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Xi Banking Supervisors Xbrl Workshop 20 November, 2009 Vienna

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Xi Banking Supervisors Xbrl Workshop 20 November, 2009 Vienna

  1. 1. Proposals, Conclusions and Dialogues<br />Piotr Madziar – European Commission<br />20 November 2009, XI European Banking Supervisors XBRL Workshop - Vienna<br />
  2. 2. Topics<br />European Commission proposal for supervisory reform<br />Critics <br />Next steps?<br />
  3. 3. XBRL driving forces<br />Simplification - Reduction of Admin Burden<br />De Larosiere Reform<br />EU Council<br />EP<br />MS<br />G20<br />Corporate governance and transparency<br />E-Gov, Information Society, EU Competitivenss<br />XBRL<br />Simplification<br />Crisis<br />COM<br />De Larosiere<br />Stoiberg<br />
  4. 4. De Larosiere Reform<br />Financial crisis driven<br />Position of national regulators?<br />Global aspect<br />Commission absolute priority.<br />
  5. 5. European Parliament<br />Resolution on Lamfalussy follow-up: future structure of supervision (September 2008)<br />Calls upon the L3 Committees to design common reporting standards<br />Multi-purpose format such as XBRL<br />Throughout the EU<br />Calls upon the Commission to submit adequate legislative proposals<br />
  6. 6. De Larosiere proposal<br />Commission’s proposal of 23 September 2009<br />ESRB and ESFS = ECB + ESAs + national regulators+…<br />Banking: colaterals, capital, fund transfer reg,…<br />Insurance: insurance and reinsurance, conglomerates, institutions, Solvency II, anti money laundering,…<br />Securities & Markets: transparency, markets in FI, market abuse, prospectuses, hedge funds, CRA, take-over bids, settlements, financial collateral arrangements, ...<br />Technical standards,… XBRL?<br />Links to international standard setters,… XBRL?<br />
  7. 7. More powers for ESAs<br />Technical standards but criteria in Community legislation <br />Flow of information<br />Supervisory culture and supervisory practices<br />Last resort option in case of disagreement<br />Training programmes<br />Aggregate micro-prudential information from national supervisors<br />Set-up a Central European Database. The information will be available for the relevant authorities in colleges of supervisors and forwarded to the European Systemic Risk Council<br />Technical arrangements with international organisations and administrations of third countries.<br />
  8. 8. Proposed structure for Banking<br />€<br />EBA– EuropeanBankingAuthority<br />European Commission<br />Chairperson<br />ECA - European Court of Auditors<br />Executive Director<br />Mgt Board<br />OLAF – l’Office européen de lutte anti-fraude<br />BankingStakeholderGroup<br />Board of Supervisors<br />
  9. 9. Appeal processes<br />EU Council - QMV<br />Board of Appeal for 3 ESAs<br />EBA QMV<br />Member State<br />Member State<br />NSA<br />NSA<br />NSA<br />EU Court of First Instance<br />EU Court of Justice<br />
  10. 10. Joint Committee of European Supervisory Authorities<br />EIOPA - European Insurance and Occupational Pension Authority<br />EBA - European Banking Authority<br />NSA<br />NSA<br />NSA<br />College of Supervisors<br />NSA<br />NSA<br />NSA – National Supervisory Authority<br />NSA<br />NSA<br />NSA<br />NSA<br />NSA<br />NSA<br />ESFS<br />ESFS - EU System of Financial Supervisors<br />ESMA - European Securities and Markets Authority<br />
  11. 11. Information exchange<br />3rd Countries & Int’l<br />ECB<br />Information exchange<br />Information exchange<br />ESRB – European Systemic Risk Board<br />ESFS – European System of Financial Supervision<br />ESRB – EU Systemic Risk Board<br />
  12. 12. Practicalities, Agenda<br />Financial assistance 37- 70 M€ in years 2011-2016<br />40% from the Community budget<br />London, Paris, Frankfurt<br />Status similar to EU Agency<br />74-90 staff (2016)<br />EU Staff Regulation (independence, impartiality).<br />
  13. 13. Financial Market-driven regulatory data reform<br />Governments<br />All Markets<br />Common Reporting Framework<br />Regulated Financial Markets<br />?<br />
  14. 14. Critics<br />Tooambitious<br /><ul><li>Serious problems</li></ul>Great unease<br />Far from clear<br />Far too fast<br />
  15. 15. Critics<br />R e a l a r g u m e n t s<br />Sovereignty<br />Global dimension<br />Stop!<br />Exclusion and Dominance<br />Treasury<br />
  16. 16. Critics<br />R e a l a r g u m e n t s<br />Sovereignty of MS:<br /><ul><li>Host states allowed to take steps if weaknesses are identified - that can be abused for commercial or protectionist reasons
  17. 17. ESAs empowered to overridenational regulators
  18. 18. Changes give EU more powers. Emergencydeclared by the Commission without involvement of the Council. Unclear emergency procedure.
  19. 19. MS should decide first what will ESAs do and how</li></li></ul><li>Critics<br />R e a l a r g u m e n t s<br />Global cohesion:<br /><ul><li>Not clear how global cohesion is addressed
  20. 20. Need for allignment with G-20 and Basel.
  21. 21. It would be very bad for EU and its financial centres If we forge ahead disregarding what US, Switzerlandand others are doing</li></li></ul><li>Critics<br />R e a l a r g u m e n t s<br />Fiscal responsibilities of MS:<br /><ul><li>June’s ECOFIN mandate (shoulnd’t impinge on the fiscal responsibility of the MS) breached
  22. 22. EU financial supervisory structure needs an EU fiscal arrangement</li></li></ul><li>Critics<br />R e a l a r g u m e n t s<br />Exclusion and Dominance<br /><ul><li>Any compromise would need to assure that host states receive all prudential information about entire group.
  23. 23. Eurozone dominance in ESRB
  24. 24. Bankers dominance in ESRB, disregarding the fact that the choice between security and price is a democratic trade-off decision taken by governments, for the citizens.
  25. 25. QMV to recognize the size and importance of financial services relative to GDP</li></li></ul><li>Options/Scenarios<br />
  26. 26. Contacts<br />DG Internal Market & Services website:<br />http://ec.europa.eu/dgs/internal_market/index_en.htm<br />Piotr Madziar<br /> +32-(0)2-2950869<br />piotr.madziar@ec.europa.eu<br />