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Speech Kroes: Policy paper on compensating victims of competition breaches03 April 2008 |
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Competition Commission Kroes outlined the main principles set out in the Commission White Paper. “Collective redress is an absolute necessity”, Kroes said. The Commission therefore suggests a combination of two complementary mechanisms, the ‘opt-in collective actions’ and ‘representative actions’. View |
Commission feedback statement on call for evidence on retail investment03 April 2008 |
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Stakeholders differed widely in their assessment of whether different sectoral rules on product transparency and distribution gave rise to investor protection concerns. Responses from all consumers, many public authorities and some industry sectors revealed concern that these differences may give rise to risks to investors. View |
MLex: EC's Visa investigation puts national card fee probes on hold02 April 2008 |
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The approach adopted by Visa Europe and the European Commission to reach a settlement over the maligned payment card fees departs significantly from the strategy of rival MasterCard and has led national regulators to put similar probes on hold. A related part of the commission's investigation, into card acceptance rules, may, however, not be blessed with such consensus. View |
Visa Europe to strike deal on interchange fee02 April 2008 |
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“We believe the best way forward would be to reach a new agreement with the Commission”, a Visa Europe spokesman said last Wednesday reacting to the formal investigation into Visa's fee system last month. “We see no evidence that Visa Europe’s interchange has acted as a tax on consumption or has caused consumers to pay twice.” View |
EU-US Coalition Report on Financial Regulation02 April 2008 |
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The 'EU-US Coalition on Financial Regulation' issued its second report, which argues strongly for the early adoption of a more open, inclusive and effectively regulated transatlantic marketplace. View |
BIS: Joint Forum consults on Credit Risk Transfer02 April 2008 |
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The Joint Forum released a paper for consultation on Credit Risk Transfer responding to the request from the FSF. The paper is focused on the performance in the last two years of credit default swaps and collateralized debt obligations. The paper makes a number of recommendations that the industry and regulatory community can take. View |
CSDs start joint venture to improve post-trade efficiency02 April 2008 |
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Seven Central Securities Depositories signed an agreement to establish a joint venture called “Link Up Markets” to improve efficiency and reduce costs of post-trade processing of cross-border securities transactions in Europe, scheduled to be launched in the first half of 2009. View |
CEIOPS new working group on consumer protection02 April 2008 |
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The new Committee on Consumer Protection (CCP) tasks include supporting the Commission in developing insurance guarantee schemes, and to foster supervisory convergence in the effective functioning of the IMD and contribute to a future review of the IMD. View |
FSA Japan amends Guidelines for Financial Instruments Business Supervision02 April 2008 |
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The FSA Japan published the partial amendment of the Guidelines for Financial Instruments Business Supervision. The revised Guidelines for Financial Instruments Business Supervision will become effective on 2 April 2008. View |
Commission investigation into UK aid package for Northern Rock02 April 2008 |
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The Commission launched an in-depth investigation into the UK authorities' package of measures to support the restructuring of Northern Rock. The decision also invites third parties to comment on whether the plan's proposals for avoiding undue distortions of competition are adequate. View |
CESR review on UCITS Guidelines02 April 2008 |
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CESR published the results of CESR members self-assessment of their implementation of the CESR Guidelines to simplify the notification procedure of UCITS, and the results of CESR’s revision of its FESCO/CESR standards, guidelines and recommendations which are now superseded by the Lamfalussy Directives. View |
McCreevy outlines policy response to financial turmoil02 April 2008 |
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Commissioner McCreevy disclosed the Commissions' proposals for changes to the CRD and the strengthening of supervisory convergence to be presented at the informal ECOFIN meeting in Slovenia. Speaking before the EP ECON Committee McCreevy said that the revised CRD proposal is envisaged to be adopted by early autumn with a view to coming to an agreement by April 2009. View |
EFR calls on ECOFIN to avoid regulatory overreaction02 April 2008 |
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The EFR underlined that the financial turmoil strengthens the case for lead supervision and calls on the ECOFIN to include a European dimension in the mandates of supervisors. A regulatory over-reaction to the financial turmoil should be avoided. View |
CESR consultation on CRAs reveals need for transparency, but not for regulation02 April 2008 |
