European Financial Forum: Financial Regulation and the Dynamics of Savings and Investment Markets 3-4 november 2011 (report)
25/11/2011
  |
This annual off the record conference convened by the European Financial Forum (EFF) in association with the European Fund and Asset Management Association (EFAMA), Paris Europlace, and the Association for Financial Markets in Europe (AFME) was the first to be held at the Royal House of Cumberland Lodge after a successful 13 year series at Wilton Park. The conference brought together senior market participants, regulators and officials from ten countries across Europe plus senior representatives from the European Commission, Brazil, India and the Hong Kong SAR to discuss international capital markets and their regulation. Acknowledging the need for appropriate regulation, but concerned about the implementation of new regulatory requirements, the meeting focused much of its attention on the three new European Supervisory Authorities (ESAs), namely the European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), and European Securities and Markets Authority (ESMA), and the impact their work and global regulatory developments would have on the financial services industry in the European Union (EU), US and Asia in particular.
Report |
|
DB research : OTC derivatives market: Update on current regulatory initiatives -14/11/2011
23/11/2011
|
ESMA's technical advice to the European Commission on possible implementing measures of the Alternative Investment Fund Managers Directive - Final report
22/11/2011
|
ACP - La Revue de l'ACP n° 4
22/11/2011
|
Les défauts du défaut - Quelques clefs pour comprendre la crise de la dette souveraine
17/11/2011
 | En Temps Réel – Cahier N°48 – Novembre 2011 - La crise des dettes souveraines de la zone Euro est, depuis des mois, au coeur de l’actualité économique et financière. Un sentiment d’impuissance s’installe, et les plans du 21 juillet et du 27 octobre n’ont pas suffi pour que la confiance revienne durablement. Pourtant, il ne va pas de soi que la crise ne puisse être surmontée [...] |
|
IOSCO Development of Corporate Bond Markets in the Emerging Markets : Final Report
16/11/2011
|
European Corporate Governance Forum - Annual Report 2011
14/11/2011
|
IMF: FMI The Puzzle of Persistently Negative Interest Rate-Growth Differentials: Financial Repression or Income Catch-Up? Working Paper
14/11/2011
 | The interest rate-growth differential (IRGD) shows a marked correlation with GDP per capita. It has been on average around 1 percentage point for large advanced economies during 1999-2008; but below -7 percentage points among non-advanced economies - exerting a powerful stabilizing influence on government debt ratios. We show that large negative IRGDs are largely due to real interest rates well below market equilibrium - possibly stemming from financial repression and captive and distorted markets, whereas the income catch-up process plays a relatively modest role. We find econometric support for this conjecture. Therefore, the IRGD in non-advanced economies is likely to rise with financial integration and market development, well before their GDP per capita converges to advanced-economy levels.
http://www.imf.org/external/pubs/ft/wp/2011/wp11260.pdf |
|
G20: Sommet de Cannes: déclarations et rapports
09/11/2011
|
DB Research - Euroland's hidden balance-of-payments crisis
09/11/2011
 |
Euroland’s hidden balance-of-payments crisis
Below the surface of the euro area’s public debt and banking crisis lies a balance-of-payments crisis caused by the misalignment of internal real exchange rates. The path of least resistance seems to be an appreciation in creditor countries through the inflation of goods, services and asset prices. But will the electorates in the creditor countries accept a policy of easy money and exchange rate depreciation or push an exit from EMU? The authorities in creditor countries could insure their population against inflation and a soft currency policy by offering them index-linked securities that would convert into a new currency should these governments eventually decide to abandon the euro. Alternatively, authorities could aim at generating a combination of intra-EMU transfers, deflation in the debtor countries and inflation in the creditor countries such that the economic pain felt in each country group is shared between them in a way that leaves it below the level triggering a break-up of EMU.
DB Research
Internet: http://www.dbresearch.com
Intranet: http://dbresearch.db.com |
|
Josef Ackermann: (Deutsche Bank AG)« « L'Europe et ses marchés financiers : statu quo et perspectives ».
