Europe: ESRB report on the regulatory treatment of sovereign exposures

The European System Risk Board has published a report on the regulatory treatment of sovereign exposures: see here (pdf). One of the arguments made in the report is that the current regulatory framework may have led to excessive investment by financial institutions in government debt.

Europe: ESMA publishes revised work programme for 2015

The European Securities and Markets Authority has published a revised work programme for 2015: see here (pdf). With regard to corporate governance, it is noted that ESMA will in the fourth quarter of 2015 undertake a review of the published best practice principles for proxy advisors.

UK: EU Committee report on the post-crisis EU financial regulatory framework

The House of Lords European Union Committee has published its report The post-crisis EU financial regulatory framework - do the pieces fit?: see here or here (pdf). The report notes that the reformed framework contains weaknesses but that this should not detract from the significant achievement that its creation represents. The report contains various recommendations including, for example, enhancing the powers of the European Supervisory Authorities.

Update: The word "its" now appears correctly; the superfluous, and unfortunate, extra letter 't' has been removed. Note to self: more thorough proof reading.

Europe: Review of the European System of Financial Supervision

The European Commission has published its review of the European System of Financial Supervision: see here. According to the review reports, the European Supervisory Authorities has performed well; further improvements are, however, identified for the short and medium term in order that they are able to fully exploit their mandates.

Europe: ESMA's 2013 annual report published

The European Securities and Markets Authority has published its annual report for 2013, providing - in one place - a useful overview of its activities and future plans: see here (pdf).

Europe: ESMA publicly censures two credit rating agencies

The European Securities and Markets Authority - the European Supervisory Authority with direct supervisory responsibility for credit rating agencies in Europe - has, for the first time, issued a public notice censuring two credit agencies (Standard & Poor’s Credit Market Services France SAS and Standard & Poor’s Credit Market Services Europe Limited) for breaches of the Credit Rating Agency Regulation (1060/2009): see here (pdf).

Europe: European Banking Authority annual report published

The European Banking Authority - one of the European Supervisory Authorities within the European System of Financial Supervision - has published its latest annual report, setting out the activities it undertook in 2013: see here.

Europe: Banking supervision in the Eurozone - Parliament approves single supervisory mechanism

The European Parliament has approved proposals to give the European Central Bank supervisory responsibility for banks within the Eurozone: see here.

Europe: Risks and vulnerabilities in the EU financial system

The Joint Committee of the European Supervisory Authorities has published its second bi-annual report on risks and vulnerabilities in the European financial system: see here (pdf).  The report notes, amongst other things, that a weak macro-economic outlook continues to challenge the financial position of banks, insurers and investors. It also notes increased concern regarding the risks of cyber attacks.

Europe: ESRB recommendation on intermediate objectives and instruments of macro-prudential policy

The European Systemic Risk Board recommendation regarding intermediate objectives and instruments of macro-prudential policy (ESRB/2013/1) has been published in the Official Journal of the European Union: see here (pdf).

Europe: EBA, ESMA and EIOPA publish annual reports for 2012

The European Banking Authority, European Securities and Markets Authority and European Insurance and Occupational Pensions Authority have published their annual reports for 2012: see, respectively, here (pdf), here (pdf) and here.

Europe: Commission begins review of the European System of Financial Supervision

The European Commission has begun a review of the European System of Financial Supervision with the publication of a questionnaire and supporting background document: see, respectively, here (pdf) and here (pdf). The review follows the publication yesterday by the Commission of the latest edition of its European Financial Stability and Integration Report - see here (pdf) - and a report on financial integration in Europe by the European Central Bank: see here (pdf).