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Regulatory News - Archive (May to August 2008) Follow the links below for regulatory news... |
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| 28/08/2008 | Basel II – BCBS on compliance principles The Basel Committee on Banking Supervision (BCBS) has release its findings on the “Implementation of Compliance Principles”... |
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| 26/08/2008 | Sub-prime – Are Fannie and Freddie the first falling dominoes? It is looking inevitable that the US government will have to step in to save Fannie Mae and Freddie Mac, the two US government-endorsed secondary mortgage players... |
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| 21/08/2008 | Sub-prime – Can the situation get worse for US institutions? US mortgage lenders, Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) are both teetering on the brink of disaster as their ability to remain solvent is questioned... |
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| 18/08/2008 | Regulation – Credit Suisse fined £5.6 million by FSA Last Wednesday, Credit Suisse, the second-largest Swiss bank after UBS, agreed to pay a fine of £5.6 million (US $10.5 million) for failing to sufficiently supervise its trading activities... |
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| 14/08/2008 | MiFID – Turquoise launches tomorrow European Central Counterparty Limited (EuroCCP), the DTCC subsidiary, has announced that tomorrow it will launch Turquoise, the pan-European cash equity multilateral trading facility... |
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| 11/08/2008 | Basel II – report on impact on Indian Banks In a recent research report, Fitch Ratings said that Basel II has brought about a welcome focus on risk management in India. However, Fitch expressed concern that the reduction in capital in areas such as consumer loans could increase risks... |
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| 07/08/2008 | Regulation – rating agencies fight back Since the credit crunch hit the markets, the rating agencies have taken a load of flack – it seems convenient to heap all the blame on them. Now it seems that Clark Kent is thinking of changing into his superpower underpants and fighting back... |
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| 04/08/2008 | Sarbanes-Oxley – SOX is 6 Last week, the Sarbanes-Oxley Act turned six years old. Where are we now? The implementation of Section 404 (the time consuming and costly auditor attestation requirements) for small businesses, continues to get pushed back... |
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| 31/07/2008 | Regulation – IOSCO on enforcing the code for rating agencies On Monday, IOSCO's Task Force on Credit Rating Agencies announced next steps on compliance enforcement with the Code of Conduct Fundamentals for Credit Rating Agencies (Code of Conduct), as modified in May 2008... |
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| 28/07/2008 | Regulation – CESR gives itself a pass mark On Friday, CESR, published its 2007 Annual Report as part of its accountability obligations to the European Parliament. Unsurprisingly much of the focus was on the 2007 credit crisis... |
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| 24/07/2008 | Basel II – BIS to make changes to incremental risk charge On Tuesday, BCBS in conjunction with IOSCO, proposed changes in the way risk in the trading book is to be treated and issued Guidelines for Computing Capital for Incremental Risk in the Trading Book for public comment... |
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| 21/07/2008 | Operational Risk – CEBS reviews SocGen rogue trader reactions Last Friday, the Committee of European Banking Supervisors (CEBS) issued a summary of banks’ and supervisors’ reactions to the rogue trading loss at SocGen last January... |
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| 17/07/2008 | Basel II – US regulators issue AMA guidance On Tuesday, the US regulatory agencies issued the final US guidance outlining the supervisory review process (Pillar 2) for banking organisations implementing the Basel II Advanced Measurement Approach (AMA)... |
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| 14/07/2008 | Regulation – “Financial institutions must be allowed to fail” says Paulson In a presentation to the US House Committee on Financial Services, Henry Paulson, the US Treasury Secretary, said that “For market discipline to effectively constrain risk, financial institutions must be allowed to fail."... |
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| 11/07/2008 | Regulation – IFRS accounting standards take two steps forward International Financial Reporting Standards (IFRS) continue to make key gains in their acceptance in the USA, the key success area if they are ever to become a truly global standard... |
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| 07/07/2008 | Liquidity risk – does central banks’ intervention remove risk managers’ incentive? Last week, the Bank of International Settlement’s Committee on the Global Financial System (CGFS) released a study into the impact of the intervention of central banks in the current credit crisis... |
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| 03/07/2008 | Capital Requirements Directive – EC charge of 15% on securitised credit products put back A highly controversial proposal made by the European Commission in May to raise the minimum capital charge rate for securitised credit products to 15% has resulted in a torrent of adverse comment and a climb down by the EC... |
