Aktuellt i omvärlden 6/2010

SVENSKA
FONDHANDLARE
FÖRENINGEN

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ÖVERSYN AV ÖPPENHETSDIREKTIVET- DIREKTIV 2004/109/EG                                   s.1

FINANSINSTITUTENS INTERNA STYRNING OCH ERSÄTTNINGSPOLICY                        s.2

FÖRBÄTTRAD TILLSYN AV KREDITVÄRDERINGSFÖRETAG                                                 s.2

KOMMISSIONENS REDOGÖRELSE FÖR TAGNA

OCH KOMMANDE INITIATIV                                                                                                                 s. 3

MiFID REVIEW, AVGIVNA YTTRANDEN                                                                                     s. 5

 

Kommissionen har i en rapport gjort en översyn av tillämpningen av öppenhetsdirektivet.  Rapportens slutsatser är att det finns områden där tillämpningen kan förbättras, framför allt när det gäller förenkling av reglerna för mindre börsnoterade företag för att göra kapitalmarknaderna mer attraktiva för dessa företag.  Viktigt är också att öka deras synlighet för analytiker och potentiella investerare i syfte att öka handeln i deras värdepapper. Ett sätt är enligt kommissionen att införa flexiblare tidsfrister för mindre emittenters offentliggörande av redovisningar och rapporter så att de inte behöver offentliggöras samtidigt som större emittenter lämnar sina.

Vidare visar översynen att det finns behov av en ökad samordning av reglerna om offentliggörande av större innehav av rösträtter och av finansiella instrument som ger tillgång till rösträtt.  När det gäller redovisning av företagsstyrning hos mindre företag bör rapporteringskraven förenklas.

Rapporten är för närvarande ute på konsultation som avslutas den 23 augusti 2010.

 

Kommissionens konsultationssida

 

 

Kommissionen har i ett tidigare meddelande, Driving European Recovery, lovat en översyn av den interna styrningen i finansiella företag.   Enligt kommissionen hade den finansiella krisen visat på betydande brister i den interna styrningen i finansiella företag.  Styrelsens övervakning och kontroll av ledningen var otillräcklig,  riskhantering var dålig, ersättningsstrukturen till ledning och handlare resulterade i överdrivet rikstagande och kortsiktighet och aktieägarna utövade inte någon kontroll över risktagandet i företaget. I en första rapport, ett så kallat ”Green Paper” som nu är föremål för konsultation diskuterar kommissionen tänkbara lösningar i följande frågor.

► Hur man skall förbättra styrelsens sammansättning och uppgifter i syfte att öka deras tillsyn över ledningen.

► Hur man skall skapa en riskkultur på alla nivåer i företaget som säkerställer att verksamhetens långsiktiga mål och intressen beaktas.

► Hur man skall få en ökad medverkan från aktieägare, tillsynsmyndigheter och externa revisorer när det gäller intern styrning.

► Hur man skall ändra ersättningspolicyn i företagen i syfte att motverka överdrivet risktagande.

Konsultationen pågår till den 1 september 2010.

 

Kommissionens konsultationssida

 

Kommissionen har lagt ett förslag till tillägg till förordningen om kreditvärderingsinstitut.  Syftet med tillägget är dels att säkra en effektiv och centraliserad tillsyn, dels att öka genomlysningen av de företag som begär värdering så att alla kreditvärderingsföretag har tillgång till samma information.

Förslaget innebär att den nya tillsynsmyndigheten på värdepappersområdet, ESMA, kommer att ensamt få tillsynsansvar för alla kreditvärderingsföretag som registrerats i EU. ESMA kommer att ha rätt att begära information, inleda utredningar och utföra inspektioner med avssende på kreditvärderingsföretag. Den som emitterar strukturerade finansiella instrument kommer att vara skyldig att tillhandahålla alla kreditvärderingsinstitut den information som man lämnat till sitt ”eget” kreditvärderingsinstitut så att dessa kan utfärda kreditvärderingar utan ett särskilt uppdrag och på så sätt öka konkurrensen mellan företagen.

 

Kommissionens förslag till direktiv

  

 

 

Kommissionen har i meddelande till EU:s institutioner lämnat en redogörelse över åtgärder som vidtagits fram till idag samt åtgärder som kommer att föreslås under de närmsta 12 månaderna.

 

Initiativ från kommissionen med förslag till tidpunkt för rådets och parlamentets godkännande.

