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IOSCO - regulatory gaps must be closed Regulatory gaps, such as those posed by certain unregulated or under-regulated products, must be closed, IOSCO said in a letter ahead of the G20 meeting in Washington. View Article |
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OECD prepares two-pillar action plan for governments The OECD calls for tighter regulation and oversight of financial markets and improved national policies to promote economic growth as part of a global response to the world financial crisis. View Article |
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IIF calls for Global Financial Regulatory Co-ordinating Council Regulatory and supervisory structures built on national platforms must be more fully integrated and co-ordinated within a global framework, the IIF states and welcomes proposals for ‘colleges of supervisors’. View Article |
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G-20 agrees on co-ordinated anti-cyclical policy actions Member States will improve the supervision and governance of financial institutions. In particular ‘systemically important institutions’ - including credit rating agencies – should be properly supervised. View Article |
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AMF Financial Regulation Newsletter Next to the financial crises management, the newsletter concentrates on the post-MiFID market organisation. Shortcomings in post-trade disclosures, particularly on OTC markets, call for urgent and specific corrective measures, it states. View Article |
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European Conclusions on G20 summit European leaders discussed their common position and agreed to propose that ‘no market segment, no territory, and no financial institution should escape proportionate and adequate regulation or at least oversight’. View Article |
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US Treasury shifts priorities of TARP programme Important markets for securitizing credit outside of the banking system also need support, Paulson said and called to address ‘global imbalances that fuelled recent excesses’ on the forthcoming G-20 meeting. View Article |
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CFTC Lukken calls for complete regulatory overhaul The CFTC Chairman calls for a new regulatory system accompanied by a complete rewrite and modernization of the laws and regulations. A simple CFTC – SEC merger is ineffective and outdated, he said. View Article |
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Fed Governor Warsh – getting the new financial architecture right There is no going back to the old arrangements, Warsh said. If private market participants prove unable or unwilling to establish new business models the negative effects of the crises on the real economy may last significantly longer. View Article |
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BIS issues OTC derivatives market statistics In the first half of 2008 CDS volumes declined. Other trends observed include a significant growth in interest rate products, robust activity in foreign exchange derivatives, growth in equity derivatives, and a strong increase in commodity derivatives. View Article |
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AMF regulation and listed companies newsletter The newsletter elaborates, among others, on the report on major holdings and declarations of intent released in October. View Article |
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AMF sets up working group on permanent short-selling rules The group will put forward proposals to better supervise and identify net short positions and securities lending transactions, AMF Chairman Michel Prada said. View Article |
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AMF report on notification of major holdings and declarations of intent The 20 recommendations aimed at the increase of transparency about share ownership. Many of the report’s recommendations will require changes to existing legislation. View Article |
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McCreevy – MiFID implementation better than feared The present crisis seems like a good occasion to examine whether some MiFID rules, in particular some conduct of business rules, should also be applied to professional counterparties, the Commissioner said. View Article |
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Commission proposal for a regulation on Credit Rating Agencies The proposal introduces a registration system for CRAs wishing to operate within the EU and prevents them from offering consulting services in addition to ratings when this may lead to conflicts of interest. View Article |
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Wiener Börse takes over Prague stock exchange The Vienna Stock Exchange has acquired a 92.4% stake in the Prague Stock Exchange, one of the largest exchanges in Central and Eastern Europe. View Article |
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Pension Supervisors react to the global financial crisis IOPS members expressed increasing concern regarding the financial crisis in global markets and the impact this has had on pension funding and adequacy. View Article |
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Insurance organisations call for immediate adoption of Solvency II The CEA and other insurance bodies called on the French Presidency and the European Institutions to adopt the Solvency II directive 'without delay' and in 'as complete a form as possible'. View Article |
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AMF conference on regulatory framework The AMF held its fifth annual conference on the regulatory framework related to asset management, OTC-traded financial products, and transparency and corporate finance. View Article |
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Revised Presidency compromise paper on UCITS The Council released a revised compromise paper on the UCITS directive. EP's ECON Committee is expected to vote on the draft report on 2nd December. View Article |
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EFRAG endorsement advice on IAS 39 EFRAG recommends the endorsement of the amendment to IAS 39 - eligible hedged items. View Article |
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IASB warns not to weaken the Board independence Any steps taken outside the well-established and supported standard-setting process to amend fair value accounting would further undermine already scarce confidence in financial markets, Gerrit Zalm warns. View Article |
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EFRAG endorsement advice on IFRS 3 and IAS 27 EFRAG sent its advice to the Commission and recommends endorsing the revised IFRS 3 Business Combinations and the amended IAS 27 Consolidated and Separate Financial Statements. View Article |
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Commission approved Dutch emergency recapitalisation of ING The Commission approved the emergency intervention Dutch authorities intend to grant to ING Group. View Article |