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UK Financial regulation - from Tripartite to ‘Twin-peaks’

Financial Regulation: a preliminary consideration of the Government's proposals
 

The Treasury Committee

Seventh Report of Session 2010-11Lion Door Handle
Volume I

 

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. 

Bank of England to Keep FSA as Subsidiary?

Britain's Finance Minister George Osborne is set to detail plans this week to keep part of the Financial Services Authority (FSA) as a subsidiary of the Bank of England, the BBC reported on Sunday.

" .....in his Mansion House speech to London's financial centre or City on Wednesday, Osborne will set out proposals to keep the part of the FSA which overseas financial markets, as a formal subsidiary of Britain's central bank,

the BBC's Robert Peston said.

 

 

The FSA had faced closure under initial proposals from the Conservative Party -- lead partners in the new governing coalition -- to hand responsibility for dealing with the day-to-day supervision of banks to the Bank of England.

 

source: the BBC

The term macroprudential - origins and evolution

In the wake of the recent financial crisis, the term “macroprudential” has become a true buzzword. A core element of international efforts to strengthen the financial system is to enhance the macroprudential orientation of regulatory and supervisory frameworks. Yet the term was little used before the crisis, and its meaning remains obscure. This special feature traces the term’s origins to the late 1970s, in the context of work on international bank lending carried out under the aegis of the Euro-currency Standing Committee at the BIS. It then describes its changing fortunes until its recent rise to prominence.

Banking regulation white paper / EU banking regulation - A busy day

The Treasury's white paper on banking regulation is to be published later today. Most papers carry leaks or guesses at what it will contain. The FT says that the tripartite arrangement will not be abolished, but that the FSA will be given new statutory responsibility for banking stability. The chancellor, it says, "will tip-toe around the turf war between the Bank and FSA over who should take the lead in so-called macroprudential regulation, under which the authorities would rein in lending if they believed asset bubbles were forming".

Ministers of finance support introduction of dynamic provisioning into European banking legislation

Lewis KingBrussels, 06/07/2009 (Agence Europe) - European ministers of finance will reach an agreement this Tuesday on the introduction into European banking legislation of "dynamic provisioning", in an effort to improve the fight against financial instability. In its provisional conclusions on the pro-cyclical effects of safeguard rules and accounting standards in force, they say that they are in favour of an instrument which, "consists in constituting provisions deducted from profits in good times for expected losses on loan portfolios". One ambassador, who said that there was consensus between member states on such an important subject added that, "certain safeguards or accounting standards highlight the (economic) tendency, whereas, during a crisis we want to find a way of confronting cycle tendencies...A cycle is necessary for getting over future difficulties". The Commission will propose a revision in the direction of the Basle II directive in the autumn on capital bank requirements (EUROPE 9930). 

Procyclicality and financial regulation - Oxera

oxera logoAgenda, June 2009 from Oxera

FSA statement on its use of stress tests

The publication in the US of the results of bank stress tests has provoked considerable interest in the use of stress testing by authorities in other countries, in particular in Europe.  Stress testing can and has been used in a variety of different ways, and the appropriate degree of disclosure varies according

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.

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