European Commission (EC)
FSB warns members not to misinterpret G-20 commitments
The FSB warns that some regulations appear to be contrary to the spirit of the OTC derivatives reforms agreed by G-20 members – a statement some believe was prompted by a disagreement over the scope of European derivatives regulation
Lloyds and RBS CDS spreads steady despite downgrade
The decision by Moody’s to downgrade Lloyds and RBS fails to spark surge in CDS spreads, while other European banks finish more or less unchanged on the week despite continuing woes in the eurozone
EIB to sell 300 million carbon units
European Investment Bank plans to sell 300 million EU carbon allowances
Solvency II causing uncertainty for risk managers
Call for lobbying push on details of new regulations
Industry to make 11th hour plea over Emir scope
The EU council text of Emir could be voted through next week, but a group of industry associations will plead for a late - and controversial - change
Auditors to be changed every nine years, EC proposes
Leaked draft EC regulation demands sweeping changes in auditor regulation
CRD IV proposals do not deviate markedly from Basel III, says EC's Faull
Jonathan Faull dismisses suggestions CRD IV will lead to uneven application of Basel III
Solvency II
A collection of articles on Solvency II from Life & Pension Risk
Foreign regulators leave US isolated on uncleared margin rules
The extraterritorial application of US uncleared margin proposals will make it tough for US banks to compete with their foreign counterparts unless the proposals are copied by regulators elsewhere
Wave of new regulation brings inconsistencies and loopholes
Divergent paths
EC argument for ‘bigger and better’ Iorp directive misguided - NAPF
Solvency II is the wrong starting point for new occupational pension directive, says James Walsh
European Parliament calls for delay in Solvency II implementation
Parliament calls for delay but European Insurance and Occupational Pensions Authority says it would like aspects of implementation to start now
Ignoring the perils of portability
The perils of portability
Q&A: ACP's Nouy on CRD IV, equity in the LCR and CoCos
Behind Basel III
Investor pull to replace regulator push on CoCos: Credit Suisse’s Ervin
A new pull for CoCos
Europe in a ratings wonderland
Europe in wonderland
EC's CRD IV says dealers can ignore portability risks
While Basel Committee deliberates, EC proposes 'value of zero' for contingent risks associated with clearing portability
Falling oil prices and Greek crisis a boon to carbon traders
Carbon allowance trading hits all-time high in June as analysts downgrade predicted average ETS Phase 3 price to €22 per tonne
European Parliament rejects Swinburne’s forex exemption
Crucial plenary vote on Emir on July 5 retains suggested amendments to recognise unique nature of FX derivatives, but strips out explicit calls for an exemption
Report recommends ways to tackle energy market manipulation
A new report has suggested a framework for identifying market manipulation, arguing further clarity will boost market liquidity
Change of governance
Change of governance
Deconstructing Emir
Deconstructing Emir
Basel III liquidity rules won't be watered down in Europe, says ACP's Nouy
Autorité de Contrôle Prudentiel secretary-general Danièle Nouy says looser language in the CRD IV draft won't ultimately mean weak rules in Europe
Position limits will feed risk into real economy, say energy companies
Energy market participants have expressed doubt that European position limits proposals will achieve reductions in market volatility, and warned of unintended consequences for end-users' risk management