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11 June 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 04 June 2009 - 11 June 2009
Financial Services Policy Back to top 

The Reform of Financial Regulation in Europe
Sir Brian Unwin and Graham Bishop warn of the dangers to the City from remaining outside European regulatory arrangements. The City cannot afford the risk of self-marginalization.  View Article

FED Tarullo outlines key components of legislative agenda for systemic risks
A systemic risk perspective requires that the Board conduct more closely co-ordinated supervision of major bank holding companies, he said and underlined that it is critical that systemic risk and too-big-to-fail problems be substantially reduced.  View Article

FSA Sato – outlines changes in financial regulation
The Commissioner highlighted six key concepts that indicate the likely changes in financial regulation. However, he warned that regulators must avoid impeding the vigour of financial business and innovations in financial markets by excessive regulation.  View Article

FSA Japan - Newsletter May 2009
The Japanese FSA published its May newsletter which includes a report about the Monitoring Board’s meeting with the IASCF Trustees in London and a report about the basic plan for examinations and inspections of audit firms.   View Article

Tanimoto - Japan’s contribution in response to the current crisis
The financial services industry is expected to correct the financial business model, Mr Tanimoto said. He warned against hastily raising minimum capital requirements and proposed to strengthen the risk capture at financial institutions.  View Article

Banking Back to top 

CEPS paper on Deposit-Protection Schemes - Issues for an EC Directive
This paper attempts to identify and analyse the major issues facing the member states as they seek agreement on the Commission proposal.  View Article

BIS Quarterly Review - June 2009
Hopes that the worst of the financial crisis and economic downturn had passed sparked a rebound in risk appetite among investors. Inter-bank markets conditions continued to improve gradually.  View Article

Commission consultation on possible end-date for SEPA migration
The Commission has launched a consultation on whether and how deadlines should be set for the migration of existing payment to stop the slow migration process. In the past there have been concerns that more time might be needed.  View Article

CEBS second advice on options and national discretions
CEBS proposes to include additional criteria in the respective provisions in the CRD on the national discretions, on the treatment of high-risk items and on the recognition of other physical collateral.  View Article

CEBS Annual Report 2008
The report provides an overview of 2008 activities and provides an overview of the priorities for 2009. CEBS plans to set up recommendations on the functioning of colleges and develop detailed guidance on the composition of liquidity buffers.  View Article

Securities Back to top 

FMLC concerned about Commission initiative to harmonise EU securities law
FMLC criticizes that it remains uncertain which law determines legal rights related to securities held through financial intermediaries. The objections made to the Hague Securities Convention are unconvincing.  View Article

ECMI: Integrating Europe’s Back Office
The financial crisis sharpened the debate on Europe’s back office architecture, ECMI argues. The solid configuration of the ECB’s T2S project shakes however, when we examine the impact on the competitive landscape, the authors argue.  View Article

CESR call for evidence on mutual recognition with non-EU jurisdictions
CESR intends to develop a technical analysis on possible criteria and procedures that could be taken into account for mutual recognition. Areas may include trading venues, intermediaries, and collective investment schemes.  View Article

Insurance Back to top 

CEIOPS Annual Report 2008 and Work Programme 2009
The document provides a comprehensive overview of CEIOPS achievements in 2008 and an outline of CEIOPS objectives for the current year. Solvency II deliverables will cover all three pillars of the Solvency II framework as well as group issues.  View Article

Corporate Governance Back to top 

IASB suffers significant institutional weaknesses.
IASB suffers chiefly from the weaknesses of its institutional set-up. The European Commission, which had championed the IASB in 2002 but is now rather clumsily attempting to control it, has yet to sign the Monitoring Board’s founding document.  View Article

CESR criticises lack of detail in IASB discussion paper on Revenue
A certain number of application problems are not addressed in the discussion paper and the consequences of the new proposal are not clear, CESR notes and calls on the IASB to come forward with a new paper.  View Article

EFRAG criticizes IASB/FASB discussion paper on Leases
EFRAG criticizes the lack of a more comprehensive analysis. It would be particularly unfortunate if the result of the DP was simply to replace one difficult border with another, EFRAG notes.    View Article

EFRAG's Draft Comment Letter on the IASB's ED Income Taxes
EFRAG has various concerns with the proposals in the ED, and is not convinced that they represent an improvement to the accounting in existing IAS 12.  View Article

Edited Minutes of key legislative Bodies Back to top 

Council agreed on the reform of the EU's supervisory framework for financial services. The Commission will present legislative proposals by early autumn 2009. Ministers also exchanged views on accounting standards and fair value measurement and impairment  View Article

Competition issues in financial Services Back to top 

Kroes reminds ECOFIN on competition issues of rescue programmes
Temporary rescue measures will not take us out of the financial crisis, Kroes said and announced to come forward with guidelines for restructuring banks in due course. She also called for a timely phasing out of the rescue schemes.   View Article

© Graham Bishop

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