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Regulatory News - Archive (January to April 2007) Follow the links below for regulatory news... |
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| 30/04/2007 | Basel II – has the ECB changed the risk weightings? Last week, Jean-Claude Trichet, the President of the European Central Bank (ECB), blocked a proposal from European Union member states where, in the interests of systemic risk across the EU, they would bail out a failed bank... |
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| 27/04/2007 | Regulators – Singapore’s MAS releases guidelines on assessment and supervision of risk Singapore’s supervisor, the Monetary Authority of Singapore (MAS) has issued guidelines on how it will assess the risk in financial institutions and develop the appropriate supervisory plans... |
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| 24/04/2007 | Regulators - FSA extends principles-based thinking The Financial Services Authority (FSA) yesterday published 'Principles-based Regulation - Focusing on the Outcomes that Matter' to emphasise its commitment to a principles-based environment and away from more detailed rules... |
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| 19/04/2007 | SEC releases Anti-Money Laundering guide The US supervisor, the Security and Exchange Commission (SEC) has launched a new compliance tool to assist the anti-money laundering (AML) compliance preparation in broker-dealer firms... |
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| 16/04/2007 | MiFID – latest news and views The Committee for European Securities Regulators (CESR) has issued a second consultation paper on the subject of inducements under MiFID... |
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| 12/04/2007 | Regulation – Hedge fund hawks fight back In March it appeared that hedge funds and private equity firms were going to escape tight regulations and that both sides of the Atlantic would go with looser, principles-based regulatory regimes... |
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| 10/04/2007 | MiFID – Best execution questioned in US The effectiveness of Regulation NMS, the US’s equivalent of the "best execution" portion of Europe’s MiFID, is being questioned in a paper from the highly respected Center for Financial Research at Wharton University... |
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| 05/04/2007 | Markets – EU and US regulators to lead by example Charlie McCreevy, who is one of Europe's strongest proponents of globalisation and the creation of the global "level playing field", is, at times, critical of regulated institutions... |
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| 02/04/2007 | Basel II – small US banks still opposing capital rules Last Monday, 26th March, was the extended final date for comment on the US's Notification of Proposed Rulemaking (NPR) on the implementation of the New Basel Capital Accord in the USA... |
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| 29/03/2007 | SEPA – EU opens doors to cross-border payments On Tuesday the EU approved the final draft of the Payments Services Directive (PSD) so making the Single Euro Payments Area (SEPA) achievable... |
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| 26/03/2007 | Sarbanes-Oxley – Courts dismiss challenge to PCAOB The Sarbanes-Oxley Act, and its oversight body, the PCAOB, has won a major victory over those parts of US industry and government seeking to have it repealed, or significantly weakened... |
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| 22/03/2007 | Regulators – continued move to principles-based regimes In an interim report published this week, the Financial Services Authority (FSA) announced that it would call for a more principles-based approach to insurance conduct of business regulation... |
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| 19/03/2007 | MiFID – will the markets be ready? A recent survey, picked up and reviewed by global news bodies such as the Financial Times and the US's NBC news services, indicated that nearly two thirds of financial institutions in Europe were believed not to be able to meet the November 2007 deadline for the implementation of MiFID... |
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| 15/03/2007 | Markets - US regulators in crossfire on Basel II and Sarbanes-Oxley US regulators are under fire on both Basel II and Sarbanes-Oxley with the EU throwing in its support for banks wishing a simpler US implementation of Basel II, and the US Treasury demanding "rigorous cost benefit analysis" of new regulations... |
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| 12/03/2007 | Sarbanes-Oxley – critics still seeking changes A group of US congressmen reintroduce a bill designed to protect entrepreneurs from Sarbanes-Oxley, whilst a barrage of complaining letters from US CFOs accuse the SEC and its love-child, the PCAOB, as being out of step on accounting standards... |
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| 08/03/2007 | SEPA – Major new European payments processor created Voca, the largest processor of direct debit and credit transactions in Europe, and LINK, the network behind the LINK ATM scheme which powers almost every cash machine / ATM in the UK, have announced they are to merge... |
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| 05/03/2007 | Markets – Hedge funds get the lighter touch The President's Working Group on Financial Markets (PWG) has released a set of principles and guidelines for US regulators in their handling of hedge funds and private equity organisations... |
