2008

Mr. Arnoud Vossen, Secretary General of the Committee of European Banking Supervisors (CEBS) speaks on CEBS work on behalf of ECOFIN at the BBA Annual Accounting Conference.

The three Level 3 Committees have updated their protocol coordinating their joint 3L3 activities, in order to take into account the increasing importance attached to the coordination between the three Committees and agreed a formal procedure to facilitate the coordination of joint 3L3 activities.

The Committee of European Banking Supervisors (CEBS) today publishes its response to the ECOFIN’s request from 3 June 2008 for a review of ‘the coverage of risks borne by custodians (…) so as to ensure a level playing field while avoiding inconsistencies in the treatment of custodians and double regulation’.

The Committee of European Banking Supervisors (CEBS), the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) and the Committee of European Securities Regulators (CESR) today publish their guidelines for the prudential assessment of acquisitions and increases in holdings in the financial sector as required by Directive 2007/44/EC.

Mrs. Kerstin af Jochnick, Chair of the Committee of European Banking Supervisors (CEBS), speaks on Supervision in Europe at the Euro Finace Week, Frankfurt

The Interim Working Committee on Financial Conglomerates (IWCFC) will hold an industry hearing at CEBS’ office in London on 16th December 2008 from 13:00 to 15:30 to enable industry stakeholders to comment on the progress made by the IWCFC.

 

Mr. Arnoud Vossen, Secretary General of the Committee of European Banking Supervisors (CEBS) speaks on Supervisory Structures at the BBA Annual Supervision Conference.

The Committee of European Banking Supervisors (CEBS), the Committee of European Securities Regulators (CESR) and the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) have today published a joint statement, with their input regarding the latest developments in accounting.

The Committee of European Banking Supervisors (CEBS) today publishes its response to the European Commission's Call for Technical Advice (No. 10) on the reduction of options and national discretions in the Capital Requirements Directive.

The three Level 3 Committees [the Committee of European Banking Supervisors (CEBS), the Committee of European Securities Regulators (CESR) and the Committee of European Insurance and Occupational Pensions (CEIOPS)] - through the 3L3 Anti Money Laundering Task Force (AMLTF) - publish today their common understanding in relation to the information on the payer of accompanying fund transfers to payment service providers of payees, arising out of the EU Regulation 1781/2006.  The paper published today follows a consultation of three months which closed on 26 June 2008.

The Committee of European Securities Regulators (CESR) and the Committee of European Banking Supervisors (CEBS) are publishing today their advice in response to the Joint Call for Technical Advice issued by the European Commission in December 2007 concerning the regulatory treatment of firms that provide investment services in relation to commodity and exotic derivatives.

Patrick Amis has been appointed to be Deputy Secretary General of the Committee of European Banking Supervisors (CEBS).

The Committee of European Banking Supervisors (CEBS) has published today the findings of an analysis following up on the application of its recommendations in the ‘Report on banks’ transparency on activities and products affected by the recent market turmoil’ published on 18 June 2008.

The Committee of European Banking Supervisors (CEBS) is publishing today its statement on the current crisis situation.

The Committee of European Banking Supervisors (CEBS) is publishing today the second part of its advice on liquidity risk management, including 30 recommendations on liquidity risk management and supervision.

CEBS today publishes a paper presenting the outcome of an in-depth analysis of delegation of supervisory tasks based on practical experience.

 

CEBS is today publishing a paper on the range of practices with respect to various implementation issues relating to the Capital Requirements Directive (Basel II implementation issues) which have specific cross-border relevance.

The Committee of European Banking Supervisors (CEBS) and the Committee of European Securities Regulators (CESR) are organising a second public hearing on commodities on  4 September 2008 at the CEBS premises in London.

The Committee of European Banking Supervisors (CEBS) has published today the amended Public Statement of Consultation Practices, which was submitted for a three-month public consultation on 19 March 2007.

The Committee of European Banking Supervisors CEBS organises an open workshop in London on 23 September 2008 from 14:00 to 16:30 to discuss the findings of the Report on Issues regarding the Valuation of Complex and Illiquid Financial Instruments published on 18 June 2008.

Mr. Arnoud Vossen, has been appointed to be Secretary General of the Committee of European Banking Supervisors (CEBS).

The Committee of European Banking Supervisors (CEBS) today publishes a summary of the results of its stock-take of banks’ and supervisors’ reactions to the rogue trading loss at Société Générale in January 2008.
CEBS has conducted a stock-take with the EEA banking supervisory authorities of how this event affected other banks, their operational risk practices, governance and internal control environment, and the internal models used for calculating capital requirements for operational risk (Advanced Measurement Approaches, AMA).

The Committee of European Banking Supervisors (CEBS), the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) and the Committee of European Securities Regulators (CESR) today open a public consultation on their guidelines for the prudential assessment of acquisitions and increase of holdings in the financial sector required by Directive 2007/44/EC.

The Committee of European Banking Supervisors (CEBS) today starts a public consultation on its proposed technical approach to understanding claims for diversification benefits arising from internal models used by supervised institutions for Pillar 2 purposes. The consultation, which starts today and runs until 31 October 2008 is open to all interested parties including supervised institutions and other market participants.
A public hearing will take place on 8 September 2008 at CEBS’s premises in order to allow all interested parties to present their comments to CEBS.

