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08 April 2009

This week in "Brussels"

© 2009Jump directly to articles on:-
Financial Services PolicyBankingSecuritiesInsurance
Asset ManagementCorporate GovernanceEdited Minutes of key legislative BodiesCompetition issues in financial Services
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Articles from 01 April 2009 - 08 April 2009
Financial Services Policy Back to top 

ICMA Regulatory Policy Newsletter – The future shape of financial regulation in Europe
The Newsletter assesses the de Larosière and Turner Reports in more detail and describes new regulatory and market practice developments in the primary markets, secondary markets, asset management and the financial infrastructure.  View Article

AMF Jouyet – uniform enforcement of rules top priority
Existing rules must be applied uniformly, Jouyet said criticizing the ‘lacking agreement beyond the rhetoric’ for reform. There is no consensus on the regulatory model among Europeans, and no point in pretending that a consensus exists.   View Article

ECB report signals risk of slowdown in the European financial integration process
The third report on financial integration states that there is a risk that the financial integration process in Europe will slow down as a result of the financial and economic crisis.  View Article

FSF re-established as the Financial Stability Board
The FSF has been re-established as the Financial Stability Board (FSB) with a broadened mandate to promote financial stability. Over time, the FSB will promote and help coordinate the alignment of international standard setting activities.  View Article

FSF recommendations and principles to strengthen financial systems
The FSF issued several reports covering its recommendations for addressing pro-cyclicality in the financial system, principles for sound compensation practices, and principles for cross-border co-operation on crisis management.  View Article

G20 agreed to build stronger supervisory and regulatory framework
The G20 agreed to build a stronger, more globally consistent, supervisory and regulatory framework for the future financial sector, extending regulation and oversight to all systemically important financial institutions, instruments and markets.  View Article

SEC Schapiro outlines forthcoming reform proposals
The SEC will be considering whether greater disclosure is needed about how a company manages risks, both generally and in the context of setting compensation. “I do not anticipate that we will seek to mandate any particular form of oversight”.  View Article

FASB decision to amand fair value
The FASB decided to amend Statement No. 107, Disclosures about Fair Value of Financial Instruments, to require an entity to provide disclosures about fair value of financial instruments in interim financial information.   View Article

FASB considers fair value accounting
The FASB considered two proposals related to fair value mark-to-market accounting, and one associated with accounting for impaired securities, such as mortgage-backed securities.  View Article

G20 declaration on strengthening the financial system
We, the Leaders of the G20, have taken, and will continue to take, action to strengthen regulation and supervision in line with the commitments we made in Washington to reform the regulation of the financial sector.  View Article

Progress Report on the Actions of the Washington Action Plan
Progress Report on the Actions of the Washington Action Plan. See attached file   View Article

G20 declaration on delivering resources through the international financial institutions
We, the leaders of the Group of Twenty, are committed to ensuring that capital continues to flow to emerging market and developing countries to protect their economies and support world growth.  View Article

G20 London Summit – Leaders’ Statement
The communiqué of the London Summit has been acclaimed by the G20 leaders.  View Article

Banking Back to top 

CEBS consults on high-level principles for risk management
The high-level principles for risk management are intended to be used by both institutions and supervisors in the supervisory review framework under Pillar 2 and may also form the basis of future CEBS guidelines on specific topics.  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 

IOSCO update on progress made in addressing G-20 concerns
IOSCO welcomed the G20 statement and published an update on its recent progress in meeting the aims of the G-20 in the areas of transparency, market integrity and enforcement.   View Article

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

G20 declaration on Credit Rating Agencies
We have agreed on more effective oversight of the activities of Credit Rating Agencies, as they are essential market participants.  View Article

Insurance Back to top 

Geneva Association warns against unlevel playing fields from government interventions
One of the main obstacles to international regulatory convergence is the fragmented national and international supervisory landscape, the Association states. Future reforms should concentrate on solving existing problems and not lead to additional ones.  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 revised text of Budapest Protocol
The Protocol provides specific assistance to supervisors on how to cooperate in cross-border cases. The information requirements to the host supervisor regarding each IORP/pension scheme intending to operate cross-border has also been clarified.  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

IFSL report – hedge funds assets to fall over a fifth in 2009
Hedge funds’ assets are likely to fall by over 20 per cent in 2009, IFSL predicts in its annual Hedge Funds Report. Assets under management of the global hedge fund industry fell by nearly 30per cent in 2008.  View Article

Corporate Governance Back to top 

G20 declaration on compensation
We have endorsed the principles on pay and compensation in significant financial institutions developed by the FSF to ensure compensation structures are consistent with firms’ long-term goals and prudent risk taking.  View Article

EFRAG draft response on fair value measurement guidance
EFRAG urges the IASB to move rapidly to a conclusion. A new standard that would replace IAS 39 needs to be developed as soon as possible and important aspects of that work need to be in place in time for implementation in the 2009 financial statements.   View Article

IASB responds to G20 recommendations and US GAAP guidance
The IASB will assess whether the FASB Staff Positions on fair value measurement could lead to different results in practice. The FASB is expected to finalize the FSP later this week.  View Article

FEE response to Financial Crisis Advisory Group of IASB
The requirement to account for certain financial instruments at fair value has not caused the financial crisis nor has it been a significant contributing factor, FEE notes. However, preparers would benefit from additional guidance when market prices are n  View Article

ECOFIN statement on accounting standards
ECOFIN ministers considers it urgent to address the issue of valuation of assets in distressed and inactive markets. The Presidency invites the Commission to review the functioning of the 2002 regulation on international accounting standards.  View Article

IASC Trustees support review of financial instruments accounting
Trustees urged the IASB to avoid piecemeal approaches that would undermine the ability to address broader issues related to accounting for financial instruments raised by the crisis.  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

G20 declaration on accounting standards
We have agreed that the accounting standard setters should improve standards for the valuation of financial instruments based on their liquidity and investors’ holding horizons, while reaffirming the framework of fair value accounting.  View Article

EFRAG consults on draft advice for IFRS 7
EFRAG is consulting both on its initial assessment of the Interpretation against the EU endorsement criteria and on its assessment of the costs and benefits that would arise from the implementation of the Interpretation in the EU.   View Article

Edited Minutes of key legislative Bodies Back to top 

Informal ECOFIN 3-4 April
Ministers underlined the necessity of addressing the banks' impaired assets and the need to tackle international accounting standards in relation to the steps taken by the US.  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 opens in-depth investigation into Fortis and ABN Amro
The Commission has opened an in-depth investigation to establish whether state measures in favour of Fortis Bank Nederland and the activities of ABN Amro which were acquired by Fortis are in line with EU state aid rules.   View Article

© Graham Bishop

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