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02 April 2009

This week in "Brussels"

© 2009Jump directly to articles on:-
Financial Services PolicyBankingSecuritiesInsurance
Asset ManagementCorporate GovernanceFinancial Services Month in Brussels - ReportEdited Minutes of key legislative Bodies
Competition issues in financial Services
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Articles from 26 March 2009 - 02 April 2009
Financial Services Policy Back to top 

AMF Economic and Financial Newsletter
The report states that the world’s main stock indices recorded large swings. Question-marks over the health of banks and financial institutions and uncertainty about the exit scenarios for the crisis kept volatility at high levels, the paper states.  View Article

US Treasury outlines framework for regulatory reform
Certain large, interconnected firms and markets need to be under a more consistent and more conservative regulatory regime, Geithner said. He also called for higher standards on capital and risk management for systemically important firms.  View Article

FSA Japan extends temporary restrictions on short-selling
The FSA decided to extend the existing temporary measures on short-selling and on the provisions regarding the purchase of own stocks by listed companies until July 31, 2009.  View Article

Banking Back to top 

ECB reports on euro area monetary, financial and balance of payments statistics
The first report contains assessments of the quality of all euro area monetary and financial statistics, the second  contains an assessment of the quality of euro area balance of payments and international investment position statistics.  View Article

ECB not to accept delays in SEPA
The Eurosystem urges further progress on the SEPA project according to a list of expectations issued by the ECB. A “mini-SEPA” for cross-border payments only is not acceptable, the paper states.  View Article

CEBS good practices paper on functioning of Colleges of Supervisors for cross-border banking groups
The document is to pave the ground for the forthcoming guidelines for the operational functioning of Colleges that CEBS is due to prepare when implementing the incoming revisions to the CRD.   View Article

Securities Back to top 

ESCB and CESR consult on draft recommendations for CCPs
ESCB and CESR analysed a wide range of aspects relevant for the clearing of OTC derivatives in general and credit derivatives in particular. The working group has identified a few areas where additional clarifications could be helpful.  View Article

CESR update on short-selling measures
CESR updates the list of measures recently taken by members regarding to short-selling.  View Article

Insurance Back to top 

IOPS consults on guidelines for supervisory intervention, enforcement and sanctions
The guidelines reflect international good practice regarding the powers which are needed by supervisory authorities in relation to intervening, applying sanctions and enforcing action and how these powers should be used.   View Article

CEA pledges support to G20 on regulation and supervision
The CEA insists that the differences between the business models of insurers and banks should be taken into account in any regulatory changes. Solutions designed to solve problems in the banking industry are not automatically applied to insurance.  View Article

CEIOPS report on lessons-to-be-learnt from the financial crises
The crisis calls for a further refinement of the existing Solvency II calibrations at module and sub-module levels, CEIOPS states and calls to re-think the scope of regulation and supervision focusing more on consolidated entities.  View Article

CEIOPS consults on Solvency II Level 2 implementing measures
CEIOPS released a number of consultation documents on its first set of advice on Solvency II - Level 2 implementing measures, including on the SCR standard formula, on own funds, the approval of internal models, and on special purpose vehicles.  View Article

Czech Presidency reached compromise on Solvency II
The Czech Presidency has finalised the negotiations concerning the Solvency II Directive. A compromise has been approved on a preliminary basis by the European Parliament and supported by the COREPER.  View Article

CEIOPS guidelines on preparation for and management of a financial crisis
The guidelines will allow supervisory authorities to enhance their preparedness during normal times and to better deal with the different stages of the crisis and shall ensure consistent supervisory co-ordination.  View Article

Asset Management Back to top 

ALFI contribution to the CESR call for evidence on UCITS
ALFI is concerned about the timetable for implementation and also calls for further clarification on the level of involvement of the competent authority authorising the investment fund and its access to information about the management company.  View Article

Corporate Governance Back to top 

IIF report on compensation structures in financial services
The report tries to identify the structural weaknesses in current industry compensation models and investigates the changes needed. The report, furthermore, evaluates to what extent the industry has already started to implement these changes.  View Article

EFRAG response to FCAG request for input
EFRAG underlines that different information needs mean different financial reporting objectives, and that could mean different reporting. Also, accounting practices on fair value measures and loan loss provisioning could have pro-cyclical effects.  View Article

IASB consults on new standard on income tax accounting
The IASB proposes to remove most of the exceptions in IAS 12, to simplify the accounting and strengthen the principle in the standard.    View Article

EFRAG final comment letter on IAS 24
EFRAG reminds that every jurisdiction has its own way of organising state-related activities and organisations. A definition needs to be found that achieves broadly the same result regardless how such activities and organisations are structured.  View Article

IASB exposure draft to proposed amendments to IAS 39 and IFRS 7
The IASB is proposing to enhance disclosure requirements, especially in situations where an entity continues to have an ongoing involvement in a financial asset that would be derecognised under the proposals.   View Article

EFRAG initial assessments on amendments to IFRIC 9 and IAS 39
EFRAG consults both on its assessment of the amendment against the EU endorsement criteria and on its initial assessment of the costs and benefits that would arise from the implementation of the amendment in the EU.  View Article

FCAG to present analysis on financial reporting in July
The joint IASB/FASB study group is currently considering the SEC’s study on ‘mark-to-market’ accounting, the FSA’s Turner Review, the FSF’s work on addressing procyclicality and the communiqué of the Group of 20.  View Article

EFRAG advice on revision to IFRS 1
EFRAG recommends endorsement of  the revision of IFRS 1. The restructured IFRS 1 changes the order of the content of the standard to more easily accommodate future amendments that might become necessary.  View Article

Financial Services Month in Brussels - Report Back to top 

March 2009
Graham Bishop's Personal Overview. The politics of the EU continue to move ratchet-like towards an “ever-closer union” as the financial crisis grinds down opposition.  View Article

Edited Minutes of key legislative Bodies Back to top 

ECON meeting 30-31 March
ECON held its regular monetary dialogue with ECB President Jean-Claude Trichet.  View Article

Competition issues in financial Services Back to top 

MasterCard to cut cross-border MIFs
Commissioner Neelie Kroes indicated that she sees no need to pursue MasterCard for non-compliance, that MasterCard's cross-border multi-lateral interchange fees were in breach of EC Treaty rules on restrictive business practices.  View Article

Commission temporarily authorises illiquid asset facility for ING
The Commission granted temporary clearance to the illiquid US$ 39 billion asset back-up facility provided by the Dutch State to the financial group ING, with final approval dependent on the result of an in-depth investigation.  View Article

© Graham Bishop

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