Mise à jour : 17 septembre 2012 (Rédaction initiale : 17 septembre 2012 )

Sur le vif

A l'occasion du Conseil des Ministres des Finances de l'Union Européenne qui s'est tenu à Chypre le 14 septembre 2012, Michel Barnier, Commission européen au Marché Intérieur a développé la proposition de la Commission européenne d'une supervision bancaire confiée à la Banque Centrale Européenne. Les Britanniques ont fait observer que la supervision bancaire européenne ne concernerait que les pays de la zone euro, alors que la régulation bancaire européenne concerne tous les pays de l'Union européenne, ce qui va poser problème, en raison des liens très forts entre supervision et régulation. Le Commissaire européen a répondu qu'il n'y avait pas problème, car l'European Banking Authority, régulateur de l'Union, concevrait les règles, et la BCE les appliquerait, les deux notions étant par ailleurs distinctes. On peut être éventuellement moins confiant que lui.

Mise à jour : 10 septembre 2012 (Rédaction initiale : 5 septembre 2012 )

Sur le vif

It quarrels on the best model of banking regulation, but the key is to determine the criteria against which we fight. However, two representatives of the Bank of England, during the global meeting of central bankers in Jackson Hole in the US, have appointed what they believe to be the relevant criterion: simplicity. In a short intervention, they stressed that the North American banking regulation would make about 30,000 pages and 60,000 pages for the European Union. Entitling their speech "Dog and Frisbee", they said that it is equivalent to require that a dog learns Newton's laws before catching the Frisbee. Under these conditions, many would would like to return to Glass-Steagall Act, the mere fact that this law was simple.

Mise à jour : 16 juillet 2012 (Rédaction initiale : 16 juillet 2012 )


Mise à jour : 9 juillet 2012 (Rédaction initiale : 1 juillet 2012 )

Sur le vif

On June 19, 2012, the European Parliament adopted an extensively modified version of the draft text prepared by the European Commission on credit rating agencies. It does not address the issue of the concentration of the rating market, believing that this is a matter of competition and not of regulation. It reduces the scope of the rotation rule in three years and only for structured products. It requires agencies to issue a schedule of two or three dates in the year where they can change their sovereign debt notes. Next to these devices of ex ante regulation, Parliament adopts an ex post system, civil liability of agencies, in which it will be for them to demonstrate to investors that they have complied with the rules in force.

Mise à jour : 2 juillet 2012 (Rédaction initiale : 25 juin 2012 )

Sur le vif

On June 25, 2012, ESMA has published a draft text to regulate the market for over-the-counter derivatives, providing this text for consultation until September. It is of course ironic "regulating" a system of "over the counter", which consisting an oxymoron: a "over the counter regulated". This is why the European Securities and Markets Authority (ESMA) in a roundabout way. Firstly, its project aims at to bring transparency in the system, which it says that the dysfunction is related to the market is held primarily by bilateral relations between banks. Secondly, it envisages a system of warranties, failure of consideration, brings financial and banking regulation. Thirdly, it aims to better supervise the clearing houses, their status of which would be a "crucial operator" is better recognized.

Mise à jour : 12 juin 2012 (Rédaction initiale : 5 juin 2012 )

Sur le vif

A Chinese economic newspaper revealed, by an anonymous source, that the Chinese banking regulator, ordered end of 2011, five first Chinese financial institutions to proceed in the determination and the quality of loans granted, so they rank their bad debt. The control by the regulator through the self-assessment will be made from end of May 2012.