SEC capital rules proposals provoke heavy industry criticism

The capital adequacy rules proposed by the US Securities and Exchange Commission (SEC) have ignited a flurry of criticism from both US and European commentators.

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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