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Regulatory News - Archive (January to April 2008) Follow the links below for regulatory news... |
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| 28/04/2008 | Basel II – Joint Forum advises on concentration risk Last Friday, the Joint Forum, the Basel sponsored body on regulatory advice, released “Cross-sectoral review of group-wide identification and management of risk concentrations”... |
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| 24/04/2008 | Sub-prime – strengthen the sales process model, says BIS The originate-to-distribute model has come under fire from all sides and is held by many to be the main cause of the sub-prime crisis in financial markets... |
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| 21/04/2008 | Sub-prime – what is round this corner? Are the markets “turning the corner” or are they simply “tacking into the wind”? Mixed messages last week give some the space to be optimistic whilst others still see things getting worse before they get better... |
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| 17/04/2008 | Basel II – BCBS to strengthen resilience of the banking system Yesterday, the Basel Committee announced steps designed to make the banking system more resilient to financial shocks and repeated its confidence in Basel II as the best solution for the risks banks increasingly face... |
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| 14/04/2008 | Regulation – US could get stranded on GAAP, says PCAOB US auditing standards risk being isolated if they continue to ignore the international developments in accounting standards based on international financial reporting standards (IFRS)... |
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| 10/04/2008 | Solvency II – regulators must operate across national borders On Tuesday, Charlie McCreevy, European Commissioner for Internal Market and Services, told the FSA's Annual Insurance Sector Conference that Solvency II had to have regulators with cross-border information sources... |
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| 07/04/2008 | Regulation – Can Paulson restructure the regulators? Last week, Henry Paulson, the US Treasury Secretary, released his blueprint for reform of America’s financial regulatory structure to improve the competitiveness of its capital markets... |
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| 04/04/2008 | Basel II – India joins the club On Monday, the last day of their standard financial year, India, one of the world’s fastest growing economies, joined the ranks of those countries that are operating under the Basel II capital adequacy standards... |
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| 31/03/2008 | Operational Risk – there is nothing like an old-fashioned scam Borrow someone’s board room, find a senior citizen to act as a very important manager, forge some documents, invite in a large global bank and walk away with $355 million! If George Clooney is available this could be next year’s Oscar winner... |
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| 27/03/2008 | Sub-prime – rating agencies to get stricter conduct rules Yesterday, the International Organization of Securities Commissions (IOSCO), the global securities regulators association, published proposed changes to the behaviour of rating agencies... |
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| 25/03/2008 | Sub-prime – the risk of public or private intervention Will the risk models ever be able to estimate the impact of major public of private intervention? Can we allocate funds to cover political interests, central bank intervention or public sentiment?... |
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| 20/03/2008 | Solvency II – Home/host supervision the way forward The progress of Solvency II took a significant step forward this week with the publication of the formal parliamentary report by Peter Skinner, the Solvency II rapporteur including the latest proposed amendments to Solvency II... |
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| 17/03/2008 | Sub-prime – the next domino? Yesterday, the first major Wall Street bank fell victim to the effects of the sub-prime crisis. Bear Stearns, one of the top five US investment banks, finally gave up its 85 year independence in a takeover by JP Morgan Chase... |
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| 13/03/2008 | Operational Risk – the old rules are still the best rules! Yesterday, the Markets Division at the FSA published its regular commentary, Market Watch, which, this time, focuses on systems and controls with reference to the Société Générale rogue trader” incident... |
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| 10/03/2008 | Operational Risk – EU strengthens disaster response capacity Last week the EC issued a statement about reinforcing the EU's Disaster Response capacity. A screening exercise of all its existing resources has been launched and an action plan promised before the end of 2008... |
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| 06/03/2008 | Operational Risk – people risk is key issue, says Chinese regulator Andrew Sheng, Chief Adviser to the China Banking Regulatory Commission (CBRC) has committed to the continued emphasis on risk management as one of the Chinese regulator’s three key objectives... |
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| 03/03/2008 | Sub-Prime – no silver linings yet February 2008 closed with a flurry of write-downs from major financial institutions – and there is little sign that the US government will step in to help investors but will focus its resources to alleviate borrowers’ problems... |
