Regulation
Euro group meets to study future of stability pact
Euro group finance ministers met on Monday for the first time since Brussels proposed new ideas to strengthen the 12-nation zone's much-maligned stability pact. The pact, while staunchly defended by the ECB as 'indispensable' has received much criticism…
Currency regulation divides Russian officials
The proposed removal of Russia's currency controls which we reported last week seems to have set the government against the central bank who are calling for a more conservative approach.
BIS forced to pay $390m shareholder compensation
Following a decision by the Arbitration Tribunal in the Hague, the Bank for International Settlements (BIS) will have to pay another $390m to compensate private shareholders whom the bank banned last year from holding shares.
French drive for securities regulator
FRANCE - The debate over whether Europe should have a single securities regulator continues as Paris based Eurofi, which has close links with the French government, plans to publish proposals based on a poll of financial services companies.
New financial regulator chief named in Ireland
IRELAND - The new Irish Financial Services Regulatory Authority has appointed Liam O'Reilly, a member of the ECB Banking Supervision Committee, as its chief executive.
Russian gov't agrees to currency control removal
RUSSIA - Russia's government agreed in principle Thursday on a draft of a law that would abolish almost all currency controls by 2007.
Russian PM says old regulations hinder economy
RUSSIA - The existing system of currency regulation and control hampers the development of the national economy, Russian Prime Minister Mikhail Kasyanov said at a cabinet session on Thursday.
Webster quits as accounts watchdog
US - William Webster on Tuesday quit as head of the US's new accountancy regulator, a casualty of a debacle that has already forced out Harvey Pitt, chairman of the Securities and Exchange Commission.
Banks face tough test ahead on international stage
JAPAN - Japan's banks, soon to face unprecedented pressure to clean up their massive bad loan mess, already have a lot on their plate. But their job now looks set to get even harder, thanks to new capital accounting standards the Bank for International…
Bies on effective accounting and disclosure
SPEECH - In the speech 'Effective Accounting and Disclosure for Financial Transactions and Financial Institutions' made on 7 November, Susan Bies of the Federal Reserve said a restoration of public confidence in the U.S. capital markets has begun, but…
CBR's 5 priorities in modernising banking system
RUSSIA - The Central Bank of Russia has determined five priorities that it will follow in modernizing the banking system, Andrei Kozlov, the bank's first deputy chairman, said at a round-table meeting on banking reforms Monday.
The SEC's new start
ARTICLE - To paraphrase Winston Churchill, Harvey Pitt did the honourable thing this week. But only after he had exhausted every possible alternative.
Departing SEC chairman wins a standing ovation
US - Harvey Pitt delivered his valedictory speech to the securities industry Friday, with a defence of his record as chairman of the Securities and Exchange Commission and a sideswipe at the partisanship that, he implied, had made the job impossible.
World Bank backs more powers for Bangko Sentral
PHILIPPINES - The world Bank favours the legislation of stronger powers for the Bangko Sentral ng Pilipinas to intervene in cash-strapped banks as part of further reforms to improve the country's regulatory and supervisory framework.
SEC chairman Harvey Pitt resigns
US - US Securities and Exchange Commission Chairman Harvey Pitt resigned under pressure Tuesday night after a series of political missteps that embarrassed the Bush White House just when it needed to shore up investors unnerved by accounting scandals.
UAE to tighten rules for 'terrorist' cash system
UAE - The United Arab Emirates is to tighten regulations for the hawala remittance system, the unofficial method of transferring money home used by millions of Asian and other expatriate workers in oil-rich Gulf states.
Russian gov't to cancel currency regulations 2007
RUSSIA - The Russian government plans to completely cancel currency regulations starting in 2007, the Vedomosti daily business newspaper reported on Tuesday, quoting First Deputy Finance Minister Aleksey Ulyukayev.
Basel Committee QIS 3 Frequently Asked Questions
REPORT - Supervisors and banks have raised the following issues since the distribution of the Basel Committee's Quantitative Impact Study 3 (QIS 3), 30 October.
IFSB appoints Rifaat as first secretary-general
MALAYSIA - The newly established Islamic Financial Services Board (IFSB) has appointed Prof Rifaat Ahmed Abdel Karim as its first secretary-general for a three-year term.
Last chance for the single financial market
ARTICLE - Tuesday's European Union finance ministers' meeting is a test of their seriousness about creating a single European financial market. They have a choice. If they are wise, they will build an EU system of financial regulation that draws strength…
Former Canada bank governor to head new watchdog
CANADA - Former Bank of Canada Governor Gordon Thiessen will head a new review panel created by Canadian regulators to monitor the auditors of public companies, the Ontario Securities Commission said Thursday.
Cameroon c bank chief opens laundering meeting
CAMEROON - The Bank of Central African States [BEAC] governor, Jean Felix Mamalepot, has called for concerted efforts to intensify the fight against money laundering and the financing of terrorism - two dangerous phenomena in the world economy.
Peru open first Latin American anti-forging office
PERU - Peru, fighting an aggressive trade in forged bills and coins, opened on Tuesday Latin America's first office that will work with U.S. and Colombian secret services to stamp out counterfeit cash.
Russian c bank challenges politicians on reform
RUSSIA - A day after the government cancelled Thursday's Cabinet session on two key financial initiatives - liberalizing currency control and the introduction of deposit insurance - a top central bank official declared the time has come to test the…