Top regulators seek to dispel myth of global regulatory harmonisation
Panel urges countries to work towards consistent implementation
Fully harmonised financial regulation is likely unobtainable given the gulf separating different jurisdictions' interpretations of standards, a panel of senior policy-makers said today.
The key trend in regulation now is a "pivot" from the design of standards to their implementation, said Jon Cunliffe, the Bank of England's deputy governor for financial stability. Cunliffe argued that legislation will never match up "line by line" across borders, but said it can be made compatible.
His remarks
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