Skip to main content

Leaked: Banksters promote further financial deregulation!

TTIP to be used as a key tool

According to a leaked document, the EU is bent on using the TTIP negotiations with the US to get an agreement on financial regulation that, according to this analysis by Kenneth Haar of Corporate Europe Observatory (CEO) and Myriam Vander Stichele of The Centre for Research on Multinational Corporations (SOMO) will weaken reform and control of the financial sector.”

In the document, the EU suggests a number of mechanisms that will both scale back existing regulation, and prevent future regulation that might contradict the interests of financial corporations from both sides of the Atlantic. The leak follows news that EU negotiators have increased political pressure on the US to accept negotiations on 'financial regulatory cooperation', which the US negotiators have so far refused.

The document shows that the EU is prioritising the protection of the EU’s banking sector over strict financial regulation and supervision: these so-called 'regulatory cooperation' proposals would guarantee that the financial sector is not harmed by measures taken by regulators, would allow EU banks to operate in the US on the EU's (generally laxer) rules, and in general that financial corporations on one side of the Atlantic do not have to abide by host country’s laws but only by home country laws on the other side of the Atlantic. The implications for decision-making on financial reforms and control over the financial sector are serious.”

The most famous example is probably the attempt of Deutsche Bank’s subsidiary in the US to avoid coming under US rules on capital reserves (which require companies to keep aside a proportion of capital available to avoid risk of collapse or bailout), an avoidance attempt which had been successful until recently when the US authorities closed a loophole used by many foreign banks operating there. Considering that Deutsche Bank was one of the biggest recipients of bailout money from the US authorities in the aftermath of the collapse of Lehman Brothers and the insurance giant AIG, a demand that it abides by US rules on capital requirements seems entirely legitimate. But this is resented by the European Commission and financial corporations, as are other US rules to which EU banks in the US are subject.”

... the US financial sector fully supports the EU proposal for regulatory cooperation because it also fiercely objects to extra-territorial controls. Disturbingly, the EU's negotiating position is in line with the biggest corporations in the EU and US' financial industries.”

... the US banks see the EU initiative as another welcome opportunity to attack domestic regulation, and has teamed up with its European counterparts to pressure the US administration. Also, the financial sectors on both sides of the Atlantic want to eliminate differences in regulations which they claim are a ‘cost’ that makes them less profitable, 'forcing' them to search for ways to escape the strictest rules by moving operations to the jurisdiction with the least costly – read weakest – rules.”

"The European Commission's leaked proposal of March 2014 envisions several tools to keep ambitions for strict regulations of the financial sector at bay. If agreed, they would apply on both sides of the Atlantic: the TTIP principles of regulatory cooperation would be binding on both the EU – they would need to be followed when developing and implementing rules or regulations – and the US."

"The key principle is this line in the document: 'The Parties avoid introducing rules affecting market operators and the jurisdiction of the other Party, unless there are overriding prudential reasons to introduce such rules, in conformity with Art. 52 (prudential carve-out) – ie. that measures taken to safeguard systemic financial stability.' In this way, the interests of 'market operators' are the highest priority, along with a stop to measures of an 'extra-territorial nature' - measures which one Party considers an interference into the way financial markets are governed locally. But if all kinds of regulation that can be deemed 'extra territorial' is stopped, it could undermine rules that protect citizens, attempts to tax financial transactions (FTT) to reduce speculative trading, and put a stop to global efforts to control the risky global derivatives markets."

"Whenever rules are stricter in one jurisdiction but foreign banks are allowed to operate according to the less strict regime, this will increase pressure on regulators to accept the lowest common denominator since TTIP will provide more arguments for the financial industry that stricter regulations will result in loss of competitiveness to financial corporations from the other side of the Atlantic."

"To drive this process of 'mutual recognition', a body is to be set up: the 'Joint EU/US Regulatory Forum', and this will have tremendous power in the area. For instance, the 'test' to be used when it is to be established whether two sets of rules are equivalent, is going to be developed only at a later stage by this forum. In other words, these standards will even not be revealed when a final TTIP agreement is to be endorsed."

"The EC proposal clearly states that 'stakeholders' can count on 'transparency', which in the terminology used so far in TTIP negotiations and other trade agreements has meant that industry is deeply involved at all stages. Such regulatory cooperation would give industry 'stakeholders' multiple opportunities to see regulations in draft form and to lobby policymakers against their enactment. It is possible that other 'stakeholders' will be invited to comment on a smaller scale, but considering the size and lobby power of the financial industry and the privileged access the EU will be prone to grant to Big Finance 'stakeholders', it will be dominated by the same European and US banks that have proven their resolve – and success – in chilling and weakening the re-regulation of finance in the EU and United States. Unsurprisingly, the financial 'stakeholders' are lobbying hard for a TTIP 'regulatory cooperation' mechanism which in the end will become a tool to weaken EU and US regulation."

Leaked document:


More:

Comments

Popular posts from this blog

Oct. 7 Reports Implode: Beheaded Babies, NY Times Scandal, & More

Glenn Greenwald    

Israel’s Descent Into Madness & the Holocaust Comparison

BreakThrough News   Rania Khalek was joined by Tarik Cyril Amar, a historian from Germany and associate professor at Koc University in Istanbul, to discuss Israel’s descent into genocidal fascism. Prof. Amar addresses whether it’s useful to make Holocaust and Nazi comparisons and the real reason behind the West’s unshakeable loyalty attitude when it comes to Israel’s barbarism.   

