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23 April 2009

This week in "Brussels"

© 2009Jump directly to articles on:-
Financial Services PolicyBankingSecuritiesInsurance
Corporate GovernanceEdited Minutes of key legislative BodiesCompetition issues in financial Services
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Articles from 16 April 2009 - 23 April 2009
Financial Services Policy Back to top 

ABBL proposes revised European System of Financial Supervision
Extending the scope of the ESFS to all cross-border banks would be marginally beneficial to financial stability, compared to the significant supervisory costs incurred combined with a bulky and expensive supervisory infrastructure, ABBL argues.  View Article

Banking Back to top 

BIS report - The role of valuation and leverage in pro-cyclicality
The report sets out policy options to mitigate pro-cyclical mechanisms. These include quantitative limits on leverage, pricing of risk through the cycle, and pro-cyclical effects that mark-to-market valuation may have on incentives and decision-making.  View Article

Commission sets up Payment Systems Market Expert Group
The Commission has set up a Payment Systems Market Expert Group (PSMEG) which will assist in the preparation of legislative acts or policy initiatives on payment systems, including fraud prevention issues related to the payment industry and users.   View Article

CEBS report on custodian banks’ settlement internalisation and CCP-like activities
CEBS concludes that there is little evidence for action at European level to address the issue of settlement internalisation. CEBS will investigate further risk management aspects relevant to banks that take on the role of general clearing member.  View Article

Securities Back to top 

Commission call for evidence on review of Market Abuse Directive
Issues include the scope of the markets and financial instruments, the ability of competent authorities to gain access to telephone records and other data and the obligation to draw up insiders' lists. Questions related to short-selling are also included.  View Article

Commission consults on harmonisation of securities law
The Commission consults on the necessity to improve the EU-wide legal framework for securities holding and transaction and on how future EU legislation in this field could address the issue.   View Article

Parliament adopted report on CRAs
The new legislation will put in place a single point of entry for the registration of agencies. The European Commission will have, before a legislative initiative in July 2010, to establish a genuine European supervision.  View Article

EP and Council agree on CRA legislation
The compromise reached provides for a greater role for CESR, which will be in charge of registering CRAs' and would provide a single point of entry for the submission of applications.  View Article

Deutsche Börse plans trading in European stocks
Deutsche Börse announced the launch of "Xetra International Market" by the end of this year, offering for trading in European blue chips cleared by Eurex.  View Article

Insurance Back to top 

Parliament adopted Solvency II Directive
Parliament and the Council have already reached an agreement on a common text. The legislative procedure ended with Parliamentary vote and a consequent formal go-ahead by the Council.  View Article

EP and Council agree on Solvency II
The agreement set minimum levels for the MCR for different types of company and indicates that the MCR should be between 25 and 45 per cent of the company’s SCR.  View Article

Corporate Governance Back to top 

CEBS high level principles on remuneration
The principles are expected to be implemented by the institutions at the end of Q3 2009. The scope covers remuneration policies applying throughout an organisation rather than focusing exclusively on executive pay or severance pay.  View Article

CESR response on proposed FASB amendments on Fair Value Measurement
The IASB should wait for a comprehensive and joint solution on financial instruments rather than aiming at issuing piecemeal guidance on various areas of fair value accounting, CESR notes.  View Article

Edited Minutes of key legislative Bodies Back to top 

ECON meeting 21 April
Papademos said he supported the Commission's proposal for 5 per cent retention rate for securitisation products. A higher level would probably not bring greater alignment of incentives, he said.   View Article

Competition issues in financial Services Back to top 

Commission approves UK Asset-Backed Securities Guarantee Scheme
Under the scheme, investors will benefit from the guarantee provided to securities issued by special purpose vehicles collateralised with residential mortgages. Guarantees allocated under the scheme will be limited to a total of £50 billion.   View Article

© Graham Bishop

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