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07 May 2009

This week in "Brussels"

© 2009Jump directly to articles on:-
Financial Services PolicyBankingSecuritiesAsset Management
Corporate GovernanceEdited Minutes of key legislative BodiesCompetition issues in financial Services
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Articles from 30 April 2009 - 07 May 2009
Financial Services Policy Back to top 

Bischoff Report sets out vision for UK financial services sector
UK’s regulators should take a lead on what is appropriate for the industry, the report demands. “We expect and encourage better regulation”, Sir Bischoff said in the opening remarks. “But not everything is broken”, he added.  View Article

ECB Papademos outlines key requirements for Systemic Risk Council
Close co-operation and well-functioning information-sharing mechanisms between the new Council, national micro-prudential supervisors and the proposed European System of Financial Supervision will be indispensable, Papademos said.  View Article

IFSL City Indicators Bulletin - May 2009
London has been deeply affected by the crisis with some firms and markets undergoing major restructuring. The expectation is that the pace of decline of business in financial services would moderate considerably in the second quarter.  View Article

TowerGroup research highlights strategic impact of regulatory changes
The report identifies 10 major regulatory initiatives facing the U.S. securities and investments industry. The new regulatory structure and set of rules will cause strategic shifts in the industry, the report argues.  View Article

Bernanke sees recovery ahead
Conditions in a number of financial markets have improved in recent weeks, reflecting in part the somewhat more encouraging economic data, Bernanke said. However, financial markets and financial institutions remain under considerable stress.  View Article

FDIC newsletter on risk management of investments in structured credit products
The letter reiterates and clarifies existing supervisory guidance on the purchase and holding of complex structured credit products. It focuses on the various supervisory concerns related to these securities.  View Article

EU-Japan summit confirmed co-operation in financial services
Leaders reaffirmed their commitment to implement the decisions taken at the G20 Summit in London and to strengthen supervision and regulation. Japan also expressed its support for inclusion of a specific certification regime for smaller non-EU CRAs.  View Article

Banking Back to top 

LIBA and SIFMA Europe form new European association
As market and regulatory developments increasingly take place on an international stage, a global-facing organisation is the optimum structure to best serve members’ interests, both associations state.  View Article

European Parliament adopted Capital Requirements Directive
European Parliament adopted the report on the review of the CRD introducing a 5 % retention rate of the total value of the securitised exposures. A review clause calls on the Commission to present a proposal by 31 December 2009 if considered convenient.  View Article

Securities Back to top 

IOSCO consults on interim recommendations on unregulated financial markets and products
The Consultation Report makes recommendations about regulatory approaches that may be implemented with respect to securitisation and credit default swap markets and then goes on to discuss the broader unregulated financial markets and related products.  View Article

LCH.Clearnet Chi-X Europe sign MOU on CCP services
LCH.Clearnet and Chi-X Europe have signed a memorandum of understanding for the provision of central counterparty services by LCH.Clearnet to Chi-X Europe.  View Article

Asset Management Back to top 

Specific regulation on SWF’s may not be needed
The paper argues that at present a specific regulation of SWFs may not be needed as their asset management is already constrained by many regulatory, economic and political factors.  View Article

Sovereign Wealth Funds set up permanent forum
The International Working Group of Sovereign Wealth Funds (IWG) established a Forum that will meet at least once a year to exchange views and facilitate an understanding of the Santiago Principles and SWFs’ activities.  View Article

AIMA global sound practices guide for funds of hedge funds managers
The guide focuses on areas including risk management, due diligence, disclosure to investors, valuation, management of conflicts of interest and other operational issues.  View Article

Commission report on key aspects of IORP Directive
The report concludes that there is no immediate need for legislative change on the four key aspects. However, possible legislative changes arising from other important issues affecting IORPs, in particular solvency rules, is being examined separately.  View Article

Corporate Governance Back to top 

IASB meeting on IAS 39
The Board discussed its project to replace IAS 39, in particular a possible remeasurement method based on discounted cash flows and announced publishing an exposure draft on this issue.  View Article

EFRAG draft comment letter on revenue recognition
However, EFRAG has a fundamentally different view from the IASB as to when revenue should be recognised. It also criticizes that the IASB does not further explain why it regards revenue as an important figure.  View Article

Edited Minutes of key legislative Bodies Back to top 

The Council took note of progress on four financial services dossiers including Solvency II and Credit Rating Agencies which will be formally adopted by the Council at a forthcoming meeting, once the texts have been finalised.  View Article

Competition issues in financial Services Back to top 

Commission extends in-depth investigation into UK aid package for Northern Rock
The Commission has extended the scope of its in-depth investigation into a UK aid package for Northern Rock, following substantial amendments.  View Article

Commission opens in-depth investigation into aid package for German Hypo Real Estate
HRE obtained rescue aid in the form of a state guarantee of €35 billion. Germany has notified a prolongation of the guarantee together with accompanying measures for HRE.   View Article

Commission approves recapitalisation of Commerzbank
The Commission approved the recapitalisation of Commerzbank. After Commerzbank sustained major losses, in particular deriving from the Dresdener Bank ABS portfolio, the German Government agreed to provide €18 billion of new capital to the bank.  View Article

© Graham Bishop

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