Actualité

La Banque Centrale Européenne a publié les chiffres de la balance des paiements de la zone Euros pour le mois de novembre 2011.

Résumé :

In September 2011 the seasonally adjusted current account of the euro area was balanced. In the financial account, combined direct and portfolio investment recorded net inflows of €14 billion (non-seasonally adjusted).

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La Securities and Exchange Commission, l'Autorité de marché des États-Unis, a publié un communiqué dans lequel elle met en cause un employé de Madoff pour son rôle dans une fraude lui ayant permis d'empocher près de 10 millions de dollars grâce à une Chaîne de Ponzi.

Résumé :

The SEC alleges that David Kugel, who worked at Bernard L. Madoff Investment Securities LLC (BMIS) for nearly four decades, was asked by Madoff to provide the firm’s investment advisory operations with backdated arbitrage trade information to be formulated into fictitious trading on investors’ account statements. Kugel’s own account at BMIS was among those in which backdated trades were entered, and he withdrew nearly $10 million in “profits” from the fictitious trading over several years.

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Le CAPAF, le Center for American Progress Action Fund, a publié le témoignage de Seth Hanlon, son directeur de la réforme fiscale, sur le thème "La réforme fiscale peut-elle relancer l'économie ?".

Introduction :

Thank you, Chairman Casey, Vice-Chairman Brady, and the members of the committee for the chance to appear today to discuss tax reform and the economy.

There is wide agreement that the tax code is long overdue for reform. Our current tax code is inefficient, overly complex, and unfair in myriad ways. Our tax code is also failing at its most fundamental purpose, which is to raise sufficient revenue to meet our needs as a country in an equitable way. Fundamental tax reform—a reform that broadens the tax base and eliminates economic distortions—is important for promoting long-term economic growth.

That said, tax reform simply cannot address the central economic challenge facing the United States right now—the severe and prolonged jobs crisis, which is a product of the lack of demand in the economy. At a time of 9 percent unemployment and vast unused resources, Congress should be focused above all else on boosting demand, reducing unemployment, and putting our economy back on a path toward healthy economic growth.

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L'INSEE, l'institut national de la statistique et des études économique, a publié les chiffres des commandes dans l'industrie et observe une très nette baisse (-3,1 %) pour le mois de septembre 2011.

Résumé :

Au mois de septembre 2011, les commandes diminuent nettement (-3,1 %) dans l’industrie hors matériels de transport (mais y compris automobile1). Elles étaient en hausse en août (+0,8 %). Les commandes à l’exportation diminuent également (-2,7 %).

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Le site Bulletins-Electroniques a publié un article dans lequel il annonce que les républicains et les démocrates se sont accordés sur une nouvelle loi concernant le financement privé de l'innovation.

Agité par un affrontement partisan entre républicains et démocrates, le Congrès américain [1] subit un phénomène récurrent de blocage qui empêche un grand nombre de lois d'être votées et mises en application. L'entrepreneuriat, un domaine pourtant activement soutenu par le président Obama, en a déjà subi les conséquences. Deux propositions de loi déposées en 2011, l'une en faveur d'un visa spécifique aux entrepreneurs [2], l'autre destinée à faciliter le développement de jeunes entreprises [3] ont jusqu'à présent été superbement ignorées par le Congrès. Ce dernier ne semble ni pressé de prendre position sur ces questions, ni percevoir l'importance de ces enjeux pour l'économie américaine .

Pourtant, à la surprise quasi générale, la Chambre des Représentants vient de voter, à une majorité écrasante, deux lois ayant pour objectif de favoriser le financement des jeunes entreprises. Comme nous le précisions dans notre précédente édition [4], de plus en plus entreprises sont en attente de financement, alors que les financements disponibles suivent une tendance à la baisse. D'où l'importance d'installer un climat de financement favorable, point sur lequel le Gouvernement dispose d'une bonne capacité d'intervention.

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La Securities and Exchange Commission, l'Autorité de marché des États-Unis, a publié un communiqué dans lequel elle annonce le jugement définitif dans un délit d'initié impliquant un chercheur français (Dr. Yves M. Benhamou).

Résumé :

The Securities and Exchange Commission announced today that on November 16, 2011, the Honorable Deborah A. Batts of the United States District Court for the Southern District of New York entered final judgments against Dr. Joseph F. Skowron III and Dr. Yves M. Benhamou in the SEC’s insider trading case, SEC v. Joseph F. “Chip” Skowron III, et al., Civil Action No. 10-CV-8266-DAB (S.D.N.Y.). The SEC charged Benhamou, a French doctor and medical researcher, with unlawfully tipping material, non-public information to Skowron, a former hedge fund portfolio manager, who was charged with using the inside information to trade ahead of a January 23, 2008 negative announcement, helping the hedge funds he managed avoid losses of approximately $30 million.

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La Securities and Exchange Commission, l'Autorité de marché des États-Unis, a publié un communiqué dans lequel elle annonce avoir bloqué une Chaîne de Ponzi de près de 27 millions de dollars. Environ 130 investisseurs de 2005 à 2010 ont été trompés.

