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Regulators’ Challenges after the crisis

Regulators’ Challenges after the crisis. Eddy Wymeersch IOSCO European Regional Committee Committee of European Securities Regulators. Major Changes. Important Re-regulation Macro-prudential is key element Major Institutional Overhaul of the supervisory structure

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Regulators’ Challenges after the crisis

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  1. Regulators’ Challenges after the crisis Eddy Wymeersch IOSCO European Regional Committee Committee of European Securities Regulators

  2. Major Changes • Important Re-regulation • Macro-prudential is key element • Major Institutional Overhaul of the supervisory structure • More international or worldwide dimension

  3. Regulatory Changes • Prudential: Stricter capital requirements • Basel + EU • Insurance: new framework Solvency II ( closer to Basel II) • Securities • CRAs • Hedge Funds and Investment Funds • Short Selling, investment funds, accounting standards, etc

  4. Macro Prudential • Proposal for a European Systemic Risk Council • European System of Central Banks ( 27 members) • Leadership by ECB • Follow up of systemic developments on the basis of information from national central banks and supervisors • Statement, recommendation or more? to MS

  5. Micro-Prudential • Three European Authorities planned: B, I, S. • “Central rulemaking, local supervision” • Regulation by Council and Parliament, proposal by Commission • Detailed implementing rules by Authority • Binding for local supervisors • Review of national implementation by Authority + enforcement

  6. Micro-prudential • Supervision remains local • Market knowledge, cultural and language issue • But cooperation increased and delegation • Except: Credit ratings agency • Post Trade: clearing and settlement: cross border

  7. Roll out • Action in general approved last Thursday • Finance Ministers: April 4 • European Council : may • Elections for European Parliament June • Preparation ready for Sept-Oct: political process • State of Play: all states agree, discussions about the details

  8. IOSCO Worldwide cooperation • Worldwide MMOU for exchange of information and cooperation - screening process: 41 states are fully compliant • Support programs for candidates to MMOU • Uncooperative jurisdictions • Screening process before admission • Detailed investigation of conformity of regulation • Cooperation for exchange of information e.g. on market manipulation, insider trading etc.

  9. IOSCO as Standard Setter • Essential role for achieving consistency • Role in Review of compliance: CRAs, • Role in IASB’s Monitoring Board • E.g. on CRAs , hedge funds, short selling, unregulated markets and products • Outsourcing, Commodity futures market, Remote Market access, Investment Funds, etc • CPSS-IOSCO recommendations on Clearing and Settlement: basis for safety in that part of the system

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