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Barnier: City of London is as an asset to the European financial sector but must be properly governed
He highlighted that financial market self-regulation did not work – addressing representatives of the banking sector at the London Stock Exchange. Barnier believes the solution is appropriate and efficient regulation and that banks must be solid and well-governed.
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European Commission work programme for 2010
The Commission has agreed a list of 34 strategic priorities that will be implemented before the end of the year which includes derivatives legislation as well as a communication on options for bank resolution funds.
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Trichet on the Greek crisis: the ECB was not against the IMF involvement in itself, but against the involvement of the IMF acting alone
In an interview with an Italian newspaper, Trichet said that Italy is not in the same situation as Greece. He called for the full implementation of the Treaty and the Stability and Growth Pact as it is the way to achieve stronger governance in the future and avoid any similar crises.
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European Liberal Leader warns that Greek recovery is undermined by too high interest rates
Verhofstadt doubts the effectiveness of the special financial mechanism agreed to bolster Greece's ability to pay off its public debts. He believes Greece should have been offered a single loan from the European Commission at preferential interest rates.
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Commission publishes an analysis of the main innovative financing options
The report presents several options discussed by Member States to ensure that the financial sector contributes to the costs of the current and potential future crises. For example, it considers the introduction of new taxes on leverage or risk taking by financial intermediaries.
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SWIFT: MEPs want to limit bank data transfers to USA
The EP Civil Liberties Committee discussed the negotiating mandate adopted by the European Commission on 24 March for a new agreement on bank data exchanges with the United States to combat terrorism. MEPs called for bulk transfers of personal data to the USA to be avoided.
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SEC proposes rules to increase investor protection in asset-backed securities
The proposed rules seek to better align the interests of issuers and investors by creating a retention or "skin in the game" requirement for certain public offerings of ABS. “The rules proposed by the SEC stem from lessons learned during the financial crisis”, Chairman Mary L. Schapiro said.
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