Résumé :

The Securities and Exchange Commission today charged a Bethesda, Md. man and several family members and friends with conducting a multi-million dollar Ponzi scheme targeting investors in the Washington D.C. metropolitan area.

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NYSE-Euronext & Deutsche Börse AG ont publié un communiqué dans lequel ils annoncent avoir une solution pour les dérivés.

Résumé :

NYSE Euronext (NYSE:NYX) and Deutsche Börse AG (XETRA: DB1) today confirm that they have submitted a remedy proposal to the European Commission’s Directorate-General for Competition (DG Competition). The proposed remedies are designed to address the remaining concerns of DG Competition in derivatives trading and clearing while preserving the compelling industrial logic of the transaction. The remedy proposal aims at eliminating the existing overlap in European single equity derivatives and ensures continued competition in European interest rate and equity index derivatives.

With respect to European single equity derivatives, the notifying parties have proposed to divest the portions of their respective businesses in which they overlap. NYSE Euronext would divest its pan-European single equity derivatives business, including Bclear, except the options businesses in its home markets, where Deutsche Börse would divest its respective business. This remedy addresses DG Competition’s stated concerns in the area of single equity derivatives. 
With respect to European interest rate and equity index derivatives, Deutsche Börse and NYSE Euronext propose to grant unprecedented third-party access to Eurex Clearing for derivatives product innovations taking advantage of the merged entity‘s clearing services. The clearing services would be provided on a fair, reasonable and non-discriminatory basis and include cross margining.

Deutsche Börse and NYSE Euronext continue to believe that the transaction will have no detrimental effect on competition, but rather will enhance it by delivering a regulated, stable and transparent European counterweight to established market centers in America and Asia and delivering significant efficiencies to users of our markets.

In accordance with the EU Merger Regulation, the timing of yesterday’s submission will automatically extend DG Competition’s review period by 15 working days. Under the revised timetable, DG Competition is now set to complete its review by January 23, 2012, and the parties would anticipate closing shortly thereafter in early 2012. The Parties look forward to continuing to work with the Commission to successfully complete the transaction.

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La FSA a publié le discours de Sheila Nicoll, son directeur de la stratégie, sur les différents changements à venir dans le marché hypothécaire intermédiaire ainsi que sur la règlementation.

Introduction :

Thank you for inviting me to speak once again at Mortgage Business Expo. I'm very happy to be back here. Those of you here last year at Expo will know that I spent my entire time talking about the Mortgage Market Review (MMR). I’m sorry to disappoint you by saying it won’t be quite the same this year.

Of course, the MMR is still very much a live topic. Just now we are completing our final analysis for the impending consultation. This means, unfortunately, there isn't too much that I can say about it today.

But I would go like to thank you – and the Association of Mortgage Intermediaries (AMI) on your behalf – for continuing to engage positively on the vital question of how we ensure the future mortgage market is more sustainable and works better for all, firms and consumers alike.

It has been good to get views from so many – from intermediaries, lenders and consumers and their representatives.  You've clearly confirmed that you – like us – are keen to see action to improve the market.

The responses we have received have allowed us to refine our proposals: we have listened carefully – and, in this next consultation, we will be bringing all the different aspects of the review together, enabling you to look at the package as a whole.

We hope that your constructive engagement will continue.  To help you contribute, we will once again be holding a series of regional events giving you the chance to discuss the proposals, and the cost benefit analysis, directly with us.

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La FSA, l'Autorité des marchés de la Grande-Bretagne, a publié le nouveau numéro de sa revue "Retail Distribution Review Newsletter" pour le mois de novembre 2011.

Introduction :

Preparing and implementing the RDR is well under way. We have seen significant progress from advisers and firms :

• 91% of all retail investment advisers (including advisers within IFAs, banks and building societies) are either already qualified or expect to qualify by December 2012.
• 87% of advisers who have attended our roadshows said they have either implemented or are implementing their charging structure.

We have finalised a number of rules and published guidance on a number of areas to ensure firms have the information they need to successfully implement the RDR. This includes rules confirming that payment of trail commission can continue for pre-RDR advice, and that trail commission can be re-registered to a different adviser where the customer moves to a new adviser; the rules were published on 8 November. We are also consulting on guidance clarifying the treatment of legacy assets; the Consultation Paper was published on 16 November.

We have also added an initial list of accredited bodies to the Handbook.
They are :

• CFA Society of the UK
• The Chartered Institute for Securities and Investments (CISI)
• The Chartered Institute of Bankers in Scotland (CIOBS)
• The Chartered Insurance Institute (CII)
• The Institute of Financial Planning (IFP)
• The Institute of Financial Services (IFS)

Firms and advisers can start to engage with these bodies in their new capacity as accredited bodies. Accredited bodies will play an important role in verifying that advisers are meeting our new professionalism requirements. These bodies may also support advisers in meeting the professionalism standards, such as on qualification gap-fill, structured and un-structured CPD or for ethical behaviour.

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