Isda concerned about Basel II cross-border operation
The Basel Committee on Banking Supervision, the body that in effect regulates international banking, wants to bring Basel II into effect for the large, international banks of the leading economies by late 2006.
The European Commission wants to apply parallel capital adequacy rules closely modelled on Basel II to all banks and investment firms in the 15-nation European Union.
Castell said the home country regulator would normally be the “lead” regulator for an international bank. Isda supports the view that a home country as lead regulator should have responsibility for the global regulation of a consolidated banking group.
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