This will be one of the debates of the next g20

Regulation of hedge funds

The G-20 wants to better regulate hedge funds. The Council of Ministers of the Union adopted on first reading a draft directive that particularly requires them to register with the authorities, to implement transparency rules increased the level of their leverage.

The current text would also prohibit funds established in "off-shore" facilities to be marketed in the common market. Today studied measures across the Atlantic are designed especially to review the taxation of "hedge funds".

Short sales coaching

Subject burning since the unilateral decision of the Germany, the regulation of short selling is not clearly one of the objectives expressed by the G 20. This speculative practice gives rise to different regulatory approaches depending on the country. In Europe, the internal market Commissioner, Michel Barnier, must make proposals by next fall. In the United States, increased transparency rules have been adopted.

Convergence of accounting standards

The G 20 insisted on the need to adopt common international accounting standards and has set 2011 as the date deadline to converge the standards laid down by the (U.S.) FASB and the IASB (international organization based in London).

However, the proposals made last week by the FASB brought a hard blow to this objective, by expanding the use of the "fair value", a method of valuation of financial assets decried for its harmfulness in strong turbulence on the markets. Pressed by the Governments of the Union, the IASB adopted more flexible rules on this subject.

A bank tax, Yes, but the most uniform possible

To pay banks for their role in the crisis is a recurrent idea since the collapse of Lehman Brothers. The principle of a more general tax remains topical. Christine Lagarde reminded yesterday was to "advance on this issue in a coordinated manner" even if some countries should be exempt as the Canada. The European Union for its part has adopted terms of common reference on the subject. 27 Differ however on the allocation of the collected money, pleading countries for the implementation of a resolution of bank failures, other Fund as the France and Britain for its payment to the budget of the States. This new tax - probably sitting on the riskiest activities - should not see the day in France "before the end of the year", said Christine Lagarde

The own funds of banks under high surveillance

Strengthen the banks own funds requirements, it is a mantra since the financial crisis erupted. Under the impulse of the Basel Committee and of the Council of financial stability, the reform of international prudential standards is launched with a more spirited side European side American. In fact, a new directive CRD 2 (for "Capital requirement directive"), which strengthens stress supervision, and securitization was adopted as early as September 2009 and two others, including market, credit and liquidity bonus, will be adopted, one end of the year, and the other "current 2011" provides Bercy. On that same date, the Americans are committed to the standards of the Basel Committee... Remains to calibrate the new requirements to not endanger growth. This will be one of the debates of the next g-20.