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IASB letter to ESMA - Banks Warned on Write-Downs for Greek Debt

Following media reports of a letter from the IASB to ESMA on 4 August 2011, the IASB has decided to make available the letter regarding the accounting for Greek government bonds.

Political Economy: Social Democracy in Europe: The Commission and the European Banking System

wire man


version TWO

edited 4th July 2012





What the hell is going on with our economy in Europe since whatever that is, it underpins our level of activity; our level of social engagement our socio political locus does it not?


One cannot avoid, when living in BXL now and again picking up a history book about Schuman[1] or Delors[2] and the various grand plans which developed to drag "the EU" from the Coal and Steel union huddles in Irish bars, cigar smoke and beef prices; to this monster of power which we have today.

I have been extremely critical of the performance of the EU in the financial crisis here on this website. The crisis facing special units of the EU megalith made some howling mistakes in crisis management.


this link probably will not stick ECFIN changes its website so frequently


It has become obvious recently that senior EU personnel really do not understand how banking and financial markets function. (reference) The disaster that was the EBA (& its predecessor CEBS) speaks to that clearly!

UCITS IV and Risk Management in Luxembourg - new circular from CSSF (11/508)

This is a non-official translation from the French original.

Luxembourg, 15 April 2011

To all Luxembourg management companies subject to Chapter 15 of the Law of 17 December 2010 relating to undertakings for collective investment and to SIAGs within the meaning of Article 27 of the Law of 17 December 2010 regarding undertakings for collective investment.

The purpose of this circular is to clarify the main adjustments that each management company currently subject to Chapter 13 of the Law of 20 December 2002 regarding undertakings for collective investment shall comply with in order to comply by 1 July 2011 with Chapter 15 of the Law of 17 December 2010 relating to undertakings for collective investment and CSSF Regulation 10-4 transposing Commission Directive 2010/43/EC of 1 July 2010.

In this context the CSSF requests each management company to submit until 1 June 2011 at the latest an update of its application for authorisation completed with the new requirements under the 2010 Law and the Regulation 10-4.

European Securities and Markets Authority ESMA - Michel Barnier will have Verena Ross as first Executive Director

ESMA nominates Verena Ross Executive Director - The Board of Supervisors (BoS), ESMA’s decision taking body made up of 27 voting members, nominated Verena Ross today, for the post of ESMA’s first Executive Director, subject to confirmation by the European Parliament. The Executive Director will be entrusted with the day-to-day management of ESMA. According to the Regulation establishing ESMA, the Executive Director will serve a term of five years, renewable once. 

The legislative response to the crisis in the European Union

At the European Union level, the legislative response to the crisis has been generally slower than in the United States for four main reasons. First, legislative proceedings are structurally slow in the European Union because of the complex interaction between the EU level and 27 sovereign states.

Commission measures for a safe and stable financial system in Europe

As part of its work on preventing a future crisis and strenghtening the financial system, the European Commission has put forward a proposal on Credit Rating Agencies (CRA) and launched a public consultation on reforming corporate governance in financial institutions. Furthermore, it has adopted a Communication where it commits itself to move swiftly in completing the necessary reforms to ensure a safe and sound European financial system.

New financial supervisory infrastructure will be the key

EU finance ministers met in Brussels on Tuesday, with the Swedish Presidency strongly emphasising the significance of achieving a new financial supervisory infrastructure in December, as a prerequisite to financial stability and to further progress on exit strategies.

European System Of Financial Supervisors (ESFS): Frequently Asked Questions

Why are the new European Supervisory Authorities (ESAs) needed?

The report of the de Larosière group 1 identified serious shortcomings in the existing system of financial supervision in Europe. There is a single market, and financial institutions operate across borders, but supervision remains uneven and often uncoordinated. A stronger financial sector in the EU in the future needs to have convergence between Member States on technical rules, and a mechanism for ensuring agreement and co-ordination between national supervisors of the same cross-border institution or in colleges of supervisors. A rapid and effective mechanism to ensure consistent application of rules is also necessary, as is co-ordinated decision making in some areas in emergency situations. The current advisory financial services committees are not currently equipped to carry out these functions.

Transparency Clearing & Regulation of Derivative Securities


Transparency Clearing & Regulation of Derivative Securities 


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