Regulatory radar - issue 35 (May 2011) |
This month's Regulatory Radar includes the following interesting publications in the area of the Financial Services Industry in general:
- The publication of the Regulation (EU) No 513/2011 putting in place the new supervisory architecture for credit rating agencies;
- The Basel Committee's report on the Range of Methodologies for Risk and Performance Alignment of Remuneration which is intended to enhance banks' and supervisors' understanding of risk-adjusted remuneration.
In relation to Credit Institutions and Investment Firms, amongst others, an interesting ECB working paper was published “The bank lending channel: lessons from the crisis” which looks at the impact of banks' conditions on the provision of credit and the transmission mechanism of monetary policy during the recent crisis via a sample comprising more than 1,000 listed banks from 15 countries.
In the area of Investment Products and Asset Management, IOSCO published its Principles for Dark Liquidity aiming to assist securities markets authorities in dealing with issues concerning dark liquidity.
Interesting papers on Solvency II have been published in May, e.g. the summary of the responses to the EC consultation on the Solvency level II implementing measures. The summary shows that stakeholders‟ concerns relate to a small number of key issues, namely the impact on long-term products, volatility and pro-cyclicality, proportionality and limiting the reporting burden and the need for transitional measures in certain areas.
In the tax area, the Belgian Law of 14 April 2011 containing miscellaneous provisions was published in the Official Journal of 6 May 2011. This law contains a chapter modifying various tax provisions, mainly to bring them to compliance with European law. A number of modifications related to e.g. deduction of interest expenses, dividend received deduction and notional interest deduction, are relevant for the financial sector.
We hope you enjoy the reading!
Regulatory radar - issue 35 (Mai 2011)
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