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European Finance Forum
Confirmed speakers include:
Peter Skinner (MEP)
Karel van Hulle (European Commission)
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Topics to include:
Solvency II
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SEC inquiry into ABN share trades during Barclays bid24 January 2008 |
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US regulators are looking into share trades at Dutch bank ABN Amro in the weeks before Barclays launched its bid in March last year. The US Securities & Exchange Commission has requested lists naming those with insider knowledge from all the banks involved. View |
EFAMA report on DC Pension Schemes23 January 2008 |
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EFAMA presented its report "Defined-Contribution Pension Schemes - Risks and Advantages for Occupational Retirement Provision". The report confirms that public authorities should broaden the availability of DC schemes in order to encourage households to save more to ensure an adequate level of retirement income. View |
EC seeks pensions innovations, with guarantees23 January 2008 |
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Officials at the European Commission and European Parliament have called for the development of innovations and new ideas in pensions delivery which could provide some level of guarantee to retirement incomes but which do not restrict investments to the fixed income market. View |
IMCO meeting 22-23 January23 January 2008 |
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Issues discussed included the reports on "Improving consumer education and awareness on credit and finance", and on the Green Paper on retail financial services. View |
Japan promotes initiatives to strengthen competitiveness of its financial markets to overseas investors23 January 2008 |
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Representatives from the Japanese securities industry were gathered at an event in London this week to promote the Japanese market as a whole to overseas investors. Japan is in the process of introducing a series of specific policy measures which are intended to strengthen the competitiveness of its financial and capital markets and so make them more attractive to foreign investors. View |
finextra: Watchdog to probe insurance comparison sites22 January 2008 |
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The UK's FSA is set to review the regulation of insurance comparison sites amid concerns that current rules do not adequately protect customers. The watchdog is launching a review following warnings from the British Insurance Brokers' Association that the current Insurance Conduct of Business rules for "electronic introductions" are outdated. View |
FT: Europe blames US policies for turbulence22 January 2008 |
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European policymakers blamed the turmoil in global equity markets on US economic and fiscal policy and said Europe’s economy was resilient enough to emerge without great damage. “It’s about a recession in the US, because big imbalances have built up over the years in the US economy – a big current account deficit, a big fiscal deficit and a lack of savings”, said Joaquín Almunia. View |
Foreign banks may list in China22 January 2008 |
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The China Banking Regulatory Commission (CBRC) has finished its initial feasibility study of allowing foreign banks to list domestically, Securities Times reported, citing CBRC chairman Liu Mingkang. The evaluation process will be completed within the year. View |
Commission studies on supplementary pension schemes22 January 2008 |
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The Commission published two studies on the supplementary pension schemes and mobility in Europe. "These new studies clearly demonstrate the need for an effective and proportionate directive to reduce obstacles to mobility without placing undue burdens on pension providers”, Commissioner Vladimír Špidla said. View |
ICMA: Credit crunch hits 2007 bond issues by 26.5%22 January 2008 |
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Xtrakter released figures today outlining that a 26.5% (USD 421.56 billion) drop in new bond issues occurred in the second half of 2007. “This highlights the impact of the credit crunch on the capital market”, said Kevin Milne, Chief Executive of Xtrakter. View |
Market losses drag pensions back to 200722 January 2008 |
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Recent funding decisions by some pension funds are sending confusing messages about pensions funding needs when compared with moves to maintain pensions assets in turbulent investment markets, suggest European asset managers and pensions consultants. View |
ECON meeting 22-23 January22 January 2008 |
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The Committee discussed among others the sector inquiry on retail banking, the Green Paper on retail services. ECON also held a meeting with the ECB and the Slovenian Presidency on European financial supervision, and crisis managment on financial markets. View |
ECOFIN meeting22 January 2008 |
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The Council adopted its conclusions on the single euro payments area, an initiative to be launched on 28 January. The Council held an exchange of views on the presidency work programme. View |
Hedge Fund Working Group publishes industry guidelines22 January 2008 |
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The Hedge Fund Working Group has published its best practice standards for hedge fund managers. The body of voluntary standards includes recommendations for managers to adopt an independent process for valuing portfolios and to put in hand robust governance of funds. View |
FSF welcomes hedge fund manager initiative on best practice standards22 January 2008 |
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The Chairman of the Financial Stability Forum, Mario Draghi, welcomed the the Hedge Fund Working Group’s best practice standards. “The report represents an important step towards improved disclosure practices and market discipline in this sector”, he said. View |
JURI meeting 21-22 January21 January 2008 |
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JURI Committee held a first discussion on the working document on "Transparency of institutional investors". Rapporteur Lehne pointed out that it is a matter of fact that alternative investment vehicles such as hedge funds and private equity may give rise to systemic risk and to high levels of exposure of financial institutions, mostly banks. View |
