Political agreement reached after months of negotiation. But its array of capital buffers and discretions arouses fears of inconsistency By Melvyn Westlake

Protectionism is on the rise as national self-interest trumps broader benefits of a globalised financial system. Alarm bells are ringing By David Keefe

Money market fund industry shocked by ESRB’s “harsh” reform recommendations. Some funds will have to change their models By Melvyn Westlake

Impact on liquidity will be greatly reduced by revised proposal for initial margins, say regulators. Industry remains concerned

A selection of news items generated by the American regulatory reform agenda

MOSCOW – There is little evidence to suggest that global financial regulatory reforms have had a significant impact so far on the financing of long-term investment, although on-going monitoring is needed, finance ministers and central bank governors were told at their mid-February Group of 20 meeting. This conclusion was presented to the Group, representing the largest economies, at their Moscow gathering by the Financial Stability Board (FSB), which is coordinating the post-crisis global regulatory reforms.

MIAMI BEACH, Florida - Audit regulators around the world are gradually creating a regulatory network to match the global networks of audit firms with the aim of working together to check the quality of auditing services, according to the head of America’s accounting oversight body.

BASEL – The Financial Stability Board (FSB), which coordinates the implementation of the financial reforms agreed by the G20 economies, now has legal personality. It's part of moves to put the Board on the enduring organisational footing desired by world leaders.

BRUSSELS/FRANKFURT – Foretaste of the coming battle over the EU’s proposed Single Resolution Mechanism came at the end of February when two members of the European Central Bank’s executive board backed the creation of a European fund to finance the breakup or liquidation of insolvent banks. Germany is opposing such a common fund which is likely to be financed by banks in all countries that join the Single Supervisory Mechanism (SSM).

SEOUL – Reverting to simpler measures of risk won’t necessarily result in comparable measures of a bank’s capacity to absorb risks, according to top international regulator Wayne Byres.