UK in Focus: Regulatory Reform News of the Week

The financial regulatory landscape continues to transform but this week the news was mostly focused on the UK.

This week, Mark Hoban, MP and financial Secretary to the Treasury launched a government consultation on the implementation of financial regulatory reform. This document supports the reform proposals set out by George Osborne, the Chancellor of the Exchequer, last month where he announced the abolishment of the Financial Services Authority (FSA) and transfer most of its supervisory power to the Bank of England over the next two years.

Below is a selection of articles I’ve collected useful including some straight news articles, analysis and opinion.

Consultation Paper & Announcement

Herbert Smith has a good breakdown of the key features of the Prudential Regulation Authority, Consumer Protection and Markets Agency and Financial Policy Committee.

Herbert Smith - table of PRA, CPMA

In the US, the SEC announced its rule making procedures following the signing the Dodd-Frank Wall Street Reform and Consumer Protection Act into law.

Securities and Exchange Commission chairman Mary L. Schapiro today announced that the agency is making it easier for the public to provide comments as the agency sets out to make rules required under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

CFTC announced some thing similar last week:

CFTC Releases List of Areas of Rulemaking for OTC Derivatives

Basel News - Liquidity Reform:

The Group of Governors and Heads of Supervision Reach Broad Agreement on Basel Committee Capital and Liquidity Reform Package

BBA statement regarding Basel Committee's capital and liquidity reforms

Don't forget to check out DerivSource's regulation news section for ongoing news in this area.

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