Latest articles from Simon Turmaine

Email News Service November 2007: Reinsurance solution rests with US regulators, says EU’s McCreevy; Key Solvency II test results issued

FRANKFURT-am-Main, Germany, November 21 (Global Risk Regulator) – Charlie McCreevy, Europe’s top financial services regulator, says it’s up to US insurance regulators to resolve the row that’s broken out over America’s regulation of reinsurance.

Email News Service November 2007: Reinsurance row: US regulators confirm review at December meeting

KANSAS CITY, Missouri, November 19 (Global Risk Regulator) – America’s reinsurance regulators have confirmed they will review controversial proposals for modernising the way the US regulates reinsurance business at an early December meeting.

EU regulators reiterate small commodities risk

LONDON – Europe’s banking supervisors have reiterated that the risk to the financial system presented by commodity firms trading in derivatives is significantly smaller relative to the risks posed by banks and investment firms.

Email News Service October 2007: US needs plan for shifting to global accounting rules, says FASB chief

LONDON, October 24 (Global Risk Regulator) – US authorities need to draw up a “national plan” for moving to a single set of global accounting standards – a shift that could come in as little as four years – according to America’s chief accounting rule setter.

Newsletter Nov 2007: EU-US row erupts over reinsurance

A top US insurance supervisor appealed for calm as the long-simmering wrangle between Europe and America over the way the US regulates reinsurance boiled over into a heated war of words complete with threats and implications of bad faith.

Newsletter Nov 2007: Final Basel II rule pleases US bankers

The long-awaited final rule applying America’s version of the international Basel II bank safety rules to the nation’s biggest banks got a generally favourable welcome from bankers after years of contention.

Newsletter Nov 2007: US finance chiefs press for principles-based regs

An action Blueprint proposes urgent regulatory policy reform to halt decline in global competitiveness of US financial firms By Melvyn Westlake

Newsletter Nov 2007: A mess, but not a disaster as MiFID finally kicks off

Late issuance of technical papers added to the difficulties of implementing ambitious EU law. But it could have been worse By Melvyn Westlake

Newsletter Nov 2007: Dismay over draft rules for banks’ trading books

LONDON – Bankers in Europe are expressing dismay over a consultation paper from Basel Committee regulators, which sets out new draft rules for calculating residual risks in bank trading books. The consultative paper,* issued in mid-October, makes few concessions to the counter proposals that the banking industry has put forward during two years of negotiations, reckon bankers.

Newsletter Nov 2007: EU supervisors want revised large exposure rules

LONDON – European supervisors are proposing that the current EU regulatory regime for banks’ large exposures be amended, but not scrapped or extensively rewritten. The current limit-based ‘back-stop’ regime will, under this proposal, be revised to ensure a more convergent application of rules and reporting requirements across the EU, and greater consistency with the Capital Requirements Directive (CRD), Europe’s version of the Basel II capital framework.