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25 November 2010

This week in "Brussels"
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Financial Services Policy Banking Securities
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Edited Minutes of Key Legislative Bodies Brief Opinions/Commentaries Financial Stability - Policy Analysis
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Articles from 18 November 2010 - 25 November 2010

Financial Services Policy

President Barroso: it is essential to have a permanent crisis mechanism in place as soon as possible
Barroso stressed that an ambitious financial sector reform is already well underway and important legislation has been accomplished. In 2011, the Commission will table the remaining pieces of regulation, such as MiFID review.   View Article
EP plenary: new financial market supervision system signed into law
The President of the European Parliament, Jerzy Buzek, said that the legislative package is one of the key cornerstones in rebuilding economic growth in the EU. The new and strengthened financial supervisory authorities will help ensure that a deep financial crisis in the future is avoided.   View Article
Olli Rehn: "A lot of work is still needed to make the ESRB fully operational"
He also stressed that the reappearance of tensions in the European sovereign debt markets in the recent weeks underlines the urgency of restoring trust in public finances - the most tested country is now Ireland.   View Article
Barnier and Rehn tell MEPs that Member States' economies need more Europe
With Ireland facing market tensions, austerity measures and an EU/IMF bailout, the two European Commissioners stressed the need for bold steps to ensure tight economic coordination and strong EU-level regulation.   View Article
Jean-Claude Trichet: European Parliament will be the agent for the quantum leap needed by the EU
Mr Trichet explained how the ECB was intervening in the debt security markets of the Eurozone in order to address the problems in the bond markets.  View Article
IMF: Greek programme broadly on track but structural reforms remain
Teams from the EC, ECB and the IMF have concluded that Greece’s economic reform programme is broadly on track, paving the way for a disbursement of €9 billion, of which €6.5 billion are provided by Euro Area Member States, and €2.5 billion by the IMF.  View Article
Statement by the EC, ECB, and IMF on the second review mission to Greece
In the financial sector, the programme has been effective in supporting stability. The activation of the EUR 25 billion expansion of the government programme to guarantee bank bonds, which was adopted in August, will contribute to supporting the liquidity position of Greek banks.  View Article
ECB Governing Council welcomes the request of the Irish Government for financial assistance
The ECB is confident that this programme will contribute to ensuring the stability of the Irish banking system and permit it to perform its role in the functioning of the economy.  View Article
Irish government statement on the financial aid package
Ireland will use the money to work for an extensive restructuring, and downsizing, of its banking sector. The Irish finance minister, Brian Lenihan, said that the corporate tax debate was no longer an issue.   View Article
IMF: Europe needs reforms to break shackles of low growth
Strauss-Kahn welcomed progress on new global banking rules, but said there is a long list of problems that has not been resolved. Countries still need to strengthen the supervision of the rules and resolve unviable financial institutions, particularly cross-border banks.  View Article

Banking

SEPA: busy year is coming to an end and another exciting year lies ahead
ECB Gertrude Tumpel-Gugerell said that the Eurosystem announced its preferred SEPA migration end dates of 2012 for credit transfers and the end of 2013 for direct debits.  View Article
BIS: Mapping capital and liquidity requirements to bank lending spreads
The study outlines a methodology for mapping the increases in capital and liquidity requirements proposed under Basel III to bank lending spreads.   View Article
BIS consults on core principles for effective Deposit Insurance Systems
An assessment of a country’s compliance with the core principles can be a useful tool for countries that are implementing, reviewing or actively reforming a deposit insurance system.   View Article

Securities

Belgian Presidency compromise text on the European Market Infrastructure Regulation
The text was discussed at the meeting of the Working Party of Financial Services Attachés on 19 November. The experts discussed, among other issues, CCPs and the exemption of non-financial corporates.   View Article
ICMA launches consultation paper promoting greater transparency and improved disclosure and standards for sovereign bond issuance
The paper is a basis for discussion for all sovereign issuance and the proposals it contains are designed to incorporate processes and procedures in the event of an orderly reorganisation, e.g. they are designed to complement any future crisis resolution mechanism agreed at EU level.  View Article
Credit rating agencies: better supervision at European level by the European Securities and Markets Authority with increased powers
On 2 June 2010 the Commission presented a proposal to amend CRAs Regulation. The essential purpose of this proposal is to organise the accreditation and supervision of credit rating agencies by the ESMA.   View Article
ECB Governing Council decides on TARGET2-Securities pricing policy
The Governing Council of the ECB decided to set the delivery-versus-payment price for TARGET2-Securities at 15 cent per instruction. This price will be fixed for the period from September 2014, when T2S will go live, to December 2018.   View Article
Frequently asked questions regarding Prospectuses: common positions agreed by CESR members 12th updated version
As a result of the Directive and Regulation, the scope for interaction between competent authorities has increased because of the passport. It is therefore essential that supervisors achieve convergence across the EU in their approach to handling the day-to-day implementation of this legislation.  View Article
European Securities Committee meeting summary
The agenda of the meeting included CRAs, Securities Law Directive, CSDs, post-trading market infrastructures and UCITS Directive.  View Article
FT: French watchdog in credit rating alert
Senior officials at the Financial Market Authority said they believed efforts to beef up credit rating standards could be jeopardised if regulators gave in to bank demands for the recognition of ratings carried out outside the 27-country bloc.  View Article
Reuters: Regulators part curtain on swaps and hedge funds
Proposed rules issued by the CFTC and the SEC showed regulators stepping cautiously as they implement hundreds of new regulations mandated in July by Congress. The aim is to bring more transparency to the sprawling derivatives market, hedge funds and private equity.  View Article
SEC proposes rules to outline obligations of security-based swap repositories
The Securities and Exchange Commission voted unanimously to propose new rules that would require security-based swap data repositories (SDRs) to register with the SEC. The proposed rules also lay out other requirements with which SDRs must comply.  View Article
SEC proposes rules on security-based swap reporting
The proposed rules (Regulation SBSR) represent an important step in the SEC's continuing efforts to increase the transparency of the security-based swap market and fulfil mandates under the Dodd-Frank Act.  View Article
ISDA: waiver of mandatory clearing requirements for certain OTC derivatives would reduce risk
ISDA believes that the Commodity Futures Trading Commission and the Securities and Exchange Commission should grant such waivers in limited circumstances where bilateral and/or systemic risk would be reduced.  View Article
NYSE Euronext to launch a consolidated tape for European equity markets
NYSE Technologies provides response to MiFID transparency challenges. The ’Tape of Record’ offers availability of all European consolidated post-trade data.  View Article
Canadian securities regulators propose amendments to executive compensation disclosure requirements
The proposals clarify existing requirements and introduce new substantive requirements to enhance the quality of information disclosed by public companies about key risks, governance and compensation matters.  View Article

