The EU wide stress test exercise of financial institutions, coordinated by the Committee of European Banking Supervisors (CEBS) has been carried out by 91 banks from 20 EU Member States. Two listed companies OTP Bank Plc. and FHB Mortgage Bank Plc. have represented Hungary in the test. Both banks’ results are sound and well above the threshold expected.

Following CEBS’s statements issued on 18 June and 7 July 2010, CEBS today provides information on the date and time for the publication of the results of the EU-wide stress test exercise.

Following its statement issued on 18 June 2010, CEBS provides further information on the EU-wide stress test exercise which is now being finalised by CEBS and the national supervisory authorities, in close cooperation with the ECB.

The Hungarian Financial Supervisory Authority (“HFSA”) has conducted an investigation (market surveillance procedure) into certain spot HUF foreign exchange transactions undertaken by Deutsche Bank London on 15 October 2008 in relation to certain foreign exchange linked swap positions.  Following the close of the inquiry, HFSA fines Deutsche Bank London (“DBL”) (Winchester House 1 Great Winchester Street London EC2N 2 DB) to pay HUF 90,000,000 supervisory fine, and to reimburse all costs accrued in relation to the procedure. HFSA’s resolution can be contested by appealing to the Metropolitan Court of Budapest within thirty days.

The International Association of Insurance Supervisors (IAIS) today published the Guidance paper on treatment of non-regulated entities in group-wide supervision to support insurance supervisors worldwide to address some of the key regulatory gaps as observed from the global financial crisis and to minimise regulatory arbitrage opportunities.

In a report submitted today as technical advice to the European Institutions (Ref. CESR/10-088), CESR recommends the introduction of a pan-European disclosure regime for net short positions in shares. In the meantime, those CESR Members that already have powers to introduce a permanent disclosure regime, as elaborated in the report, will begin the process of implementing this regime. Those CESR Members who do not have the necessary legal powers will aim towards implementing this regime on a best efforts basis, until an EU regime is adopted.

The Committee of Insurance and Occupational Pensions Supervisors is pleased to announce that its Members have elected Mr. Gabriel Bernardino (PT) as the new Chairman of CEIOPS, and Mr. Antoine Mantel (FR) as Vice-Chairman. CEIOPS Members have also elected a new Managing Board. More information available in the press release