Weekly update of EU Regulatory news for FEE Members
Good governance in the Public Sector: On Wednesday 9 November 2011, FEE will organise a high level roundtable in Brussels to discuss what good governance means in the public sector and its implications for strong financial management. Attendance is free but places are limited; please express your interest to
Sylvie.Romancide@fee.be.
View
Study evaluating the Professional Qualifications Directive against recent educational reforms in EU Member States: This report commissioned by DG Markt evaluates the impact of EU educational reforms (notably the Bologna Process and the European Qualifications Framework) on the recognition of professional qualifications under Directive 2005/36/EC. Sectoral approaches to achieving convergence include setting either a common framework for knowledge, skills and competence or common minimum standards for training. Sector approaches also use labels/accreditation for individuals or programmes as a direct way of supporting professional recognition. They may be led primarily by professional bodies or education institutions. View
EBA supports measures to restore confidence in the banking sector: The European Banking Authority supports the agreement at EU level on measures aimed at addressing the current situation in the EU by restoring stability and confidence in the markets. Their implementation is conditional on the other components of the package being fully clarified and endorsed.Banks are required to strengthen their capital positions by building up a temporary capital buffer against sovereign debt exposures to reflect current market prices. In addition, banks are required to establish a buffer such that the Core Tier 1 capital ratio reaches 9%. Banks will be expected to build these buffers by the end of June 2012. View
SMP Quick poll reveals increased optimism among Small Practices: The IFAC SMP Quick Poll is being conducted quarterly throughout 2011. The third SMP Quick Poll collected 798 responses from all regions of the world. Burden of regulation continues to challenge both accountants and their small business clients, according to the small- and medium-sized accountancy practitioners polled by the International Federation of Accountants in August-September. Despite these challenges, overall optimism increased since the last SMP Quick Poll was conducted. View
Jurisdictions with strategic anti-money laundering deficiencies: The Financial Action Task Force (FATF) is the global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT). In order to protect the international financial system from money laundering and financing of terrorism risks and to encourage greater compliance with the AML/CFT standards, the FATF identified jurisdictions that have strategic deficiencies and works with them to address those deficiencies that pose a risk to the international financial system. View The FATF significantly advanced its work to revise the AML/CFT Recommendations.The FATF will thereafter hold a Special Plenary meeting in January 2012 to finalisethe text of the revised Recommendations with a view to formally adopting the revised Recommendations in February 2012. View
FSB statements ahead of the G-20: The Financial Stability Board (FSB) has been established to address vulnerabilities and to develop and implement strong regulatory, supervisory and other policies in the interest of financial stability. It published last week:
• A Public Statement on global adherence to regulatory and supervisory standards on international cooperation and information exchange;
• A Report with recommendations to strengthen oversight and regulation of shadow banking;
• A Report from the FSB, IMF and BIS on macroprudential policy tools and frameworks
Common principles on consumer protection in the field of financial services: The high-level principles were developed as a response to the G20 Finance Ministers and Central Bank Governors call in February 2011 for the OECD, the FSB and other relevant international organisationsto develop common principles on consumer protection in the field of financial services by their 14-15 October meeting. View
Capitalisationof bank exposures to central counterparties - consultative paper issued by the Basel Committee: The Committee's proposals relate to the capitalisationof bank exposures to a central counterparty (CCP) and cover both capital requirements for default fund exposures and trade-related exposures to CCPs. The Committee will finalisethe rules around year-end and expects that they will be implemented in its member jurisdictions by January 2013. The Basel Committee welcomes comments on the proposed rules text by 25 November 2011. View
Equivalence of supervisory systems in the insurance sector: EIOPA publishes final reports on the equivalence assessment of the Bermudan, Japanese and Swiss supervisory systems. View
IPSAS 32 Service Concession Arrangements: Grantor: IPSASB released its standard No 32 on service concessions. These arrangements provide a way for governments and other public sector entities to build the infrastructure necessary to maintain and improve critical public services. View
Integrated Reporting: The International Integrated Reporting Committee (IIRC) announced that already over 40 leading companies from around the world have been chosen as participants in the IIRC Pilot Programme initiative and the number is growing.These global companies, representing various sectors and industries, met for a two day kick off event in Rotterdam on the 17 and 18 October 2011. This marked the beginning of a two year journey with the IIRC where they will be given the opportunity to demonstrate global leadership in this emerging approach to corporate reporting. View