Global and Regional Financial Regulation: The Viewpoint of a European Securities Regulator

Global Policy

Volumn 1, Issue 2, 2010, Pages 201-208

  Wymeersch, Eddy ^a  

^a Committee of European Securities Regulators ^*  (France)

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EID: 79955876115     PISSN: 17585880     EISSN: 17585899     Source Type: Journal    
DOI: 10.1111/j.1758-5899.2010.00031.x     Document Type: Article

References (27)

1. The FSF - henceforth FSB - has adopted several documents dealing with financial regulation and supervision. Among recent ones are: 'Recommendations for Addressing Procyclicality in the Financial System'; 'Principles for Sound Compensation Practices'; 'Principles for Cross-Border Cooperation on Crisis Management'.
2. For the composition of the FSB, see http://www.financialstabilityboard.org/members/links.htm.
3. See the introductory chapter 'Rescue, Recovery, Reform' of the BIS 79th Annual Report, 2008.
4. Under its present, recently extended composition, the Basel Committee comprises the following members: Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Hong Kong SAR, India, Indonesia, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States.
5. The technical committee of IOSCO comprises 17 ordinary members.
6. See the Commission site for an overview of actions undertaken: ec.europa.eu/internal_market/finances/global/index_en.htm.
7. About which see further text accompanying Note 12. http://ec.europa.eu/internal_market/ext-dimension/dialogues/index_en.htm
8. See for details: June 2004, ec.europa.eu/internal_market/finances/docs/general/eu-us-dialogue-report-state-of-play_en.pdf.
9. June 2009 CESR 09-406 b.
10. The approaches are: standardisation, i.e. a development of common approaches or international standards; exemptions, i.e. providing exemptions from national rules to foreign entities where imposing such rules would be disproportionately burdensome; recognition, i.e. accepting compliance by a foreign entity with its home country standards through mutual recognition.
11. IP / 02 / 1576, Brussels, 29 October 2002, http://europa.eu/rapid/pressReleasesAction.do?reference=IP/02/1576&format=HTML&aged=0&language=EN&guiLanguage=en.
12. IP / 07.1705, http://europa.eu/rapid/pressReleasesAction.do?refer ence=IP/07/1705&format=HTML&aged=0&language=EN&guiLanguage=en.
13. The Madrid-based Public Interest Oversight Board approved in 2008 25 International Standards on Auditing (ISAs) and one International Standard on Quality Control; PIOB Annual Report 2008.
14. See IOSCO, December 2004; 'Review of Implementation of the IOSCO Fundamentals of a Code of Conduct for Credit Rating Agencies', February 2007 Code of Conduct Fundamentals for Credit Rating Agencies
15. 'Review of the Implementation of the IOSCO Code of Conduct', http://www.iosco.org/library/pubdocs/pdf/IOSCOPD249.pdf.
16. Especially about home-host competences.
17. Acting by qualified majority. However, according to the Stockholm Council resolution, the Commission has accepted to 'avoid going against the dominant views' in the Council as to the appropriateness of such measures.
18. But the movement also goes in the opposite direction: the Solvency II Directive for insurance undertakings is the most advanced instrument these days, and will be studied by regulators worldwide. The same applies for Mifid.
19. E.g., the accounting standards IFRS are technically endorsed by the Commission, and lead to a formal regulation: see art. 3, Regulation 1606 / 2002 of 19 July 2002, where the endorsement procedure is described as a Commission decision The minimum political requirements are mentioned in art. 3.2. On the applicability within the Community of international accounting standards
20. Especially CESR-Pol, investigating cross-border market abuse cases, and CESR-Fin, looking at disclosure and accounting issues.
21. 'Frequently Asked Questions Regarding Prospectuses, Common Positions Agreed by CESR Members', 10 February, Q. 54 on Interim Financial Statements, 'Pro Forma Financial Information Included in a Prospectus on a Voluntary Basis'. 2009
22. CESR, Multilateral Memorandum of Understanding on the exchange of information and surveillance of securities activities, 4 May 2005.
23. The recent directives CRD and Solvency II contain more advanced provisions in this respect.
24. Solvency II Directive, art. 235 and 238, text adopted by the European Parliament 22 April 2009.
25. See Commission Communication of 27 May. The proposal has now been published: Commission document COM(2009) 501 final, 23.9.2009. 2009
26. Compare the procedure followed with respect to the IFRS, Note 19.
27. Efforts have been made by the private sector to flag differences e.g. in thresholds for significant shareholdings, that create substantial administrative burden in processing transactions.