CEBS releases controversial new documents on op risk standards
LONDON – The Committee of European Banking Supervisors (CEBS) released two documents in April – both of which are somewhat controversial within the financial services industry.
The first is the finalised guidelines for regulators on the implementation, validation and assessment of advanced credit and operational risk approaches. CEBS said it had received 34 responses from industry associations and other market participants during two consultation periods. The London-based co-ordinating body of regulators concedes that the responses criticised the guidelines "as being too detailed and prescriptive". CEBS says it amended the guidelines to include many of the changes
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