Dods EU Finance Services Update - June 2011
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Dods EU Finance Services Update - June 2011

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Please find attached a Financial Services EU regulation update for June 2011. ...

Please find attached a Financial Services EU regulation update for June 2011.

This was tailored made by our team of experts from our EU Monitoring services (Europe's leading provider of tailored political intelligence).

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Dods EU Finance Services Update - June 2011 Dods EU Finance Services Update - June 2011 Document Transcript

  • International Press Centre 21 Dartmouth Street, T:+44 (0)20 7593 5500 Boulevard Charlemagne 1 Westminster F:+44 (0)20 7593 5501 Box 2, 1041 Brussels London W:www.dods.eu Belgium SW1H 9BP EU Financial Services Update June 2011 www.dodsmonitoring.euPublications | Digital | Monitoring | Polling | Training | Events | Recruitment Dods Parliamentary Communications Limited. Registered office: 21 Dartmouth St, London, SW1H 9BP. Registered in England number: 01262354 Dods Parliamentary Communications Limited is a member of the Dods (Group) Plc.
  • International Press Centre 21 Dartmouth Street, T:+44 (0)20 7593 5500 Boulevard Charlemagne 1 Westminster F:+44 (0)20 7593 5501 Box 2, 1041 Brussels London W:www.dods.eu Belgium SW1H 9BPDeposit guarantee schemesOn May 24th, the European parliament ECON committee adopted its draft report1 ondeposit guarantee schemes. The adopted report, which was written by Peter Simon(S&D, DE), upholds the increased bank deposit protection limit of €100,000 butchose to allow Member States more leeway over how they design their schemes. Allschemes must be fully funded within fifteen years instead of the EuropeanCommissions proposed ten. In addition, the MEPs also voted for payouts to be madewithin five working days rather than seven. The report is expected to be debated andadopted in plenary in the week of July 4th 2011.On May 31st, a presidency compromise on the proposal was discussed in the Councilworking group. In an exchange of views with the European Parliament’s Economicand Monetary affairs committee (ECON), Commissioner Barnier called upon theCouncil and the Parliament to reach an agreement on the final text as quickly aspossible, as this concerns an important element in consumer protection.Derivatives, central counterparties and trade repositoriesOn May 24th, the ECON committee adopted its draft report2, written by WernerLangen (EPP, DE), on derivatives, central counterparties and trade repositories. Thedraft regulation aims to bring greater safety, transparency and stability to the OTCderivatives market. Information on OTC derivative contracts would have to bereported to trade repositories and be accessible to supervisory authorities. Theywould also need to be cleared through central counterparties (CCPs). Theparliamentary draft report envisages a central role for ESMA (European Securitiesand Markets Authorities). The new European supervisor will work closely withnational supervisory authorities, have an important stake in authorising new CCPs tothe market and should be allowed to carry out on-site inspections. The report alsocalled for the rules to apply only to OTC derivatives. However, to ensure ESMA hasthe full picture, the ECON report calls for reporting obligations to apply to allderivatives. Although it provides for a special regime for pension funds, the report isstrict regarding exemptions. Co-operation arrangements between clearing housesare limited to cash securities. A CCP has to have functioned in line with the standardsfor at least three years before it can apply for authorisation for interoperability. TheECON draft report said that clearing will only be mandatory from the moment theregulation enters into force.1 The final version of the ECON report as adopted is not yet available2 Idem Publications | Digital | Monitoring | Polling | Training | Events | Recruitment Dods Parliamentary Communications Limited. Registered office: 21 Dartmouth St, London, SW1H 9BP. Registered in England number: 01262354 Dods Parliamentary Communications Limited is a member of the Dods (Group) Plc.
  • International Press Centre 21 Dartmouth Street, T:+44 (0)20 7593 5500 Boulevard Charlemagne 1 Westminster F:+44 (0)20 7593 5501 Box 2, 1041 Brussels London W:www.dods.eu Belgium SW1H 9BPFollowing the adoption of the report, the rapporteur, Werner Langen, said that hewould now like there to be a full vote in plenary before negotiations with the Councilbegin. This would in effect set the parliament’s position in stone and make finding afirst reading agreement with Council difficult. The report will be debated and votedin plenary in the week of July 4th 2011.In an exchange of views with the ECON committee, Commissioner Barnier alsoexplained that the Commission is working on a proposal for the derivative market inraw materials. Concerning the EMIR directive, he called for an agreement to befound as soon as possible and warned that were the proposal to go to secondreading, it could add an extra six months to the process.On May 27th, a presidency compromise was published and this will form the basis forthe ongoing negotiations within the council.Capital requirements and Banking stress testsOn May 27th, Commissioner Barnier reiterated that the European commission’sproposal on implementing Basel III would “respect the balance and level of ambitionincluded in Basel III.”In addition, in an exchange of views with the ECON committee in the EuropeanParliament, he explained that CRD IV will cover Basel II and III. In its proposal, theCommission will seek to take the specificities of the European banking sector intoaccount. The proposal will include general rules on liquidity and the commission iscurrently working on finding the right ratio for this. The commission proposal