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12 March 2009

This week in "Brussels"

© 2009Jump directly to articles on:-
Financial Services PolicyBankingSecuritiesCorporate Governance
Edited Minutes of key legislative Bodies
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Articles from 05 March 2009 - 12 March 2009
Financial Services Policy Back to top 

Commission consults on de Larosiere report
The Commission will put forward to the June European Council a detailed plan for revising the European supervisory architecture based on the de Larosière report. It intends to bring forward legislative proposals in autumn 2009.  View Article

ACCA underlines transparency and accountability as key for reform
Reform of the regulatory structures is certainly needed, yet a complete clampdown would be a mistake, ACCA concludes. Improving international co-operation is key, but will not be achieved without reform of global governance structures.  View Article

A.I.G. - Why it is appropriate to delay any liquidation/bankruptcy
The main question is not so much whether or not the US insurer AIG should be nationalised, Paul Goldschmidt argues, Keeping the company alive allows time to unwind the complex structures imagined by the high flying sorcerer’s apprentices of finance.  View Article

Bernanke outlines possible reforms to financial architecture
“We must have a strategy that regulates the financial system as a whole”, Fed Chairman Ben Bernanke said. “Strong and effective regulation and supervision of banking institutions are not sufficient by themselves to achieve this aim"  View Article

Geithner: G-20 should agree on broad framework of reforms
US Treasury Secretary Timothy Geithner calls for strong standards of supervision and regulation for all systemically significant financial institutions that operate globally.  View Article

Banking Back to top 

BIS: Regulatory minimum level of capital will be reviewed in 2010
 The Basel Committee announced undertaking measures such as introducing standards for capital buffers, strengthening the quality of bank capital, improving the risk coverage and introducing a non-risk based supplementary measure.  View Article

ECON vote on Capital Requirements Directive
ECON agreed on a retention rate of at least 5% of the total value of the securitised exposures. Colleges of supervisors should only be a temporary step towards a more integrated system of supervisors, and the CDS market should be subject to regulation.  View Article

CEBS consults on amendments to guidelines on financial reporting
CEBS proposes amendments to the existing FINREP guidelines and recommends, among others, the use of XBRL since the adoption of XBRL taxonomies will lead to greater harmonisation of IT formats.    View Article

CEBS consults on remuneration principles
The scope of the principles covers remuneration policies applying throughout an organisation rather than focusing exclusively on executive pay or severance pay. Implementation is expected by the end of the 3rd quarter of 2009.  View Article

CEBS final report on supervisory powers
CEBS published a report mapping in detail supervisory objectives and powers across EU banking authorities, with special focus on early intervention measures and the actual use of sanctioning powers.  View Article

Securities Back to top 

EBF comments on draft amendments to Prospectus Directive
EBF members have a number of important additional amendment suggestions. Concerns include issues on questions of exempt offers, liability issues, and the notification process for the use of the passport.  View Article

IOSCO recommendations on commodity futures markets oversight
IOSCO recommends that futures markets regulators should review their authority and powers to ensure that they obtain the necessary legal powers and the ability and sufficient resources for enforcement programs.  View Article

CESR update on short-selling measures
The updated statement provides an overview of actions taken and includes either the statements or links to the statements published by CESR Members explaining the measures taken.    View Article

CESR consults on work programme of the Review Panel
The contributions received from market participants will be assessed by the CESR Review Panel and, where appropriate, reflected in the work programme for 2009.  View Article

Corporate Governance Back to top 

OECD consults on Corporate Governance lessons from financial crisis
The consultation report analyses the impact of failures and weaknesses in corporate governance on the financial crisis, including risk management systems and executive salaries.  View Article

IASB clarifies the accounting treatment for embedded derivatives - IFRIC 9 and IAS 39
The amendments clarify that on reclassification of a financial asset out of the ‘at fair value through profit or loss’ category all embedded derivatives have to be assessed and, if necessary, separately accounted for in financial statements.  View Article

EFRAG draft comment on IASCF Review of the Constitution
EFRAG urges the IASB to carry out an in depth analysis of the possible role of accounting requirements in the development of this financial crisis. Areas of improvement have to be identified and may lead to a review of the standard-setting process.  View Article

IASB amends financial instruments disclosures - IFRS 7
The amendments introduce a three-level hierarchy for fair value measurement disclosures and require entities to provide additional disclosures about the relative reliability of fair value measurements.   View Article

Edited Minutes of key legislative Bodies Back to top 

ECOFIN 10 March
Ecofin adopted a key issues paper outlining the main policy objectives for 2009 and endorsed common messages for the meeting of G-20 Finance Ministers on 14 March that will prepare the G-20 summit on international financial governance on 2 April.  View Article

The Council adopted a ‘key issues paper’ on competitiveness and conclusions on the review of the single market, in preparation for the next Spring European Summit.  View Article

© Graham Bishop

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