CAD makes slow progress through Parliament

BRUSSELS -- The progress of the Capital Adequacy Directive (CAD) in the European Parliament remains slow. Although the European Commission (EC) was keen to have the legislation voted on before the summer, its introduction for official discussion has been delayed by the requirement to translate it into the 11 working languages of the European Parliament.

And although the EC says the translations will be ready at the end of January, and members of the Parliament officially say they still "hope" the translations will be ready by then, national regulators are doubtful. Daniel Trinder, head of European and international financial services at the UK’s Treasury, reported at the December meeting of the Basel II/CRD Implementation Advisory Group that delays to the text’s translation could mean MEP Alexander Radwan’s report on the legislation may not be