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Jonathan Hill to ‘deepen single rule book’, including solvency rules

first_imgHill also appeared to accept calls from MEPs for greater parliamentary involvement in level 2 legislative texts, also known as delegated acts, by saying the chamber “clearly” needed to be involved when discussing them.Delegated acts can allow the Commission to implement regulation without scrutiny, with such an act initially proposed as a means of fleshing out the new risk-evaluation for pensions (REP) regime within the revised IORP Directive.The UK commission nominee also stressed the need for the launch of the Capital Markets Union (CMU), calling it one of the most exciting opportunities facing the European executive, and one that could allow small and medium-sized enterprises (SMEs) to attract funding “based on merits, not the country in which they are based”.“Sixty years after the Treaty of Rome, we are finally seeing the emergence of a single market for capital, the Capital Markets Union,” Hill told MEPs.Asked about the prospect of ‘too big to fail’ financial institutions, Hill at first only hinted at regulation for parts of the non-banking financial sector, but later gave a firm commitment when questioned by Kay Swinbourne, a UK member from his European Conservatives and Reformists parliamentary group.“The whole ‘too big to fail’ question can indeed extend beyond banks, and the example you have given us of the CCPs [central counterparties] is exactly such an example that we do need to look at,” Hill said.He went on to say that details of a resolution framework for clearing houses, or CCPs, would be published by early next year.The risk of a CCP defaulting has been highlighted by the financial sector repeatedly, including by Dutch pension manager APG and the International Swaps and Derivatives Association.Pension investors are so far exempt from the need to centrally clear, but the exemption granted under the European Markets Infrastructure Regulation is set to lapse next year.Burkhard Balz, a German MEP from the European People’s Party, further pressed Hill on his intentions for occupational pensions in light of the difficult investment market.Hill responded that pensions were “obviously an extremely important area”.“We need to make sure we don’t do anything to discourage the pension market,” he said, noting that cross-border products allowing savers to “prepare for old age” would be an important part of creating the CMU.In written answers submitted to ECON yesterday, Hill said the “underdeveloped” pensions market in Europe was acting as a barrier to the CMU and highlighted the benefits of cross-border personal pensions. The European Parliament should be involved in the drafting of delegated acts, according to Jonathan Hill, who insisted he did not want to “discourage” the development of a Continental pensions market.Hill, commissioner-designate for financial stability, financial services and capital markets union, faced the Economic and Monetary Affairs Committee (ECON) for a second confirmation hearing after MEPs said he failed to provide concrete answers.He said there could be a need to “deepen the single rule book, where necessary” for financial institutions, with changes potentially needed “around solvency rules”, without explicitly referencing the pensions sector.However, he also said he was “extremely keen” to focus on proportionality of regulation and ensure there was no “excessive” burdens for market participants.last_img read more

Frank Girardot: From peril to just a giggle

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREChargers go winless in AFC West with season-ending loss in Kansas CityI arrived 15 minutes later. Deputies with guns drawn were holding the north end of a half-mile perimeter in the heart of a densely populated neighborhood. I stood behind a car and watched things for a bit. I see guns as tools of destruction. I know I’m not alone. I knew a homicide detective who kept his piece in a paper bag in his desk drawer in the old Hall of Justice. Don’t get me wrong. I own a nice (completely dismantled) bolt-action rifle. Wednesday morning there was a report from Rosemead of “shots fired, possible officer down” crackling over the newsroom scanner. The sound of the radio traffic reminded me of the 1997 North Hollywood bank robbery that turned into a shootout between the LAPD and a pair of armed robbers and culminated in a bloody mess. The North Hollywood incident ended with 16 cops and civilians wounded in a firefight. When it was over, gunmen Emil Matasareanu, 30, of Altadena and Larry Phillips, 26, of Rowland Heights were dead. In the heat of the moment Wednesday I grabbed my press credentials and rushed out of the newsroom to where the action was. I’ve fired .22s, .38s, .45s, 9s, .357s and .44 Magnums (“the most powerful handgun in the world,” as “Dirty Harry” Callahan once said). I’ve taken turns with .410-gauge bird shotguns and powerful pump-action 12-gauge riot guns. I’ve shot at watermelons, tin cans, paper targets and (I’m ashamed to admit) a bird or two and a couple of road signs in my youth. But it amazed me to see how few residents of Rosemead shared my fear of well-aimed pistols and shotguns that were clearly in a safety-off position. Women with umbrellas to shield them from the sun thought nothing about approaching gun-pointing deputies from down-range. Men on bicycles rolled across the street, seemingly unaware that they were in a pretty dangerous place. I’ve watched a lot of Westerns in my day. I always thought civilians took cover in the nearest saloon they could find. Not in Rosemead. Not Wednesday. Reporter Jennifer McLain described the situation: “As time dragged on and deputies stood with guns in their hands, mothers walked by with strollers, neighbors stopped to ask questions and vehicles drove past.” Fortunately cops know the danger oblivious bystanders pose to themselves in these situations. “You try to get everybody out of the kill zone,” Los Angeles County sheriff’s Sgt. Tony Osterman said. “You want to keep them from becoming victims or hostages.” What started in a panic though, ended with a giggle. The “gunfire” a couple of deputies believed they encountered at Zapopan Park was nothing more than an exploding Bic cigarette lighter. No one was hurt. Although they could have been. Either stupidly or otherwise. I know. I’ve seen videos of exploding lighters on YouTube. [email protected] (626) 962-8811 Ext. 2717 www.insidesocal.com/sgvcrime 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more