BRUSSELS, Belgium (Reuters) - At a summit next week, European Union leaders will call for rapid progress on agreeing and implementing new financial regulations to prevent another global economic crisis, a draft summit declaration showed on Wednesday [June 10]. The draft, prepared for the June 18-19 E.U. summit or Council in Brussels, showed the E.U. leaders would approve the creation of two new bodies to assess potential threats to financial instability and protect small financial firms and consumers.
... EU initiatives aimed at strengthening financial regulation, and will sit alongside the proposed Eu...
As early as the 1970s, European Union (EU) member countries implemented rules to coordinate insurance markets and regulation. However, with the more recent movement toward a general single EU market, financial services regulation has taken on new meaning and priority. Solvency I regulations went into effect for member nations by January 2004. The creation of risk-based capital standards, the main focus of Solvency II, now appears likely sometime after 2007. The purpose of the discussion presented here is to outline the specifics of Solvency II as they currently stand and suggest important areas of future research.
LONDON (Reuters) - The Channel islands of Jersey and Guernsey are setting up a diplomatic mission in Brussels for fear their representation to the European Union will be marginalized by a cash- strapped British government. The islands' politicians fear Britain may not pursue their cause vigorously enough on issues such as proposed E.U. regulation that could hobble their vital financial services industries.
In the wake of the global economic crisis, the EU has proposed sweeping changes to financial sector regulation throughout its 27 member countries. Their aim is to protect European taxpayers from a repeat of the dark days of autumn 2008, when governments had to pour billions of euros into banks, said European Commission President Jose Manuel Barroso. In a plan revealed in September, the European Commission will create two new watchdog agencies to address both macro- and micro-level concerns. It remains to be seen how these concerns will be resolved, but the Commission hopes that the plan can be approved quickly so that implementation can begin in 2010.
BRUSSELS, Belgium (Reuters) - French President Nicolas Sarkozy called at a European Union summit on Wednesday [Oct. 15] for a clampdown on hedge funds and offshore centers as part of efforts to better regulate the world financial system. I would propose a simple principle, that no financial institution should escape regulation and supervision," he said according to a copy of a speech to the E.U. summit in Brussels. "I am thinking, for example, of the regulation that we must apply to the rating agencies, and of the necessary supervision of hedge funds. We must also work to eliminate the grey areas that undermine our efforts at coordination, in this case the offshore centers," he said.
BRUSSELS (Reuters) - Giving countries a veto over European financial regulation could lead to "disaster" when negotiating new laws, a British Conservative European lawmaker said in remarks that shed light on what London may demand before accepting EU treaty change. Under pressure from Conservative euro-skeptics to win concessions before allowing Germany and others in the EU to change its basic law to enshrine fiscal controls, British Prime Minister David Cameron has pledged to demand safeguards for financial services.
The move toward accounting harmonization centers around the standards being developed by the International Accounting Standards Board (IASB). Presently, 65 countries require their listed companies to use the IASB's International Financial Reporting Standards (IFRS). The harmonization movement received a significant boost in 2002 when the European Union (EU) adopted a regulation requiring public companies to convert to IFRSs beginning in 2005. The EU's participation in the IASB's standards-setting process, however, could complicate and slow the creation of global standards. While the IASB is concerned with developing standards that can be applied on a global basis, it recognizes that achieving this objective depends on help from the US and the EU. While the prospect of the US deciding to...
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