NEW YORK – US treasury secretary Hank Paulson expects to release his keenly awaited Blueprint for the reform of American financial regulation during the first quarter of this year. It will propose an optimal regulatory structure that is different from the existing structure – a “newly-designed model for the U.S financial services industry that should meet the needs of today and be flexible enough to address issues that might come tomorrow,” undersecretary Bob Steel told a New York audience of securities analysts in early February.

HONG KONG – Ensuring the Basel II bank safety framework is up to date in the light of implementation experience and international developments is a priority for regulators in 2008, a top Hong Kong banking supervisor said in early February.

LONDON - America’s insurers could suffer if progress is not made soon on reforming US collateral rules for foreign reinsurers, the European Union’s top financial sector regulator said in February.

HONG KONG – Emerging Asia’s economic outlook, which remains strong despite the credit crisis and numerous concerns about global growth, looks broadly supportive of bank credit quality with some, albeit slower growth opportunities, according to a review issued by credit rating agency Fitch Ratings in late January.

WASHINGTON – Canada, which currently has 13 authorities regulating securities markets, should move towards a single regulator to reduce compliance costs and improve enforcement, the International Monetary Fund said in February.

Under heavy fire from investors, regulators and politicians, the three leading credit rating agencies – Moodys Investor Services, Standard & Poor’s (S&P), and Fitch Ratings – are all now pushing forward with reforms to their rating practices for structured finance products. Methodologies are being revised in some cases. More differentiated ratings are being considered for structured products by Moody’s, while S&P is taking action to “enhance governance,” among other measures.

BASEL – With some politicians calling for a global early warning system that could signal upcoming banking and credit crises, a paper from the Bank of International Settlements highlights how banking statistics might be used to monitor international banking.

LONDON – With the pace of adoption of international accounting standards quickening, the trustees of the global accounting body developing the rules have agreed an accelerated review of governance arrangements aimed at enhanced public accountability.

An industry-led initiative delivered its promised best practice Standards. Will they be sufficient to fend off regulation threats? By Melvyn Westlake

Little love lost when US lawmakers and regulators clashed on St Valentine’s Day over bond insurance turmoil. Resistance to federal oversight remains fierce writes David Keefe