WASHINGTON - Australian banks should adopt tougher capital requirements in case of a collapse in the country's property market, according to a study* by the International Monetary Fund (IMF), the Washington-based global economic watchdog.

BASEL – Top US insurance regulator Therese Vaughan has been appointed chair of the Joint Forum of global banking, insurance and securities market supervisors for two years, effective January 1.

BASEL – In an effort to close regulatory gaps and eliminate supervisory “blind spots,” the Joint Forum has updated its principles for overseeing financial conglomerates. It wants to ensure effective supervision of risks arising from unregulated financial activities and entities. In a consultation paper issued in mid-December*, the Joint Forum says the financial crisis that erupted in 2007 exposed situations in which regulatory requirements and oversight did not fully capture all the activities of financial conglomerates or fully consider the impact and cost that these activities may pose to the financial system.

LONDON – Europe’s insurers must urgently tackle the risk management and reporting requirements of the upcoming Solvency II regime, BNP Paribas Securities Services head of insurance, Maxime Gibault said in January.

BRUSSELS - The European Commission launched a review of the structure of banking in the EU as GRR went to press, a move that follows on the heels of Britain's radical plan to ring-fence the assets of savers against losses from risky investment banking.

MUSCAT, Oman – Uncertainty about the finalisation of a rule on accounting for financial instruments and about its convergence with US standards is the biggest challenge facing India’s banks as the country transitions to international accounting rules, a top Indian central banker said in December.

BASEL – Big questions must be tackled if regulators are to strengthen the role of auditors in promoting more transparent risk disclosure at financial firms, according to a top global regulator.

Board determined to maintain pressure on laggardly reform implementation; Hildebrand post might not be filled

As Congress awaits key report, insurers seek action from new federal body but want state-based regulation kept intact

Industry warns of dangers if America doesn’t cooperate with global bodies on defining non-bank systemic risk