ICMA and JSDA sign MoU to develop closer co-operation in securities markets21 January 2008 |
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ICMA and the Japan Securities Dealers Association (JSDA) have signed a joint memorandum of understanding to address together issues of mutual concern that arise for the international markets. View |
EDHEC: The subprime crisis explained21 January 2008 |
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EDHEC issued an article that tries to explain the factors which have led to the subprime crisis. It concludes that the subprime crisis is far from over. It will take time for the losses in the 2006/7 vintage subprime MBS to appear and for these losses to work through the system. View |
HM Treasury financing structure on Northern Rock21 January 2008 |
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HM Treasury announced a new financing structure that could be made available to Northern Rock and other interested parties, for a possible private sector solution for the entire company. The proposed financing structure envisages Northern Rock raising funds from investors in the financial markets backed by a mixed pool of assets. View |
The Impact of Private Equity as a UK Financial Service21 January 2008 |
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The BVCA published a report that examines two key features of the UK private equity industry’s significance within the broader financial and professional services sector, that is the employment created both directly and indirectly by those engaged in private equity-related activities and also the fees generated through the industry’s fundraising, investment and divestment activities. View |
CESR/CEBS call for evidence on commodities18 January 2008 |
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CESR and CEBS are being asked jointly to give advice on certain issues concerning the regulatory treatment of firms that provide investment services in relation to commodity and exotic derivatives. In particular, the views of the committees are sought on whether the MIFID and CAD treatment of this type of firm continues to support the intended aims of market and prudential regulation. View |
Bank of Greece urges pension reform to protect public services18 January 2008 |
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The Governor of the Bank of Greece has warned the government if it fails to adopt "early and major pension reform" the increased pension expenditure could jeopardise essential public services. The demographics of the EU27 is expected to change dramatically as life expectancy increases and fertility rates fall. View |
CEBS elects new chair and vice chair18 January 2008 |
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Mrs. Kerstin af Jochnick, Director of Prudential Supervision at the Swedish Financial Supervisory Authority has been elected Chair of CEBS. She replaces Mme Danièle Nouy who has held the position since January 2006 and whose two-year term as Chair has expired. View |
EBF response to 3L3 Work Programme consultation18 January 2008 |
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In its response to the 3L3 Work Programme consultation the EBF urges the 3L3 to capitalise on the not inconsiderable political will to make progress on improving supervisory co-operation within Europe. The issues identified are to be generally aligned with the recommendations arising from the recent review of the Lamfalussy Process. View |
FT: Credit squeeze hits Eurozone borrowing18 January 2008 |
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Borrowing by eurozone businesses and consumers is being hit severely as the global economic outlook darkens, according to a European Central Bank survey released on Friday that could act as an additional deterrent to further rises in official interest rates. View |
IFRIC publishes proposed guidance on accounting for customer contributions17 January 2008 |
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IFRIC released for public comment a draft Interpretation for IFRIC D24 - Customer Contributions. IFRIC D24 will standardise practice and clarify the accounting for the receipt of customer contributions. View |
IFRIC publishes proposed guidance on distributions of non-cash assets to owners17 January 2008 |
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IFRIC released for public comment a draft Interpretation, D23 - Distributions of Non-cash Assets to Owners. IFRIC D23 proposes that all types of distributions of non-cash assets would be measured at the fair value of the assets distributed. View |
IASB issues amendment to IFRS 2 Share-based Payment17 January 2008 |
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The IASB issued an amendment to IFRS 2 Share-based Payment. The amendment clarifies that vesting conditions are service conditions and performance conditions only. View |
AMF 2007 Report on rating agencies16 January 2008 |
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The AMF issued its 2007 report on rating agencies. The AMF’s fourth report deals first with developments, including regulatory changes, in the international environment in which credit rating agencies operate. View |
IMF Intensifies Work on Subprime Fallout15 January 2008 |
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Following the recent sub-prime mortgage crisis in the United States and the resulting global market turmoil, the IMF has recalibrated its work program and launched a number of initiatives with the aim of developing policy proposals both to deal with the present crisis and to improve the Fund's capacity to spot potential trouble spots. View |
IMF Assesses Central Banks' Reaction on subprime crises15 January 2008 |
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The IMF is assessing the different approaches taken by the major central banks in response to financial market turmoil sparked off by the subprime crisis, to help draw lessons for developing a more effective liquidity management framework. View |
ECON meeting 14 January14 January 2008 |
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ECON held a Public Hearing on Credit Rating Agencies. Chairwoman Ms Beres noted that rating agencies had been used by some as scapegoats for the current crisis. She disagreed, as they could only furnish the results for which they had been mandated. View |
Forthcoming
Commission Public Hearing on Solvency II
The Commission Services are organising a Public Hearing on the draft QIS4 specifications. Panel sessions will cover Groups, SMEs, and the use of internal models. Registration is open until
June 2008
Commission Public Hearing on "substitute" retail investment products