One of the perceived culprits of the global financial crisis was inadequate financial regulation. As a result, politicians and regulators have focused their energies over the last two years on changing the financial regulatory landscape. The aim is to make the financial system less vulnerable to shocks, more transparent, less risky, less leveraged and better capitalised. The reform process is, in theory, subject to a co-ordinated international approach overseen by the Financial Stability Board on behalf of the G20. However, in reality, global bodies such as the Basel Committee, national governments such as those of the UK and the US, and multi-national institutions, such as the European Union, have each been making their own rules and proposals for reform, with apparently limited co-ordination.
The net impact of this process is that there is currently a confusing patchwork of proposals and initiatives for reform on key topics such as regulatory capital, liquidity, clearing and remuneration. Some of these proposals have been implemented, others are agreed and due to take effect in the future, while others are still at the consultation stage, with implementation dates unclear.
This Overview and Implementation Timetable aims to provide a guide to some of the main financial regulatory proposals by summarising the key measures agreed or proposed and detailing the expected timing and implementation of these measures. We cover developments internationally and in the European Union, as well as those in a number of jurisdictions, including Europe (the UK, Germany and Belgium), the US and Asia (Hong Kong, India, Japan, Korea, the PRC and Singapore). This Overview and Implementation Timetable also contains links to original source materials, some secondary materials discussing certain proposals in more detail and a glossary of defined terms. To assist in understanding the timing and development of certain proposals, high level summaries of the US and European legislative processes are included, along with an overview of the Basel Committee please click here.
If you would like to discuss any of the issues in more detail, please speak to your usual contact or refer to the list of contacts in specific areas.
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