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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

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
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