isexpected to be published on July 5th 2011.On June 1st, the Basel committee on Banking Supervision published a revised versionof Basel III.The European Banking Authority is currently coordinating the results of the bankingstress tests. The commission has promised that these will be far more stringent thanthe first ones. During this month, Commissioner Barnier stated that European banksshould be subject to regular stress tests. The results of the current stress tests aredue to be published in mid to late June. However, reports on June 2nd suggest thatthe publication of results may be pushed back until July as the EBA requires certainbanks to resubmit data on how they would fare in an economic downturn. Furtherinformation on the timetable can be found here. Publications | Digital | Monitoring | Polling | Training | Events | Recruitment Dods Parliamentary Communications Limited. Registered office: 21 Dartmouth St, London, SW1H 9BP. Registered in England number: 01262354 Dods Parliamentary Communications Limited is a member of the Dods (Group) Plc.
  • International Press Centre 21 Dartmouth Street, T:+44 (0)20 7593 5500 Boulevard Charlemagne 1 Westminster F:+44 (0)20 7593 5501 Box 2, 1041 Brussels London W:www.dods.eu Belgium SW1H 9BPMiFIDIn front of MEPs, Commissioner Barnier said that the commission will be veryambitious and try to find the best possible supervision, fair competition and increasetransparency in its upcoming proposals. The commission proposal is expected inSeptember or October 2011. When the parliament deals with the proposal, MarkusFerber (EPP, DE) is likely to be the rapporteur.General InformationOn May 23rd, the Presidency Interim Report on Taxation of the Financial Sector wasreleased. The summary report of DG TAXUD from the commission consultation waspublished on May 26th 2011.On May 27th, the Council adopted the directive on EU rules for alternativeinvestment fund managers. The directive will enter into force on the 20th dayfollowing its publication in the Official Journal and member states will have twoyears to transpose its provisions into national law.On May 31st, the ECB published its contribution to the European commission’s publicconsultation on the technical details of a possible EU framework for bank recoveryand resolution.On June 1st, the regulation (EU) no 513/2011 of the European parliament and of theCouncil amending Regulation (EC) No 1060/2009 on credit rating agencies waspublished in the official journal. It entered into force on July 2nd 2011.Upcoming proposals and meetings • ECOFIN council – June 20th 2011 • Proposal on a Regulation on Central Securities Depositories (CSDs) – June 2011 • Beginning of the Polish Presidency of the EU – July 1st 2011 • Proposal on CRD IV – July 5th 2011 • Proposal on the Securities Law directive – July 2011 • Proposal on Packaged Retail Investment Products – Mid-July 2011 • Proposal on taxation of the financial sector – Summer 2011 • Proposal on the Market Abuse Directive – September / October 2011 • Proposal on a crisis management framework – September 2011 Publications | Digital | Monitoring | Polling | Training | Events | Recruitment Dods Parliamentary Communications Limited. Registered office: 21 Dartmouth St, London, SW1H 9BP. Registered in England number: 01262354 Dods Parliamentary Communications Limited is a member of the Dods (Group) Plc.
  • International Press Centre 21 Dartmouth Street, T:+44 (0)20 7593 5500 Boulevard Charlemagne 1 Westminster F:+44 (0)20 7593 5501 Box 2, 1041 Brussels London W:www.dods.eu Belgium SW1H 9BPWhy Dods?Dods is the sole public affairs organisation able to offer a distinguished blend ofproducts, from media titles such as The Parliament Magazine to online informationservices such as www.theparliament.com, monitoring services and onlinecampaigning tools such as Dods People EU.Dods Research underpins the work carried out on behalf of our clients and providesthe evidence needed to inform strategy and to track opinion.Crucially Dods is non-partisan and is committed toenriching debate and driving and informing betterpolicy through facilitating evidence based dialogue.Dods will continue to remain politically neutral ensuringrelationships with all parties are open and fair.Dods is uniquely placed to deliver an open andtransparent campaign aimed at those most able to influence policy and authorchange. Dods is intrinsically linked with the UK and European Parliaments, CivilServants and the broader body politic. Dods has developed products and services, inpartnership with these key stakeholders, to maximise the opportunity for dialogue andthe sharing of best practice within government itself and between government andthe private, voluntary and trade sectors. Dods is the UK and EU’s leading provider of political information, both on and offline, and boasts an unrivalled record in attracting the Europe’s foremost thinkers, from ministers to academics and from Senior Civil Servants to industry leaders. This reach allows Dods to provide clients with a comprehensive and all- inclusive service, helping to ensure public affairs goals are met.Dods firmly believes in working in partnership with its clients and recognises it is the mixof expertise and skills that both parties bring to the table that maximises opportunitiesand success.Free TrialWe are please to be able to offer a two week free trial of our Dods EU Monitoringservice. It’s the perfect opportunity for you to experience how Dods EU can help yousave time and money.If you are interested in a two week free trial please do no hesitate to contact Dods orfill the form online by clicking here. Publications | Digital | Monitoring | Polling | Training | Events | Recruitment Dods Parliamentary Communications Limited. Registered office: 21 Dartmouth St, London, SW1H 9BP. Registered in England number: 01262354 Dods Parliamentary Communications Limited is a member of the Dods (Group) Plc.