Feature
FSA executive on principal aims of Solvency II
John Tiner, chief executive of the Financial Standards Authority (FSA), has spoken about the FSA’s views on Solvency II. Tiner’s key message during the speech was that the FSA’s principal aim was to incentivise insurance firms to use modern risk…
Basel exec blasts home-host banks
NEW YORK – A Basel Committee executive blasted banks for not fully committing to their home-host projects and for using potential home-host difficulties as an excuse for not implementing Basel II as aggressively as they should.
Home-host heads for Asia
SINGAPORE – Although the home-host debate has not yet raged in Asia as it has elsewhere, this will change over the next 18 months as regulators in the region begin to publish their policy papers, said Jacob Gyntelberg, a senior economist at the Bank for…
US Fed publishes new rules for US branches of foreign banks
WASHINGTON, DC – The Federal Reserve and other US regulators have adopted a final rule that requires US branches of foreign banks to maintain procedures designed to monitor Bank Secrecy Act (BSA) compliance. The rules would require a branch, agency, or…
New FSA 'personal handbook service' to help firms
A new online 'personal handbook' service from the Financial Services Authority (FSA) has been launched to assist firms implement regulation. This will allow any firm to build a 'personal handbook' containing only the rules and guidance relevant to it by…
Fed governor says Reserve will compare risk sensitivity with burden on smaller banks
Susan Schmidt Bies, governor of the US Federal Reserve, spoke about the balance the Fed needs to strike between strict regulation and excessive burden to US financial institutions. Though the banking industry in the US is doing well, Bies emphasised the…
Qatar regulatory authority joins Islamic Financial Services Board
The Qatar Financial Centre (QFC) regulatory authority today announced that it has joined the Islamic Financial Services Board (IFSB), the international standard-setting body for regulatory and supervisory agencies that have a vested interest in ensuring…
Matoo joins Commerzbank from DrKW
Commerzbank Corporates & Markets, the investment banking arm of Germany's Commerzbank, has hired Mehraj Mattoo to head up its global alternative investment strategies business in London.
IMF director on key risks to global stability
Gerd Häusler, the counsellor and director of the international capital markets department of the International Monetary Fund (IMF) identified key risks to global stability in a press conference launching the Global Financial Stability Report (GFSR).
Markit launches Portfolio Valuations
Markit Group, the UK-based pricing firm, has launched a Portfolio Valuations service for its buyside clients.
CIMB offers All Stars Global Protected Note
Malaysia’s CIMB, the investment and commercial banking arm of Bumiputra-Commerce Holdings Berhad, has the launched the All-Stars Global Protected Note. The note is a 100% capital guaranteed product providing investors with upside exposure to a basket of…
GARP launches new introductory course in risk and regulation
The Global Association of Risk Professionals (GARP) has launched a course designed to introduce risk and regulation in banks.
Canada opens its borders
A change in regulation allowing investors to hold more debt issued by non-Canadian entities has proved a fillip to the country's bond markets. Nadia Damouni looks at how the credit markets in Canada are evolving
Synthetic ABS is hot property
The emergence of credit default swaps on ABS has led to the development of an index of these securities. Nadia Damouni looks at the prospects for this rapidly evolving corner of the market
Complacency is the biggest risk to sound risk management, says former head of CEBS
Complacency and a ‘tick-box’ approach to implementing Basel II is the biggest threat to sound risk management, according to José María Roldán, the former head of the Committee of European Banking Supervisors (CEBS). Instead, the Accord should be…
FSA to consult on ending audit requirements for small firms
The Financial Services Authority (FSA) has issued a consultation paper proposing the removal of statutory audit requirements under the Companies Act for small firms and Appointed Representatives (ARs).
Reserve Bank of New Zealand works towards implementation
Capital requirements for banks will soon be made more sensitive to the risks the banks are taking as a result of the Basel Accord. Speaking at the Retail Financial Services Forum, deputy governor Adrian Orr said the Reserve Bank was working intensively…
Basel Committee seeks comments on updated core principles
The Basel Committee on Banking Supervision has issued updated versions of the 1997 Basel Core Principles for Effective Banking Supervision and the 1999 Core Principles Methodology for public comment. The core principles are a benchmark to assess quality…
CEBS opens second round of consultation on outsourcing standards
The Committee of European Banking Supervisors (CEBS) has today started a second round of public consultation on the standards for outsourcing of credit institutions’ business activities.
Level 2 Draft Puts Industry on Notice
LONDON - Now that the European Commission has released the Level 2 draft of MiFID, most financial firms expect the November 2007 implementation date to be finalized any day now.
Gauging the MiFID effect
Despite uncertainty over its exact implementation, the EU's Markets in Financial Services Directive is set to utterly transform the financial services industry. Paul Kennedy says those firms that prepare for change now will fare best in the new landscape
Asking the Right Questions
Welcome to the launch of MiFID Meg, the monthly column dedicated to comment, chat and debate on every data manager's favourite EU directive, the Markets in Financial Instruments Directive.
FSA Timetable Adjusts to MiFID Schedule
In an effort to follow the European Commission's MiFID timetable, the Financial Securities Authority has established a schedule for its consultation program.
Federal Reserve governor discusses benefits of removing geographic restrictions in the EU
Federal Reserve board governor Randall Kroszner today spoke about how removing geographic restrictions on banking in Europe can benefit all EU banks. Kroszner cited examples from the US to support his argument.