SEC capital rules proposals provoke heavy industry criticism

- By Risk Staff
- 16 Mar 2004

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The new proposals, published in October 2003 were created by the SEC in part because the EU’s Financial Conglomerates Directive requires all financial firms to have a home regulator who performs consolidated supervision. European regulators threatened to "ring fence" US broker dealers if a new capital framework that incorporated consolidated supervision was not put in place.

However, banks, broker dealers and industry groups who have responded to the proposals and had their comments posted on

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