LONDON/BRUSSELS June 6 (Reuters) – European Union plans to
wrest from London the supervision of Libor and other benchmarks,
such as those covering oil and commodities, are “intrusive” and
likely to be changed, a top EU lawmaker said on Thursday.
The bloc’s financial services chief Michel Barnier is due to
publish his plans in coming weeks to regulate how benchmarks are
compiled, aiming to stop the rigging for which three banks have
LONDON/BRUSSELS June 6 (Reuters) – European Union regulators
published guidelines on Thursday to stop banks rigging Libor and
other market benchmarks in an interim measure before a more
far-reaching EU law comes in.
The draft law, to be published in a few weeks, would propose
shifting the supervision of Libor from London to Paris.
BRUSSELS, June 4 (Reuters) – Wrangling in the European
Parliament over proposals to rein in the pay of fund managers is
making a strict banker-style limit on bonuses ever less likely.
A parliamentary panel called earlier this year for tighter
control of fund manager pay. But more than three months later,
lawmakers are still split over whether to demand that bonuses
are capped at the level of salary.
BRUSSELS (Reuters) – European countries plan to scale back a proposed financial transactions tax drastically, initially imposing a tiny charge on share deals only and taking much longer than originally intended to achieve a full roll-out.
While yet to be formally proposed, the sweeping revisions would mark a victory for banks and trading organizations which have lobbied furiously against a scheme aimed at making them contribute to the costs of the financial crisis.
BRUSSELS, May 30 (Reuters) – European countries plan to
scale back a proposed financial transactions tax drastically,
initially imposing a tiny charge on share deals only and taking
much longer than originally intended to achieve a full roll-out.
While yet to be formally proposed, the sweeping revisions
would mark a victory for banks and trading organisations which
have lobbied furiously against a scheme aimed at making them
contribute to the costs of the financial crisis.
LONDON/BRUSSELS (Reuters) – European regulators have dropped a bid to make pension funds subject to the same capital rules as banks and insurers, which could have cost European businesses billions of pounds to make their pension schemes more financially secure.
Michel Barnier, European commissioner in charge of drafting business regulation, said he would instead propose pension fund legislation in the autumn that would focus on governance, transparency and reporting requirements.
BRUSSELS, May 23 (Reuters) – Europe’s top regulatory
official is seeking to force large companies to disclose how
much tax they pay in each country where they operate, a measure
some politicians say could curb tax avoidance.
Michel Barnier, the European commissioner in charge of
drafting business regulation, said in a speech in Amsterdam that
rules which will force banks to report their profits, taxes and
subsidies by country from 2015 should be extended to cover other
BRUSSELS, May 22 (Reuters) – Europe edged closer to lifting
banking secrecy on Wednesday after Austria said it was ready to
share data on foreign depositors but Vienna’s support could fade
should efforts to strike a similar deal with Switzerland fail.
Austria’s dropping of objections allowed EU leaders to
commit to an exchange of bank information between countries by
the end of the year, as cash-strapped states seek to stop tax
evasion and close loopholes highlighted by Apple Inc’s use of a
base in Ireland.
BRUSSELS (Reuters) – Europe moved closer to ending banking secrecy on Wednesday after Austria dropped objections to sharing data on foreign depositors and the EU focused on negotiating a similar agreement with Switzerland.
“It’s a bad day for tax cheats,” Austrian Chancellor Werner Faymann told reporters at a meeting of EU leaders to discuss fighting tax fraud. “We will act jointly and I believe we will manage the exchange of data by the end of the year.”
BRUSSELS, May 17 (Reuters) – The European Central Bank could
use its new supervisory role from next year to single out weak
banks and make it harder for them to get its financial support,
people familiar with the matter say.
Such a hardening of approach would keep ECB funding flowing
to Europe’s most important lenders but compel laggards to beef
up their capital buffers, prod national central banks to take on
the problem or even force some banks to go to the wall.