The first draft of a global best practices code for hedge funds, drawn up by the industry itself, in Europe and the US, was sent to the Basel-based Financial Stability Board (FSB) in Basle in mid June. The FSB is coordinating the international policy response to the two-year old financial crisis, and is charged with, in effect, approving and monitoring global standards that help underpin financial stability.

Attempts to rein in energy markets rouse extra-territoriality concerns, but blaming speculators is popular everywhere

Differences between regulators and standard-setters could be narrowed using more forward-looking information, says a key report. But there is no early resolution in sight

Alarmed at the political pressure put on accounting standard-setters to change inconvenient rules as a result of the global financial crisis, the Financial Crisis Advisory Group recommends in particular that the International Accounting Standards Board (IASB) must have permanent funding.

A so-called mark-to-funding accounting approach would better reflect the prudential interest of financial firms, says a June report* on financial regulation by the Geneva-based think-tank, the International Centre for Monetary and Banking Studies.

US proposals for a new Office of National Insurance leave regulation vague and silent on key aspects of reform

A federal insurance information office, such as that embodied in the Obama administration’s Office of National Insurance (ONI), could prove a back-door approach to dismantling America’s state-based system of insurance regulation, Professor Martin Grace told the Senate banking committee.

WASHINGTON, July 22 (Global Risk Regulator) – As the US administration today sent legislation to Congress that would create a systemic risk regulator for the nation’s financial sector, leading global banks are expected tomorrow to urge the need for consistent international approaches if global efforts to reform regulation aren’t to fragment.

LONDON, July 20 (Global Risk Regulator) – A round-up of some recent international regulatory news follows:

BASEL, Switzerland, July 13 (Global Risk Regulator) – Global banking regulators today issued the final version of new rules that will oblige banks to set aside more capital to guard against risks in their trading books from end-2010.