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Regulatory News - Archive (September to December 2007) Follow the links below for regulatory news... |
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| 20/12/2007 | MiFID – UK to extend coverage of controls? The FSA has handed out a pre-Christmas present in the form of a new Consultation Paper which proposes extending the scope of MiFID beyond its current reach to previously exempt firms... |
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| 17/12/2007 | Basel II - MAS releases rules for Singapore On Friday, the Monetary Authority of Singapore (MAS) released its interpretation of the Basel II rules for Singapore. The formalisation of the rules follows a three year consultation process... |
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| 14/12/2007 | US markets – more Sarbox delays, more Basel II changes? Changes have been called for to the forthcoming US regulatory landscape affecting the implementation of Sarbox Section 404 for small businesses and the liquidity risk aspects of Basel II... |
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| 12/12/2007 | Islamic Finance – Europe’s key challenge, says Deutsche Bundesbank The global banking industry must start providing Sharia-compliant finance products and legislators must ensure a level playing field for Islamic finance... |
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| 10/12/2007 | Liquidity Risk – Lenders must improve stress testing, says FSA The Financial Services Authority (FSA) has urged lenders to protect themselves against a possible worsening of liquidity and credit risks and to improve their stress testing to reflect these changes... |
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| 03/12/2007 | Basel II – US loophole for Standardised Approach The Basel Committee for Banking Supervision has released “Principles for home-host supervisory cooperation and allocation mechanisms in the context of Advanced Measurement Approaches (AMA)”... |
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| 29/11/2007 | Regulation – IFRS and GAAP narrow the gap European Commission Senator, Charlie McCreevy, has praised the progress made by US regulators in helping foreign firms exist under two different accounting practices... |
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| 26/11/2007 | Sub-prime – Further pressure on rating agencies as ECB pumps in more cash At the end of last week the European Central Bank (ECB) announced that it would be injecting more cash into the money markets to avoid a further drying up of liquidity... |
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| 22/11/2007 | TARGET2 goes live with first migration On Monday, TARGET2, the real-time gross settlement system for euro payments, successfully went live with over 171,000 payments, amounting to €833 billion... |
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| 19/11/2007 | Solvency II – CEIOPS issues further supervisor guidelines Last Wednesday, CEIOPS charged with managing the launch of Solvency II, published its guidelines on how information will be shared between the lead supervisor and the local supervisors... |
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| 15/11/2007 | Regulation – Corporate Governance framework updated This week the Financial Reporting Council (FRC) published an updated version of its Regulatory Strategy detailing the principles by which it expects companies to abide in the name of good corporate governance and financial reporting... |
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| 12/11/2007 | Sarbanes-Oxley – Chinese banks look to return to the US Last Friday, the US Federal Reserve approved the banking licence for China Merchants Bank (CMB), to open a branch in New York, the first Chinese bank to gain such approval in 15 years... |
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| 08/11/2007 | Basel II – US loophole for Standardised Approach As expected the Federal Deposit Insurance Corporation (FDIC), on Monday, became the fourth and final US regulator to ratify the implementation of the “Final Rule” implementing the Advanced Approaches of the Basel II Capital Accord... |
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| 05/11/2007 | Basel II – US regulatory approval at last! Last Friday, the US Federal Reserve Board finally approved the final rules for implementing Basel II in the US for core banks - those with at least $250 billion in total assets or at least $10 billion in foreign exposure... |
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| 01/11/2007 | MiFID – the markets change today! Today, November 1st is the day the Markets in Financial Instruments Directive (MiFID) becomes operational for the majority of the European Union’s regulated financial organisations... |
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| 30/10/2007 | Pandemic Risk – US releases results of September pandemic flu exercise The US Treasury Department along with other US financial and security organisations have released the preliminary results of the finance industry-wide pandemic flu exercise... |
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| 25/10/2007 | Solvency II – UK parliament committee seeking evidence The UK parliament has launched an investigation into the benefits and costs of Solvency II, the capital adequacy directive for the European Union’s insurance companies... |
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| 22/10/2007 | MiFID – CESR updates Market Transparency Database MiFID requires that regulators publish information on all shares which are admitted to trading on regulated markets. This information, collected by Members of the CESR, was published on Friday... |
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| 18/10/2007 | Regulation – US asks for market opinion The US Treasury has announced that it will ask for public opinion on improvements to the US regulatory structure. The Treasury Secretary will seek market input as a blueprint for an improved US financial regulatory structure is prepared... |
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| 16/10/2007 | MiFID – 15 days to go There are 15 days to go until the Markets in Financial Instruments Directive (MiFID) becomes operational. A lot will be expected to be effective from November 1st. Should we be worried? There are conflicting messages... |
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| 11/10/2007 | Basel II – Accord would have alleviated sub-prime crisis, says Commitee The Basel Committee on Banking Supervision, in its October meeting, believes that the implementation of the Basel II capital framework would have gone some distance to alleviate the current global credit crunch... |
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| 08/10/2007 | Regulation – FSA hold back on increased transparency In a speech last Thursday by David Kenmir, the FSA’s Managing Director of Regulatory Services, to the Compliance Institute Summit 2007, he committed the FSA to being open and transparent as a regulator... |
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| 04/10/2007 | Treating Customers Fairly – FSA seeks to improve poor client documentation The FSA has released its report on the implementation of Key Features Documents (KFDs) by the industry as part of the Treating Customers Fairly (TCF) requirements... |
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| 01/10/2007 | Basel II – regulating the risk weightings Following the sub-prime credit crisis, ratings agencies have been criticised by regulators and central banks for over-optimistic ratings of the key mortgage-backed securities... |
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| 27/09/2007 | Sub-prime – IMF point finger at UK The International Monetary Fund (IMF) has issued a warning that it believes that the UK’s sub-prime mortgage market is comparable to that of the US before it went into melt down... |
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| 25/09/2007 | Operational Risk – US congress defy Bush to extend terrorism risk insurance Only two days after the White House announced that the private insurance markets should be the only provider of anti-terrorism insurance, the US House of Representatives has passed a bill extending the existing government compensation scheme for another 25 years... |
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| 20/09/2007 | Regulation – Korea bring in Basel II specialist The Korean regulator, the Financial Supervisory Service (FSS) has announced that Basel II specialist Bill Ryback, a previous regulator with the US Federal Reserve and the Hong Kong Monetary Authority, has been appointed as a special advisor... |
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| 17/09/2007 | Sub-Prime – ECB call for improved risk management ECB President Jean-Claude Trichet has said that greater transparency regarding sophisticated financial instruments and better risk management by banks and financial institutions were among the ways to restore confidence in the money markets... |
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| 13/09/2007 | Sub-Prime – where are the risk managers? Quantitative risk markets are reeling from the onslaught of the sub-prime credit crunch. The cost of borrowing has rocketed and, following failures in the US, Germany and the Australia, the first UK victim has been claimed... |
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| 10/09/2007 | MiFID – Exchanges continue to reduce trade reporting fees With less than two months to go before its November 1st implementation, MiFID has opened up the trade reporting market, breaking the current monopolies held by national stock exchanges... |
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| 06/09/2007 | Regulation – FSA guides associations towards principles-based regulation The FSA's new framework for recognising guidance from trade associations and professional bodies came into effect on Tuesday, a step which is essential in the FSA’s move towards Principles-Based Regulation... |
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| 03/09/2007 | MiFID – Transaction reporting shifted back to the Monday, 5th November Last week, the FSA announced that the MiFID transaction reporting implementation date for the UK would now be the 5th November, a Monday, and not the expected 1st November, a Thursday.... |
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