Zionist and US imperialist criminals are about to grab the natural gas off shore Gaza

globinfo freexchange   As the genocide against Palestinians of Gaza is about to be completed with an act of unprecedented brutality by the Zionists and butcher Netanyahu through the bombardment of about 1.4 million civilians in Rafah, it seems that they have already set their next primary goal. Which, in short, is to grab the natural gas resources off shore Gaza, together with their US imperialist buddies whose contribution to the genocide has been undoubtedly critical.     As already reported , in 2007, Hamas came to power and Israel launched an offensive on Gaza Strip, leaving behind 1,400 dead Palestinians, but taking with it the gas fields. Within a year, Israel announced the discovery of the Leviathan natural gas field, which did include Gaza's riches, valued at 453 billion dollars. But Gazans have been denied around 47 billion dollars in revenue. As for Tel Aviv, it's gunning to become a new hub. At that moment in time, that is 2022, Russian oil and gas were sanctioned.

Neocon Queen Victoria Nuland Ends Her Reign: Exposing a Catastrophic Career

Glenn Greenwald    

Το σκάσιμο της φούσκας Μητσοτάκη με νέα επίσημη χρεοκοπία και οριστικό τέλος της μεταπολίτευσης

του system failure   Τα αποτελέσματα των εκλογών της 25ης Ιουνίου ήταν λίγο-πολύ αναμενόμενα όσον αφορά τις πρώτες θέσεις με βάση και τα αποτελέσματα της πρώτης κάλπης του Μαίου. Αν συμπεριλάβουμε και το ποσοστό της αναμενόμενης αποχής, δεν μας έδωσαν κάποια ιδιαίτερη έκπληξη. Αυτό όμως που φαίνεται να αιφνιδίασε ακόμα και το συστημικό κατεστημένο, είναι η είσοδος των δύο υπερσυντηρητικών, ακροδεξιών κομμάτων Νίκη και Σπαρτιάτες, με το τελευταίο να έχει ξεκάθαρες διασυνδέσεις με τον πρώην Χρυσαυγίτη, Ηλία Κασιδιάρη. Παρά τη μεγάλη νίκη Μητσοτάκη, οι μιντιακοί ινστρούχτορες της καθεστωτικής προπαγάνδας εμφανίστηκαν σε γενικές γραμμές "μουδιασμένοι" και αυτό οφείλεται στο γεγονός ότι το συστημικό κατεστημένο (δηλαδή τα μεγάλα οικονομικά συμφέροντα που ελέγχουν και το σύνολο των μεγάλων ΜΜΕ πανελλαδικής εμβέλειας), πέτυχε μόνο έναν από τους τέσσερις μεγάλους στόχους που είχε θέσει εξ'αρχής. Μιλώντας με ποδοσφαιρικούς όρους, ουσιαστικά έχασε με σκορ 3-1.   Ο μεγάλος στόχος πο

Τυχαία γεγονότα στην τριτοκοσμική μπανανία των Βαλκανίων

failed evolution   1) Συμβαίνει το μεγαλύτερο σιδηροδρομικό δυστύχημα στην ιστορία της χώρας. 2) Γίνεται αστραπιαία επιχείρηση μοντάζ των συνομιλιών του σταθμάρχη από μηχανισμό του καθεστώτος, πριν ακόμα φτάσει στα χέρια των αρχών, προκειμένου να αποδοθεί η τραγωδία αποκλειστικά σε ανθρώπινο λάθος και να βγουν από το κάδρο οι πολιτικές ευθύνες ανώτατων κυβερνητικών αξιωματούχων. 3) Αναπαράγεται το παραποιημένο υλικό αστραπιαία από ναυαρχίδα της καθεστωτικής προπαγάνδας. 4) Τοποθετείται επικεφαλής στην επιτροπή-παρωδία πρωτοπαλίκαρο του καθεστώτος Μητσοτάκη που εργάζονταν παλιά στην ίδια αυτή ναυαρχίδα. 5) Η επιτροπή κλείνει άρον-άρον την υπόθεση αποκλείοντας ουσιώδεις μάρτυρες που είχαν προειδοποιήσει επανειλημμένα τον αρμόδιο υπουργό για τον κίνδυνο μεγάλου δυστυχήματος. Σταματάει έτσι και η όποια σε βάθος διερεύνηση για την τσιμεντοποίηση του χώρου και την απόπειρα συγκάλυψης της τραγωδίας.  

The Shadowy, Intelligence-Linked Group Driving the US Towards War With Iran

"United Against Nuclear Iran does not miss an opportunity to try to bring the United States closer to a military conflict with Iran. And on the other side of the equation, they also have worked very hard to oppose efforts to de-escalate the U.S.-Iran relationship."   by Alan Macleod   Part 7 - A Lesson From History   The history of Iran has been intimately intertwined with the United States since at least 1953 when Washington orchestrated a successful coup against Prime Minister Mohammad Mosaddegh. Mosaddegh had refused U.S. demands to stamp out Communist influences in his country and had nationalized the nation’s oil. The U.S. installed Shah Mohammad Reza Pahlavi as a puppet ruler. An unpopular and authoritarian ruler, the Shah was overthrown in the Revolution of 1979. Since then, it has become a target for regime change, and its nuclear program is something of an obsession in the West. Often orchestrated by UANI officials while they were in government, the U.S. has carried

How the CIA oversees the Ukraine proxy war on Russia

Geopolitical Economy Report   Several reports in mainstream US media outlets show how the CIA has helped to direct the proxy war against Russia in Ukraine, and played a role in causing the conflict in the first place. Ben Norton examines the evidence.   Related: Confirmed: US imperialists wanted to drag Russia into a war with Ukraine since at least 2019

Israel Carries Out Most Sadistic Massacre, Opens Fire On Gaza Aid Convoy

Richard Medhurst  

The real reason behind TikTok ban

Glenn Greenwald /  Richard Medhurst