KINGSTON, Jamaica – Supervisors in the Caribbean region are concerned that small, emerging economies with nascent financial markets are expected to implement international standards designed for sophisticated financial systems, one of the region’s senior central bankers told global banking regulators in April.

A new framework for co-operation on regulation emerged from the US-EU summit. But how effective can it be?

Strengthening co-operation to promote the smooth implementation of the Basel II capital framework for banks is one of six specific aims for financial regulation in the framework for advancing transatlantic economic integration agreed by US and EU leaders at the Washington summit.

IASB finally released its discussion paper on valuing insurance contracts. But US accounting rule-makers will be crucial in deciding whether there will be an eventual global standard

Europe’s top financial regulator, seeking to calm fears among some insurers that key aspects of the Solvency II regime will be left entirely to supervisors, emphasised that regulators won’t decide the so-called standard formula, the simpler approach to calculating the solvency capital requirement envisaged in the project.

US action to boost capital market competitiveness adds to the relevance of a UK report on the auditing market, which proposes a review of firms\' ownership rules By David Keefe

>“Strengthening the competitiveness of America’s capital markets has been a priority issue for me since taking office,” said US Treasury Secretary Henry Paulson as he launched several initiatives as GRR went press that are aimed at strengthening financial reporting and a more sustainable and transparent auditing profession. “I have listened carefully to many diverging views on this issue, and I heard a common theme throughout: A transparent financial reporting system and vibrant auditing profession form the backbone of a marketplace investors can trust. Any plan to strengthen our capital markets must be based upon this principle.”

The success of the $1 trillion Islamic finance industry is attracting the attention of regulators. But can standard rules apply, or are special regulations required? Oonagh Leighton reports

The debate over the best way to calculate the minimum capital requirement intensifies as key Solvency II test begins and most regulators back the ‘modular’ approach

Europe’s insurance industry strongly backs the so-called block exemption regulation, or BER, which allows certain types of co-operation agreements between insurance companies and whose justification has been questioned by the EU’s top regulatory body.