Managing Risks in Financial Services News

• Flash News: Only 30 days to go...
  Are you ready to implement the Risk Management requirements of CSSF Circular 11/512?
  CSSF Circular 11/512 foresees a number of additions and changes to the risk management processes. The Circular affects all Chapter 15 Management Companies as well as self-managed UCITS SICAVs as to the Law of 17 December 2010 on units for collective investments.
  November 2011
  
  
• Flash News: CRD IV - Announcement of 20 July 2011: A revised Basel III?
  European regulatory context
  The draft proposal of the CRD IV issued by the European Commission (in the following "the Commission") on 20 July 2011 is the formalisation to the expected fundamental revision of the regulation of the European financial system. While the Commission has relied on the standards proposed by the Basel Committee on Banking Supervision for a significant extent, the selected approach falls short of an outright transposition of these recommendations.
  August 2011
  
  
• Press Article: Bâle III : le nouveau dispositif prudentiel bancaire impacte les entreprises, mais de combien ?
  Le Comité de Bâle sur le contrôle bancaire (« le Comité ») est un forum international dont l’objectif est d’améliorer la coopération sur les normes prudentielles gouvernant l’industrie bancaire et de promouvoir les meilleures pratiques de gestion des risques.
  March/April 2011
  
  
• Press Article: La gestion du risque est devenue indispensable
  La crise financière amorcée avec les « subprimes » durant l’été 2007 a atteint son apogée – d’une rare violence - avec la chute de Lehman Brothers en septembre 2008. Les étapes clés de la crise financière (dont les impacts se font encore ressentir aujourd’hui), ont définitivement modifié la perception des risques financiers et la manière avec laquelle on s’attend à ce qu’ils soient gérés.
  March 2011
  
  
• Flash News: Basel III: Announcement of 12 September 2010: A big step forward – but a long way to go
  On 12 September 2010, after months of consultation, the Basel Committee on Banking Supervision (BCBS) announced a broad agreement on a package – commonly referred to as ‘Basel III’ – that will significantly increase the capital and liquidity requirements for banks.
  October 2010
  
  
• Press Release: De la finance durable
  Le 27 mai dernier, IMS Luxembourg organisait une conférence intitulée «Rôle de la finance dans la construction d'un monde plus durable» dans les locaux de PwC Luxembourg.
  July 2010
  
  
• Press Article: Basel III: A paradigm shift
  On October 29, 1929, when share prices on the New York Stock Exchange collapsed, a decade of excessive optimism and speculation came to a sudden and spectacular end precipitating a ten year slump. In response, the US passed far-reaching regulation and post September 2008 a similar response has come from political decision makers. In the aftermath of the crisis, the G20 have repeatedly demonstrated their commitment to reinforce the regulation of the financial industry. While the first drafts of the new regulatory framework, dubbed “Basel III” have been met with heavy criticism by both industry and lobby groups, the example of the political reaction to the 1929 crash illustrates just how far politicians are willing to go subsequent to a catastrophe of such a massive scale.
  June 2010
  
  
• Press Release: Bâle III : anticiper la réforme pour mieux l’appréhender
  PricewaterhouseCoopers (PwC) Luxembourg a organisé le 5 mai dernier un événement dédié à la réforme dite « Bâle III » de la réglementation bancaire. Rehaussée par la présence de responsables de l’ABBL et de la CSSF, la conférence intitulée « Basel III – A Risk Management Perspective » a réuni plus de 120 participants.
  May 2010
  
  
• Press Release: Démystifier la gestion du risque de liquidité au Luxembourg
  Une conférence dédiée à la gestion du risque de liquidité et organisée par PRiM (Professionnels du Risk Management à Luxembourg) s’est tenue le lundi 22 mars 2010 à Luxembourg et à réuni plus de 150 participants.
  April 2010
  
  
• Flash News: New regulations for strengthening the resilience of the banking sector – watch out for changes to large exposures, own funds, liquidity risk and more to come
  February 2010
  
  
• Communiqué de presse: Les banquiers se posent beaucoup de questions quant à l’avenir du secteur
  Janvier 2010
  
  
• Flash News: Sound Liquidity Risk Management
  On May 28, 2009, the CSSF issued a new Circular (09/403) related to the management of liquidity risk. At the end of April, the BCL already issued its own regulation on liquidity supervision. The new CSSF requirements for liquidity Risk Management are integrated into the Internal Capital Adequacy Assessment Process (ICAAP) and therefore the ICAAP Circular (07/301) is amended.
  The CSSF Circular 93/104 regarding the definition of a liquidity ratio to be observed by credit institutions is not modified and still applicable. The only change caused by the amendment is that banks do not need to deduct assets given as a guarantee to central banks anymore. Nevertheless, the CSSF is preparing new quantitative rules which will replace the current table B 1.5 during second semester 2009.
  June 2009
  
  
• Press Article: Liquidité : solitaires, mais solidaires, CSSF et BCL prennent leurs responsabilités
  Thierry López, Directeur, PricewaterhouseCoopers Luxembourg
  Mai 2009
  
  
• Press Article: Le paradigme de la « finance durable » appelé à s'imposer au Grand-Duché
  Thierry López, Directeur et Risk Management Advisory Services Leader, PricewaterhouseCoopers Luxembourg
  Mai 2009
  
  
• Press Article: Le premier Risk Manager, c'est le CEO
  Interview avec Thierry López, Leader en Risk Management Advisory Services chez PwC Luxembourg.
  Propos recueillis par Laurent Cortvrindt.
  Avril 2009
  
  
• Press Article: Risk Management for UCITS funds: a long and slow but irreversible process
  The Committee of European Securities Regulators (CESR) has recently (August 2008) released its Consultation Paper on Risk Management Principles for UCITS funds. Although it is true that the European legislation in that field is rather limited, Luxembourg has had its own legislation in place since August 2007: the 07/308 CSSF Circular provides rules of conduct to be adopted by UCITS funds with respect to the use of a method for financial risk management, as well as the use of derivative financial instruments. But what kind of risks are the UCITS funds facing? Do the current regulatory requirements capture all risks? Are there different approaches between the CSSF and the CESR? Let’s try to elaborate some answers.
  Winter 2008
  
  
• Press Article: La liquidité des marchés ne coule jamais de source...
  Désespoir et euphorie alternent au gré des annonces, tantôt de faillites, tantôt de plans de sauvetage. Quand et comment arriverons-nous à trancher le nœud gordien de l’illiquidité des marchés ? Tentative de réponse.
  Septembre 2008
  
  
• Flash News: New Circular on Risk Management for UCITS using financial derivative instruments
  After publication of the implementing Directive 2007/16/EC on eligible assets for UCITS, the Luxembourg regulatory environment applicable to UCITS funds is still evolving. In the middle of the summer, while most of us were starting holidays, the CSSF issued a Circular 07/308 dated August 2, 2007, on "Guidelines for undertakings for collective investment in transferable securities relating to the use of a financial risk management method and the use of financial derivative instruments".
  August 2007