Regulation
Ireland unveils fitness and probity regime
Central bank releases regulations and standards concerning appointment of staff in financial services industry
UK banking reforms argument rumbles on
Senior UK politicians get involved in debate ahead of final reform proposal report
EBA to publish governance and op risk guidelines in September and October
EBA op risk specialist Bernd Rummel says the new European body has a busy schedule of work to implement CRD IV
Market discipline averted subprime chaos: Central Bank of Brazil paper
Central Bank of Brazil says subprime mortgage crisis did not cause serious problems in Brazil due to good regulation and transparency
CFTC repository rule won't save regulators from data leak bills, say European supervisors
The CFTC's attempt to protect non-US regulators from an indemnity clause in the Dodd-Frank Act will fail, European regulators fear
Bank of Japan paper on success of Japan’s deregulation initiative
Bank of Japan study says deregulation in Japan has been broadly successful
Iran says US sanctions on central bank are ‘unfounded’
Central Bank of Iran governor Mahmoud Bahmani denies US will impose sanctions on central bank; says measures would be “unfair”
Banks blame complexity for slipping tri-party reform targets
Reforms to $1.59 trillion tri-party repo market are set to miss industry deadlines, and could now spill into 2012
Forbearance incentive is greater among Sifis: IMF paper
Fund study says regulators have strong incentive to forebear systemically important financial institutions
IMF paper outlines unintended consequences of Basel III and Solvency II
Fund study shows higher capital standards can have unintended consequences for cost of capital and funding patterns
Central Bank of Iran faces ‘crippling sanctions’ from US
US senators urge President Barack Obama to apply strict financial sanctions on Central Bank of Iran
Basel III charge could spur interest in CCDS
Development of CCDS could be pushed ahead by Basel III CVA charge, suggest market participants
CEPR paper finds increased investment in private firms
Centre for Economic Policy Research study says greater privatisation of firms and more independent regulators lead to greater investment
RBA places eight more people on financial sanctions list
Reserve Bank of Australia freezes assets of eight people associated with Syrian Al-Assad regime and one person linked to Qadhafi regime; 17 Zimbabweans taken off the financial sanctions list
IMF expresses ‘disappointment’ at Commission’s Basel III proposals
IMF says European Commission’s proposals to adopt Basel III are too soft and do not offer national authorities sufficient flexibility over macroprudential policy
Fed warns of Dodd-Frank clash with Basel III
Proposal to remove references to credit rating agencies conflicts with Basel III wording; Fed faces tough process to find alternative standards of creditworthiness
Ireland copies UK in new central bank law
Central bank can now order financial services providers to have an independent expert prepare a report on any regulatory matter; similar to UK provision
Draghi backs ‘consistent’ implementation of Basel III
In his foreword to a new book, Mario Draghi says consistent implementation of Basel III rules must be achieved
Afghanistan denies oversight failures
Afghanistan’s government defends itself against claims it failed to co-operate with auditors to safeguard US funds; says relationship with US watchdog is “strained”
Canada’s Macklem on regulating the shadow banking sector
Bank of Canada senior deputy governor Tiff Macklem says regulation must be aware of impact higher bank liquidity and capital standards will have on incentives for arbitrage
Irish government sells share in Bank of Ireland
Ireland to sell €1.1 billion stake in Bank of Ireland; taxpayers to make 10.25% return from preference shares and 10% gain from contingent capital at bank
Philippines introduces new financial reporting rules
Central Bank of Philippines revises guidelines on financial reporting to improve stability of financial institutions; new rules bring Philippines into line with international standards
Fed aims for summer Sifi regulations
Bernanke says Fed expects to issue proposed rules on Sifi oversight this summer; also 'on schedule' to implement Basel III
Sri Lanka ponders 'fit and proper' tests for non-bank lenders
Bill is pending that would introduce ‘fit and proper’ tests for senior executives of non-bank lenders