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EACT Chairmanís Presentation to Committee on Economic and Monetary Affairs of the European Parliament, 11 October 2011
EACT Chairman Richard Raeburn was invited to give evidence on the EU's proposals for bank capital requirements (CRD IV), at a meeting of the ECON committee of the European Parliament on 11 October 2011. In his speech he argues that it is vital that the new capital requirements regime does not cut across the value of the exemption won for corporate use of derivatives in the proposed EMIR regulation. He also focuses on the impact of CRD IV on borrowing costs, overall access to funding, trade finance and the EU's international competitiveness. You can read the speech by clicking here (PDF).
Comments in response to European Commissionís questions on SEPA governance (email from MARKT-SEPA@ec.europa.eu dated 23 June 2011)
The EACT has for some time been pushing for the European Commission and the ECB to reassess the quality of governance of the SEPA process. The issue was raised as an agenda item at the most recent SEPA Council meeting, where the EACT Chairman Richard Raeburn represents both the EACT and Business Europe. Following that meeting the EACT was invited, along with the national stakeholder organisations handling the implementation of SEPA, to comment in response to two questions about SEPA governance.
The EACT continues to argue strongly that there needs to be a clear distinction between the work of the European Payments Council in practical implementation of SEPA products and processes, on the one hand, and strategic oversight of SEPA on the other hand. In the case of the latter our view is that end-users, as vital stakeholders in SEPA, have not had a proper voice and the SEPA initiative has paid inadequate attention to end-users.
In our response to the Commission's questions we state clearly that the SEPA Council should have an enhanced role, in which it is seen by the Commission and the ECB as providing strategic input on SEPA to the two institutions. We argue that for this role to be effective it should be expected that resources are made available to the SEPA Council as necessary; these would allow the Council to take a properly informed view of the issues in its meetings. The overall intention is that all stakeholders, rather than simply the banking industry, should be able to take a lead in making a success of SEPA.
You can read our full response to the Commission HERE. The two questions have been added to the original submission and can be seen on page 2 of the document.
EACT Comment in Response to IASB ED/2010/13: Hedge Accounting
The EACT has submitted a comment letter in response to the IASB's consultation on hedge accounting; this is part of the overall work being done to replace IAS 39 and therefore a major project of great concern to corporate treasurers. Our comment is broadly supportive of the IASB's proposals but we emphasise changes that should be met in order to reinforce the practical relevance of the new standard as to how treasurers actually manage risk. You can read our letter here.
EACT Response to EC on Markets in Financial Instruments Directive (MiFID)
The EACT has responded to the latest consultation by the European Commission on Markets in Financial Instruments Directive (MiFID). This work will eventually lead to a new Directive which will incorporate important issues that affect the way treasurers operate both as users of financial instruments and as investors. You can read the EACT's document here.
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