SEC produces maverick Basel II framework, redefines op risk

WASHINGTON, DC -- Throughout the Basel Accord revision process, US regulators have had a reputation for going their own way on key issues, and the Securities and Exchange Commission (SEC) is no exception. Not only were most financial industry executives unaware that the SEC was working on its own version of a Basel II implementation code for investment banks and broker-dealers, but they were surprised to read what the SEC produced.

The SEC announced at the beginning of October that it would be

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