Regulators challenges after the crisis
This presentation is the property of its rightful owner.
Sponsored Links
1 / 9

Regulators’ Challenges after the crisis PowerPoint PPT Presentation


  • 62 Views
  • Uploaded on
  • Presentation posted in: General

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

Download Presentation

Regulators’ Challenges after the crisis

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -

Presentation Transcript


Regulators challenges after the crisis

Regulators’ Challenges after the crisis

Eddy Wymeersch

IOSCO European Regional Committee

Committee of European Securities Regulators


Major changes

Major Changes

  • Important Re-regulation

  • Macro-prudential is key element

  • Major Institutional Overhaul of the supervisory structure

  • More international or worldwide dimension


Regulatory changes

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


  • Macro prudential

    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


    Micro prudential

    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


    Micro prudential1

    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


    Roll out

    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


    Iosco worldwide cooperation

    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.


    Iosco as standard setter

    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


  • Login