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15 October 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 08 October 2009 - 15 October 2009
Financial Services Policy Back to top 

IMF: fiscal challenge next for policymakers
Heads of IMF Fiscal Affairs Department and Monetary and Capital Markets Department discuss what might happen if fiscal policies are left unaddressed, agreeing that it is still too soon to unwind those put in place to fight the crisis.  View Article

CMSA of the US: financial firms warn accounting changes could threaten recovery
The Commercial Mortgage Securities Association said that the accounting rule bans the use of controversial financial entities that allowed firms to shift risks away from their bottom lines.   View Article

Commissioner Almunia: “Exit strategies are essential for the sustainability of public finance”
The long-term sustainability of public finances is a concern for all EU countries. Fiscal exit strategies aimed at achieving ambitious and realistic medium-term objectives need to be designed now and implemented in a co-ordinated manner.  View Article

ICMA Regulatory Policy Newsletter - October 2009
The October issue analyses the response to the international financial crisis. With new regulations affecting international capital markets, this will significantly change the boundaries for market practice in the future.  View Article

European Council conclusions on strengthening EU Financial Stability Arrangements
The Council has recently been stressing the need to move forward to ensure that progress is made in parallel with the ongoing work on the EU supervisory framework, and to strengthen the mechanisms for policy co-ordination in crisis management.  View Article

EUROFINAS stresses the important role that consumer credit providers can play in the field of financial education
The publication consists of a sample of national trade association initiatives as well as various case studies on lenders’ projects. It offers a unique insight into the initiatives and projects, including a review of their objectives.  View Article

Commissioner McCreevy:”It is essential that banks adhere to the SEPA Direct Debit Scheme”
The EPC SEPA Direct Debit Scheme is innovative and provides a framework for SEPA’s flagship product. As a result, all direct debits, whether domestic or cross-border, are provided under the same essential conditions and modalities throughout the SEPA area  View Article

ECB’s Tumpel-Gugerell:”Payments are becoming European”
There are many benefits to a harmonized retail payments market with common instruments, e.g. SEPA. As 50 % of cross-border trade of Euro countries are with each other, small to medium-sized enterprises benefit from harmonization across the national border  View Article

SEC Chairman Schapiro: the financial crisis has reinforced the importance of information disclosure
SEC Chairman Schapiro, at the IOSCO Technical Committee Conference in Basel, remarked that the SEC’s philosophical emphasis on transparency is shared by securities regulators around the world, as well as by IOSCO as an organization.   View Article

City of London banks agree to support G20 bonus reforms
In a competitive and global business, leading international banks have recently stated that banking remuneration must be consistent with effective risk management and there must be national and international consistency on this issue.   View Article

Banking Back to top 

BIS report on mutual guarantee institutions and small business finance
Small firms have little collateral and short credit histories and thus may find it difficult to raise funds from banks. The report shows that small firms affiliated with mutual guarantee institutions pay less for credit compared with non-MGI members.  View Article

Securities Back to top 

IOSCO considers expanding regulatory scope over markets and products
IOSCO is looking to see how investment products that pose a risk to the broader financial system can be supervised more directly. Failure by Regulators and Central Banks to spot system-wide risks from products, markets and banks should not recur.  View Article

FESE European Equity Market Report: year to - date 2009
For the first time the report gathers data from all European market operators and the major MTFs; each trading venue uploads and validates the data according to the FESE statistics methodology.  View Article

CESR consults on “Understanding the definition of advice under MiFID”
CESR’s paper clarifies and illustrates situations where firms will, or won’t, be considered to provide investment advice, using a question and answer format.   View Article

Insurance Back to top 

CEIOPS publishes an overview of legal requirements under the IORP Directive
The overview is based on a selection of topics relating to relevant national, social and labour law provisions, investment restrictions and information requirements. The information is a snapshot of the situation as at the last quarter of 2009.  View Article

Asset Management Back to top 

AIMA signals new phase of engagement on Directive
There is now a broad consensus among European policymakers that the Directive needs a lot of work and that there will be significant revisions. The question, of course, is what will replace what is currently in the draft Directive.  View Article

Corporate Governance Back to top 

Tax: “Has it fuelled the financial crisis?”, asks global accountancy body
ACCA paper examines the most topical international tax issues, from tax havens to tax competition. Distortions and inconsistencies in tax systems need to be ironed out. Global co-ordination is vital to make sure that tax is fair and transparent.  View Article

IFAC President Robert Bunting says “same high-quality standards are a must.”
At the CReCER Conference in Brazil the IFAC President highlighted the need to focus on supporting SMEs requiring extra care with accounting standards and sharing tasks with international bodies when collaboration is appropriate.   View Article

EFRAG's Final Endorsement Advice Adoption of the Amendments to IFRS 1 Additional Exemptions for First-time Adopters
IFRS 1 provides guidance on the initial adoption of IFRS and a limited number of exemptions and exceptions as a solution for certain implementation issues arising on first-time adoption. The Amendments introduce three new exemptions to existing IFRS.  View Article

EFRAG comments on the IASB ED/2009/10: Discount Rate for Employee Benefits
EFRAG supports the proposed amendment to IAS 19 and agrees that the amendment is urgently needed. EFRAG notes a concern in its letter about the applicability of the proposed guidance and suggests that alternative guidance is provided in a final standard.   View Article

EFRAG comments on IFRIC Draft Interpretation D25 - Extinguishing Financial Liabilities with Equity Instruments
EFRAG agrees with the draft consensus. However, EFRAG believes D25 should be measured at the fair value of the financial liability extinguished unless that amount cannot be reliably measured.  View Article

Competition issues in financial Services Back to top 

European voice: removing the financial supports
European banks are repaying the money lent by governments; however, DG COMP has still a lot of work to do to control how the restructuring is carried out and to ensure that the level playing field is not distorted.  View Article

© Graham Bishop

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