 

Initiatives	Commission adoption	Political agreement
Measures proposed , under negotiation:
Alternative Investment Fund Managers Directive	April 2009	Summer 2010
3rd Revision of the Capital Requirements Directive (CRD3)	July 2009	Summer 2010
Supervision package (European Systemic Risk Board and European Supervisory Authorities)	September 2009	Summer 2010
Communication on options for bank resolution funds	May 2010	n/a
Forthcoming proposals:
UCITS – implementing measures	June 2010	June 2010
Revision of Credit Rating Agencies Regulation (EU-level supervision of CRAs)	June 2010	By end 2011
Green Paper on Corporate Governance in Financial Institutions	June 2010	By end 2011
Creation of a Financial Services Users Group	Summer 2010	n/a
Revision of the Deposit Guarantee Schemes Directive	July 2010	By end 2011
White Paper on Insurance Guarantee Schemes	July 2010	n/a
Revision of the Investor Compensation Schemes Directive	July 2010	By end 2011
Derivatives – legislation on market infrastructure	Summer 2010	By end 2011
Revision of the Financial Conglomerate Directive	Summer 2010	By end 2011
Second “Omnibus” Directive of changes to sectoral legislation to align it with the proposals on supervision	Summer 2010	By end 2010
Directive on legal certainty of securities holding & transactions	September 2010	By end 2011
Regulation on SEPA (Single European Payments Area), setting a deadline for transition to SEPA	September 2010	By end 2011
Communication on a framework for crisis management	October 2010	n/a
Measures on short selling/credit default swaps	October 2010	By end 2011
Initiative on access to minimum basic banking services	October/November 2010	By end 2011
Communication on sanctions in the financial services sector	December 2010	n/a
Revision of the Capital Requirements Directive (CRD4)	December 2010	By end 2011
Revision of the Market Abuse Directive (securities)	December 2010	By end 2011
Review of the Markets in Financial Instruments Directive	Spring 2011	By end 2011
UCITS – depositories function	Spring 2011	By end 2011
Implementing measures for Solvency II Directive on capital requirements for insurance undertakings	Spring 2011	By end 2011
Packaged Retail Investment Products legislative proposals	Spring 2011	By end 2011
Crisis management legislative proposal (including bank resolution funds)	Spring 2011	By end 2011
Insurance mediation Directive revision	Spring 2011	By end 2011
Further amendments to the Credit Rating Agencies Regulation	Spring 2011	By end 2011
Legislation on corporate governance	Spring 2011	By end 2011

 

 

 

Åtgärder som föreslagits/antagits fram till dags dato.

Initiative	Commission adoption	Status
Solvency II Directive (capital requirements for insurance undertakings)	July 2007	Adopted December 2009
Amendment of the Settlement Finality Directive and the financial collateral directive (securities)	April 2008	Adopted May 2009
Recast of the UCITS Directive	July 2008	Adopted July 2009
2nd revision of the Capital Requirements Directive for banks – amendments to securitisation rules, large exposure limits, supervisory colleges, liquidity risk management and quality of capital.	October 2008	Adopted May 2009
Deposit Guarantee Schemes Directive amendment	October 2008	Adopted March 2009
Credit Rating Agencies Regulation	October 2008	Adopted September 2009
Communication on remuneration principles	April 2009	See annex 2 for next steps
Financial literacy – Dolceta on-line education programme, new modules	n/a	Launched April 2010
Communication on Packaged Retail Investment Products (PRIPS)	April 2009	Legislative proposals forthcoming
Alternative Investment Fund Manangers Directive	April 2009	Co-decision underway
3rd revision of the Capital Requirements Directive for banks – capital requirements for the trading book and re­securitisations, disclosure of securitisation exposures, and remuneration policies	July 2009	Co-decision underway
Supervision package (European Systemic Risk Board and European Supervisory Authorities)	September 2009	Co-decision underway
Prospectus Directive amendments (securities)	September 2009	Co-decision underway
Communication on Crisis Management in the Banking Sector	October 2009	Further Communication in autumn 2010 and legislative proposal in Spring 2011
Communication on Derivatives	July & October 2009	Legislative proposal forthcoming

 

 

Fondhandlareföreningen har avgett yttranden till CESR över ett antal konsultationer i anslutning till den pågående översynen av MiFID.  Nedan lämnas en sammanfattning av respektive avgivet yttrande samt en länk till det fullständiga yttrandet.

SSDA supports the answer given by European Banking Federation. In short:

The SSDA supports CESR’s proposals to improve the quality of post-trade transparency. It is appropriate to undertake a number of steps to facilitate commercial solutions. Further-going measures should only be considered if these steps do not prove successful.

The SSDA also supports many of the additional measures proposed by CESR. This includes the extension of transparency obligations to equity-like instruments; and efforts to bring down the cost of market data.

