Regulation
CBR sets foreign bank capital procedures
The Russian central bank has established procedures for Russian bank participation in the charter capital of foreign banks.
OECD advise independence for S Korea central bank
The Organization for Economic Cooperation and Development is set to recommend that South Korea guarantee more independence for its central bank in making monetary policy, it was reported on Tuesday.
PBOC steps up supervision of for ex trading
The People's Bank of China (PBOC) introduced a supervisory procedure on 15 January on large-sum and suspicious foreign exchange trading, in a bid to monitor foreign exchange trading and standardize reports.
China's c bank outlines money laundering rules
The People's Bank of China's first major policy directive under the helm of its new governor, Zhou Xiaochuan, outlines new measures to combat money laundering through the country's domestic banking system.
Jamaica introduces deposit requirements
The Bank of Jamaica (BOJ) has instituted a so-called Special Deposit Requirement for commercial banks and institutions licensed under the Financial Institutions Act.
Micro policies and turbulence in asset markets
REPORT - The Contact Group on Asset Prices on Wednesday released the report Turbulence in asset markets: the role of micro policies. The report explores how micro policy measures can reduce the risks of excessive and potentially destabilising asset price…
Report to show Japan's banks failing capital test
A comprehensive study of Japan's financial system being carried out by the International Monetary Fund will reveal that the capital adequacy of a number of Japanese banks falls below international requirements, according to a former IMF economist.
Howard's way needs to divide
ARTICLE - An article suggests it will be difficult to replace Sir Howard Davies as chairman of the FSA, and describes the UK regulatory authority as the most powerful regulator anywhere in the world.
A new general approach to capital adequacy?
ARTICLE - The Centre for the Study of Financial Innovation on Tuesday released a proposal aimed at replacing the Basel committee's new capital adequacy proposal. CentralBankNet attended the press conference.
Wall Street veteran tops SEC list as new chief
President Bush has chosen investment banker William H. Donaldson to head the Securities and Exchange Commission, replacing Harvey Pitt who resigned under pressure amid a spate of corporate scandals, Republican officials said Tuesday.
Japan revises growth up but recovery wanes
The Japanese government on Monday marginally revised third-quarter gross domestic product upwards, but a deluge of weak economic indicators released concurrently added to the mounting evidence that Japan's shallow recovery has started to wane.
Russian, Chinese to work against money laundering
During the current visit to Beijing by Russian President Vladimir Putin, the Central Bank of Russian (CBR) and the People's Bank of China have signed an agreement on cooperation in counteracting the laundering of criminally obtained incomes and the…
Euro group meets to study future of stability pact
Euro group finance ministers met on Monday for the first time since Brussels proposed new ideas to strengthen the 12-nation zone's much-maligned stability pact. The pact, while staunchly defended by the ECB as 'indispensable' has received much criticism…
Currency regulation divides Russian officials
The proposed removal of Russia's currency controls which we reported last week seems to have set the government against the central bank who are calling for a more conservative approach.
BIS forced to pay $390m shareholder compensation
Following a decision by the Arbitration Tribunal in the Hague, the Bank for International Settlements (BIS) will have to pay another $390m to compensate private shareholders whom the bank banned last year from holding shares.
French drive for securities regulator
FRANCE - The debate over whether Europe should have a single securities regulator continues as Paris based Eurofi, which has close links with the French government, plans to publish proposals based on a poll of financial services companies.
New financial regulator chief named in Ireland
IRELAND - The new Irish Financial Services Regulatory Authority has appointed Liam O'Reilly, a member of the ECB Banking Supervision Committee, as its chief executive.
Russian gov't agrees to currency control removal
RUSSIA - Russia's government agreed in principle Thursday on a draft of a law that would abolish almost all currency controls by 2007.
Russian PM says old regulations hinder economy
RUSSIA - The existing system of currency regulation and control hampers the development of the national economy, Russian Prime Minister Mikhail Kasyanov said at a cabinet session on Thursday.
Webster quits as accounts watchdog
US - William Webster on Tuesday quit as head of the US's new accountancy regulator, a casualty of a debacle that has already forced out Harvey Pitt, chairman of the Securities and Exchange Commission.
Banks face tough test ahead on international stage
JAPAN - Japan's banks, soon to face unprecedented pressure to clean up their massive bad loan mess, already have a lot on their plate. But their job now looks set to get even harder, thanks to new capital accounting standards the Bank for International…
Bies on effective accounting and disclosure
SPEECH - In the speech 'Effective Accounting and Disclosure for Financial Transactions and Financial Institutions' made on 7 November, Susan Bies of the Federal Reserve said a restoration of public confidence in the U.S. capital markets has begun, but…
CBR's 5 priorities in modernising banking system
RUSSIA - The Central Bank of Russia has determined five priorities that it will follow in modernizing the banking system, Andrei Kozlov, the bank's first deputy chairman, said at a round-table meeting on banking reforms Monday.
The SEC's new start
ARTICLE - To paraphrase Winston Churchill, Harvey Pitt did the honourable thing this week. But only after he had exhausted every possible alternative.