SEC redefines operational risk

In the long process of producing the new Basel Accord on bank regulatory capital, US regulators have garnered a reputation for going their own separate ways on key issues. The Securities and Exchange Commission (SEC) is no exception. Most financial industry executives were unaware that the SEC was working on its own version of a Basel II implementation code for investment banks and broker-dealers; and they would have been even more surprised on reading what the SEC has produced.

The SEC has in

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