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22 October 2009

This week in "Brussels" - with podcast

An audio reading - a podcast - is available

© 2009Jump directly to articles on:-
Financial Services Policy Banking Securities Asset Management
Corporate Governance Competition issues in financial Services Financial stability - policy analysis  
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Articles from 15 October 2009 - 22 October 2009
Financial Services Policy Back to top 

ECOFIN conclusions on financial supervision: Broad agreement and targeting conclusion by end-2009
ECOFIN will start negotiations with the European Parliament on the regulation on the basis of this approach, intending to reach agreement at first reading. ECOFIN referred this to the October European Council but is still targeting conclusion by end-2009  View Article

Securities income: Commission recommends simplified procedures for claiming cross-border withholding tax relief
Designed not to hinder the functioning of the Single Market, the recommendation suggests measures to eliminate tax barriers facing financial institutions in their securities investment activities, while protecting tax revenues against errors or fraud.  View Article

AMF - Regulation and Asset Management Newsletter No11
AMF Newsletter No 11 addresses the IOSCO’s standing committee on investment management, the work of the European Union on fund depositaries and the AMF asset management round-up. It also covers Q&A with Jacques Delmas on key investor documents.  View Article

ACCA: Global SME survey shows cautious optimism on improving access to finance
The report urges the Commission to keep the SME sector at the top of its agenda as access to finances has been the biggest problem facing SMEs in the last two years. According to the latest research, businesses expect a gradual improvement in 2010.  View Article

ECB Gertrude Tumpel-Gugerell: the European response to the financial crisis
With regard to the regulatory response, Tumpel-Gugerell believes that many regulatory issues can only be truly tackled at the global level. Indeed, under the aegis of the G20, authorities worldwide have agreed on a common agenda for regulatory reform.  View Article

BIS: “Trading book quantitative impact study by the Basel Committee”
Banking Supervision study concludes that changes to the market risk framework will increase average trading book capital requirements by two to three times their current levels, although the Committee noted significant dispersion around this average.  View Article

Big issues for the next ECOFIN Council
EU Finance Ministers will meet in Luxembourg to discuss financial supervision, as well as how public finances are to be brought back into balance.  View Article

US Fed Tarullo: state of the banking industry
The banking industry needs time to work through challenges raised as a result of the crisis and to fully recover. Only then can it serve as a source of strength for the economy. Some positive signals have appeared but caution is still needed.  View Article


Banking Back to top 

Commission consults on crisis management in the banking sector
The Commission is consulting on a broad range of issues aimed at safeguarding financial stability and the continuity of banking services in a cross-border banking crisis. It poses questions about the necessary tools for a crisis management framework.  View Article

BBA statement on FSA mortgage market review
The issue currently facing lenders, borrowers and regulators is how to ensure that the risk of taking out a mortgage is shared effectively between all parties. Any new rule must not create unreasonable obstacles for lenders or borrowers.   View Article


Securities Back to top 

Commission sets out future actions to strengthen the safety of derivatives markets
The Commission has adopted a Communication on derivatives markets. In 2010 it will come forward with legislative proposals in line with the G20 Pittsburgh statement. The communication will be accompanied by a thorough impact assessment.   View Article

CESR: results of the consultation on CRAs Central Repository
Most respondents expressed general support for the proposals in CESR's Consultation Paper, though several admitted to concerns about potential costs and efforts for CRAs resulting from providing data and calculations to the CEREP.  View Article

CESR consults on the assessment of CRA’s systemic importance
This consultation seeks comments on the conclusions CESR has drawn for setting guidelines for the registration process, the functioning of colleges, the mediation protocol, standards on presentation of information for registration and endorsement.  View Article

CESR consults on a common definition of European money market funds
This paper maintains that the key purpose behind a harmonised definition of ‘money market funds’ is improved investor protection. CESR proposes a two-tiered approach to a common definition of both short-term and long-term European money market funds.   View Article


Asset Management Back to top 

Hedgeweek: Revolution in hedge funds business has started
John Lowry, chairman of ML Capital, is warning that many hedge fund managers do not realise the impact of the legislation on the industry, and that many politicians have proposed punitive conditions on funds that are not domiciled within the EU.  View Article

FSA impact assessment of the AIFM directive
The IA shows that it has not been possible to identify the proportion of funds currently domiciled outside the EU that will re-domicile into the EU in order to continue to be marketed to EU investors.  View Article


Corporate Governance Back to top 

Neelie Kroes: the importance of open, transparent standardisation processes
Kroes highlighted that any standards body should see the Commission as a partner. The Commission operates an open door policy to discuss standards. It is in the interests of all parties that we work together toward openness and high standards.  View Article

EFRAG issues its draft comment letter to IASB on Rate-regulated Activities
EFRAG acknowledges and supports the IASB's objective of eliminating divergence in practice on the accounting for rate-regulated activities, and to some extent achieve closer convergence with the accounting under US GAAP.  View Article

EFRAG: Fast-track of Financial Instruments Proposals
EFRAG has decided to permit EFRAG TEG to ‘fast-track’ the development of its endorsement advice on the IFRS which replaces the classification and measurement requirements in IAS 39 Financial Instruments.  View Article

Chairman of the IASB provides update to ECOFIN on reform of IAS 39
Sir David Tweedie, Chairman of the IASB, and Sir Bryan Nicholson, IASC Foundation Trustee, deliver update to ECOFIN on reforms to IAS 39. Sir David confirmed they are working closely with the Commission and EFRAG to facilitate a smooth endorsement.  View Article

EFRAG comments on the IASB’s Exposure Draft on Fair Value Measurement
EFRAG supports most aspects of the IASB proposal to define fair value, but thinks it should only apply to financial assets and financial liabilities until there has been a public consultation on its use for non-financial assets and liabilities  View Article

IAASB seeks views on auditing complex Financial Instruments
The International Auditing and Assurance Standards Board (IAASB) have released a Consultation Paper ‘Auditing Complex Financial Instruments’, it seeks views on developing new fair value auditing guidance where it is most critical in today's environment.  View Article


Competition issues in financial Services Back to top 

Commissioner Kroes: consumers need robust competition more than ever before
Commissioner Neelie Kroes emphasised the importance of robust competition policy for consumers, adding that it is not just about lowering prices for consumers, but also influencing their choice and quality.  View Article

Fortis Bank Nederland and ABN AMRO Bank Nederland - Commission grants 24-hour extension
In the light of encouraging developments, the Commission is granting an extension of the deadline for the divestment of Fortis's corporate banking business until 20th October to allow a preliminary agreement on the sale of its numerous businesses.  View Article


Financial stability - policy analysis Back to top 

Portes: “Wasting the Crisis” - but the "living will" concept could help
Professor Portes attacked the current proposals for financial regulation in Europe, and in the US as ineffectual - with the possible exception of the "living will" concept. Politicians are picking the easy targets that will appease public opinion.  View Article

ECB's Lorenzo Bini Smaghi: "A failure of capitalism?"
The capitalist system can be improved, it includes unstable elements that we do have to live with, as crises cannot really be avoided. We should try to reduce the impact and enhance our defences, having tougher regulations and more effective supervision.  View Article




© Graham Bishop

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