09/11/2011
|
Revue Banque - Chroniques de Hubert de Vauplane: Produits dérivés et Commercialisation des produits complexes
07/11/2011
Commercialisation des produits complexes: les positions de l'AMF et de l'ACP:
Chronique
Les projets de réformes relatifs aux produits dérivés en Europe
Chronique |
|
Commission européenne - Rapport : "Making OTC Derivatives Safe A Fresh Look"
26/10/2011
 | Document publié lors de la Conférence sur le paysage du post marché européen : la marche en avant le 24/10/2011
Document
|
|
MIFID II: Draft and Impact assessment
21/10/2011
|
BCE : Some lessons from the financial crisis for the economic analysis, by Geoff Kenny and Julian Morgan, October 2011,
13/10/2011
|
BCE : The Stability and Growth Pact - crisis and reform, by Ludger Schuknecht, Philippe Moutot, Philipp Rother and Jürgen Stark , September 2011
28/09/2011
|
PARIS EUROPLACE - Commission FIDUCIE - Fiches techniques
23/09/2011
|
Rapport sur le financement des PME-PMI et des ETI - Observatoire du financement des entreprises
14/06/2011
|
European Study: Understanding the Impact of MiFID in the Context of Global and National Regulatory Innovations - May 2011
26/05/2011
|
Clifford Chance: Bank resolution regimes - Comparative analysis - Mai 2011
26/05/2011
This briefing compares key aspects of the UK, German and US bank resolution regimes (including the orderly liquidation authority under the Dodd-Frank Act) with the proposals published by the European Commission for new EU resolution tools for banks and significant investment firms. It also compares certain aspects of the European Commission's proposed debt write-down ("bail-in") resolution tool with the requirements published by the Basel Committee on loss absorbency at the point of non-viability.
http://www.cliffordchance.com/publicationviews/publications/2011/05/bank_resolution_regimes-comparativeanalysis.html
|
|
Bank of England : Prudential Regulation Authority: the future approach to banking supervision
20/05/2011
The Bank of England (the Bank) and the Financial Services Authority (FSA) have today published a joint paper The Bank of England, Prudential Regulation Authority – Our approach to banking supervision setting out the current thinking on how the future Prudential Regulation Authority (PRA) will approach the supervision of banks, building societies, credit unions and investment firms.
http://www.bankofengland.co.uk/publications/news/2011/048.htm
FSA
Speech - The supervisory approach of the Prudential Regulation Authority:
http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2011/1905_ab.shtml
Press release - Prudential Regulation Authority: the future approach to banking supervision
The Bank of England (the Bank) and the Financial Services Authority (FSA) have today published a joint paper The Bank of England, Prudential Regulation Authority - Our approach to banking supervision setting out the current thinking on how the future Prudential Regulation Authority (PRA) will approach the supervision of banks, building societies, credit unions and investment firms.
http://www.fsa.gov.uk/pages/Library/Communication/PR/2011/043.shtml
|
|
ICB - Vickers Report
12/04/2011
|
Legislative Observatory - Regulation of trading in financial instruments - "dark pools" etc.
03/02/2011
|
European Financial Authorities : a guide to understanding ESMA
03/01/2011
|
Paris EUROPLACE - Europe 2015 : New ambitious measures for an integrated and competitive financial Europe
23/09/2010
 | In the current context of international financial and economic crisis, for which it is difficult to find solutions through convergence, the latest contribution of Paris EUROPLACE calls for the establishment of a truly European industrial policy in the area of financial markets, thereby setting the objectives and procedures for building a competitive financial industry to better finance the European economy and strengthen its international position. With these goals, Paris EUROPLACE proposes new initiatives that draw on lessons from the crisis and advance the construction of a European financial-services industry.