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| 30/06/2008 | MiFID – Dark pools of water or wine? The London Stock Exchange and Lehman Brothers have announced a European-wide multilateral trading facility (MTF) for large trades between institutions – trades which typically do not appear of the display boards of institutions... |
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| 27/06/2008 | Regulation – SEC announce '21st Century Disclosure' initiative on company reporting SEC Chairman Christopher Cox has announced a project to examine public companies, mutual funds, brokers and others who provide information to the SEC... |
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| 23/06/2008 | Sarbanes-Oxley – Small companies get yet another extension The Securities and Exchange Commission (SEC) has given US small companies yet another one-year extension for compliance with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act... |
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| 19/06/2008 | Operational Risk – rogue trading at Morgan Stanley? Morgan Stanley, one of the giants of Wall Street, has revealed that the bank had been obliged to write off $120 million due to the potential rogue trading of one of their London office in the interest rate, credit and currency trading team... |
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| 16/06/2008 | Regulation – finance workers’ trade unions call for tighter controls In an open statement released this morning, UNI-Europa Finance, representing 237 finance workers’ trade unions, said that financial markets were out of control and that greater regulation was needed... |
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| 12/06/2008 | Regulation – SEC vote reforms to credit rating agency conduct rules The Securities and Exchange Commission yesterday voted to formally propose a comprehensive series of credit rating agency reforms to bring increased transparency to the ratings process... |
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| 09/06/2008 | Regulation – How to reduce risk in the financial system, by the NY Fed Timothy Geithner, President and Chief Executive of the Federal Reserve Bank of New York, has described a five-point plan to reduce the fragility of the financial system, improve resilience and reduce risk... |
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| 06/06/2008 | Regulation – Second barrel fired at Credit Rating Agencies Following last week’s publications of the IOSCO changes to the code of conduct for credit rating agencies, this week the three top rating agencies accepted the second blast of the shotgun from New York’s Attorney General... |
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| 02/06/2008 | Regulation – Changes to Code of Conduct for Credit Rating Agencies Last week, the International Organization of Securities Commissions (IOSCO) published the final report confirming the amendments to the Code of Conduct Fundamentals for Credit Rating... |
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| 29/05/2008 | Liquidity Risk – FSA publishes market feedback The FSA has published the market feedback received on its discussion paper “Review of the liquidity requirements for banks and building societies”, looking at possible developments in liquidity policy... |
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| 27/05/2008 | Solvency II – leave workplace pension schemes out, say NAPF and EFRP A report last Friday by the European Federation for Retirement Provision (EFRP) calls on European MEPs to think again before imposing Solvency II on IORPs (Institutions for Occupational Retirement Provision – or pension funds)... |
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| 22/05/2008 | Sub-prime – FSA to focus on greater supervision of liquidity Hector Sants, FSA Chief Executive has spoken on the events of the last ten months and outlined the FSA’s approach to ensuring that the negative impacts of the credit crunch did not happen again... |
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| 19/05/2008 | Solvency II – low take-up of QIS4 in UK The QIS4 Impact Survey for Solvency II looks likely to get little support from the UK insurance industry, according to a survey carried out by insurance consultants, Watson Wyatt... |
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| 15/05/2008 | Regulatory reporting – SEC plans move to XBRL Yesterday, the US regulatory watchdog, the SEC, formally announced a proposal for a three-year conversion plan to move US financial reporting to XBRL format by 2011... |
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| 12/05/2008 | Target2 – third and final wave on schedule On Friday, the ECB confirmed that the third of the planned migration groups for TARGET had successfully completed its migration tests and would go live in one week’s time on the 19th May... |
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| 08/05/2008 | Regulation – large US investment banks to report on liquidity, says SEC In a speech last night, SEC Chairman Christopher Cox said that large US investment banks would soon be required to disclose more details on their liquidity risks to both the regulators and the public... |
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| 06/05/2008 | Regulation – GAAP to converge? Late last week, the chairman of the Financial Accounting Standards Board (FASB), Robert Herz, announced a public forum to discuss a new national blueprint for moving the US to international financial reporting standards... |
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| 01/05/2008 | Enterprise Risk Management – all actuaries are risk managers now On Monday, the UK’s Institute of Actuaries released a discussion paper, “Enterprise Risk Management from the General Insurance Actuarial Perspective”... |
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