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30 April 2009

This week in "Brussels"

© 2009Jump directly to articles on:-
Financial Services PolicyBankingSecuritiesAsset Management
Corporate GovernanceFinancial Services Month in Brussels - ReportEdited Minutes of key legislative BodiesCompetition issues in financial Services
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Articles from 23 April 2009 - 30 April 2009
Financial Services Policy Back to top 

FCAG urges G-20 leaders for continuous support
The Boards of IASB and FASB will issue a comprehensive proposal later this year to improve and streamline the reporting of financial instruments, in particular on the valuation and off-balance sheet standards.   View Article

ECB Trichet warns against regulatory arbitrage
Regulatory arbitrage across countries and across continents would be a recipe for catastrophes, Trichet underlined and called for combating financial protectionism which could delay recovery and dampen the future growth of the global economy.  View Article

G7 reaffirmed need for reforms
G7 members discussed the regulatory reforms undertaken in each country and at international level and reconfirmed to implement swiftly the commitments made in London.   View Article

Overview of measures to the financial and economic crisis
The Commission issued an overview of the national measures adopted as a response to the financial and economic crisis.  View Article

FSA new banking regulation
The FSA will take over all retail banking conduct regulation for deposit taking and payment services in November 2009.   View Article

EU-Japan High Level Meeting on Financial Issues
Commission and JFSA agreed to deepen their co-operation striving for more open and competitive financial services markets with a view to a co-ordinated response to the crisis and discussed the impact of the crisis in their own system.  View Article

JFSA newsletter February 09
The monthly newsletter contains articles on the report on the Financial System of the Financial System Council, the JFSA second progress report on "Better Regulation", and on the Japanese GAAPs equivalence to IFRS.  View Article

BoJ starts website on measures taken on financial crises
The new web page lays out the Central Bank's measures in the financial crises and also provides information about various monetary policy measures including money market operations.  View Article

Commission Communication on packaged retail investment products
The proposals focus on product disclosures and sales processes for all packaged retail investment products, such as investment funds, insurance-based investments and the various types of structured products.   View Article

Commissioner Kuneva outlines roadmap on retail financial services
Kuneva announced publishing a Communication on Packaged Retail Investment Products this month that sets the roadmap to harmonize and improve disclosures and sales practices. The in-depth study on banking fees will be published in summer.  View Article

3L3 Committees support de Larosière proposals
Committees support the call for a strengthened and harmonised legal framework for financial services at EU level and welcome the proposal to enhance their current status and to transform them into independent Authorities.  View Article

Banking Back to top 

BIS paper on a framework for assessing systemic risks of major financial institutions
The working paper proposes a framework for measuring and stress testing the systemic risk of a group of major financial institutions.   View Article

Parliament adopts new directives on e-money and cross border payments
The new e-money directive will introduce proportionate prudential requirements facilitating market access to newcomers. The new regulation on cross-border payments extends the principle of equal charges for national and cross-border payments.  View Article

Securities Back to top 

Council adopted settlement finality and collateral directives
The Council adopted the amended directives on settlement finality in payment and securities settlement systems and on financial collateral arrangements with regard to linked systems and credit claims.  View Article

ECB appoints members of the T2S Programme Board
The members of the T2S Programme Board are appointed for a renewable term of 18 months. The T2S Programme Board will commence work in May 2009.  View Article

Asset Management Back to top 

BVCA Walker calls Commission proposal on private equity bad for the UK
Walker called for private equity to be completely removed from the Commission’s proposal. "It proposal is irrational in that it seeks to bring very different asset management classes such as private equity and hedge funds within the same domain  View Article

Commission proposal for managers of alternative investment funds
The proposed Directive will require all AIFM within scope to be authorised and to be subject to harmonised regulatory standards on an ongoing basis. The Directive will apply to those AIFM managing a portfolio of more than 100 million euros.  View Article

AIMA: Low Levels of Leverage in Global Hedge Fund Industry
The world’s hedge fund industry has historically low levels of leverage, and the idea of the industry as highly-leveraged is a misconception, according to AIMA, citing the most recent figures from the ECB and the UK FSA.  View Article

Corporate Governance Back to top 

Commission guidance on directors' remuneration
The Recommendation focuses on certain aspects of the structure of directors' remuneration and the process of determining directors´ remuneration, including shareholder supervision.  View Article

Commission principles on remuneration in financial institutions
The Recommendation sets out guidelines on the structure of pay, on the process of design and implementation of remuneration policies and on the role of supervisory authorities in the review of remuneration policies of financial institutions.  View Article

IASB timetable for IAS 39 replacement
The IASB set out a detailed six-month timetable for publishing a proposal to replace IAS 39 and announced the results on the Staff Positions on fair value measurement and impairment.  View Article

EFRAG final response on fair value measurement guidance
EFRAG complains and criticizes that unilateral changes will fuel a move towards accounting standards representing the lowest common denominator and will inevitably slow down the development of a comprehensive global solution.  View Article

Financial Services Month in Brussels - Report Back to top 

April 2009
After the immense build-up, the leaders of the G20 countries succeeded in reaching agreements that are likely to have profound implications for the regulation of financial services during the next few years.  View Article

Edited Minutes of key legislative Bodies Back to top 

EP Plenary meeting 21-24 April
Parliament adopted the Directives on Solvency II and CRAs and voted on the e-money directive and cross border payments directive. It also adopted a resolution on the outcome of the G20 meeting.  View Article

Competition issues in financial Services Back to top 

Kroes warns to preserve level playing field despite government interventions
In the midst of the massive government interventions we need to make sure that we do not also lose the level playing field and the future dynamism that comes from competition, Commissioner Kroes warned.  View Article

Commission approves amendments to Swedish bank guarantee
The Commission approved the package of amendments to the Swedish state guarantee scheme for financial institutions. The changes concern the prolongation of the scheme's validity until 31 October 2009 and the extension of its scope.   View Article

© Graham Bishop

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