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BIS Wellink outlines Committees key issues The primary objective is to strengthen capital buffers and help contain leverage in the system arising from both on- and off-balance sheet activities, Wellink said. The BIS will publish proposals in early 2009. View Article |
G20 Leaders agree on action plan and intensified co-operation Leaders underlined the need for intensified international co-operation among regulators and stronger international standards. They also agreed on the establishment of supervisory colleges for all major cross-border financial institutions. View Article |
G20 Summit Declaration The full version of the Declaration of the Summit on Financial Markets and the World Economy as agreed by the Leaders of the Group of Twenty in Washington on November 15, 2008. View Article |
Germany supports pan-European banking regulator The German government appears to be supporting a report which calls for an EU-level supervisor for the large cross-border banks, a Spiegel report says. View Article |
SEC Cox supports single set of accounting standards The events of recent months have only underscored the importance of an international language of financial disclosure and transparency, SEC Chairman Christopher Cox said. View Article |
SEC roadmap for the use of IFRS for US issuers The Roadmap sets forth the milestones which could lead to the use of IFRS by U.S. issuers. Under certain conditions early use of IFRS could begin in 2010. View Article |
PWG initiatives on OTC derivatives oversight and infrastructure The Group announced a series of initiatives to strengthen oversight and the infrastructure of the OTC derivatives market including the development of credit default swap central counterparties. View Article |
TARP programme under harsh criticism in US Congress It’s fairly obvious that Congress would have never passed the EESA had it known how Treasury would marshal the resources it was given, chairman Kucinich said. View Article |
House Committee of Government Oversight and Reform hearing on Hedge Funds The world’s five top hedge funds managers agreed that hedge funds can pose systemic risk to the financial system, and supported the need for more regulation and disclosure requirements of hedge funds activities. View Article |
Commission to revise institutional set-up of 3L3 Committees Commissioner McCreevy will come forward with proposals next month. The current institutional set-up may not be adequate to operate in the new integrated reality, he said and called the colleges of supervisors a “pragmatic step”. View Article |
McCreevy announced possible SEPA Action Plan Commission and ECB are assessing a "SEPA Action Plan". The joint document would provice with a timetable of concrete actions to be taken by various stakeholders, McCreevy said. View Article |
Euroclear to acquire Xtrakter from ICMA Euroclear is to acquire Xtrakter, the capital markets services division of trade association ICMA. View Article |
ECB Tumpel-Gugerell calls for consistent regulatory framework of EU infrastructures EU infrastructures have not yet reached a sufficient level of integration, Tumpel-Gugerell said. More must be done, and there is no room for complacency, she warned. View Article |
CEIOPS publishes fourth Quantitative Impact Study Results show that measured against the level of stress embedded in the QIS4 simulations the European insurance industry appeared to be well capitalized, CEIOPS notes. View Article |
Council compromise proposal on Solvency II An agreement in the Council on the Solvency II draft directive can only be reached if the issue of group supervision is dissociated from the remaining parts of the text, the Presidency notes. View Article |
CEA reiterates need for Solvency II The CEA has published a paper setting out eight key messages from the turmoil from a European insurance industry perspective. View Article |
CEIOPS report on risk management standards on assets The survey assesses the current level of risk management standards on assets applicable to insurance and reinsurance undertakings and to IORPs. View Article |
AIMA updates guidance on insider dealing and market abuse The expansion by European hedge fund managers into more business areas resulted in increased scrutiny from regulators of how hedge fund managers use the information they acquire in the course of business activity. View Article |
ECB Tumpel-Gugerell - the role of pension funds in shaping financial markets A significant increase in the value of assets managed by the retirement savings industry can be expected, she noted outlining some the challenges faced by the euro area economy. View Article |
CESR feedback statement on fair value accounting Respondents considered that CESR should not issue its own application guidance. In particular, some auditors felt that the guidance provided in the Consultation Paper edges on the border of being interpretative. View Article |
ESC votes to grant equivalence in relation to third country GAAPs The European Securities Committee supports the Commission proposals for granting equivalence to the Generally Accepted Accounting Principles of certain third countries as from next year. View Article |
CESR proposes to accept Indian GAAP CESR recommends Indian GAAP to be accepted until end of 2011 when the convergence of Indian Accounting Standards to IFRS is completed. View Article |
Commission consults on control structures in audit firms The consultation examines possible ways to stimulate the emergence of new players in the international audit market, including the deregulation of the capitalisation of audit firms. View Article |
ECON meeting 17 November ECON discussed a draft motion for a resolution on the implementing measures of the CRD. View Article |
Plenary Meeting 17-20 November Parliament debated the financial and economic crisis in the light of the Washington G20 summit. The Commission announced a European Recovery Plan to be tabled by 26 November. View Article |
Commission approves rescue plan for Dexia The Commission approved the joint state guarantee provided by Belgium, France and Luxembourg for the Dexia financial group following the crisis in the Belgian financial market. View Article |
Commission authorises Greek bail out programme The Commission approved the Greek package intended to stabilise the markets as a response to the global financial crisis. View Article |
Commission overview on rescue measures The Commission issued an update of the overview of national rescue measures and guarantee schemes. View Article |
MLex - More confusion for card fees as Polish authority's decision overturned A Polish court overturned a decision by the national competition authority against 20 banks for jointly setting charges on MasterCard and Visa cards, which may risk further fragmenting the treatment of so-called 'interchange fees'. View Article |
Commission authorises Italian scheme for refinancing credit institutions The Commission authorised Italy's liabilities' guarantee and swaps scheme for credit institutions. View Article |
Commission approves Finnish support scheme for financial institutions The Commission approved the Finnish support scheme to stabilise financial markets by providing guarantees to eligible financial institutions. View Article |