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04 June 2009

This week in "Brussels"

© 2009Jump directly to articles on:-
Financial Services PolicyBankingSecuritiesInsurance
Corporate GovernanceCompetition issues in financial ServicesGraham Bishop’s Articles and occasional Papers
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Articles from 28 May 2009 - 04 June 2009
Financial Services Policy Back to top 

CESR publishes key principles for the delegation of tasks between competent authorities and 3L3 report on the delegation of responsibilities
The Report gives an overview of the pros and cons of delegation of responsibilities and possible issues that need to be tackled in different directives. The Key principles deal with several aspects of the cross- border delegation of tasks.  View Article

Banking Back to top 

Commission consults on review of Directive on Deposit Guarantee Schemes
The Consultation focuses in particular on the effectiveness of the potential options, on compliance costs, impacts on competition and other impacts, as well as on other implied costs and benefits.  View Article

Securities Back to top 

CESR list of measures recently taken on short selling – update
CESR updated the list of measures recently taken by Members regarding short-selling. Latest updates have been provided by the Belgian, German and Dutch Supervisors respectively.  View Article

ECMI comment on short-selling
The paper explores whether short-selling is legitimate and beneficial to the market and outlines the difference between naked and covered short-selling. It also asks about it’s consistent definition across jurisdictions.  View Article

Joint consultation on issues noted in the Financial Conglomerates Directive
One of the major proposals is a change to the definition of holding companies, including the definitions of different types of holding companies and their impact on the scope of sectoral group supervision.  View Article

Clearstream to sign MoU with ECB on TARGET2-Securities
Clearstream Banking Frankfurt, the CSD for the German domestic market, and Clearstream Banking Luxembourg, in its role as the CSD for Luxembourg, will sign the Memorandum of Understanding presented by the ECB on TARGET2-Securities  View Article

Insurance Back to top 

CEIOPS sets out implementing measures timeline for Solvency II
Following the consultation on the first set of advice on Level 2 measures for Solvency II, CEIOPS informs stakeholders on the implementing measures on which CEIOPS will consult in a second and third set.  View Article

ABI Solvency II Bulletin
The Bulletin provides a timeline on the Solvency II Directive setting out the major steps to be taken by insurers before implementation in 2012.  View Article

Corporate Governance Back to top 

Article: IASB suffers institutional weakness
IASB and its Trustees have made damaging mistakes but that Europe should think twice before attempting to bully the standards-setters into submission, as a number of policymakers and banking industry leaders currently advocate.   View Article

IASB revises timelines for IAS 39 replacement
The IASB revised its timetable for the comprehensive review of IAS 39 and now plans to publish an exposure draft on the classification and measurement of financial instruments during July 2009.  View Article

IASB consults on draft guidance on fair value measurement
The proposals would replace fair value measurement guidance with a single, unified definition of fair value, as well as further authoritative guidance on the application of fair value measurement in inactive markets.  View Article

IASB proposes to clarify the accounting for prepayments for pension plans - IFRIC 14 IAS 9
The amendments are correcting an unintended consequence of IFRIC 14. As a result of the interpretation, entities are in some circumstances not permitted to recognise as an asset some prepayments for minimum funding contributions.  View Article

EFRAG European survey of Users’ information needs
EFRAG issued a report summarising and analysing the results of a recent survey of users of financial statements.  View Article

EFRAG recommends adoption of IFRIC 17 - Distributions of Non-cash Assets to Owners
EFRAG completed its due process regarding the IFRIC 17 and has submitted its Endorsement Advice Letter and Effects Study Report to the European Commission.  View Article

EFRAG recommends adoption of IFRIC 18 - Transfers of Assets from Customers
IFRIC 18 provides guidance on the accounting for transfers. IFRIC 18 becomes effective on or after 1 July 2009, with earlier application permitted.  View Article

EFRAG recommends adoption of IFRIC 9 and IAS 39
The Amendment clarifies that an entity must assess whether an embedded derivative is required to be separated from a host contract when the entity reclassifies a hybrid financial asset out of the fair value through profit or loss category.   View Article

EFRAG recommends adoption of amendments to IFRS 7
The Amendment is intended to improve disclosures about fair value measurements and liquidity risk management associated with financial instruments.  View Article

Competition issues in financial Services Back to top 

Commission endorses rescue aid for German HSH Nordbank
Hard work needs to be done to establish a viable concept for the future of HSH Nordbank, Commissioner Kroes. “This could lead in turn to a wider restructuring and consolidation of the German Landesbank sector."  View Article

Graham Bishop’s Articles and occasional Papers Back to top 

European Financial Supervision: Commission Communication of 27 May - COM(2009)252
The De Larosiere Group (DLG) published its report in February 2009 after intensive discussions and set out an agenda for reform that was both demanding, yet stopped short of requiring changes to the founding Treaties of the European Union.  View Article

Appendix: European Financial Supervision: Summary of key elements in the Commission Communication
This summary is intended only to highlight the most important elements of the proposal, rather than be a comprehensive and balanced review. Bold italics are this editor’s highlights.  View Article

© Graham Bishop

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