Event Calendar
EACT News
The European Association of Corporate Treasurers (EACT) has sent an open letter to the Commissioners of the European Union, expressing grave concern over how, in its development of financial regulatory proposals, Brussels takes account of their impact on employment, growth and stability in the real economy.
The letter has been signed by 188 European companies and its release follows that of a similar letter in January 2010. The EACT’s new letter to the Commissioners urges them to ensure that in the development of financial regulatory proposals there is a proper dialogue with the end-users of financial services and products. Whilst the EACT strongly supports the actions being taken to strengthen the oversight of the financial system, its experience is that inadequate attention is paid to a proper understanding of the inter-connectedness between financial regulation and the real economy.
Of immediate concern to the EACT is that proposals currently being made in Brussels for Directives and regulations over capital requirements in the banking sector (CRD IV and CRR) and financial instruments’ markets (MiFID and MiFIR) threaten to reverse the economic value of the exemption granted to end-users of derivatives in the final version of the proposals (EMIR) now being confirmed by the European Union.
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.
Mellékletek:
Mellékletek:
The European Commission launched a consultation in November 2010 on credit ratings agencies. We have responded to the consultation and the full document can be read here. The EACT welcomes the Commission's initiative in publishing a working document for discussion and consultation purposes. Credit ratings play a key role in the financial system for issuers as well as investors, contributing to financial stability and supporting the prospects for growth. The provision of ratings underpins the pricing of debt and adds to market liquidity, both of which are key elements in open and competitive markets.
There is understandable concern, following the financial crisis of 2008, that change is needed. However, the EACT hopes that, as the Commission moves forward to develop proposals, it will take due account of what works well at present and avoid endorsing proposals that may be politically attractive but lack substance in analysis and fact.
Mellékletek:
Európai Treasury Szövetség támogatásunkat és állásfoglalásunkat kéri az alábbi két dokumentummal kapcsolatban.
Észrevételeiteket illetve hozzájárulásotokat küldjétek az onodyt@wallis.hu címre november 30-ig.
Mellékletek: