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Regulatory News - Archive (September to December 2006) Follow the links below for regulatory news... |
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| 21/12/2006 | Six possibilities for 2007 Basel II - Sarbanes-Oxley - MiFID... What will be the highs and the lows of financial regulation in 2007? Global warming and world poverty... Will there ever be agreement? Here are some, perhaps optimistic, forecasts for the year ahead... |
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| 18/12/2006 | Sarbanes-Oxley – Last Christmas at Hotel California? The SEC has announced that it will ease the rules locking overseas companies into having to comply with Sarbanes-Oxley regulations... |
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| 15/12/2006 | EU Regulations – Do not underestimate Basel II and MiFID, says UK's FSA On Wednesday, the FSA released its annual International Regulatory Outlook containing strong encouragement to firms to get ready for CRD and MiFID plus the FSA's commitment to the EU's Financial Services Action Plan... |
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| 11/12/2006 | Solvency II – CEIOPS publishes insurance companies’ solvency report Last Wednesday, CEIOPS (the Committee of European Insurance and Occupational Pensions Supervisors) published the results of its second Quantitative Impact Study, QIS2... |
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| 08/12/2006 | US - Sarbanes-Oxley relaxed, but more Basel II delays? This week, Sarbanes-Oxley looks like being eased for two significant groups of firms, as the SEC said it was looking to delay the implementation date for small companies and at relaxing the rules preventing non-US companies delisting from US exchanges... |
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| 04/12/2006 | Sarbanes-Oxley – US Committee reports on falling competitiveness An independent and influential US group reported last week on the growing unattractiveness of the USA as a source of global capital and made recommendations... |
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| 30/11/2006 | Basel II – US and European challenges Despite moving into the Christmas period, there is no let up in the challenges that financial institutions and banking supervisors face in implementing the New Basel Capital Accord (Basel II)... |
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| 27/11/2006 | MiFID – UK's FSA reports on costs and benefits Last Friday, the FSA, the UK regulator, announced its findings on the costs and the benefits associated with MiFID, the European Union’s Markets in Financial Instruments Directive... |
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| 24/11/2006 | Markets – Where now for stock exchanges? On Monday NASDAQ made a public bid to acquire the UK's London Stock Exchange (LSE). This was rebuffed by the LSE's management, whereupon NASDAQ went hostile with their bid and appealed directly to the shareholders... |
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| 20/11/2006 | Markets – MiFID starts driving change Last June, EC Commissioner Charlie McCreevy, said "MiFID will lead to a step-change in competition between investment firms, stock exchanges and other trading venues for the right to host transactions in shares."... |
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| 16/11/2006 | Regulation – US at point of no return? US regulators responsible for Basel II publicly disagree as to implementation plans. Sarbanes-Oxley (SOX) is attacked by all sides. Foreign companies are rejecting the US as a source of funding... |
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| 13/11/2006 | MiFID – the inevitable gets closer The Markets in Financial Instruments Directive (MiFiD) will transform the landscape for securities trading by introducing much-needed competition throughout Europe's financial markets, according to EU Commissioner Charlie McCreevy... |
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| 09/11/2006 | Sarbanes-Oxley – US elections will drive changes The US elections come at a time that the US financial community has also been shocked by news that New York is now behind both London and Hong Kong in the value of initial public offerings (IPOs) in 2006. Will these events impact Sarbanes-Oxley?... |
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| 07/11/2006 | Markets – FSA reviews private equity On Monday the Financial Services Authority (FSA) published a discussion paper “DP06/6 - Private Equity: a discussion on risk and regulatory engagement” on the impact that the growth in the private equity market has had on the UK's wholesale markets and how the FSA intends to approach regulation in this high-profile area... |
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| 02/11/2006 | MiFID – Equiduct first with Europe-wide solution On November 1st, a new pan-European venture was launched offering a single connection, MiFID-compliant, integrated Europe-wide service for trading services and execution and will help organisations meet the challenge of the EU's vision of an integrated financial services market across Europe... |
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| 30/10/2006 | Transparency Directive – FSA publishes "near final" rules The FSA have published FS06/11 Implementation of the Transparency Directive which sets out the near-final rules for the implementation of the European Union's Transparency Directive (TD)... |
