Latest articles from Justin Pugsley

IAIS ponders global insurance cyber security standards

The International Association of Insurance Supervisors confirms work on global cyber security standards for the industry

CFTC adopts cross-border swaps rule

The Commodity Futures Trading Commission seeks to shut down a regulatory loophole regarding swaps trades with new cross-border rule

GAO consider case for merging some US regulators

Too many US regulators may not be sharing enough information or working together closely enough, which has left the Government Accounting Office wondering if they might be missing important clues to another financial crisis

FINMA consults on tighter insurance rules

The Swiss Financial Market Supervisory Authority has launched a consultation on four circulars ranging from business plan practices through to the composition of boards for insurance companies

Ben Pott

Grey areas remain as benchmark rules near final shape

Europe’s benchmark regulation is an ambitious attempt to protect consumers from price manipulation, but has left many industry participants feeling uncomfortable as the rules often collide with other directives.

BCBS

Basel move on external ratings welcomed, but concerns remain

Banks welcomed the use of external ratings as part of the regulatory risk assessment process. However, they still have issues concerning granularity and sensitivity as laid out in the latest ‘revisions to the standardised approach for credit risk’ published by the Basel Committee on Banking Supervision.

City of London - Getty

Brexit vote puts City of London on edge

Outside of the EU, the City of London would be faced with a very uncertain future though it may also present some opportunities as the UK would  be free to sign its own trade deals and better fine tune its financial regulation.

 

Patricia Jackson - EY

Basel heaps more pressure on derivatives

The focus by regulators of making the banking system safer is steadily piling up the costs on the use of derivatives leaving many participants wondering how far it will go. 

Despite much progress ‘gaps’ remain in the Basel regulatory framework – BCBS’s Coen

Corporate governance and culture, IT systems and stress-testing were among the topics addressed in early April in a speech by William Coen, secretary general of the Basel Committee on Banking Supervision where he emphasised that there is still work to be done. 

Bank focus on dividends over loans should be addressed, says BIS official

Eurozone banks are placing too much emphasis on paying cash to shareholders when they should be beefing up capital reserves so they lend more says a BIS official.