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CEBS today publishes its draft guidelines on the management of operational risk in market-related ac

Posted: 02 Jan 2010 10:13 PM PST

The Committee of European Banking Supervisors (CEBS) today publishes its consultation paper (CP35) on its draft guidelines on the management of operational risk in market-related activities. The consultation is open to all interested parties, including supervised institutions and other market participants.

BIS : The risk of relying on reputational capital: a case study of the 2007 failure of New Century Financial

Posted: 02 Jan 2010 10:11 PM PST

This paper employs the court examiner’s findings in a critical review of the procedures used by various agents involved in the origination and securitisation of subprime mortgages.

CEBS Guidelines on operational risk mitigation techniques

Posted: 02 Jan 2010 10:10 PM PST

The Committee of European Banking Supervisors (CEBS) today publishes its guidelines on operational risk mitigation techniques following a three-month public consultation period and a public hearing. These guidelines, which build on the provisions of the Capital Requirements Directive (CRD) and CEBS's Guidelines on the Implementation, Validation and Assessment of AMA and IRB Approaches (Implementation Guidelines – GL10) provide supervisory expectations and clarification on the recognition of risk transfer instruments within the AMA.

CESR's technical advice to the European Commission on level 2 measures relating to mergers of UCITS, master-feeder UCITS structures and crossborder notification of UCITS

Posted: 02 Jan 2010 10:09 PM PST

CESR received a provisional request for technical advice on possible implementing measures concerning the future UCITS Directive (‘the mandate') on 13 February 2009. The Commission's mandate is split into three parts: i) measures related to the UCITS management company passport; ii) measures related to key investor information; and iii) measures related to fund mergers, master-feeder structures and the notification procedure. This document sets out CESR's technical advice to the European Commission on the level 2 measures in the following areas, all of which are covered under part III of the mandate.

European Commission says no to IFRS 9

Posted: 02 Jan 2010 10:06 PM PST

The Australian Accounting Standards Board is out of step with the European Commission over the issue of acceptance of the International Accounting Standards Board’s new standard for the classification of financial instruments. Australia is one of only three countries (with New Zealand and Hong Kong) to have endorsed IFRS 9, which was issued by the IASB in November and replaces IAS 39.

SEC Proposes Rule Amendments to Facilitate Access to Capital Markets; 2009-273; Dec. 22, 2009

Posted: 02 Jan 2010 09:47 PM PST

The Securities and Exchange Commission today announced that it has proposed amendments to Rule 163 under the Securities Act to further facilitate the ability of certain large companies to communicate with broader groups of potential investors and gauge the level of interest in the market for their securities offerings.

ECB : The collateral frameworks of the Eurosystem, the Federal Reserve System and the Bank of England and the financial market turmoil

Posted: 02 Jan 2010 09:44 PM PST

In response to the turmoil in global fi nancial markets which began in the second half of 2007, central banks have changed the way in which they implement monetary policy. This has drawn particular attention to the type of collateral used for backing central banks' temporary open market operations and the range of counterparties which can participate in these operations.This posting includes an audio/video/photo media file: Download Now

BIS : The risk of relying on reputational capital: a case study of the 2007 failure of New Century Financial

Posted: 02 Jan 2010 09:42 PM PST

The quality of newly originated subprime mortgages had been visibly deteriorating for some time before the window for such loans was shut in 2007. Nevertheless, a bankruptcy court’s directed ex post examination of New Century Financial, one of the largest originators of subprime mortgages, discovered no change, over time, in how that firm went about its business.

Basel Committee : LGD Floors

Posted: 02 Jan 2010 09:41 PM PST

aragraph 266 of Basel II: International Convergence of Capital Measurement and Capital Standards: A Revised Framework – Comprehensive Version (June 2006) sets a floor of 10% for Loss Given Default (LGD) estimates for retail exposures secured by residential properties. It further provides that the Basel Committee will review the potential need for continuation of this floor during the transition period which, according to paragraphs 46 – 48 of Basel II, will end on 31 December 2009.

AMF : Arrêté du 24 décembre 2009 portant homologation de modifications du règlement général de l'Autorité des marchés financiers

Posted: 02 Jan 2010 09:39 PM PST

Les offres au public de parts sociales des banques mutualistes et coopératives sont soumises aux dispositions du présent titre. Elles font l'objet d'un prospectus décrivant les caractéristiques de l'émission et celles des parts sociales et comprenant notamment une présentation de la banque et du réseau mutualiste auquel elle appartient. …This posting includes an audio/video/photo media file: Download Now

AMF : Lettre régulation et gestion d’actifs n °12 – 4ème trimestre 2009

Posted: 02 Jan 2010 09:36 PM PST

La crise a montré combien l'échelon international était incontournable pour résoudre les problématiques de régulation financière. Dans ce contexte, plus que jamais l'Organisation internationale des commissions de valeurs (OICV) qui poursuit des objectifs de protection des investisseurs, de marchés efficients et transparents et de réduction des risques systémiques a un rôle clef à  jouer.This posting includes an audio/video/photo media file: Download Now

AMF : Lettre régulation & sociétés cotées n °8 – 4ème trimestre 2009

Posted: 02 Jan 2010 09:35 PM PST

La transposition en droit français, il y a un an, de la 8e directive sur le contrôle légal des comptes, oblige les sociétés cotées à  constituer un comité spécialisé. Il n'en reste pas moins que la plupart d'entre elles s'étaient déjà  dotées d'un comité d'audit. Cette transposition, qui a donné lieu à  de nombreuses publications d'experts, soulève de multiples interrogations de la part des sociétés cotées, des cabinets d'audit et des juristes.This posting includes an audio/video/photo media file: Download Now

FINMA – La FINMA publie sa circulaire Repo/SLB

Posted: 02 Jan 2010 09:33 PM PST

La circulaire règle d’une part le traitement du SLB dans le cadre des prescriptions en vigueur en matière de liquidités. D’autre part, il s’agit de protéger les créanciers et les investisseurs dans le domaine des SLB par une concrétisation des exigences relatives aux explications qui leur sont dues, au contenu des contrats cadres, à  l’exécution et au décompte. Au vu des risques qu’il comporte, il convient de restreindre le SLB non couvert pour les investisseurs non qualifiés. La circulaire entrera en vigueur le 30 juin 2010.

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