Trade bodies oppose split start dates
NEW YORK – Plans by regulators to split the implementation date for market risk rules from the implementation date for the credit and operational risk elements of Basel II, have been slammed by an influential quartet of international trade bodies.
In their joint response to the notice of proposed rulemaking (NPR) on market risk by the US banking regulatory agencies – the Office of the Comptroller of the Currency, the Federal Reserve, the Office of Thrift Supervision and the Federal Deposit Insurance Corporation – trade associations from both sides of the Atlantic scorned the proposals that would: "create a new burden for banks in the US."
The NPR, which was released for consultation after much delay in September last year, states that:
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