Regulation
Fed's Stern cautions on response to turmoil
Rating agency reform in the wake of the subprime debacle could cost the economy more than doing nothing, Gary Stern, the president of the Minneapolis Federal Reserve, has warned.
Basel II will strengthen US markets: Kroszner
Basel II's introduction will enhance financial stability in the United States, says Randall Kroszner, the governor responsible for regulation at the Federal Reserve.
Scrap agencies' role in Basel: ex-UK rate-setter
Basel II needs to go back to the drawing board before it is even out of the blocks because of rating agencies' influence in the framework, says Willem Buiter, a former member of the Bank of England's monetary policy committee, now a professor at the…
Regulators need to better enforce securities laws
The effectiveness of securities market legislation is limited by regulators' lack of ability to effectively enforce compliance, research published by the International Monetary Fund finds.
IMF issues op-risk guidelines
The International Monetary Fund has published guidelines on enhanced market practice and more effective prudential standards for operational risk measurement.
Fed finally gives Basel II the green light
The Federal Reserve Board on Friday approved the American version of the Basel II framework on risk-based capital requirements. It is the last of the Group of Ten countries, which developed the framework, to do so.
Kroszner suggests rules to avert another subprime
US financial regulators need to introduce a set of guidelines on loan modifications in the wake of the subprime crisis, according to Randall Kroszner, a governor at the Federal Reserve.
London office for US regulator?
Christopher Cox, the chairman of the Securities and Exchange Commission (SEC), the chief regulator in the US, said it would select either London or Brussels for its European office, part of its strategy of building a closer relationship with its foreign…
New Zealand adapts as regulatory role expands
The Reserve Bank of New Zealand said on Thursday that it would restructure its financial stability department in order to cope with the central bank's expanding role in maintaining the country's financial system.
Albania to get regulatory overhaul soon
The Bank of Albania will soon implement rules to lower the risk of financial instability, according to Ardian Fullani, the governor of the central bank.
UK regulator set to clamp down on hedge funds
The Financial Services Authority, the British financial regulator, said on Monday that it will formally assess hedge funds after an initial survey found market abuse prevention in some funds to be poor.
CBs must note credit crunch effect of Basel II
The procyclical effects of Basel II could increase the likelihood of credit crunches in downturns. Patricia Jackson, the head of the Prudential Advisory team at Ernst & Young and a former member of the Basel Committee, believes it is important for…
Dubai in regulatory pact with US
The Dubai Financial Services Authority (DFSA) has signed a memorandum of understanding with the United States banking supervisors. The Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the…
Old Lady could get more privacy under new rules
The Bank of England could soon be able to rescue troubled lenders in secret as a result of the recent Northern Rock crisis.
Liquidity risk is top issue: Luxembourg's Mersch
In the wake of the recent banking crisis, the most important regulatory issue is ensuring that the liquidity risk relating to complex structured products is adequately assessed, according to Yves Mersch, the governor of the Central Bank of Luxembourg.
Fed's regulatory response to subprime revealed
Better consumer information, rules to address unfair lending practices and a more coordinated enforcement of consumer-protection laws are needed to prevent another subprime crisis, according to the Federal Reserve.
Jamaica's Latibeaudiere calls for sole regulator
A single supervisory authority would be a more effective way of ensuring financial stability, Derek Latibeaudiere, the governor of the Bank of Jamaica, said.
Principles-based rules to stay, says UK regulator
Hector Sants, the chief executive of the Financial Services Authority (FSA), said that the regulator remained committed to its principles-based approach.
HK's Choi on Basel II's risk management challenges
Y.K. Choi, the deputy chief executive responsible for banking at the Hong Kong Monetary Authority, spelt out the risk management challenges facing the Asian finance industry in preparing for Basel II.
New executive director at the Netherlands Bank
Joanne Kellermann will join the governing board of the Netherlands Bank on 1 November.
UK regulators launch reform paper
Alistair Darling, the UK chancellor of the exchequer, announced on Thursday the publication of a banking reform discussion paper, written by the Treasury, the Financial Services Authority (FSA) and the Bank of England.
Private sector urges cooperation on rulemaking
The Institute of International Finance (IIF), a global association of finance institutions, called for central bankers and finance ministries to ensure that the regulatory response to the current crisis complements reforms pursued by the private sector.
UK financial sanctions: shift in responsibility
Responsibility for financial sanctions is being transferred from the Bank of England to the Treasury on 24 October.
Crisis shows why we need Basel II, says Committee
The recent banking crisis has underlined the importance of Basel II implementation, according to the Basel Committee on Banking Supervision.