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14th July 2011 FEE Weekly EU Regulatory update
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Weekly update of EU Regulatory news for FEE Members
European Parliament and the financial crisis: On the proposal of the special committee on the financial, economic and social crisis (CRIS), the plenary session of the European Parliament approved a resolution on the financial, economic and social crisis including recommendations concerning the measures and initiatives to be taken. View
IAESB Proposes Clarified Standard on Practical Experience Requirements for Aspiring Professional Accountants: The International Accounting Education Standards Board released for public exposure a proposed revision of International Education Standard (IES) 5, Practical Experience Requirements. IES 5 currently prescribes the practical experience IFAC member bodies should require before qualification as a professional accountant. Comments on the exposure draft are requested by 8 October 2011. View
EC consultation on promoting Social Investment Funds as part of the Social Business Initiative: Some initial feedback on the Single Market Act has suggested certain barriers to funding social businesses in this way might exist, because of the nature of these businesses, and possibly because of existing rules applying to those running funds. The consultation outlines some of the issues and asks for input on possible next steps. Comments are expected before 14 September 2011. View
EC consultation on public procurement: The European Commission published the results of a comprehensive evaluation of the impact and effectiveness of EU public procurement legislation. It also published a synthesis of the main views expressed by the over 620 respondents, including FEE, to the Green Paper on modernisation of EU public procurement legislation. View
ESMA seeks views on future rules for hedge funds: In response to the request for assistance of the European Commission, ESMA published a consultation paper setting out its proposals for the detailed rules underlying the Alternative Investment Fund Managers Directive (AIFMD). Implementing measures on which ESMA makes proposal are those foreseen under Article 3 of the Directive. Stakeholders are expected to provide their comments by 13 September 2011. View
EIOPA releases a stability report: EIOPA’s Financial Stability Committee (FSC) has updated its report on the financial stability of the insurance and occupational pension fund sectors in the EU/EEA. The report is scheduled for the ESRB General Board and for the EFC Financial Stability Table discussions on the macro-financial conditions and overall stability of the EU financial system at meetings in June and July 2011. The results of the stress tests in the insurance industry were published on 4 July. The stress tests in the banking industry are expected to be published on 15 July by the European Banking Authority (EBA) View
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