European Commission (EC)
European parliament embraces Tobin tax
Lawmakers throw their weight behind Tobin tax on financial transactions; say global difference of opinion should not stop Europe implementing levy
EBA’s stress test scenarios revealed: reports
Leaked documents set out scenarios for new round of European bank stress tests
Central bank wage cap backfires on Budapest: reports
Hungarian government could be pushed to amend controversial central bank salary cap as problems mount in finding suitable external rate-setters
Bailout renegotiation looms following Irish election
Ireland’s new prime minister-elect expected to press for renegotiation of EU-IMF bailout deal; scheduled to meet European Commission head José Manuel Barroso on Friday
ECB rejects public credit rating agency role
European Central Bank says European Commission should abandon proposals for Eurosystem to issue credit ratings to public
FSA's tough stance opens door to investment bans
The UK Financial Services Authority has taken a leaf from the book of the European Securities and Markets Authority and started a consultation that may well end up giving the regulator the power to ban investments it deems to be unsuitable.
Brussels seeks clarity on solving national regulators’ spats
European Commission calls for amendments to laws stating what the role of new supervisory authorities will be in resolving disputes between national regulators
Brussels sets the stage for senior debt haircuts
Internal markets directorate publishes consultation paper calling for senior bondholder haircuts in resolution regimes; analysts worry move could further disrupt funding for troubled banks
Haircut fears push up bank CDS prices
Spreads on the credit index for senior European financials widen as EU releases burden-sharing consultation paper
Brussels forges ahead with Sepa end-date proposal, despite differences
European Commission proposes deadlines for national credit and debit transfers to migrate to Sepa system; move could divide stakeholders
Barnier draws UK lawmakers’ fire over new European supervisory structure
UK parliamentarians cross-examine European Commissioner for internal market regulation Michel Barnier on how much power new European supervisory authorities will have over national regulators
European Commission floats concept of investment bans in latest Mifid consultation
The European Commission has produced a consultation paper that suggests a basis for banning certain investments, with structured products making their usual appearance in the limelight
CDSs did not hike eurozone states’ funding costs: European Commission report
European Commission taskforce finds credit default swaps were not responsible for inflating eurozone members’ funding costs, worsening crisis
Europe reveals new stability mechanism
Eurozone finance ministers outline European Stability Mechanism designed to offer financial assistance to troubled single currency states
Irish bailout fails to restore faith in PIIGS debt
CDS spreads on peripheral eurozone debt widen despite €90 billion in aid
Large pension funds a threat to financial stability – European Commission
European Commission says pension funds should also be classed as “too big to fail”
Cebs says work on supervisory colleges is accelerating
Cebs secretary-general Arnoud Vossen, in an interview with Operational Risk & Regulation, says work on improving supervisory colleges is speeding up
EPC chairman 'shocked' at Brussels' 'competing' Sepa schemes
European Payments Council chair slams European Commission's willingness to allow operation of multiple, national Sepa schemes; says plan would thwart aims of Sepa
Esma could undermine City of London: LSE's Rolet
London Stock Exchange chief executive Xavier Rolet tells influential parliamentary committee new European Securities and Markets Authority could risk handing control of UK regulation to Europe
ECB calls for law enforcing Sepa migration
European Central Bank says legislative action on migration of Sepa scheme needed as self-imposed deadline will not work
Trichet opposes EU agreement on fiscal sanctions
European Central Bank president Jean-Claude Trichet refuses to give his backing to sanctions for countries that break rules of stability and growth pact; sees sanctions as too soft
Brussels crafts principles for bank account access
European Commission consults on principles to ground law granting universal access to basic bank accounts; 6% of adults do not have a bank account
Analysts applaud passage of ESRB, fret over practical concerns
Commentators praise the concept of a continent-wide systemic risk supervisor but say politics and lack of policy clarity could thwart good intentions
EC finalises OTC rules, leaves key technical items to Esma
Corporate hedgers claim a victory, but details on clearing eligibility and thresholds to be tackled by new authority.