UK expects EU countries to reopen Basel II arguments

The European Commission wants to apply risked-based capital adequacy rules closely modelled on those of the complex Basel II accord to all banks and investment firms in the EU of which the UK is one of 15 member states.The UK supports the carrying over of Basel II into draft EU laws and has encouraged the EU to adopt a straightforward transposition wherever possible, Clive Briault, director of prudential standards at the UK Financial Services Authority (FSA), said.Briault’s remarks were deli