Insurance

Commission consults on the level 2 implementing measures of the business of Insurance and Reinsurance Solvency II
The Commission Services are keen to avoid an overlap between QIS5 and this consultation paper. As such, stakeholders are primarily asked to provide views on the wider market impacts that the decisions at level 2 may have.  View Article
European insurance sector remains stable despite economic turbulence
In 2009, an average of €1,791 per capita was spent by consumers on insurance in the 33 countries represented by the CEA. Of this amount, €1,097 was spent on life insurance and €694 on non-life insurance, of which €171 was on health insurance.   View Article

Asset Management

CESR publishes Guidelines on Risk Measurement and the Calculation of Global Exposure for certain types of structured UCITS
This consultation paper proposes a specific approach to the application of the guidelines on the calculation of the global exposure for certain types of structured UCITS.  View Article
IMA Richard Saunders: 'Learn the lessons of AIFMD'
Saunders said: “The European Commission’s initial consultation paper about hedge funds was very cautious about the need for new regulation, emphasising the need for proportionality and the peripheral role played by hedge funds in the crisis.”  View Article

Corporate Governance/Accounting

ACCA published 'The Value Creation Model for Business: 2010 and Beyond'
The Value Creation Model for Business: 2010 and Beyond shares ACCA's insights on how professional accountants will help organisations create and sustain value in the global economy beyond 2010. It has been produced to coincide with the World Congress of Accountants.  View Article
FRC highlights issues for audit committees and users of actuarial information
The FRC published two documents highlighting the latest challenges being faced by audit committees and users of actuarial information.  View Article
IFRS Foundation enhances stakeholder representation in IFRS XBRL advisory committees
The Trustees of the IFRS Foundation announced the new membership of the Foundation’s two IFRS XBRL advisory committees – the XBRL Advisory Council (XAC) and the XBRL Quality Review Team (XQRT).   View Article
EFRAG comments on IASB Request for Views on Effective Dates and Transition Methods
EFRAG published its draft comment letter on the IASB Request for Views on Effective Dates and Transition Methods. Comments are invited by 21 January 2011.  View Article
FAF disclosed post-implementation review process
The Board of Trustees of the FAF, the oversight body of the FASB and GASB, announced a new process for conducting post-implementation reviews of financial accounting and reporting standards issued by the FASB and the GASB.  View Article

Brief Opinions/Commentaries

Paul Goldschmidt: Why are markets acting so erratically?
Despite intentions to reassure markets, the lack of political will on the one hand and the reluctance of national and international officials to brief their political masters properly on perfectly identified problems on the other are intensifying market volatility.   View Article
Wolfgang Münchau: How to stop Ireland’s financial contagion
Münchau argues that there are still two fundamentally unresolved problems, for which the EU has neither a plan, a task force, nor an institutional setup: Ireland and Portugal are near insolvent rates. In addition, current account imbalances are widening.  View Article
Bruegel: The challenges of international monetary reform after Seoul
In this piece, Jean Pisani-Ferry talks about the idea of International Monetary System (IMS) reform. The US, for whom IMS reform is synonymous with the decline of the dollar, are not keen and the Chinese, who launched the idea, lack precise ideas.   View Article
EDHEC-Risk publication proposes an optimal investment strategy for sovereign wealth funds
The publication proposes a formal analysis of the optimal investment policy and risk management practices of sovereign wealth funds, which can be regarded as the extension to sovereign wealth funds of the liability-driven investing paradigm recently developed in the pension fund industry.   View Article

Best of Media

FT: NYSE Euronext push into OTC derivatives clearing
The group said it was considering clearing OTC equity derivatives, aiming to profit from new regulations for the market designed to reduce market instability.  View Article
Financial News: investment banks are seeking to redefine their business model
Ted Moynihan, head of the corporate and investment banking practice at Oliver Wyman, said: “With returns under pressure there are some banks that may struggle to see a sustainable future for them in investment banking.”  View Article




© Graham Bishop

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