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10 September 2009

This week in "Brussels"

© 2009Jump directly to articles on:-
Financial Services PolicyBankingSecuritiesCorporate Governance
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Articles from 03 September 2009 - 10 September 2009
Financial Services Policy Back to top 

Buzek and Trichet at the European Parliament: Crisis is not over. We should reform
Eight Member States already have taken the initiative in reforming the banking sector.  View Article

Swedish Presidency outlined their priorities for a range of parliamentary committees
“Defence line number one" is to improve the supervision of financial markets and to set up European infrastructure in this area.  View Article

Bank of France Financial Stability Review: the future of financial regulation
Reforming the way finance is regulated involves some trade-offs like increasing the resilience of financial systems and ensuring they remain responsive to risks.   View Article

Trichet: The ECB’s exit strategy
Central banks need to have the institutional status and necessary independence to carry out any action they deem necessary to fulfil their task.   View Article

Speech - Papademos: the ECB is prepared to support the ESRB.
The ECB will play a key role in the new financial architecture, its success relying on the ability to give comprehensive and relevant information.  View Article

European Commission President José Manuel Barroso proposes a partnership for progress and ambition to the European Parliament
Europe must exit from the current crisis confident that it has a more ethical, robust and responsible financial system.  View Article

Veron: Rules of the Game
How the EU missed the boat in seizing leadership of the policy debate at a time when the US was poorly placed to set the pace  View Article

Treasury roadmap for US banking reforms
The US Treasury set out its core principles to reform the international regulatory capital and liquidity framework. A global agreement on higher capital requirements and better rules to match the risks embedded in banks’ portfolios should be agreed.  View Article

Geithner calls for more action on OTC derivatives
Treasury Secretary Geithner welcomed the European initiative for compensation reform. “In addition to capital and compensation, more work needs to be done on over-the-counter derivatives and cross-border resolution frameworks”, Geithner said.  View Article

G20 Finance Ministers agree to tackle remuneration practice
Ministers outlined the blueprint for further action and called for greater transparency and global standards on pay structure. They also reiterated their call for stronger regulation and monotoring for systemically important firms.  View Article

BCE Gertrude Tumpel-Gugerell: SEPA for cards.
A new European card scheme could provide a decisive impetus to solving interoperability and overcoming costly fragmentation.  View Article

McCreevy: Action needs to be taken at EU level on responsible lending and borrowing
Borrowers need to know that their interlocutor is professional, has sufficient expertise and is adequately supervised.  View Article

EUROFINAS: first identify what and where the real problems are before considering any European initiative on lending and borrowing.
Eurofinas urges policy-makers to adopt a differentiated approach between brokers, agents and dealers/retailers involved in the distribution of credit at the point of sale.   View Article

Banking Back to top 

Dutch adopt new bank bonus rules
The new code of conduct will include capping bonuses and making sure they can be clawed back in the future.  View Article

Regulators will introduce tougher prudential rules for the banking sector
Basel Committee will raise the quality, consistency and transparency of the Tier 1 capital base; set a leverage ratio and minimum liquidity standards.  View Article

Securities Back to top 

ECB González-Páramo: some reflections on the future of the market for credit derivatives.
It is important that all the relevant public authorities continue to pursue the objective of strengthening the credit derivative markets.   View Article

IOSCO Issues Final Regulatory Recommendations on Securitization and CDS Market
Recommends assisting financial market regulators in introducing greater transparency and oversight with respect to the securitization and credit default swaps (CDS) markets.   View Article

SWIFT: European bank data transfers must comply with European standards, say MEPs
MEPs criticized the Council's choice of legal base and demanded to be involved in the drafting of the agreement.  View Article

EUREX: The Global Derivatives Market - A Blueprint for Market Safety and Integrity
There is evident need to reform unregulated parts of the derivatives market.  View Article

Corporate Governance Back to top 

Tenth meeting to accelerate convergence of Japanese generally accepted accounting principles (GAAP) and IFRS
Good progress is being made towards convergence of IFRSs and Japanese GAAP.   View Article

EFRAG's Comment Letter on the IASB's Request for Information 'Impairment of Financial Assets: Expected Cash Flow Approach'
Implementation of an Expected Cash Flow Approach will involve significant operational challenges in Europe.  View Article

EFRAG's Invitation to Comment on its initial assessments of the Amendments to IFRS 1
The first amendment is a deemed cost exemption for certain oil and gas assets and the second is for a reassessment of a lease determination under certain circumstances.   View Article

EFRAG comments on the IASB’s Exposure Draft of amendments to IAS 19 discount rate for employee benefits.
Efrag believes that entities need guidance to help them estimate market yields rather than individual bond yields.  View Article

© Graham Bishop

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