Basel Committee official rebuts criticism over regulatory complexity
The level of complexity of the Basel III framework in comparison with past regulation is necessary to prevent regulatory arbitrage and cope with the "multifaceted incentive structures" within financial institutions, according to Wayne Byres, secretary-general of the Basel Committee on Banking Supervision.
Byres said Basel III was undoubtedly more complex than preceding regulations, but this was a necessary response to increasingly complicated financial markets. Indeed, he suggested the
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