Download Paris EUROPLACE position paper |
|
European Commission - Regulation proposal on derivatives
15/09/2010
 | As part of its ongoing work in creating a sounder financial system, the European Commission has tabled today a proposal for a regulation aimed at bringing more safety and more transparency to the over-the-counter (OTC) derivatives market. In its draft regulation, the Commission proposes that information on OTC derivative contracts should be reported to trade repositories and be accessible to supervisory authorities. |
|
Speech delivered by Jean-Pierre Jouyet Chairman of the AMF in Washington DC - A European view of financial market regulation
09/09/2010
 | DOWNLOAD. The Kalorama lectures - Washington, 9 September 2010 - |
|
BIS, ECB, IMF publish Second Part of Handbook on Securities Statistics
08/09/2010
 | The Bank for International Settlements (BIS), the European Central Bank (ECB) and the International Monetary Fund (IMF) today jointly released the second part of the Handbook on Securities Statistics, which covers debt securities holdings. The aim of the Handbook is to assist national and international agencies in the production of relevant, coherent and internationally comparable securities statistics for use in monetary policy formulation and financial stability analysis.
View the Securities Handbook : http://www.bis.org/publ/othp11.htm |
|
ECOFIN sets out the European financial supervisory framework
07/09/2010
| The reform will establish a new basis for supervision in Europe, eliminating deficiencies that were exposed during the financial crisis. It involves the creation both of a European Systemic Risk Board (ESRB), which will provide macro-prudential oversight of the financial system, and three European authorities for the supervision of the banking, insurance and securities industries. |
|
Financial system and macroeconomic resilience: revisited
06/09/2010
 | On 25-26 June 2009, the BIS held its Eighth Annual Conference on "Financial system and macroeconomic resilience: revisited" in Basel, Switzerland. The event brought together senior representatives of central banks and academic institutions who exchanged views on this topic. This volume contains the opening address of Stephen Cecchetti (Economic Adviser, BIS) and the contributions of the policy panel on "Lessons learned from the financial crisis". The participants in the policy panel discussion, chaired by Jaime Caruana (General Manager, BIS), were William Dudley (Federal Reserve Bank of New York), Masaaki Shirakawa (Bank of Japan) and Nout Wellink (The Netherlands Bank).
Read more on BIS website site de la BRI
Read BIS paper Lire le compte-rendu (pdf. 43 pages) |
|
Nout Wellink: Fundamentally strengthening the regulatory framework for banks
03/09/2010
|
Thomas C Baxter, Jr: Too big to fail expectations and impact of extraordinary government intervention and the role of systemic risk in the financial crisis
01/09/2010
| Read the speech of Thomas C Baxter, Executive Vice President and General Counsel of the Federal Reserve Bank of New York. |
|
Jean-Claude Trichet: Central banking in uncertain times - conviction and responsibility
01/09/2010
 | Speech by Mr Jean-Claude Trichet, President of the European Central Bank, at the symposium on "Macroeconomic challenges: the decade ahead", Jackson Hole, Wyoming, 27 August 2010. |
|
Monetary Authority of Singapore - TENETS OF EFFECTIVE REGULATION
27/08/2010
|
Belgian EU Presidency publishes compromise proposal on ESRB
19/07/2010
|
IMF discusses framework for enhanced coordination of cross-border bank resolution
11/06/2010
|
Guidelines - Implementation of the Central Repository (CEREP)
04/06/2010
|
Bank resolution funds : The Commission's proposals
27/05/2010
|
Edhec Risks - Feature publication "On the Suitability of the Calibration of Private Equity Risk in the Solvency II" Standard Formula
26/05/2010