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The majority of respondants supported the CESR proposal to increase transparency of CRAs, although the required level and extent varies, and some respondents warned that too much of it may also be harmful. Also, BBA and LIBA underlined that CRAs should not be held responsible for inappropriate decisions by investors. View |
IMCO meeting 1-2 April02 April 2008 |
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Commissioner Kuneva outlined the concept of the consumer scoreboard which will be a statement on the performance of markets from the consumer perspective. The overall objective is the integration of the still existing 27 retail markets. Cross-border trade and distance-selling are of particular importance. View |
CEIOPS General Protocol on collaboration of insurance supervisory authorities01 April 2008 |
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The General Protocol revises the former "Siena Protocol" and contains provisions for handling cross-border complaints. The procedures and information described in the Protocol constitute minimum requirements. View |
CEIOPS survey on proposals for amending the IMD and the Luxembourg Protocol01 April 2008 |
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CEIOPS Intermediaries Expert Group (IMEG) presented the conclusions reached for possible amendments to the Insurance Mediation Directive and/or the Luxembourg Protocol. CEIOPS decided to conduct this inquiry based on the conclusions reached during the drafting of its Report on the implementation of Key Issues of the IMD. View |
Commission call for advice on QIS4 and technical specifications01 April 2008 |
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The Commission Services sent CEIOPS a Call for Advice along with detailed technical specifications asking them to run a fourth Quantitative Impact Study between April and July 2008. A report on the results of the exercise is due to be published November 2008. View |
ECON meeting 1 April01 April 2008 |
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The Solvency II directive might experience further delay. The chair of the ECON Committee set the provisional deadline for amendment on mid-June, with a consideration not taking place before September. ECON also held an exchange of views with Commissioner McCreevy on possible legislative consequences resulting from the latest developments in the financial services sector. View |
EBF letter to Council on cross-border post-trading arrangements31 March 2008 |
| EBF made clear that it does not support any consideration to extend the Clearing and Settlements Code of Conduct to derivatives, listed or OTC traded, or bonds in the present situation. With regard to the CESR-ESCB Standards, FBE calls on the Council to ensure that there is no double regulation of banks. View |
Treasury Blueprint for Stronger Regulatory Structure31 March 2008 |
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The recommendations should not and will not be implemented until after the present market difficulties are past", said Secretary Paulson in remarks presenting the Blueprint at the Treasury Department. “The idea here was to put forward an aspirational model, which could only be achieved after many years.” View |
AMF Regulation and Asset Management Newsletter31 March 2008 |
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AMFs main priorities for asset management regulation in 2008 will not be affected by the financial market turmoil, Gérard Rameix, AMF General Secretary said in his opening remarks to the 5th Asset Management letter. In 2008 the AMF intends, among others, to implement amended regulations and procedures for small investment management companies. View |
FT: Bush and Brown in push to deal with crisis31 March 2008 |
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George Bush and Gordon Brown have agreed to step up co-operation over the crisis in financial markets. They are setting up a joint working group which will develop plans to monitor and regulate the banking system. View |
Times: G7 to press big banks to reveal extent of credit crunch losses31 March 2008 |
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The world’s big banks are to face stronger demands from finance ministers and central bankers of the Group of Seven leading economies to declare the full scale of their exposure to losses from the US housing market slump and the global credit crunch. View |
CESR recommends equivalence of Japanese and US GAAPs, but not Chinese31 March 2008 |
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CESR recommends the Commission find US and Japanese GAAP equivalent equivalent to IFRS for use on EU markets. However, CESR recommends postponing a final decision on Chinese GAAP until there is more information on the application of the new Chinese accounting standards by Chinese issuers. View |
IFSL report: Global Securitisation Expect to Drop a Quarter in 2008 on Back of Credit Crunch31 March 2008 |
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The global market for securitisation has suffered a serious setback since September 2007, with issues falling away in the final months of the year. IFSL's Securitisation report notes that strong issuance in the first half meant that global issuance in 2007 was down only 8% to $3,826bn from the previous year's high of $4,138bn. View |
IFSL Report: SWFs to become important participants in global financial markets31 March 2008 |
