Securities
Mersch criticises Commission over securitisation regulation
Some ‘STS’ provisions reduce transparency and increase complexity, ECB board member says
BCBS and Iosco publish draft securitisation criteria
Document focuses on “simple, transparent and comparable” asset-backed commercial paper securitisations
Securities regulation ‘does not need brand new framework’ – Esma head
Regulators must avoid inconsistency, Maijoor says
Russia gears up for central securities depository
Russian central securities depository (CSD) could be ready by the end of 2012, although there is more work to be done
Fiji governor calls for improvement in securities trading regulation
Barry Whiteside says international co-operation is needed to keep up with market developments in securities trading
RBI’s revised securitisation guidelines could ‘kill’ Indian market
Latest Reserve Bank of India revised draft guidelines for securitised transactions draw criticism; one lawyer says the rules would "nearly kill" securitisation in the country
Nine securities regulators to join Iosco
International Organisation of Securities Commissions (Iosco) announces nine regulatory authorities have been invited to join
Clarity, access to information key to financial market infrastructure oversight, say regulators
Consultation report from CPSS and Iosco says central banks, market regulators need clear, specific information to determine which financial market infrastructures need regulation
CPSS-Iosco proposes risk standards for CCPs
Central counterparties should be ready for failure of one or two largest customers, regulators suggest
Iosco draws systemic risk roadmap for securities regulators
International Organisation of Securities Commissions sets out ways in which securities authorities can help control systemic risk
Fed’s Tarullo outlines OTC derivatives reform agenda
Federal Reserve governor Daniel Tarullo stresses importance of central counterparties, close scrutiny of market participants
SEC moves to cut ratings out of registration requirements
US Securities and Exchange Commission proposes rule striking investment-grade rating condition from short-form registration process for companies issuing securities; move mandated by Dodd-Frank
SNB’s Danthine on T2S participation
Swiss National Bank governing board member Jean-Pierre Danthine discusses central bank’s thinking on Target2-Securities project
Barnier draws UK lawmakers’ fire over new European supervisory structure
UK parliamentarians cross-examine European Commissioner for internal market regulation Michel Barnier on how much power new European supervisory authorities will have over national regulators
ECB points to securitisation, interest rate risk concerns
European Central Bank’s December Financial Stability Review stresses importance of more transparency in asset-backed securities market; highlights interest rate risk worries
CDSs did not hike eurozone states' funding costs: European Commission report
European Commission taskforce finds credit default swaps were not responsible for inflating eurozone members' funding costs, worsening crisis
Banks fear soaring regulatory compliance costs: industry survey
Survey of financial firms shows three quarters of respondents expect costs of complying with Basel III, Dodd-Frank to exceed costs in past three years
SEC makes landmark fraud charge against US state
Securities and Exchange Commission makes its first-ever case against a state, on grounds of securities fraud; New Jersey alleged to have misled bond investors on pension contributions it was making
Washington begins writing out reliance on ratings agencies
Federal Reserve, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and Office of Thrift Supervision begin search for new measure of creditworthiness
Dodd-Frank starts to bite as Obama signs bill into law
US President Barack Obama draws a line under year-long legislative process, hailing bill’s benefits to consumers; ratings agencies flustered by exposure to ‘expert liability’
France's Noyer says OTC markets need revamp
Banque de France governor Christian Noyer says new reforms on over-the-counter derivatives will make market more resilient
Europe raring to go on CDS rules, bank taxes
Brussels praises the political dynamic behind move for tightened financial regulation as French president Nicolas Sarkozy and German chancellor Angela Merkel call on Commission to speed up work
Venezuela to reopen bond markets
Central bank says tests of new centralised trading system nearly complete; follows closure to cut off parallel currency market
Iosco calls on regulators to share information
International securities body says members should cooperate outside an enforcement context to spot disturbing trends; report sets out principles of bilateral information-sharing deals