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16 April 2009

This week in "Brussels"

© 2009Jump directly to articles on:-
Financial Services PolicyBankingSecuritiesCorporate Governance
Competition issues in financial Services
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Articles from 09 April 2009 - 16 April 2009
Financial Services Policy Back to top 

EFR – de Larosière report needs further clarifications
The EFR generally welcomes the de Larosière report but criticises that several proposals need further clarification. In particular, the composition of the ESRC and the early warning mechanism will have to be reconsidered.    View Article

Article: G20 confirmed the limits of multilateral decision-making.
Véron argues that the scenario whereby a major cross-border European bank would be found insolvent in the short term is becoming ever less improbable. Yet we have no credible policy framework to tackle it, he warns.   View Article

Bundesbank Weber criticises de Larosiere report
Weber underlined the need of regulatory co-ordination but complained about the asymmetry of powers and responsabilities the de Larosière report would create. Finally, it is the national fiscal authority and the national tax payer who has to pay, he  View Article

Banking Back to top 

CEBS consults on its guidelines on operational risk mitigation techniques
The paper provides guidelines on the recognition of insurance within the AMA capital calculation. Topics addressed cover the eligibility of protection providers, characteristics of eligible products and haircuts for uncertainty of coverage.   View Article

Securities Back to top 

ISFL reports global securitization issuance down by 79%
Net global securitisation issuance slumped by 79 per cent in 2008, according to the IFSL Securitisation report, and there is little indication of a recovery in the first quarter of 2009.   View Article

CESR response on review of Prospectus Directive
There is no rationale for maintaining two separate definitions for qualified investors in the Prospectus Directive and the MiFID, CESR notes and calls on the Commission to review the usefulness of a central register.  View Article

Corporate Governance Back to top 

CESR response to IASCF review of the constitution
Among others, CESR is of the view that the IASB should develop due process procedures to possible fast track procedures for making changes to IFRSs in cases of emergency.  View Article

IASB proposals for annual improvements to IFRS
The amendments reflect issues that were included in exposure drafts of proposed amendments to IFRSs published in October 2007, August 2008 and January 2009.  View Article

CESR response to EFRAG consultation on IASB Preliminary views on Financial Statements Presentation
CESR underlines the importance of separating ‘business activities’ from ‘financing activities’ and believes that the definition provided by the IASB is not sufficiently precise.  View Article

Competition issues in financial Services Back to top 

Commission approves prolongation of UK support to banking sector
The Commission approved the prolongation of the Credit Guarantee and Recapitalisation Schemes, which form part of the UK's support measures to the banking industry during the current financial crisis.   View Article

© Graham Bishop

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