America extends a key bad loan comment deadline, but attacks international proposals as a move back to the future

Lawmakers seek to weaken Europe’s six-year audit-firm rotation plan; mandatory re-tendering seen as better option Reforms aimed at shaking up Europe’s auditing services market look like being diluted after months of lobbying by disgruntled accounting firms and their corporate clients.

Attempt to salvage beleaguered timeline seen putting Pillar-3 cart before Pillar-1 horse. EU insurers opposed to this approach

LONDON – A clear roadmap for the implementation of Europe’s besieged Solvency II insurance regime must be produced soon, or speculation over whether the project will ever become reality in its current form will increase in intensity, according to professional services firm KPMG.

BASEL – New guidance on managing settlement risk in the vast global currency market focuses on a broader spectrum of risks than previously, reflecting regulator fears that massive growth in the market has brought huge risks with it.

MOSCOW – The Basel III capital regulation has been formally adopted by Russia, according to a notice published by the country’s central bank at the end of February. It said the effective start date of the regulation is March 1, 2013. For the purposes of reporting to the central bank – the Bank of Russia – the country’s banks will have to begin calculating their regulatory capital on the basis of the new rules from the quarter beginning on April 1, 2013.

BASEL – Significant gaps remain in the risk governance practices of financial firms, particularly in the area of risk management, despite the lessons of the global financial crisis, global regulators said in February.

International proposals on accounting for dud bank loans now confirm split with US, despite G20’s urgent convergence pleas

Operational risk looks like receiving renewed attention, but will it satisfy those fearing years of inattention undercut bank safety? By David Keefe

Non-executive directors are not complete answer to ensure auditor independence, report says. Profession responds angrily