 

On the competition between different trading venues, the SSDA believes that the distinction between regulated markets, Multilateral Trading Facilities and Systematic Internalisers is clear in theory. (Some banks are concerned that the differences are becoming blurred in practice.) For the SSDA, this is mainly a matter of the proper enforcement of the applicable rules.

The SSDA is concerned about CESR’s proposal to shorten the publication delays from three minutes to one minute. Members believe that printing within one minute would not be possible for manually handled trades. The current rules are clear, in requiring publication as soon as possible.

The SSDA would like to express disappointment about the short timeframes given to the industry to respond to this and other consultations that are ongoing in parallel.

Some typical Swedish concerns are:

-          Tick size competition leads to reduced volume and market liquidity implying increased market impact.

-          The threshold for Large In Scale (giving possibility for a pre trade transparency waiver) should be lowered for equities with the lowest ADT (Average Daily Turnover) thus supporting price quotation in shares with low liquidity.

 

Fullständigt remissvar

 

EBF:s remissvar

 

 

SSDA supports the answer given by European Banking Federation. In short:

The current transaction reporting system is overall working well.

SSDA is opposed to the introduction of a third trading capacity. In any case, CESR’s proposals are not seen as proportionate even if or where some additional reporting clarity could be achieved.

SSDA would like to express disappointment about the short timeframes given to the industry to respond to this and other consultations that are ongoing in parallel.

Some typical Swedish concerns are:

-          It is important that all new rules for transaction reporting are standardized throughout Europe. Every difference between countries causes unnecessary problems, lack of efficiency and costs.

-          We also regularly notice the problem knowing whether an instrument is admitted to trading or not.  Information regarding if a financial instrument is admitted to trading and thus a trade should be reported should be provided in an easily retrievable way without any kind of charges.

-          Trading, clearing and settlement are to an increasing extent a question of cross border activities. Member firms have head offices in one country providing services in one or several other countries. In this respect Transaction Reporting and in which country the reporting should be done has become a complex issue. In some cases the same transaction has to be reported in several countries. As exchange of information between competent authorities, according to our knowledge, works well it is time to let the reporting company report to the competent authority in the home country or of its choice. Such a step would significantly decrease the costs for reporting.

Finally, efficiency is a matter of survival for the European market both in practical terms and from a cost perspective. A question that has arisen in our long term discussions is:  Can market surveillance remain local in the long term? We urge CESR to think long term for any and all changes that may be considered for TRS.

 

Fullständigt remissvar

EBF:s remissvar

 

 

The short timeframe given to respond will affect the quality and detail of our feedback.

On a general note, we do not find any evident connection between the market failure mentioned by CESR, or difficulties experienced in the bond market during the financial turmoil, and lack of pre- or post-trade transparency. We do not see how additional transparency requirements could solve or even contribute to improving market conditions. There is however an evident risk that different measures and legislative actions are proposed more based on different legislators and institutions need to show that they are “doing something” rather than a thorough analysis of what actions are actually appropriate to solve which problems. 

Pre-trade information for bonds is essentially provided in the form of price quotes. We are not encountering any difficulties or shortcomings in this respect.

As the turnover in number of trades is low or very low in the Swedish bond market the market is a quote driven market. Increased pre- and post trade transparency would have a negative impact on the willingness to quote prices thus leading to a less efficient market. There is an order driven market for bonds at NASDAQ OMX called SOX since many years. The turnover is very low but shows that it is possible to have two different markets in the same financial instrument but focused on different types of clients, consumers and institutions. The SOX market has pre- and post trade transparency in real time. The institutional market has post trade transparency in the most liquid bonds at end of day.

Fullständigt remissvar

EBF:s remissvar

 

Fondhandlarföreningen ställer sig bakom yttrandet från EBF som har nedanstående huvudpunkter.

The EBF would support harmonised telephone recording requirements for calls between professional traders. On the retail markets, telephone recording can be helpful to solve disputes between banks and clients. However, there are other ways of achieving this objective.

 

On execution quality, improvements to the quality of post-trade data on the equity markets are seen as a necessary pre-condition for a fully informed discussion. Nevertheless, banks overall feel that they have meaningful data already today to make well-informed choices about execution venues. A mandatory reporting requirement on execution quality would risk undermining the well-balanced definition of best execution.

 

The EBF does not believe that the distinction between complex and non-complex products should be re-opened in the current MiFID review. Workable solutions have by now been found to deal with the current legal text.

 

The definition of personal recommendations should not depend on the medium of communication, but rather on the way in which recipients are addressed. The key criterion of what constitutes investment advice is whether or not correspondence is based on the analysis of an individual‟s investment needs.

 

Fullständigt remissvar

EBF:s remissvar

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