 | On the Suitability of the Calibration of Private Equity Risk in the Solvency II Standard Formula The drawing-up of the Solvency II prudential rules has become a major concern for the private equity industry. The capital requirements for private equity risk could turn out to be, from 2012, sufficiently binding to lead many European insurers to reduce appreciably their asset allocation to non-listed stocks. As an example, in the French market, in 2007, the total investments in private equity represented €22bn in the balance sheet of insurance companies (FFSA 2008). Insurance companies finance 21% of the funds raised (AFIC); thus becoming the leading national investors in non-listed stocks. Read the article |
|
CESR sets out harmonised definition of European money market fund
20/05/2010
 | CESR publishes today its guidelines on a common definition of European money market funds (Ref. CESR/10-049). The guidelines aim to improve investor protection by setting out criteria to be applied by any fund that wishes to market itself as a money market fund. |
|
IOSCO - Regulatory Implementation of the Statement of Principles Regarding the Activities of Credit Rating Agencies
13/05/2010
|
Regulatory Observatory - OTC market regulation
29/04/2010
|
CEBS today publishes its Principles for disclosures in times of stress
27/04/2010
 | The Committee of European Banking Supervisors (CEBS) today publishes its Principles for disclosures in times of stress intended to guide financial institutions in the preparation of public disclosures made to conform with existing disclosure requirements or recommendations or on an ad hoc basis, incorporating the lessons learnt form the financial crisis. |
|
Speech - Jean Pierre JOUYET, Chairman, AMF, on Private Equity
21/04/2010
|
Prada's report on regulating CO2 quotas exchanges
20/04/2010
|
ECB report on the lessons learned from the financial crisis with regard to the functioning of european financial market infrastructures
19/04/2010
| The ECB has published a report focusing on the impact of the financial crisis on the functioning of European financial market infrastructures, including systemically important payment systems, central counterparties, and securities settlement systems. The report focuses on the challenges that European financial market infrastructures and participating financial institutions faced during the financial crisis with respect to: (1) information flows following a default; (2) default management; (3) behavioural factors that affected market liquidity conditions adversely; and (4) issues relating to OTC markets.
The report also identifies procedures and rules that might be enhanced so that financial market infrastructures, their participants and relevant public authorities are better equipped to cope with similar events in the future. |
|
IMF's Global Financial Stability Report : Systemic Risk and the Redesign of Financial Regulation
13/04/2010
 | The recent crisis has triggered a flood of regulatory reform proposals to deal with systemic risksthe potential for distress in one institution to adversely affect others. However, details on many of these proposals are lacking. |
|
Conference on cross border crisis management - speeches
23/03/2010
|
"Toward an Effective Resolution Regime for Large Financial Institutions" - Daniel K. Tarullo - Harvard Law School
23/03/2010
| Read Daniel K. Tarullo's speech (.pdf) delivered at Symposium on Building the Financial System of the 21st Century: An Agenda for Europe and the United States (organized by Harvard Law School). Mr Tarullo is a Member of the Board of Governors of the Federal Reserve System. He deli |
|
IMF Working Paper - Crisis Management and Resolution for a European Banking System
19/03/2010
|
Overcoming too-big-to-fail: A Regulatory Framework to Limit Moral Hazard and Free Riding in the Financial Sector
19/03/2010
| Download the new CEPS book prepared by a joint CEPS-Assonime task force and which outline a comprehensive framework from for regulating cross boarder banking groupe. Read the full document |
|
Harvard Law School - International Financial Systems Forum - 2010 Briefing Book Materials - Europe U.S.
18/03/2010
|
Spanish Presidency Publishes Compromise Proposal on Omnibus Directive
17/03/2010
 | The Spanish EU Presidency published a new EU Council compromise text for the proposed Directive of the European Parliament and of the Council amending Directives in respect of the powers of the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority (Omnibus Directive).
Read the full text |
|
BIS - Principles for enhancing corporate governance - consultative document
17/03/2010
| Given the important financial intermediation role of banks in an economy, the public and the market have a high degree of sensitivity to any difficulties potentially arising from any corporate governance shortcomings in banks. Corporate governance is thus of great relevance both to individual banking organisations and to the international financial system as a whole, and merits targeted supervisory guidance. Principles for enhancing corporate governance, sets out best practices for banking organisations. |
|
Sen. Dodd unveils legislation to overhaul financial regulation
15/03/2010
| The chairman of the Senate Banking Committee, Christopher J. Dodd, Democrat of Connecticut, introduced a bill on March 15, 2010, that would overhaul the nation's financial regulations |
|
FSA - Financial Risk Outlook 2010 report publication
12/03/2010
| The Financial Services Authority (FSA) today published its Financial Risk Outlook (FRO) outlining the main risks and issues present in its operating environment, affecting firms, markets and consumers. |
|
Barroso sets out 10-year plan for EU economy
04/03/2010
| José Manuel Barroso, European Commission president, called for closer economic co-operation between the European Union's 27 member states as he unveiled a 10-year plan designed to boost the bloc's economy. |
|
MEP Werner Langen report on OTC derivatives markets
01/03/2010
 | The report recommends that credit-default swaps should be subjected to independent central clearing, and that derivatives dealers should not own central counterparties. Read the report |
|
Barnier - Meeting with London-based hedge fund and private equity managers
01/03/2010
 | Speech by Michel Barnier on Alternative Investments regulation issues. Read the speech |
|
International regulators publish systemic risk data requirements for hedge funds
01/03/2010
 | The International Organization of Securities Commissions' (IOSCO) Technical Committee has published details of an agreed template for the global collection of hedge fund information which it believes will assist in assessing possible systemic risks arising from the sector. |
|
IFD - Expectations concerning the new European Commission
24/02/2010
 | Position Paper of the "Initiative Finanzstandort Deutschland (IFD) |
|
Market Fragmentation and Liquidity - Pr Thierry Foucault
18/02/2010
|
Mr Fleuriot's report on MIFID issues
18/02/2010
| The report was ordered by Mrs Christine Lagarde to prepare MIFID's review. |
|
Equipping financial regulators with the tools necessary to monitor systemic risk by Daniel K Tarullo
12/02/2010
| Testimony by Mr Daniel K Tarullo, Member of the Board of Governors of the Federal Reserve System, before the Subcommittee on Security and International Trade and Finance, Committee on Banking, Housing, and Urban Affairs, US Senate, Washington DC. |
|
Volcker Rules' for Financial Stability - speech by Hal Scott
04/02/2010
| Hal Scott's February 4, 2010 testimony at the Senate Committee on Banking, Housing and Urban Affairs Hearing on the Implications of the Volcker Rules' for Financial Stability. |
|
CEIOPS publishes 3d and final set of advice on Solvency II Implementing Measures
01/02/2010
|
CEIOPS publishes the list of groups for which a College is in place
01/02/2010
|
CESR reviews the application of guidelines to simplify the notification procedures of UCITS across Europe
01/02/2010
 | CESR publishes today the results of a peer review (Ref. CESR/09-1134) of how its Members across Europe apply CESR guidelines to simplify the notification procedures of Undertakings for Collective Investments in Transferable Securities (UCITS). |
|
3 L 3 Cross-Sector Seminar on MiFID
25/01/2010
|
Revision of the Capital Requirement Directive (CRD)
25/01/2010
|
Legislative process for AIFM draft directive
22/01/2010
| View the adoption process of draft directive AIFM. |
|
AIFM directive - the Spanish presidency publishes issues notes.
11/01/2010
| The aim of this document is to contribute to the debate by comparing the options put forward the Council and the European Parliament in order to find some common ground on the defining features of the regulatory model sought for AIFM. |
|
Report - The governance of financial market infrastructure by Ruben Lee
04/01/2010
|
Basel Committee - Consultative proposals to strengthen the resilience of the banking sector
17/12/2009
| At its 8-9 December meeting, the Basel Committee on Banking Supervision approved for consultation a package proposals to strengthen global capital and liquidity regulations with the goal of promoting a more resilient banking sector. |
|
CEBS publishes revised Guidelines on Financial Reporting
16/12/2009
| CEBS publishes today its revised guidelines on financial reporting (FINREPrev2). The revision of the guidelines is part of CEBS's effort to streamline reporting requirements for supervised institutions, consistent with the recommendations of the Financial Services Committee Report on Financial Supervision (the Franck Report) and the White Paper of the Commission on Financial Services Policy -2005-2010. |
|
CEIOPS publishes its bi-annual report on the financial conditions and financial stability of the insurance sector
10/12/2009
| CEIOPS publishes today its second bi-annual report on the financial conditions and financial stability of the insurance and occupational pension fund sector in the EU/EEA. The report covers developments in the (re)insurance and occupational pension fund markets for the periods 2007 and 2008. Furthermore, observations and an outlook for 2009 and beyond are also provided. Read more |
|
CEBS Guidelines on Liquidity Buffers
09/12/2009
| The Committee of European Banking Supervisors (CEBS) today publishes its guidelines on liquidity buffers following a four-month public consultation period and a public hearing. These guidelines, which build on CEBS's Recommendations on Liquidity Risk Management, elaborate upon the appropriate size and composition of liquidity buffers to enable banks to withstand a liquidity stress for a period of at least one month without changing their business models. |
|
The European regulation supervising credit rating agencies enters into force
07/12/2009
| Credit rating agencies is therefore the first industry placed under direct supervision from the European Commission. |
|
Overview of Financial Services Supervision and Committee Architecture
03/12/2009
|
UCIT IV - Publication of the Directive 2009/65/EC
17/11/2009
|
CEBS Work Program 2010
02/11/2009
For 2010, the highest priority has been given to CEBS’ activities in relation to the regulatory and supervisory consequences of the crisis, to CEBS’ deliverables connected to the upcoming changes in Basel II and the CRD and to the work, linked to the expected changes in the institutional supervisory arrangements which anticipate a changeover from CEBS to the EBA by the end of 2010.
