Michel Barnier

Michel Barnier News

• CFTC Futures Hearing, EU Bank Capital, Japan Asset Managers: Compliance

  The futures industry is recommending more rigorous reporting and internal controls for brokerages as $1.6 billion of customer money is still unaccounted for after the bankruptcy of MF Global Holdings Ltd.

• National Regulators May Set Capital Levels in EU Basel Plan

  Bank regulators in European Union nations may retain powers to set capital levels on lenders they deem too big to fail, in a possible compromise to implement Basel rules in the region.

• Volcker Says Rule Won’t Apply to Foreign Banks’ Non-U.S. Units

  U.S. plans to ban proprietary trading by banks won’t apply to foreign banks operating outside the country, former Federal Reserve Chairman Paul Volcker said.

• JPMorgan’s Staley Sees Rule Harmony After London Built City on Arbitrage

  Jes Staley, chief executive officer of JPMorgan Chase & Co.’s investment bank, said U.S. regulators know what’s at stake in harmonizing global trading rules because they’ve seen regulations push business overseas.

• Barnier Says EU Should Stop Bank-Lending Cuts Amid Capital Boost

  Michel Barnier, the European Union’s financial services chief called on national regulators to take “all necessary measures” to stop banks reducing loans to businesses and households in order to boost their capital.

• FHFA Home Sales, EU Trade Rules, ‘Gekko’ Returns: Compliance

  The Federal Housing Finance Agency will begin inviting bids from investors to buy packages of foreclosed properties to be offered as rentals.

• Austrian Lending, Greek Debt Swap, Threadneedle: Compliance

  Austria’s regulators are discussing rules for its top banks that will curb excessive lending in eastern Europe with the European Commission, according to the Central Bank Governor Ewald Nowotny.

• EU Seeks Power to Ban Firms From Its Public Procurement Market

  The European Union’s executive will seek the power to block companies based outside the EU from bidding for public procurement contracts in Europe as part of plans to boost the bloc’s arsenal against trade discrimination.

• Volcker Rule May Impact Banks in Germany, U.K., France, EU Says

  Michel Barnier, the European Union’s financial services chief, said a proposed U.S. ban on proprietary trading may cause problems for banks in some of the largest economies in Europe.

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  EU Bid to Control Bank Capital Rules Said to Face Challenge

  At least four nations may challenge European Union plans to limit their power to regulate bank capital as governments seek a compromise on implementing global rules on the reserves lenders must hold to prevent a financial crisis, according to four people with knowledge of the matter.

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Quote

• "There are consequences of course and we are concerned about certain countries such as the U.K. or Germany or France who have banks, sometimes large banks, transnational banks, that could cause a systemic risk and who work in the U.S., who are actually useful for the U.S. economy."

  - Michel Barnier on Feb 24, 2012

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  Basel Committee On Banking Supervision

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