Turmoil prompts supervision recommendations

New rules for conduits, special purpose vehicles (SPVs) and rating agencies must be introduced to stop another subprime crisis, according to several shadow financial regulatory committees. The Basel II framework must also be reassessed because of its reliance on ratings agencies.

The shadow financial regulatory committees of Asia, Australia-New Zealand, Europe, Japan, Latin America and the US described the links between either conduits or SPVs and commercial banks as "a key weakness in the cu

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