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11 October 2007
IASB proposals for amendments under first annual improvements project |
| The IASB published for public comment an exposure draft of proposed miscellaneous amendments to 25 International Financial Reporting Standards under its first annual improvements project. The exposure draft is available on the IASB Website from 22 October 2007. |
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11 October 2007
CML criticizes new Consumer Credit proposal |
| Reacting on the recently published Consumer Credit Directive, the Council of Mortgage Lenders criticizes the CCD as a flawed piece of legislation. Its objectives are confused as there is a real and unresolved tension between promoting efficient transparent markets and legislating on harmonised consumer protection, CML notes. |
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10 October 2007
CEBS assessment of risks arising from commodities business |
| CEBS published an assessment of the prudential risks arising from the conduct of commodities business and the activities of firms carrying out commodities business. The report concludes among others that at the market level the risks arising from commodities business and the risks in other financial markets are generally the same and that these risks exist basically across all types of products. |
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09 October 2007
Improving Euro zone cash processing harmonisation and efficiency within SEPA |
| The EPC has conducted a detailed review of both wholesale and retail cash handling and processing. The report concludes among others that all stakeholders to wholesale cash processing should work towards Euros being made available to banks on the basis of a similar fee structure throughout the Euro zone. |
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09 October 2007
Commission revised proposal on supplementary pensions |
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The Commission adopted an amended proposal on the Directive of supplementary pension rights. Provisions relating to transfers are not present in the proposal. The Commission recognises the view that, at this time, measures for the transfer of supplementary rights are a step too far. |
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09 October 2007
US Treasury remarks on US Insurance Regulation |
| Assistant Secretary for Financial Institutions David Nason gave an overview on how public policy makers are evaluating and thinking about the regulatory structure of the insurance industry. “As to non-U.S. reinsurers not wishing to become licensed or post 100 percent collateral, the new proposal envisions a third option", Nason said. |
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09 October 2007
BIS working paper on change and constancy in the financial system |
| The BIS issued a working paper which traces the implications of this financial revolution for the dynamics of financial distress and for policy. It argues that the primary cause of financial instability has always been, and will continue to be, overextension in risk-taking and balance-sheets. |
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09 October 2007
Single Market News 47 |
| This special issue of Single Market News looks back at the progress that has been made in building the EU's Single Market. It looks at some of the policy areas which have transformed the business environment in Europe making cross-border trade easier and opening up major new areas of business. |
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09 October 2007
Basel Committee underlines importance of implementation of Basel II accord |
| The Basel Committee on Banking Supervision underscored the importance of implementing the Basel II capital framework. Committee members agreed at its meeting on 8-9 October that Basel II implementation will help make the capital base more relevant to banks' changing risk profiles, and that the Committee will closely monitor its impact. |
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09 October 2007
Results of public consultation on Review of Consumer Acquis |
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The Commission released the results of the consultation on the Green Paper for the Review of the Consumer Acquis. A majority of respondents call for a "horizontal" (cross-sector) framework directive on consumer contractual rights. The Commission will hold a full-day conference on the review on 14 November. |
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09 October 2007
ECON meeting 8-9 October |
| ECON Committee held its meeting on 8-9 October. Subject to discussion were among others issues on International Financial Reporting Standards and International Accounting Standards. |
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09 October 2007
ECOFIN meeting |
| Ecofin adopted among others conclusions on Clearing and Settlement issues as well as on EU arrangements for Financial Stability. |
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08 October 2007
Commission opens in-depth investigation into Thomson's take over of Reuters |
| The Commission decided to open an in-depth investigation under the EU Merger Regulation into the proposed combination of Thomson of Canada and Reuters of the UK. The Commission now has 90 working days until 25 February 2008 to take a final decision. |
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08 October 2007
BBA paper sets out credit crunch lessons |
| A worldwide targeted review of financial regulation will help the markets weather the credit crunch, according to a paper published by the British Bankers' Association. The position paper calls for immediate reviews of regulation in the UK and internationally, including the regulatory treatment of liquidity risk management and complex credit products and off-balance sheet vehicles. |
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08 October 2007
CEBS assessment of convergence on supervisory reporting |
| CEBS published a study to assess the level of convergence achieved by the introduction of the CEBS Guidelines on Reporting to identify areas where further convergence of supervisory practices should be possible. CEBS’ main conclusion is that the Guidelines are relevant first steps in the harmonisation of the reporting practices of its members. |
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05 October 2007
Barclays withdraws from ABN AMRO offer |
| Barclays Bank today withdrew its offer to buy Dutch bank ABN Amro, clearing the way for the rival bid of banking consortium Royal Bank of Scotland, Santander and Fortis (RSF). Barclays announced that not all the conditions relating to the Offer were fulfilled. |
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05 October 2007
IAS Plus Newsletter on hedging exposure draft |
| Deloitte published a special edition IAS Plus Newsletter on Exposures Qualifying for Hedge Accounting. The newsletter discusses an Exposure Draft of proposed amendments to IAS 39 Financial Instruments: Recognition and Measurement that the IASB published for comment on 6 September 2007. |
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05 October 2007
Solvency II could up pension costs by half, says EFRP |
| Implementing the Solvency II framework on pension funds could increase occupational schemes’ liabilities by as much as 60%, according to the EFRP. Speaking at the Irish Association of Pension Funds conference, Wil Bekkers, director of EFRP, said there is a concern that the framework will impact company-sponsored schemes operating under the IORP directive and significantly increase their funding liabilities. |
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05 October 2007
CEBS report on prudential filters |
| CEBS published the findings of an analysis it has carried out with regard to prudential filters. The report shows that the implementation of the prudential filters has improved over time and that a very high level of compliance with the CEBS guidelines has been achieved amongst members. |
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05 October 2007
ECB report on EU banking structures |
| The ECB published its annual report on EU banking structures. The report reviews the main structural developments in the EU banking sector in 2006 and until mid-2007. It also contains two topical studies on the liquidity risk management of cross-border banking groups in the EU and the distribution channels in retail banking. |
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04 October 2007
FMLC calls for clarification on Prospectus Directive |
| In two letters to the European Commission and CESR the Financial Market Law Committee requested clarification on a number of uncertainties on the “offer to the public” of the prospectus directive. In particular, there is some uncertainty as to whether certain pre-sales communications are caught by the definition of “offer of securities to the public”. |
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04 October 2007
IASB extended deadline for comments on IFRS for SMEs |
| At its Board meeting on 19 September, the IASB agreed to extend the deadline for comments on the proposed IFRS for SMEs to 30 November 2007. The deadline for submitting field test results is also extended to 30 November 2007. |
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04 October 2007
IORP problems for CEE states |
| The EU pension directive is having more of a negative than a positive affect on the pension systems of central and eastern European (CEE) countries, a conference in London's Chatham House was told. "Most of the countries that entered the EU after IORP was signed have schemes that are not covered by the directive’s framework," said a delegate at the conference. |
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03 October 2007
JURI meeting 3-4 October |
| The JURI meeting included an exchange of views with Mr Charlie McCreevy Commissioner Charlie McCreevy. He does not see any need for action at EU level on the issue of the “one share - one vote” principle. |
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