EU anticipates critics in its Op Risk charge proposals

While debates still rumble on over the new Basel capital accord, the European Union Commission's capital adequacy rules are prompting another set of arguments.

In early February, the EU Commission published its proposals for new capital adequacy rules, and responses from the EU financial services industry are due by May 31. A key paragraph in the proposals was as follows:

"It is crucial that the capital requirement for operational risk should not put European Union investment firms at an undue competitive disadvantage vis-à-vis non-EU competitors that would not be subject to the Basel framework."

The Commission was anticipating the fears and

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