Regulatory News - Archive (September to December 2005)

Follow the links below for regulatory news...

The FRC has said that the findings from their review of the Combined Code on Corporate Governance show some significant improvements following its introduction in 2003...

HM Treasury, the FSA and the Bank of England have published results from a detailed survey that has highlighted a number of significant operational risk issues relating to business continuity...

In the wake of the recent announcement by US supervisory agencies to delay implementation of Basel II by one year, the issue of how home-host implementation with other Basel member countries will be managed remains unclear...

The FSA have confirmed that implementation of the Markets in Financial Instruments Directive (MiFID) has been postponed...

The European Commission has today presented its financial services strategy for the next five years. With it comes the proposal to further integrate the EU financial services industry but to do so with less intensive regulatory activity...

Federal Reserve Governor Susan Schmidt Bies remains upbeat that Basel II will contribute significantly to enhancing the safety and soundness of the US banking system...

FSA CEO John Tiner has said he aims to change the balance of financial regulation in the UK by reducing "bureaucratic prescription" and focussing more on regulatory principles that encourage responsible corporate governance...

An Operational Risk Subgroup of the Basel Committee have tried to provide some clarity on the treatment of expected operational risk losses for banks intending to use the Basel II Advanced Measurement Approach (AMA)...

The FSA is calling on senior management at regulated firms to begin preparations for implementing the EU's Markets in Financial Instruments Directive (MiFID)...

Following a plea by the UK Presidency to the European Commission, the FSA have confirmed that a further delay to the implementation of the Markets in Financial Instruments Directive (MiFID) is likely...

The Institute for International Finance has said that international banking groups wanting to adopt the Basel II Advanced Measurement Approach for operational risk could run into "serious obstacles"...

The Institute of International Finance has called upon international regulators to coordinate their efforts to resolve issues arising from delays to the implementation of Basel II...

Senator Paul Sarbanes, co-author of the Sarbanes-Oxley corporate governance legislation, has expressed deep concern and scepticism as to the value of Basel II for the US banking system...

At an open session of the Senate Banking Committee last week, further concerns were expressed over the implementation of Basel II in the United States...

The European Commission has announced a comprehensive evaluation of the Financial Services Action Plan (FSAP) to be conducted in two parts with the initial focus (Part I) on the process of adoption of the measures put forward in FSAP...

A survey published today shows that investment firms are significantly unprepared for the Markets in Financial Instruments Directive (MiFID) which is currently due for implementation on 30 April 2007...

Callum McCarthy has said the FSA intends that the costly implementation of the Basel II framework through the Capital Requirements Directive (CRD) should be "pragmatic and proportionate"...

Callum McCarthy has again expressed his concerns about the significant impact and burden the forthcoming Markets in Financial Instruments Directive (MiFID) will have on the financial sector...

David Strachan, Insurance Sector Leader for the FSA has challenged UK Insurers to do more to improve their processes for calculating capital for operational risk...

The European Union's Council of Economic and Finance Ministers gave their approval today to the EU's Capital Requirements Directive (CRD) which had recently received a yes vote in the European Parliament...

Following last week's news that the European Parliament had given the green light to adopt Basel II via the EU Capital Requirements Directive (CRD), the four US Federal banking agencies have moved to announce a revised plan for implementing Basel II...

US Federal Reserve Governor, Susan Schmidt Bies has said the United States development on Basel II is "still several years away from full implementation"...

Members of the European Parliament have given their backing to relaxing corporate governance rules on a proposal for statutory audit committees...

The European Parliament has voted to adopt the Basel II capital adequacy framework by giving its approval to the EU's Capital Requirements Directive...

Charlie McCreevy has encouraged the EU financial services sector to see beyond the pain involved in implementing the Markets in Financial Instruments Directive (MiFID) and focus on the long term benefits the legislation will deliver...

FSA Chief Executive, John Tiner, has underlined the FSA's commitment to improve the delivery of regulation to UK financial firms...

The FSA have confirmed the need for high-level principles rather than prescription to govern the use test requirements for applications for the Basel II Advanced Measurement (AMA) Approach for operational risk...

Charlie McCreevy, the European Commissioner for Internal Market and Services has hailed the role of the Financial Services Action Plan (FSAP) in developing the financial sector across Europe...

The FSA has issued a Discussion Paper to inform their policy on trading transparency in the UK secondary bond markets and potential impact on MiFID...