Regulation
Issues in regulating Islamic finance
The regulation of Islamic finance suffers from several seemingly entrenched problems. Mushtak Parker highlights the barriers to better regulation, while noting some grounds for optimism
Regulating Islamic finance: a primer
Claire Jones outlines how and by whom Islamic finance is regulated
Boston Fed paper on measures of bank output
Boston Federal Reserve study finds bias in methodology statistical agencies’ measurement of bank output
UK Treasury fleshes out new regulatory set-up
UK Treasury details powers of the new macroprudential body; rebrands Consumer Protection and Markets Authority to reflect underlying purpose
Fed’s Tarullo outlines OTC derivatives reform agenda
Federal Reserve governor Daniel Tarullo stresses importance of central counterparties, close scrutiny of market participants
Lebanon’s Salameh defends scandal-hit bank
Bank of Lebanon governor Riad Salameh offers support to Lebanese Canadian Bank after accusations by US Treasury of ties to illicit activities and terrorist organisations
UBS investment chief claims Swiss capital ratios too high, won’t hold
Chief executive of UBS’s investment bank Carsten Kengeter suggests 19% capital requirement may be watered down; says rules will “always be broken”
SEC moves to cut ratings out of registration requirements
US Securities and Exchange Commission proposes rule striking investment-grade rating condition from short-form registration process for companies issuing securities; move mandated by Dodd-Frank
FSA, Bank call for closer dialogue with auditors
Financial Services Authority releases draft code targeted at enhancing communication with auditors
Egypt's banks gradually reopen
Central Bank of Egypt says 396 more branches will reopen on Thursday and resume normal working hours; stock exchange also to reopen
Britain gets banks to agree on £10 billion boost to SMEs
UK’s chancellor George Osborne strikes deal with Britain’s largest banks to lend £10 billion more in funds to SMEs; Bank of England to report on banks’ contribution in next Trends in Lending report
Fed wants right to choose which nonbanks pose systemic threat
Federal Reserve rule proposes that it will have discretion to determine whether nonbank financial firms come under Financial Stability Oversight Council’s watch on case-by-case basis
Spain should consider regulatory overhaul: FSB peer review
Financial Stability Board peer review calls for Spanish authorities to consider new regulatory structure once market turmoil has subsided; separate review of Italy also published
Future of Supervisors' letter process unclear in wake of Dodd-Frank
Swap clearing legislation threatens to render OTC market commitments redundant
Danish regulators push for more flexible Basel III liquidity rules
Shortage of high-quality liquid assets prompts Danish regulators to push for changes to the liquidity coverage ratio within the EU capital requirements directive
HK SFC’s Wheatley to head new UK regulator
Hong Kong Securities and Futures Commission’s Martin Wheatley named CEO designate of new consumer regulator; becomes head of FSA’s consumer and business wing in September
UK FSA calls for more funds again
Financial Services Authority puts funding requirement up by 10%, pointing to increased cost of intensive supervision, Basel III and forthcoming split
Government failures aided housing bust, says FDIC’s Bair
Federal Deposit Insurance Corporation chair Sheila Bair says government-encouraged risk-taking created misaligned incentives in mortgage lending
Fed, Greenspan blamed for crisis by bulk of crisis commission
Six of ten members point finger at weak regulation and lack of awareness as to the goings-on in markets as causes of the crisis; four dissent, saying under-regulation claims overstated
Global supervisors gather at NY Fed for OTC meet
Regulators and supervisors head to Liberty Street for eighth OTC derivatives gathering
HKMA end-of-year review says banking sector resilient
Hong Kong Monetary Authority end-of-year review says banking sector remains resilient; plans to step up regulation of banks in 2011
IIF’s Oudéa calls for G-20 taskforce for cross-border resolution
Institute for International Finance’s Frédéric Oudéa says G-20 taskforce will stir up political will for agreement on cross-border resolution
FASB drops plan to extend mark-to-market rules to loans
US Financial Accounting Standards Board reverses on May 2010 decision to expand fair-value accounting to most loans; commentators welcome move, saying it improves chances of IFRS convergence