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Financial regulation

This category contains 237 posts

A Governor looks back – and forward

A Governor looks back – and forward. Speech given by Sir Mervyn King, Governor of the Bank of England. At the Lord Mayor’s Banquet for Bankers and Merchants of the City of London at the Mansion House. June 2013. My Lord Mayor, Ladies and Gentlemen: Chancellor: thank you for those generous words. It has been a [...]

Banking Commission publishes report on changing banking for good

A parliamentary commission attempts nothing less than a fundamental change in banking’s culture. In 1856 Royal British Bank, a colossal fraud described by this paper as “an extraordinary example of the little trouble the public take to think for themselves,” collapsed. A wave of laws and banking regulations followed its demise. Among them was a [...]

ESMA and the EBA publish final principles on benchmarks

10 Jun. ESMA and the EBA publish final principles on benchmarks. The European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) have published their final report setting out their Principles for Benchmark-Setting Processes in the EU. The Principles are designed to address the problems identified with benchmark-setting processes and will provide benchmark [...]

The Transaction-Tax Climbdown

04 Jun. The Transaction-Tax Climbdown. Europe discovers the costs of its latest financial levy. European governments are figuring out that taxing financial transactions won’t be a magical money machine and that the proposed levy might even damage the European economy. Reuters first reported Thursday that EU officials are scaling back a transaction tax proposal supported [...]

Banks’ Lobbyists Help in Drafting Financial Bills

27 May. Banks’ Lobbyists Help in Drafting Financial Bills. By ERIC LIPTON and BEN PROTESS WASHINGTON — Bank lobbyists are not leaving it to lawmakers to draft legislation that softens financial regulations . Instead, the lobbyists are helping to write it themselves. One bill that sailed through the House Financial Services Committee this month — [...]

Derivatives Reform on the Ropes

21 May. By THE EDITORIAL BOARD. New rules to regulate derivatives , adopted last week by the Commodity Futures Trading Commission, are a victory for Wall Street and a setback for financial reform. They may also signal worse things to come. The regulations, required under the Dodd-Frank reform law, are intended to impose transparency and [...]

Evaluating progress in regulatory reforms to promote financial stability

Speech by Mr Daniel K Tarullo, Member of the Board of Governors of the Federal Reserve System, at the Peterson Institute for International Economics, Washington DC, May 2013. More than five years after the failure of Bear Stearns marked an escalation of the financial crisis, and nearly three years since the passage of the Dodd-Frank [...]

UK Prudential Regulation Authority

On 1 April 2013 the Prudential Regulation Authority (PRA) became responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. In total the PRA regulates around 1,700 financial firms. The PRA’s role is defined in terms of two statutory objectives to promote the safety and soundness of [...]

The challenges in assessing capital requirements for banks

By Andrew Bailey, Executive Director and Member of the Financial Policy Committee, Bank of England; Managing Director of the Prudential Business Unit, FSA. Thank you for inviting me to speak today. I want to talk about the challenges bank supervisors face in determining the appropriate approach to assessing the capital requirements for banks. Scarcely a [...]

Too Big To Handle

By Simon Johnson, a former chief economist of the IMF, is a professor at MIT Sloan, a senior fellow at the Peterson Institute for International Economics. In the discussion of whether America’s largest financial institutions have become too big, a sea change in opinion is underway. Two years ago, during the debate about the Dodd-Frank financial-reform [...]

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