Regulation
Osborne to drive through BoE’s new supervisory powers
UK chancellor wants to drive through legislation granting the Bank of England statutory power for prudential supervision; ring-fencing left out of Financial Services Bill
US regulatory agencies issue new market risk capital rule proposals
US federal bank regulatory agencies remove references to rating agencies in new market risk capital rule proposal; change aids compliance with Dodd-Frank Act
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
IMF researchers label asset managers collateral ‘mines’
Paper highlights lack of attention paid to rise of asset managers as a major source of funding for banks through shadow banking system
Pakistan’s Anwar wants updated microfinance regulatory framework
State Bank of Pakistan governor Yaseen Anwar says considerable work is still needed to regulate microfinance institutions effectively
European Commission draws up new list of countries for Solvency II equivalence
Decision on Bermuda, Japan and Switzerland equivalence to be taken once Level 2 measures agreed
Change to Japan clearing mandate ends LCH-JSCC talks
A decision to limit the scope of Japan's clearing mandate has torpedoed months of partnership talks between LCH.Clearnet and the Japan Securities Clearing Corporation
Ireland launches new supervisory framework
Central Bank of Ireland says Prism model will better equip it to identify and deal with threats to banking sector in a timely manner; concerns remain over flexibility of framework
UK banks lament costs of ring-fencing operations
House of Lords Economic Affairs Committee report shows UK’s biggest banks believe recommendations to ring-fence retail operations underestimate costs of reform but agree measures are a “done deal”
Sweden sets higher capital buffers for big banks
Swedish authorities say capital buffers of country’s largest banks will be raised to 10% of risk-weighted assets by 2013, swelling to 12% in 2015
BoE’s Jenkins attacks banking lobby tactics
Bank of England Financial Policy Committee member Robert Jenkins says lobbyists' attempts to scupper banking reforms are dishonest and potentially damaging
Austria pushes ahead with Basel III
National Bank of Austria announces plans to require banking groups to comply immediately with Basel III's higher capital requirements; sets restrictions on loan issuance
Ingves says Basel III’s success depends on global application of rules
Basel Committee on Banking Supervision chairman Stefan Ingves says Basel III will only work if implementation of rules is internationally consistent
Barnier leads crackdown on credit rating agencies
European Commissioner publishes proposals that will enable credit rating agencies to be sued by investors if they break EU rules "intentionally or with gross negligence"
Australian regulator releases Basel III liquidity proposals
Australia's prudential regulator publishes discussion paper for liquidity reforms under Basel III; Reserve Bank of Australia announces further details for its committed liquidity facility
Video: New York Fed’s Marc Saidenberg denies US go-slow on Basel II implementation
New York Fed senior vice-president Marc Saidenberg says US is introducing Basel II at a similar pace to international peers and is also committed to timely implementation of Basel III
Sweden will go beyond Basel III capital rules, says Ingves
Riksbank governor Stefan Ingves says Sweden will follow Switzerland and UK in implementing higher capital adequacy requirements than Basel III for largest banks; details to be released soon
Stark demands financial sector refocus
European Central Bank executive board member Jürgen Stark says financial sector became too “self-referential” in recent decades and must refocus activities on banking services
Iran deputy governor remains in custody
Hamid Pourmohammadi remains in custody as investigation into banking fraud continues; new UN report could lead to more sanctions on the country
BIS paper identifies lending threshold to bank recapitalisation efforts
Bank for International Settlements study shows recapitalisation of banks will only boost lending once balance sheets are sufficiently strengthened
New Zealand consults banks on Basel III
Reserve Bank of New Zealand issues consultation paper on implementation of higher Basel III capital requirements; deadline for comments January 2012
Ireland introduces revised requirements for lenders dealing with SMEs
Ireland changes rules for banks lending to small and medium-sized enterprises when they are facing financial difficulties; new code updates 2009 effort