EFR calls for college structure for EU supervision
The EFR calls for greater convergence and harmonisation of the EU regulatory framework. Colleges of supervisors offer the most realistic way forward in terms of achieving more efficient prudential oversight in the EU, the EFR argues.
EU to present guidelines on treatment of impaired assets
The European Union is working on a co-ordinated approach towards banks impaired assets. The Commission is working on various principles to guarantee a fair and transparent evaluation of assets and will publish a proposal within the next two weeks.
FSA Financial Risk Outlook 2009
The paper outlines the main risks facing firms, consumers and the regulatory system in the economic downturn, and underlines the need to review possible major changes in regulatory policies on banks and bank-like institutions.
EBF calls to create European Financial Stability Forum
The review of the current prudential supervisory architecture should take as a starting point the ultimate objective of achieving a pan-European financial supervisory framework to support a single financial market, the EBF says.
Commission Expert Group calls for removing barriers to electronic invoicing
The Group consults on its interim report which sets out a vision for a European framework to be developed by the end of 2009. The report outlines a number of initial recommendations to remove or reduce existing barriers.
US Treasury Secretary Geithner introduces Financial Stability Plan
The Plan includes an amount of initially $500 billion to absorb toxic assets and up to $ 1 trillion extending the Fed’s Term Asset Backed Securities Loan Facility. It will be accompanied by new, higher standards for transparency and accountability.
New SEC chair enhances enforcement division
SEC chair Schapiro ended the Commission’s two-year ‘penalty pilot’ experiment, which introduced significant delays into the process of bringing a corporate penalty case. She also called for a new era of responsibility on Wall Street.
FSA Japan newsletter January 2009
Topics of the January edition include articles explaining steps taken with regard to building up a framework of regulation of CRAs and disclosure systems in Japan.
Presidency compromise proposal on cross-border payments
The compromise package finds large support among Council delegations. However, still outstanding issues concern the multi-lateral interchange fee and the reachability obligation for direct debit transactions.
IASB consults on amendments to IFRIC 9 and 16 Interpretations
On IFRIC 9 the Board proposes to exclude embedded derivatives resulting from the change of the definition of a business combination in IFRS 3. The amendment to IFRIC 16 proposes to remove the restriction on the entity that can hold hedging instruments.
ECON discussed CRD report
ECON discussed the amendments made on the Capital Requirements Directive. A solution on the retention rate seems to be unproblematic. The concept of supervisory colleges are considered a temporary solution only.
McCreevy calls for overall cap on leverage
We need an overall cap on leverage on bank balance sheets regardless of risk asset weightings or value at risk measurements, he said and also announced much tougher capital requirements for trading book exposures.
CEBS consults on guidelines on passport notifications
The Guideline provides principles and practicalities for co-operation between EEA supervisory authorities in respect to the new notifications of services and activities provided by credit institutions.