Regulation
IIF: cross-border resolution regime an ‘absolute priority’
Global trade body for banking industry calls on G-20 to set up task force; calls on banks to identify “critical functions” that need to be preserved in the event of failure
Elderfield details Ireland's new risk assessment model
Matthew Elderfield, head of financial regulation at the Central Bank of Ireland, reveals details of new ‘Prism’ risk assessment model
SEC proposes amendments to remove references to credit ratings in rules
SEC makes latest changes to bring legislation into line with Dodd-Frank; proposes numerous changes to the Exchange Act
Hong Kong plans to regulate credit-rating agencies
Hong Kong announces it will begin regulating credit-rating agencies from June; agencies and analysts must apply for licences
Ireland’s central bank failed to alert regulators to mounting crisis: banking report
Ireland’s Commission of Investigation into banking crisis says Central Bank of Ireland missed opportunities to alert regulators to impending risks in banking sector
Nine securities regulators to join Iosco
International Organisation of Securities Commissions (Iosco) announces nine regulatory authorities have been invited to join
NY Fed paper proposes two-tier capital model
New York Federal Reserve study suggests creating a two-tier capital model to solve leverage conflicts
Non-US sovereigns should collateralise swaps, say US bank regulators
Progress towards sovereign collateral posting has been slow. Now, US regulators are proposing to make it mandatory - for all non-US entities
ECB’s Bini Smaghi calls for level playing field in prudential supervision
European Central Bank executive board member Lorenzo Bini Smaghi says level playing field between European regulators would create more uniform bank resolution regime
Risk management reforms a work in progress: IIF survey
Institute of International Finance survey says further progress on risk management reforms necessary; calls for more work to promote appropriate risk culture
FSB outlines road to shadow banking regulation
Financial Stability Board sets out detailed definition of shadow bank; outlines possible future steps to better regulate the system
NY Fed’s Dudley warns against uneven banking reform
New York Federal Reserve president William Dudley says focus on competitiveness in banking reform would ultimately leave countries open to huge tail risks
Brazil prepares for Basel III
Brazilian financial stability report announces major changes will be incorporated in the country’s legislation; bringing it into line with Basel III
UK banking commission keen on ring-fencing retail operations
Safeguards on retail banking “common sense” chairman claims; Sifis need minimum capital ratio of 10%
UAE furthers involvement in bank director appointments
New rules will allow the Central Bank of the United Arab Emirates to veto candidates for bank director positions
Fed’s Raskin calls for greater diversification of banks
Federal Reserve Board of Governors member Sarah Raskin says more diversified banking system will reduce risk of further crises
Spain’s Ordóñez on how to reap benefits from stress tests
Bank of Spain governor Miguel Fernández Ordóñez says stress tests helped increase transparency in banking sector
Irish regulator lacked 'capacity and will' pre-crisis admits Elderfield
Ireland's chief regulator has provided more detail on the recent stress tests carried out by the central bank of Ireland and plans to increase the powers of the body
Turkey’s Yılmaz on liquidity management
Central Bank of Turkey governor Durmuş Yılmaz on liquidity management issues in Islamic finance
RBI’s Chakrabarty on purpose-based lending
Reserve Bank of India deputy governor Kamalesh Chandra Chakrabarty discusses benefits of move from security-based lending to purpose-based lending in 1960s
Ireland’s Elderfield: we’ll not haircut senior debt
Matthew Elderfield, Ireland’s head regulator, assures senior bondholders in four banks they will not face “action”
UK FSA and Treasury say covered bondholders should escape bail-ins
British authorities offer six recommendations for regulatory change; signal covered bondholders will not be hit by bail-ins
Risk Europe: Tweaks to Basel III will raise deadline pressure for banks
Changes to the detail of Basel III will make timely implementation a challenge, say attendees at Risk Europe