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Commission adopts legislative proposals to strengthen financial supervision in Europe

Asymptotix is pleased to see that the European Commission adopted an important package of draft legislation today to significantly strengthen the supervision of the financial sector in Europe. The aim of these enhanced cooperative arrangements is to sustainably reinforce financial stability throughout the EU; to ensure that the same basic technical rules are applied and enforced consistently; to identify risks in the system at an early stage; and to be able to act together far more effectively in emergency situations and in resolving disagreements among supervisors. The legislation will create a new European Systemic Risk Board (ESRB) to detect risks to the financial system as a whole with a critical function to issue early risk warnings to be rapidly acted on. It will also set up a European System of Financial Supervisors (ESFS), composed of national supervisors and three new European Supervisory Authorities for the banking, securities and insurance and occupational pensions sectors.

Charlie McCREEVY speech: about the outlook for regulation in the mid and post-crisis environment

Charlie McCREEVY, European Commissioner for Internal Market and Services, Annual Sir Thomas Gresham Lecture, London, 10 September 2009:

Ladies and Gentlemen, Thank you for inviting me here today.  You have asked me to talk to you about the outlook for regulation in the mid and post-crisis environment.

But before I turn to that subject let me say that I believe there has been far too much emphasis on new regulation.  And too little on the other – and in my view potentially far more effective – tools needed to underpin a safer financial system:

 

Dynamic Provisioning & Bank Capital Integrity: Banking Supervision

yacht wheelIt looks as though the "Dynamic Provisioning" (DP) approach or technique to the computation of Bank Capital in the context of Banking Supervision is gaining the ascendancy in the UK and Europe as a solution to ensuring banks hold sufficient reserves such that a credit crisis never occurs again. In reinforcing the tripartite arrangements to Banking Supervision and Regulation in the UK, the Chancellor appears to be favoring this approach which developed in Spain and it has to be said was successful (relatively). One challenge that Dynamic Provisioning gets around is the issue of procyclicality of capital buffers, perceived to be a problem with Basel II. In effect what DP does is to integrate Basel II Pillar One and Pillar Two by making total capital explicit and transparent over the business cycle. DP requires however an econometric model of the business cycle to drive the capital estimates predicated on outlooks for default (as a function of the business cycle). This is an interesting approach since finally an accounting standard is being putatively harnessed to an econometric technique.

European Commission proposes stronger financial supervision in Europe

 

the 1875th meeting of the Commission
held in Brussels
(Berlaymont)
on Wednesday 27 May 2009
(morning)

 

 

There is nothing un-important on this page

 

 

The European Commission has adopted a Communication on Financial Supervision in Europe. The Communication proposes a set of ambitious reforms to the current architecture of financial services committees, with the creation of a new European Systemic Risk Council (ESRC) and European System of Financial Supervisors (ESFS), composed of new European Supervisory Authorities. Legislation to embody these proposals will follow in the autumn. The Commission also invites all interested parties to submit their reactions on the Communication before 15 July.

CEBS statement on EU stress testing exercise

CEBS logoThe Committee of European Banking Supervisors (CEBS) today publishes its statement on stress testing exercise

http://www.c-ebs.org/News--Communications/Latest-news/CEBS-statement-on-stress-testing-exercise.aspx

Charlie McCreevy urges IASB to move up a gear on accounting standards to respond to systemic crisis

Brussels, 08/05/2009 (Agence Europe) - “The International Accounting Standards Board (IASB) should accelerate work on crisis-related issues and come forward with technical solutions in time for the preparation of the 2009 annual accounts, in particular concerning impairment,” said EU Internal Market Commissioner Charlie McCreevy on Thursday 7 May 2009 at a conference on “Financial Reporting in a Changing World,” where he talked of “growing concern among finance ministers at the perceived slowness of the ISAB in responding to the systemic crisis.” At an informal meeting in Prague and then at

The myth of regulation

monkeys seesaw"I want to lay to rest one myth – that it was because of a lack of regulation: On the contrary much of the regulation was there. It simply wasn't enforced. That’s why supervisory structures and supervisory resources and expertise must be and will be strengthened. Lessons have been learnt and they must be acted upon."
 

 

 

European Parliament - High Level Conference "Towards a New Supervisory Architecture in Europe"

Charlie McCREEVY European Commissioner for Internal Market and Services Keynote Speech

QUOTATION (CONCLUSION): Let me be clear: it was the joint impact of both macro and micro factors that resulted in the market excesses and the emergence of unprecedented systemic risks that we have experienced in recent times. There is, therefore, a fundamental need to strengthen both the micro- and macro-prudential pillars. And we should do this in a way that achieves valuable synergies and has a mutually reinforcing impact on overall financial stability.

Revision of "Bâle II" Directive gets green light in European Parliament - CAD4 arrives

Brussels, 06/05/2009 (Agence Europe) - On Wednesday 6 May, MEPs debated two legislative proposals in the field of financial services: - proposed directive revising requirements in terms of capital for banks; - proposed decision establishing a Community funding programme for the activities of the three European committees of national regulators (CESR, CEBS, CEIOPS). In their support for the recommendations of each respective rapporteur, they have paved the way for these two legislative acts to be adopted at first reading before the end of the term in office.

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