The Committee of European Banking Supervisors (CEBS) has published today the findings of an assessment of banks’ transparency with regard to the activities and instruments affected by the recent market turmoil. This assessment has been carried out in accordance with the roadmap of the ECOFIN issued in October 2007 in response to the financial markets situation. CEBS analysed the disclosures made by 22 large banks – 19 of which originate from the EU - in the context of their 2007 4th quarter and preliminary results and 2007 audited annual reports. The findings allowed to identify examples of disclosures which CEBS believes represent good practice and considers to be particularly informative.
To discuss the findings of the report and the good observed practices with industry representatives and other interested parties CEBS will organise an open workshop in its premises in London on 3 July 2008 from 14:00 to 16:30.

The Committee of European Banking Supervisors (CEBS) has published today its findings on issues relating to the valuation of complex and illiquid financial instruments. The report puts forward a set of issues that should be addressed by institutions and accounting and auditing standard setters in order to improve the reliability of the values ascribed to these instruments.
CEBS has prepared this in response to a request set out in the October 2007 roadmap of the ECOFIN on the financial market situation. CEBS recommends that institutions and standard setters address the issues included in the report. It is intended to re-assess developments in this area and to liaise on any follow-up measures with other fora, notably CESR and CEIOPS.

The Committee of European Banking Supervisors (CEBS) today opens a public consultation on its advice on liquidity risk management: the second part of its response to the European Commission's Call for Technical Advice No. 8.

The Committee of European Banking Supervisors (CEBS) is publishing today its consultation paper (CP18) on its proposals on options and national discretions in the Capital Requirements Directive as part of developing its response to the European Commission's Call for Technical Advice (No. 10). The consultation is open to all interested parties, including supervised institutions and other market participants. The consultation period will run until 15 August 2008.
A public hearing open to all interest parties will take place on 17 June 2008 at CEBS premises in London.

The Committee of European Securities Regulators (CESR) and the Committee of European Banking Supervisors (CEBS) are publishing today a consultation paper (CP 3L3 08 02) regarding the Joint Call for Technical Advice related to the review under Articles 65(3)(a), (b) and (d) of MiFID and Article 48(2) of the Capital Adequacy Directive (CAD III) issued by the European Commission in December 2007.

The Interim Working Committee on Financial Conglomerates (IWCFC) of CEBS and CEIOPS, received the third call for technical advice from the European Commission. The Commission services is requesting the IWCFC to conduct a stocktake to assess of practices implemented in the Member States. The IWCFC has already delivered advice with respect to cross sectoral work on the eligibility of own funds, and the equivalence of financial conglomerates supervision in Switzerland and in the US. These contributions providing useful input to the review of the Financial Conglomerates Directive.

The Committee of European Banking Supervisors (CEBS) together with the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) and the Committee of European Securities Regulators (CESR) are publishing today the revised Impact Assessment Guidelines and a Feedback Statement as a practical tool to help ensure the effective use of Impact Assessment (IA) within the three Lamfalussy Level 3 Committees. They are consistent with the European Commission's approach to Better Regulation and, specifically, with the EC's own IA Guidelines, though adapted to reflect the more specialised nature of financial services policy and the specific circumstances in which it is developed within the EU.
The scope of the Committees' IA work will take account of IA work to be conducted by the Commission or others. This is so as to avoid unnecessary duplication of effort and to ensure that the exercise adds value.

The Committee of European Banking Supervisors (CEBS) together with the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) are publishing today recommendations to address the consequences of the differences in sectoral rules on the calculation of own funds of financial conglomerates. These recommendations have been produced by the Interim Working Committee on Financial Conglomerates (IWCFC) at the request of the European Financial Conglomerates Committee. The recommendations are the third and last part of the advice on the cross-sectoral comparison of the sectoral rules for the eligibility of capital instruments in the regulatory capital.
The recommendations in this advice focus on the four main differences that were gathered during the analysis: the treatment of hybrids, revaluation reserves/latent gains, deduction of holdings and the differences in consolidation approaches and methods foreseen by the Financial Conglomerates Directive.

Today the 3 Level 3 Committees [the Committee of European Banking Supervisors (CEBS), the Committee of European Insurance and Occupational Pensions (CEIOPS) together with the Committee of European Securities Regulators (CESR)] publish their Chairs’ joint letter sent individually to Mr McCreevy (EU Commissioner, Internal Market and Services), Mme Berès MEP (Chair, ECON, EU Parliament), and Dr Bajuk (Presidency, EU Council), submitting their current drafts of sector and joint 3 Level 3 Work Programmes.

The Committee of European Banking Supervisors (CEBS) together with the Committee of European Insurance and Occupational Pensions (CEIOPS) are publishing today the joint response of CEBS and the Interim Working Committee on Financial Conglomerates (IWCFC ), to the two parallel requests from June 2007, for technical advice from the European Commission (EC) on its recommendations on whether the supervisory arrangements of the US and Swiss supervisory authorities would achieve the objectives of consolidated and supplementary supervision, as provided for in the Capital Requirements Directive (CRD) and the Financial Conglomerates Directive (FCD). 

The Committee of European Banking Supervisors (CEBS) and the Committee of European Insurance and Occupational Penstions (CEIOPS) - through the Interim Working Committee on Financial Conglomerates (IWCFC) are publishing today the formal consultation on its advice to the European Commission (EC) on recommendations for action that the IWCFC considers appropriate to address the consequences of the differences in sectoral rules on eligible capital for the supervision of financial conglomerates. 

The Committee of European Banking Supervisors (CEBS) has elected Mrs. Kerstin af Jochnick to be the new Chair of CEBS, and Mr. Andrzej Reich as Vice Chair of the Committee. Dr. Thomas Huertas and Mr. Giovanni Carosio have been appointed as new members to its Bureau. Mr. Arnoud Vossen appointed as Deputy Secretary General of CEBS Secretariat Limited.