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| 28/02/2008 | Basel II – sound risk management is more than mathematics, says FDIC’s Bair In a speech to the Global Association of Risk Professionals in New York on Tuesday, Sheila Bair, Chairman of the Federal Deposit Insurance Corporation (FDIC), called for a back to basics approach in risk management... |
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| 25/02/2008 | Basel II – BIS seeks to strengthen liquidity risk management On Friday, the Basel Committee on Banking Supervision's Working Group on Liquidity released a paper entitled "Liquidity Risk: Management and Supervisory Challenges" highlighting financial market developments... |
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| 21/02/2008 | Solvency II misses main risk, says top European research centre A leading European research institute has said that although proposals in CEIOPS QIS4 for Solvency II are an improvement on QIS3, they still do not take into account the main risk for life insurance companies... |
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| 18/02/2008 | Sub–Prime – UK government nationalises Northern Rock In a formal statement yesterday, the UK Chancellor, Alastair Darling, announced that the government would be nationalising Northern Rock, the UK’s 5th largest mortgage lender and a victim of the liquidity difficulties... |
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| 14/02/2008 | Sub–prime – IMF wants more involvement In New Delhi, India yesterday, Mr Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF) spoke on the lessons from the current financial markets crisis and the priorities in the actions that needed to be taken... |
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| 11/02/2008 | Solvency II – no changes, no delays, says McCreevy Charlie McCreevy has outlined the European Commission's Solvency II priorities for the insurance sector and assured the audience that it would proceed without late changes... |
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| 07/02/2008 | Sub–prime – US Treasury says securitization OK, but… In a speech this week to the American Securitization Forum, US Treasury Under Secretary Robert Steel came out in favour of securitization as a vehicle for risk mitigation... |
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| 04/02/2008 | Regulation – Cox and McCreevy to launch cross-regulation of US and EU securities US and EU regulators have met to discuss topics including current market volatility, accounting standards, sovereign wealth funds, credit rating agencies, XBRL developments and mutual recognition of securities regulation... |
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| 31/01/2008 | Operational Risk – sub-prime from market and credit risk to malpractice Sub-prime has raised concerns regarding credit risk and liquidity risk. Do the models work? Are the ratings correct? Has enough capital been allocated? But what of the question of operational risk?... |
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| 28/01/2008 | Pandemic Risk – US releases in-depth results of 2007 Pandemic Flu exercise The three US sponsoring bodies have released in-depth results of the Pandemic Flu Exercise held in 2007, the largest exercise of its kind held for financial services across the world... |
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| 25/01/2008 | SocGen – where were the controls? Societe Generale yesterday announced an exceptional loss of €4.9 bn due to unauthorised directional trading in 2007 and 2008 by one staff member, Jerome Kerviel... |
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| 24/01/2008 | Regulation – a first UK charge for insider trading The Financial Services Authority (FSA) has brought its first charges of insider trading against UK individuals, this after having had the legal right to do so since 2000... |
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| 21/01/2008 | Regulation – FSA to change listing criteria? Last week the UK financial service regulator and supervisor, the Financial Services Authority (FSA), issued a discussion document which investigated the future of the listing regime for companies traded on UK markets... |
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| 17/01/2008 | Basel II – CEBS reports on Pillar 3 implementation Yesterday, the Committee for European Banking Supervisors (CEBS) published the results of its survey on the EU’s implementation of the New Basel Accord’s Pillar 3 regulation... |
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| 14/01/2008 | Treating Customers Fairly – FSA releases guidance for UK firms Last week the Financial Services Authority (FSA) released good practice guidance for managers of UK authorised collective investment schemes (funds of pooled assets) concerning the Treating Customers Fairly legislation... |
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| 10/01/2008 | Regulation – EU closes the GAAP further The European Union (EU) closed the gap further regarding international accounting standards by announcing that overseas companies operating and reporting in the EU would not have to restate their accounts to EU standards... |
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| 07/01/2008 | Basel II – APRA release supervisory review process The Australian Prudential Regulation Authority (APRA) has released an information paper on its approach to the supervisory review process under the new Basel II capital adequacy regimes... |
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| 03/01/2008 | Basel II – January 1st key date for many For risk managers and financial directors in many countries, New Years' Day 2008 marks the start of increased requirements in the calculation of risk-based capital and risk management requirements... |
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