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17 September 2009

This week in "Brussels"

© 2009Jump directly to articles on:-
Financial Services PolicyBankingSecuritiesInsurance
Asset ManagementCorporate GovernanceCompetition issues in financial Services
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Articles from 10 September 2009 - 17 September 2009
Financial Services Policy Back to top 

BIS: report and recommendations of the Cross-border Bank Resolution Group issued by the Basel Committee
The report sets out ten recommendations that reflect the lessons from the recent financial crisis and seek to improve the resolution of a failing financial institution that has cross-border activities.  View Article

FSA and SEC discuss approaches to global regulatory requirements
In particular, they agreed to identify a common, coherent set of data to collect from hedge fund advisers/managers to help the SEC and FSA identify risks to their regulatory objectives and mandates.  View Article

Financial Stability Board meets in Paris
The FSB will submit two reports to the G20 Leaders’ Summit in Pittsburgh where it states that, despite welcome signs of movement toward normalisation of markets in recent months, fragilities remain and the supply of credit remains weak.  View Article

IMF Executive Board discusses the management of Crisis-Related Interventions in the Financial System
It is still too early to withdraw the substantial support provided by governments and central banks; moreover, countries should take a comprehensive approach to managing their new assets, liabilities, off-balance sheet risks and contingent claims.  View Article

ECB Smaghi: this is not – yet – the time to implement exit strategies
He remarked that it is critical to have a well thought-out exit strategy; markets have to realise that the current policy is temporary but at the same time it is important to have have a well thought-out exit strategy.  View Article

BIS: Quarterly Review, September 2009
The BIS Quarterly Review is divided into two parts. The first presents an overview of recent developments in financial markets while the second presents special feature articles on, for instance,  the future of securitisation.  View Article

Single Euro Payments Area: Commission presents actions to make SEPA a success
The Roadmap for 2009-2012 focuses primarily on Member States which have adopted the euro. Nevertheless, most non-euro Member States are striving for euro membership and the euro already plays an important role in their commercial and trading relationships  View Article

Obama urges strong rules and regulatory reform
We will not go back to the days of reckless behaviour and unchecked excess that was at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses, President Obama said a week ahead of the G20 summit.  View Article

European Commission calls for united EU position for G20 Summit in Pittsburgh
Next week's Pittsburgh meeting needs to build on the success of the April meeting in London. The Commission believes there are several points which need to be made, as the EU, to G20 partners.   View Article

Banking Back to top 

BBA: complaints data finds most customers content with their bank
The BBA reveal that most customers are satisfied with their bank. Furthermore, banks are not complacent and are continually working to improve service and efficiency.  View Article

Securities Back to top 

ECB: statistics on payments and securities trading, clearing and settlement – 2008
In 2008 the total number of non-cash payments, using all types of instruments, increased by 5% to 78 billion in the EU. Card payments accounted for almost 40% of all transactions in 2008.  View Article

SWIFT: new EU-US agreement will be renegotiated next year
Under pressure from MEPs, the Council of EU ministers has agreed to renegotiate a deal with the US on the transfer of banking data next year.  View Article

T2S spat turns up the heat at Sibos
At a recent debate chaired by the ECB, the CSDs who are likely to see their revenues reduced when T2S is introduced, urged the ECB not to underestimate the barriers that will exist and not to overstep its original remit.  View Article

CESR comments on IASB’s Exposure Draft Financial Instruments: Classification and Measurement
CESR believes that it is crucial that the IASB and the FASB work together to make sure that IFRS and US GAAP are fully converged in the area of financial instruments accounting. There is divergence at the moment.   View Article

CESR’s technical advice to the European Commission on level 2 measures relating to mergers of UCITS, master-feeder UCITS structures and cros
After the approval of a compromise text by the European Parliament and the Council early in 2009, the Commission prepared a request to CESR for technical advice on possible implementing measures concerning the future UCITS Directive.  View Article

CESR- Q&A regarding prospectuses. Common positions agreed by CESR Members - 9th updated version
The new Q&A is on the following issues: profit forecasts or estimates, employees in cases where a prospectus is required, definition of public offer, valuations and statements prepared by an expert.    View Article

Insurance Back to top 

CEIOPS consultation papers on Solvency II: more than 20,000 comments received
CEIOPS will analyse the comments and finalise the advice to be adopted at its Members’ Meeting at the end of October, together with the final advice from the first set for which the consultation ended earlier this year.  View Article

Asset Management Back to top 

IOSCO: international regulatory standards on hedge fund related issues based on best market practices.
This report is based on the Final Report from June 2008 and completes the principles already provided in 2008. It focuses on the methods hedge fund managers employ to deal with liquidity risk and on the due diligence processes used.  View Article

COMPLINET's Elstob: Rasmussen identifies loopholes in the AIFM
He warned that the directive has insufficiently specific transparency requirements, in terms of what information should be disclosed, and how frequently, and the absence of any capital or liquidity requirements for fund managers.  View Article

Corporate Governance Back to top 

IASB: Trustee letter to G20 participants
In preparation for the upcoming Pittsburgh Leaders Summit, the IASB’s emphasis has been to define in a balanced and transparent way the appropriate criteria for classifying instruments to be measured at cost and fair value.      View Article

European banks see room for improvement in IASB proposal for IAS 39 revision
Following recommendations made by the G-20, the EBF is warning against the lack of coordination between the IASB and the Financial Accounting Standards Board which, it believes, is putting global convergence at risk.  View Article

Statutory Audit: Commission proposes cooperation on the exchange of audit working with Canada, Japan and Switzerland
The Commission is now tabling a proposal to allow Member States' auditor monitoring bodies to exchange audit working papers with their counterparts from Canada, Japan and Switzerland upon the signature of working arrangements.  View Article

Competition issues in financial Services Back to top 

State aid: Commission approves German export credit scheme
Germany proposes to introduce a scheme to facilitate the refinancing of existing export credits, thereby providing banks with appropriate funding to grant new export credits.  View Article

State aid: Commission approves Finnish capital injection scheme for financial institutions
Under the scheme the Finnish State would subscribe non-cumulative and unsecured subordinated loan instruments issued by eligible banks up to a quarter of the required amount of their own funds.  View Article

Brussels may force Lloyds to surrender Halifax
Sources say that Neelie Kroes is planning to put pressure on Lloyds to relinquish assets as punishment for the billions of pounds of state aid that the bank has received. The Commission wants Lloyds to begin by severing its links with Halifax.   View Article

Commission extends in-depth investigation for ING
In January 2009 the Dutch State and ING implemented a so-called illiquid assets back-up facility for a portfolio of US$ 39 billion. Impaired asset relief has to be properly remunerated and should not give undue advantages to banks.  View Article

© Graham Bishop

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