UK allows for Basel II delays in risk-based rules for financial services
LONDON - UK regulators said in late July they would implement their plans for uniform, risk-based rules for UK-based banks, insurance companies and securities firms in several stages, instead of one or two, following delays to the Basel II bank accord.
The Financial Services Authority (FSA), the UK’s chief financial market regulator, said it planned to start applying the rules to insurance companies in 2004. The final stage will be in late 2006 when the Basel II and EU rules should come into force for UK-based banks, building societies and investment firms. The FSA also said it had a target date of December 31, 2006 for bringing Basel II and the EU rules into effect.
The FSA gave the new timetable when it published a number of consultation
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