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Basel committee proposes new risk-management guidelines The Basel Committee on Banking Supervision is urging the industry to enhance its risk management. The panel has proposed new banking regulations for liquidity supervision and said they should focus on off-balance-sheet exposures. View Article |
OECD Financial Market Trends – June 2008 The publication contains articles focusing in particular on the recent financial turmoil such as lessons regarding deposit insurance, and on sovereign wealth and pension fund issues. View Article |
FSF update on implementation of recommendations Although progress has been made and the work undertaken by international organisations is well on track, a number of challenges remain, the FSF report concludes. The final FSF report is expected for September 2008. View Article |
G8 – imperative to enhance transparency and risk awareness The conditions in financial markets have improved somewhat in recent months. However, tensions in the financial and credit markets remain, G8 Ministers concluded. View Article |
FESE letter to SEC on mutual recognition In the forefront of a possible SEC proposal to amend the requirements on foreign broker-dealers' solicitation of institutional investors, FESE announced its concerns that the reform would inadvertently create a ‘regulatory anomaly’. View Article |
US Treasury Norton supports central insurance-sector advisor The EU’s Solvency II framework potentially will be at odds with the U.S. regulatory structure for insurance, Norton warned, adding that it is unlikely that the EU would find the current U.S. state-based regulatory structure equivalent. View Article |
US Congress to hold hearings on financial market regulatory restructuring The Financial Services Committee will hold hearings on the policy implications of the transformation of domestic and international financial markets starting in July. Potential systemic risks and the adequacy of current oversight are on the agenda. View Article |
SIFMA warns against SEC proposals on CRA The Association warns that the rating modifier proposal could impair capital raising and lead to the sudden sale of structured finance securities if existing credit rating scales are changed. View Article |
CESR data on prospectuses approved and passported The statistical information will assist the Commission in view of the forthcoming review of the Prospectus Directive, due by the end of 2008. View Article |
CEBS report on valuation of complex and illiquid financial instruments The report puts forward a set of issues that should be addressed by institutions and accounting and auditing standard setters to improve the reliability of the values ascribed to these instruments. View Article |
CEBS report on banks' transparency The assessment covered disclosures on exposures and their impacts on results and looked at information on business models, risk management practices and accounting and valuation practices. View Article |
CEBS consults on liquidity risk management - second part The consultation paper sets out CEBS’s preliminary recommendations regarding the management of liquidity risk by credit institutions and investment firms and the supervision of liquidity risk by EEA prudential authorities. View Article |
Commission creates Expert Group on Credit Histories The Commission is to create an Expert Group on Credit Histories. The new group will present its recommendations in the form of a report by 1 May 2009. Deadline for applications is 14 July. View Article |
FSA introduces disclosure regime for short selling The FSA introduced provisions in its Code of Market Conduct which will require the disclosure of significant short positions in stocks which are undertaking rights issues. The new provisions come into effect from Friday 20 June 2008. View Article |
McCreevy announces regulation on Credit Rating Agencies Meaningful but targeted regulatory measures are now necessary for rating agencies operating in the structured credit markets in Europe, McCreevy said. The measures will be proposed in the coming months. View Article |
New York and German insurance regulators sign co-operation agreement The MoU establishes a formal basis for consultation, co-operation and co-ordination between the BaFin and the New York State Insurance Department. View Article |
IOSCO final report on Private Equity The report identified two pieces of work that the TC proposed to take forward, a survey of the complexity and leverage of capital structures employed in leveraged buyout transactions, and the analysis of conflicts of interest. View Article |
AMF response on open-ended real estate funds The AMF favours the principle of a European passport for OEREFs funds and calls to establish a European framework offering a high level of investor protection. The choice of legislative arrangements should be left up to the European Commission. View Article |
Next steps regarding the creation of a group to interact with the international accounting standards committee foundation The world’s securities authorities welcome the creation of an IASCF Monitoring Group whose role will be designed to ensure the independence of the IASB, while reinforcing the public interest oversight provided by the IASCF Trustees. View Article |
EFRAG calls IASB to allocate its resources right EFRAG criticized the IASB for drawing too many resources on its MoU update with the US FASB rather than concentrating on its work related to the introduction of the Solvency II Project. View Article |
European Council 19-20 June The Presidency intends to focus the agenda of the European Council on the following items: The European Council will take stock of the state of ratification of the Lisbon Treaty: The Presidency will report on the progress of the preparatory work cond View Article |
ECON meeting 16 June Econ Committee held an exchange of views with Neelie Kroes, Commissioner for Competition, following publication of the Commission's 2007 Report on Competition Policy. View Article |
Plenary Meeting 16-19 June Mr Pöttering called on EU leaders meeting in Brussels for the summit in June to ensure that the Treaty becomes a reality. He underlined that the ratification process must continue. View Article |
MasterCard temporarily repeals cross-border MIF MasterCard has temporarily repealed its multilateral interchange fees for cross-border payment card transactions. MasterCard failed to come forward with an alternative MIF having risked daily penalty payments. View Article |
Mlex: EC plots regulation to take on retail banks over account switching The Commission has drafted a regulation designed to force open the market for bank accounts and promote more switching among consumers seeking better deals at other credit institutions. View Article |
Commission requests information on preferential tax regimes in Italy The Commission has asked Italy for information regarding preferential tax regimes for co-operatives operating in the retail, distribution and banking sectors in Italy. At this preliminary stage the tax measures may not constitute state aid. View Article |
Commission clears acquisition of insurance subsidiaries of Austria's Erste Bank by Vienna Insurance Group In view of the remedies offered by the parties, the Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it. View Article |