UK financial firms prepare for delayed CRD
REGULATORY UPDATE
Hector Sants, managing director of wholesale and institutional markets at the FSA, noted that he doesn't expect the EU to finalise the Capital Requirements Directive until November this year, which would delay a second consultation paper into the first quarter of 2006. Originally, firms planning to implement the non-advanced approaches to credit and operational risk were expected to have their programmes up and running by January 1, 2007. Firms doing the advanced approaches have a deadline of
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