Latest articles from Simon Turmaine

Newsletter December 2008: UK consults on tough new liquidity risk regime

LONDON – The Financial Services Authority (FSA), Britain’s financial regulator, has set out its proposals for a tough new liquidity regime that it plans to introduce for banks, investment firms and building societies next autumn. Proposals, published in a consultation paper* in early December, include a new Individual Liquidity Adequacy Standards approach to assessing and mitigating liquidity risk, a strengthened qualitative framework for liquidity risk management, and new liquidity reporting requirements.

Newsletter December 2008: Taxpayer anger could lead to severe bank controls

GENEVA, Switzerland – Banks could face very severe controls indeed in the wake of the global financial crisis unless they can convince the voting public that they’re capable of executing their business responsibly, a top UK regulator said in early December.

Newsletter December 2008: Call for European System of Financial Supervisors

BRUSSELS – Dangerous weaknesses have been exposed in the EU’s structure of financial oversight by the global financial crisis. And, the way to overcome these weaknesses is by creating a European System of Financial Supervisors (ESFS), says a report published at the beginning of December by an independent Brussels think-tank.

Newsletter December 2008: Regulation must reflect bank, insurance differences

GENEVA, Switzerland – Differences in the services provided by banks and insurers must in future be reflected in different regulation and capital requirements for both industries, according to a leading insurance industry representative.

Newsletter December 2008: New Basel guidance on fair value and audit quality

BASEL, Switzerland – Global banking regulators, responding to the valuation problems thrown up by the global financial crisis, have issued fresh guidance on using controversial fair value accounting for financial instruments, and stressed the importance of sound audit quality in enhancing market confidence in times of severe market stress.

Newsletter December 2008: Long-term potential for Islamic finance

HONG KONG – HK\'s regulators continue to see long-term potential in Islamic finance despite the current global financial crisis, a top supervisor said in late November.

Newsletter December 2008: US reinsurance reforms could take years

LONDON – Europe’s insurers welcomed the long-awaited reforms of reinsurance regulation adopted by America’s state insurance regulators in December, but warned implementation of the reforms could take years and is likely to require federal legislation.

Newsletter December 2008: Keep fair value but waive it for regulatory capital

The consensus is for ‘no change’ in fair value accounting as US stock market regulators prepare to pronounce judgment

Newsletter December 2008: Only minority of portfolios are marked-to-market

For many financial institutions, investments marked-to-market through earnings on a quarterly basis represent a minority of their total investment portfolio, Securities and Exchange Commission (SEC) chairman Christopher Cox said in an early-December summary of the preliminary findings of the SEC’s review of fair value, or mark-to-market, accounting.

Newsletter December 2008: American firms fear cost of global accounting rule

Securities regulators publish their roadmap for adopting IFRS. Firms query costs and complexity of switching amid crisis