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| 01/03/2007 | Basel II – Federal Reserve happy with US conservative approach This week, in a farewell speech as a member of the Board of Directors of the US Federal Reserve, Susan Schmidt Bies worked hard to ease the passage of Basel II into US regulations... |
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| 26/02/2007 | Markets – McCreevy says unthinkable on private equity and hedge funds Commissioner Charlie McCreevy has been pushing the cause of MiFID for so long that market players can forget that his cause is less bureaucracy, not more, and increased competition, not European protectionism... |
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| 23/02/2007 | Sarbanes-Oxley – too soon to count it out? Following speculation, based on comments from George Bush, Henry Paulson and others, that Sarbanes-Oxley would be greatly reduced in requirements, the PCAOB has come out heavily against any weakening of the Act... |
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| 20/02/2007 | Credit Risk – too high liquidity chasing too few defaults? Are historically based default and recovery models in the high yield and distressed debt markets still relevant in today’s distressed debt markets?... |
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| 15/02/2007 | MiFID – the old regulated markets start to unravel Following NASDAQ's formal abandonment of it attempted acquisition of the LSE, European national exchanges - the regulated markets in MiFID terms - are facing increased pressure as new alternative trading systems appear... |
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| 12/02/2007 | MiFID – First set of Level 3 Guidelines released The Committee of European Securities Regulators (CESR), last Friday, published its first two papers containing guidelines and recommendations on the implementation of the Markets in Financial Instruments Directive (MiFID)... |
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| 08/02/2007 | Markets – FSA commits to principles-based regulation In its 2007/8 Business Plan, published on Tuesday, the FSA has further emphasised its commitment to principle-based regulation. John Tiner, outgoing CEO at the FSA, made this commitment in his opening statement of the plan's overview... |
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| 05/02/2007 | Sarbanes-Oxley – Bush supports change, but critics say too little President George Bush has criticised the implementation of the US's corporate governance bill, the Sarbanes-Oxley Act, but opposition still says that too little is being done... |
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| 01/02/2007 | Markets – FSA emphasises stress testing and warns on environmental risk The FSA has published its 2007 Financial Risk Outlook (FRO) which aims to raise awareness of the priority risks which the FSA believes it, together with providers and users of financial services, should consider... |
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| 30/01/2007 | Markets – four European securities bodies form new lobbying group In order to better argue their members' interests in such new pan-European developments as MiFID, four of Europe’s securities trade bodies are forming a common grouping... |
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| 26/01/2007 | Basel II – US market risk plans complex and expensive, say industry bodies Four key industry bodies have released a joint response to the combined US regulatory agencies' notice of proposed rulemaking (NPR) on the implementation of Basel II's market risk requirements... |
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| 22/01/2007 | MiFID – FSA warns on market abuse, Swiss doubtful on benefits The FSA has warned that the increase in trading platforms expected as a result of MiFID could make it harder to monitor market abuse, whilst the Swiss bankers are doubtful about MiFID's benefits... |
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| 18/01/2007 | Pandemic Risk – US checklist for companies with overseas operations The US Government’s Department of Health and Human Services has released a guide advising US businesses with overseas operations on how to prepare and implement pandemic business continuity... |
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| 15/01/2007 | Enterprise Risk Management – US Federal Reserve calls for integrated approach In a recent speech, Susan Schmidt Bies said that the key issues for Enterprise Risk Management were adapting to institution size, including strategic constraints such as risk appetite, and integrating with the whole business process... |
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| 11/01/2007 | Markets – London fighting for independence The fight for control of the London Stock Exchange (LSE) continues with claims and counter-claims, stock raids and complaints about transaction pricing... |
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| 08/01/2007 | MiFID – to increase dark pools of liquidity? New research reports that MiFID (and Regulation NMS in the USA) will increase the trend for "dark pools" of liquidity to grow as systemic internalisation moves more and more trade volume to central matching and quoting facilities... |
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| 04/01/2007 | Pandemic Risk – UK authorities report on bird flu exercise Last October and November the three main financial authorities in the UK carried out a Market Wide Exercise to test the financial sector’s resilience to pandemic influenza... |
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© Chase Cooper 2005-2012 |