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| 27/10/2006 | ERM – a bank’s size matters Susan Schmidt Bies, a member of the Board of Governors of the US Federal Reserve says that Enterprise Risk Management (ERM) should be an integral part of any bank's business but that there was no single solution for all banks... |
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| 25/10/2006 | Regulation – the FSA does it best? Margaret Cole, Director of Enforcement at the Financial Services Authority, has argued for the "light touch" principles-based approach of a single national regulator as opposed to the more prescriptive and enforcement-based approach of the many US regulators... |
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| 19/10/2006 | SEPA – bank preparation not good enough, says survey Last week, the European Commission reminded banks that SEPA was inevitable and that banks should be preparing both to respond to the requirements and to take advantage of the opportunities... |
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| 16/10/2006 | Basel II – leverage ratio not an option, says BBA chief Ian Mullen, Chief Executive of the BBA, has said that the adoption of a leverage ratio to Basel II regulatory capital calculation will remove the incentive to develop sophisticated risk management practices... |
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| 12/10/2006 | MiFID – fight goldplating, says EC’s McCreevy In London this week, a busy Charlie McCreevy, European Commissioner for Internal Markets and Services, delivered two extremely strong messages to regulators and firms regarding MiFID and the European Single Market... |
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| 10/10/2006 | Basel II – supervisors agree updated minimum standards Last week, at the International Conference of Banking Supervisors in Mexico, bank supervisors from 120 countries endorsed the updated version of the Basel Core Principles for Effective Banking Supervision and its Methodology... |
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| 06/10/2006 | Regulatory reporting – SEC promotes interactive reporting using XBRL Last week, the SEC, the US investment supervisor, announced a $54 million programme to make its company filings interactive using the XBRL language for tagging financial data... |
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| 02/10/2006 | European integration – securities settlement off the mark In a report published last Friday, the European Central Bank (ECB) said that the securities infrastructure underpinning both bond and equity markets was not yet sufficiently integrated... |
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| 28/09/2006 | Basel II – US no closer to consensus With agreement in most countries as to the implementation of Basel II, the USA appears to be no closer to consensus on the approaches, conditions and timing of its own implementation... |
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| 25/09/2006 | TCF – spearhead of principles-based regulation, says FSA The FSA's Chief Executive, John Tiner, has said that Treating Customers Fairly (TCF), is a key element of the regulators' agenda that will spearhead their commitment to principles-based regulation... |
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| 21/09/2006 | Sarbanes-Oxley – Nothing wrong with Section 404 except implementation, says SEC Christopher Cox of the Securities and Exchange Commission (SEC) has confirmed his view that Sarbanes-Oxley had succeeded in its aims and that the issues of Section 404 were not in the regulation but in the method of its implementation... |
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| 18/09/2006 | Regulatory arbitrage – or is London just better? The Economic Secretary to the UK Treasury, Ed Balls, has said that the UK Government would seek to legislate to protect the "light touch", principles-based regulation of the London Stock Exchange (LSE)... |
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| 14/09/2006 | MiFID pressures increase on firms, vendors and regulators The implementation of the Markets in Financial Instruments Directive (MiFID) is still 412 days away but already all parts of the market are feeling the pressure... |
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| 11/09/2006 | Business Continuity - US Treasury questions Wall Street's progress Hank Paulson, the newly appointed US Treasury Secretary, has said that he will launch a further review of Wall Street’s ability to cope with another terrorist attack or a natural disaster... |
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| 08/09/2006 | Basel II – US regulators propose changes in implementation In the much-awaited Notification of Proposed Rulemaking (NPR), issued this week, the US regulators have made two major changes to their proposed implementation of Basel II in the USA... |
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| 04/09/2006 | MiFID – UK’s FSA releases early consultation of client classification The FSA have released an early informal discussion paper on the Markets in Financial Instruments Directive (MiFID) entitled "Implementing MiFID's Client Categorisation Requirements"... |
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| 01/09/2006 | Basel II – US convergence or collision? US regulators have confirmed that they will go ahead with their expected confirmation of Basel II implementation plans despite the fact that the US Congress intends to proceed with a hearing into these plans just nine days later... |
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© Chase Cooper 2008 |