Detailed template on the work program 2010 (.pdf) |
|
Proposal for a regulation of the European Parliament and the Council establishing a European Systemic Risk Board
23/09/2009
|
Feedback on public consultation on the UCITS depositary function
15/09/2009
| The European Commission held a public consultation on UCITS depositaries. The consultation, now closed, sought input from investors, the depositary industry, asset managers, other financial institutions and public authorities. The objective is to clarify the regulatory framework applicable to UCITS depositaries, with a view to increasing the level of the protection of UCITS investors. |
|
The ECB publishes Credit Defaul Swap and counterparty risk
10/08/2009
| In the light of the recent crisis recent developments this report aims to assess the counterparty risk and the main related risks faced by European market participants that are active within and exposed to the credit default swap (CDS) market.Download the full document (.pdf) |
|
Consultation on classification and identification of OTC derivative instruments
22/07/2009
 | CESR publishes the responses to its consultation on classification and identification of OTC derivative instruments for the purpose of the exchange of transaction reports amongst CESR Members. |
|
CEBS TODAY PUBLISHES ITS LIQUIDITY IDENTITY CARD
22/06/2009
| The Committee of European Banking Supervisors (CEBS) today publishes its liquidity identity card (hereafter liquidity ID) aiming at providing supervisors of European cross-border banking groups with a single prudential language to enable meaningful exchange of information, in particular within colleges of supervisors. |
|
April 2009: Institutional agreement on the Solvency II Framework Directive
30/04/2009
| After intensive negotiations between the Commission, the European Parliament and the European Council, the three institutions agreed on a compromise text for the Solvency II Framework Directive that was adopted by the European Parliament's plenary session on 22 April 2009. |
|
The Larosière Report sets 36 recommendations for a better integration of European financial services.
27/02/2009
| The high level group on financial supervision in the EU, chaired by Mr de Larosière, former IMF chairman, 52, has published its recommandations to build an integrated european financial structure. |
|
CEPS : Financial Market data and MIFID
28/03/2007
| The opening-up of the market for equity market data, as foreseen in the Markets in Financial Instruments Directive (MiFID), raises the question of whether data will be sufficiently consolidated and of high enough quality, or whether the information will become too fragmented, thereby hindering price transparency and the implementation of best
execution policies. This policy brief outlines the market for financial market data, the provisions of MiFID and the implementing measures regarding financial data and data consolidation. It also looks at the approaches taken by Committee of European Securities Regulators, the FSA and the US authorities. It concludes that markets should be capable of adapting and that additional licensing requirements, such as those proposed by the FSA, are in fact premature and might act as a barrier to the single market. Nor does it find that a US-style monopoly consolidator would be needed. Download the full report (.pdf 7 pages) |
|
White Paper on Financial Services Policy (2005-2010)
05/12/2005
| The Commission's strategy explores the best ways to effectively deliver further benefits of financial integration to industry and consumers alike. |
|
|
|
