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Xi Banking Supervisors Xbrl Workshop 20 November, 2009 Vienna
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Xi Banking Supervisors Xbrl Workshop 20 November, 2009 Vienna Presentation Transcript

  • 1. Proposals, Conclusions and Dialogues
    Piotr Madziar – European Commission
    20 November 2009, XI European Banking Supervisors XBRL Workshop - Vienna
  • 2. Topics
    European Commission proposal for supervisory reform
    Critics
    Next steps?
  • 3. XBRL driving forces
    Simplification - Reduction of Admin Burden
    De Larosiere Reform
    EU Council
    EP
    MS
    G20
    Corporate governance and transparency
    E-Gov, Information Society, EU Competitivenss
    XBRL
    Simplification
    Crisis
    COM
    De Larosiere
    Stoiberg
  • 4. De Larosiere Reform
    Financial crisis driven
    Position of national regulators?
    Global aspect
    Commission absolute priority.
  • 5. European Parliament
    Resolution on Lamfalussy follow-up: future structure of supervision (September 2008)
    Calls upon the L3 Committees to design common reporting standards
    Multi-purpose format such as XBRL
    Throughout the EU
    Calls upon the Commission to submit adequate legislative proposals
  • 6. De Larosiere proposal
    Commission’s proposal of 23 September 2009
    ESRB and ESFS = ECB + ESAs + national regulators+…
    Banking: colaterals, capital, fund transfer reg,…
    Insurance: insurance and reinsurance, conglomerates, institutions, Solvency II, anti money laundering,…
    Securities & Markets: transparency, markets in FI, market abuse, prospectuses, hedge funds, CRA, take-over bids, settlements, financial collateral arrangements, ...
    Technical standards,… XBRL?
    Links to international standard setters,… XBRL?
  • 7. More powers for ESAs
    Technical standards but criteria in Community legislation
    Flow of information
    Supervisory culture and supervisory practices
    Last resort option in case of disagreement
    Training programmes
    Aggregate micro-prudential information from national supervisors
    Set-up a Central European Database. The information will be available for the relevant authorities in colleges of supervisors and forwarded to the European Systemic Risk Council
    Technical arrangements with international organisations and administrations of third countries.
  • 8. Proposed structure for Banking

    EBA– EuropeanBankingAuthority
    European Commission
    Chairperson
    ECA - European Court of Auditors
    Executive Director
    Mgt Board
    OLAF – l’Office européen de lutte anti-fraude
    BankingStakeholderGroup
    Board of Supervisors
  • 9. Appeal processes
    EU Council - QMV
    Board of Appeal for 3 ESAs
    EBA QMV
    Member State
    Member State
    NSA
    NSA
    NSA
    EU Court of First Instance
    EU Court of Justice
  • 10. Joint Committee of European Supervisory Authorities
    EIOPA - European Insurance and Occupational Pension Authority
    EBA - European Banking Authority
    NSA
    NSA
    NSA
    College of Supervisors
    NSA
    NSA
    NSA – National Supervisory Authority
    NSA
    NSA
    NSA
    NSA
    NSA
    NSA
    ESFS
    ESFS - EU System of Financial Supervisors
    ESMA - European Securities and Markets Authority
  • 11. Information exchange
    3rd Countries & Int’l
    ECB
    Information exchange
    Information exchange
    ESRB – European Systemic Risk Board
    ESFS – European System of Financial Supervision
    ESRB – EU Systemic Risk Board
  • 12. Practicalities, Agenda
    Financial assistance 37- 70 M€ in years 2011-2016
    40% from the Community budget
    London, Paris, Frankfurt
    Status similar to EU Agency
    74-90 staff (2016)
    EU Staff Regulation (independence, impartiality).
  • 13. Financial Market-driven regulatory data reform
    Governments
    All Markets
    Common Reporting Framework
    Regulated Financial Markets
    ?
  • 14. Critics
    Tooambitious
    • Serious problems
    Great unease
    Far from clear
    Far too fast
  • 15. Critics
    R e a l a r g u m e n t s
    Sovereignty
    Global dimension
    Stop!
    Exclusion and Dominance
    Treasury
  • 16. Critics
    R e a l a r g u m e n t s
    Sovereignty of MS:
    • Host states allowed to take steps if weaknesses are identified - that can be abused for commercial or protectionist reasons
    • 17. ESAs empowered to overridenational regulators
    • 18. Changes give EU more powers. Emergencydeclared by the Commission without involvement of the Council. Unclear emergency procedure.
    • 19. MS should decide first what will ESAs do and how
  • Critics
    R e a l a r g u m e n t s
    Global cohesion:
    • Not clear how global cohesion is addressed
    • 20. Need for allignment with G-20 and Basel.
    • 21. It would be very bad for EU and its financial centres If we forge ahead disregarding what US, Switzerlandand others are doing
  • Critics
    R e a l a r g u m e n t s
    Fiscal responsibilities of MS:
    • June’s ECOFIN mandate (shoulnd’t impinge on the fiscal responsibility of the MS) breached
    • 22. EU financial supervisory structure needs an EU fiscal arrangement
  • Critics
    R e a l a r g u m e n t s
    Exclusion and Dominance
    • Any compromise would need to assure that host states receive all prudential information about entire group.
    • 23. Eurozone dominance in ESRB
    • 24. Bankers dominance in ESRB, disregarding the fact that the choice between security and price is a democratic trade-off decision taken by governments, for the citizens.
    • 25. QMV to recognize the size and importance of financial services relative to GDP
  • Options/Scenarios
  • 26. Contacts
    DG Internal Market & Services website:
    http://ec.europa.eu/dgs/internal_market/index_en.htm
    Piotr Madziar
    +32-(0)2-2950869
    piotr.madziar@ec.europa.eu