back to top 

CESR final advice on risk management principles for UCITS
CESR proposed its level 3 measures on the risk management principles for UCITS and identified some key principles. The principles are supplemented by supervisory principles which should guide the review of these processes.  View Article

Majority of hedge funds assets under management from institutional investors
An absolute majority of all assets under management by hedge funds and funds of hedge funds globally are from institutional investors, a study by AIMA finds. A third of those assets from institutional investors now come from pension funds.  View Article

Corporate Governance Back to top 

EFRAG final letter on IFRIC 9 and IFRIC 16
EFRAG believes that acquisitions of associates should be excluded from the scope of IFRIC 9. With regard to IFRIC 16 the effective date requirements for this amendment need further clarification.    View Article

Commission consults on review of fourth and seventh company law directives
The consultation aims at modernising and simplifying the Accounting Directives. It focuses on issues of interest for SMEs in the Fourth Directive, but the intention is also to do needed modernisation of rules in the Seventh Directive.  View Article

Commission proposal exempting micro entities from the scope of the Fourth Directive
The Commission put forward a proposal which would allow Member States to completely abolish financial reporting obligations for the EU's smallest companies.   View Article

Edited Minutes of key legislative Bodies Back to top 

Extraordinary European Council 1 March
EU heads discussed the financial and economic crisis and considered it as essential to improve the regulation and supervision of financial institutions and to ensure long-term sustainability of public finances.  View Article

© Graham Bishop

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