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Commission should make ECB reference authority for macro-prudential supervision

art noveau door bxlOn Wednesday 27 May [2009], the European Commission is to present the principles of the structure for the new financial supervision in Europe.

de Larosière Group Recommendations: Misleading Incentives and the Super-Supervisor Scrum-Down

On the 27th May 2009 in what will possibly be the final act of this Commission (and arguably the most important), CION (the insiders short-hand for the European Commission) will bring forward its proposals for banking supervision and regulation reform to ECOFIN (the European Finance Ministers) and then to the European Council  (Heads of State and Government) in June. It’s political with a big ‘P’ now.

 

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

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.

European Parliament Decisions on the Budget of the European Committees of Regulators and Accounting Standards Setters

European committees of regulators. The creation of European financial support will give the three committees of national regulators (CESR, CEBS, CEIOPS) "greater independence", said Karsten Friedrich Hoppenstedt (EPP-ED, Germany).

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.

Improving supervision in the EU financial services sector: The 3L3 Commitees express their suport for the Commission's position

The 3L3 Committees, CESR, CEBS and CEIOPS, published today their joint response to the European Commission’s consultation on improving the supervision of EU financial markets. The joint response also includes in an annex, the three Committees’ sectoral views on the proposals made by the high-level group (“the Group”) on the structure of financial supervision in the EU, chaired by Jacques de Larosière, which were endorsed by the Commission’s Communication of 4 March 2009.

United States Government Accountability Office - Review of Regulators’ Oversight of Risk Management Systems

United States Government Accountability Office - Review of Regulators’ Oversight of Risk Management Systems

Review of Regulators’ Oversight of Risk Management Systems at a Limited Number of Large, Complex Financial Institutions
Statement of Orice M. Williams, Director Financial Markets and Community Investment

Testimony Before the Subcommittee on Securities, Insurance, and Investments, Committee on Banking, Housing, and Urban Affairs, U.S. Senate

http://www.gao.gov/new.items/d09499t.pdf

This is a US Government audit of regulators and banks risk management systems. It is page after page of damning findings clearly stated (no pussy-footing, punch-pulling, mealy-mouthed politeness, but very straight) of weakness, stupidity and failure by regulators and banks. Could all of this be equally true in Europe? No such report has been published in Europe!

Turner’s review dangerously flawed

Lord Turner; image courtesy of Daily Mail

 

By Ian Fraser, Published: The Sunday Times, Date: March 22nd, 2009.

 

 

 

 

 

Last week I met two Edinburgh-based academics who specialise in the field of finance and risk. They told me that, in their view, Lord Turner’s review on the future of financial regulation, published last Wednesday, is flawed.

The Turner Review - A regulatory response to the global banking crisis

The Financial Services Authority on Wednesday announced a sweeping overhaul of the UK’s financial regulatory regime, marking a definitive break with its previous “light-touch” approach and attempting to set a new global standard for the post-crisis world. Lord Turner, chairman of the Financial Services Authority, set out plans to curb banks’ ability to take excessive risks by forcing them to hold more capital and increase their holdings of liquid assets and cash. He pledged to scrutinise any institution that could threaten the stability of the financial system.

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