FSA publishes second CRD paper
LONDON – The UK Financial Services Authority indicates its intention to implement both the qualitative and quantitative aspects of the Basel II framework robustly in its new consultation paper on the Capital Requirements Directive , published in late February.
"We intend to subject all AMA applications to vigorous challenge and the onus will be on the firm to demonstrate to us that its approach is credible and reflects its operational risks," says the regulator. "We consider that our proposals for AMA are not superequivalent to the CRD and are broadly consistent with what other European regulators are proposing."
The tone of the consultation paper mirrors that found in the industry feedback document obtained by OpRisk & Compliance (see page 1). The FSA
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