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SWFs are likely to become more important participants in global financial markets over the coming years as inflows from trade surpluses and commodities exports continue. Assets under management of sovereign wealth funds increased 18% in 2007 to reach $3.3 trillion. View |
FSF discussions on challenges to financial markets29 March 2008 |
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The FSF met in Rome on 28-29 March to discuss the current challenges in financial markets, the steps that are being taken to address them and policy options going forward. View |
Forbes: Inside the Paulson Plan29 March 2008 |
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Treasury Secretary Henry Paulson's proposed sweep of financial regulation would emphasize more control at the federal level, at the expense of state oversight, and consolidate an alphabet soup of existing agencies. The idea is bound to provoke heated debate on Capitol Hill and among the various banking and market oversight agencies, which are already tripping over each others' turf. View |
US Treasury’s summary of the Blueprint for Financial Regulatory Reform29 March 2008 |
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Treasury presents a series of "short-term" and "intermediate-term" recommendations that could immediately improve and reform the U.S. regulatory structure. The short-term recommendations focus on taking action now to improve regulatory co-ordination and oversight in the wake of recent events in the credit and mortgage markets. View |
Commission Economic Papers: Financial Market Integration under EMU28 March 2008 |
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The EMU has eliminated a key obstacle to financial integration. But while a single currency is a necessary condition for the emergence of pan-European capital markets, it is not a sufficient one, the paper argues. Other frictions such as persistent differences in regulations applying to financial intermediaries may still stand in the way of full integration. View |
JURI working paper on ECON report on hedge funds and private equity28 March 2008 |
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Rapporteur Piia-Noora Kauppi concentrates on the positive role hedge funds play in the European economy and proposes several non-legislative measures to meet enhanced transparency requirements. Instead of further regulation, member states ought to co-ordinate their regulatory requirements and simplify the legal environment, Mrs. Kauppi notes. View |
CEIOPS members meeting28 March 2008 |
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Members approved a number draft documents for further development or publication after editing. CEIOPS also announced the imminent launch of the QIS4 exercise on 2 April 2008. View |
UK and France agree on closer co-operation28 March 2008 |
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The UK and France agreed on closer co-operation at EU and international level. In a joint summit declaration, both countries agreed on the need for greater transparency in financial markets to ensure that banks make full and prompt disclosure of the scale of write-offs, including finding ways to give greater certainty on the valuations of complex financial assets. View |
Business week: Sarkozy wants capitalism with rules28 March 2008 |
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Financial markets need rules to ensure competition is truly fair, French President Nicolas Sarkozy. "The absence of laws doesn't spell freedom; it's the jungle. It's not fair competition, it's unfair competition." View |
FT: Call to improve plumbing of fund processing28 March 2008 |
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The processing of fund transactions in Europe may be entering the modern age at last. The post-sale treatment of investment funds has long been the poor relation in the unglamorous but essential business of financial plumbing in Europe. View |
Forthcoming
Commission hearing on non-harmonised retail funds/real estate funds
The Commission hearing will examine recent developments in European retail funds and assess possibilities for cross-border retail distribution of these products and devote particular attention to markets for European real estate funds.
Online registration form, programme
ECON Hearing on Hedge Funds
Room: A1G-2, Listening room: PHS 4B001
Cass-Capco Institute Risk Conference
The conference draws together practitioners and academics to discuss how risk can be managed to lessen its impact on business and economic growth. It offers four panel discussions on the topics of "Reputational Risk", "Operational Risk", "Pricing of Risk", and "Challenges of Complex products".
IBC Legal Conferences' EU and
The EU and UK Financial Services Forum will assess the key developments mid-way through implementation of the Commissions White Paper on Financial Services. Sir Christopher Bellamy QC from Linklaters LLP in
6 May 2008
3L3 open hearing on information on payer accompanying a funds transfer
CEIOPS, CESR, and CEBS will hold an open hearing on common understanding of the information on the payer accompanying a funds transfer. The hearing will take place at CEBS’ office in
15-16 May 2008
Forum will include sessions on growth and adjustment in the euro area, the euro and global financial markets, euro-area governance, and the medium-term challenges for Economic and Monetary Union. Online registration is open until
Online registration, draft programme
17-18 June 2008
FESE Convention
The 12th FESE Convention in
Commission Public Hearing on "substitute" retail investment products