SEC to examine for Basel II compliance, says Donaldson

The Securities and Exchange Commission (SEC) is on course to examine investment bank holding companies (IBHCs) for risk-based capital requirements under the new Basel Accord, also known as Basel II, according to SEC chairman William Donaldson.

Donaldson said that the Commission was “wrestling with its own regulatory responsibilities with respect to the Basel Accord. We will be regulating entities at a consolidated level, with regard to Basel II. The process is now in the formative stage, but we are proceeding well,” he said.

The Commission adopted rules (section 17-i of the SEC Act of 1934), which created a new framework for supervising an IBHC. The rules, which became effective on August 20, provide an IBHC with a process to

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