BASEL – South Africa has made good progress with its planned reforms to streamline its regulatory structure. It is also embarking on reforms to its over-the-counter derivative market. But there is more to do. Firmer timelines and a tougher approach to compliance are needed in some areas. That is broadly the verdict of Financial Stability Board (FSB) in its peer review of Africa’s largest economy, issued in early February.

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CAPE TOWN, South Africa, January 25 (Global Risk Regulator) - Delays in implementing new and tougher global banking rules aren’t critical at this point, although any setback to timing is undesirable, according to the world’s top banking regulator.

NEW YORK/LONDON – The initial margins that will be required in the uncleared over-the-counter derivative market under proposals issued by regulators last summer will severely impact liquidity and have profound implications for many companies and investors, according to financial industry lobby groups.

SAN DIEGO, CALIFORNIA – International regulators may be prepared to modify proposals requiring banks and others dealing in the uncleared over-the-counter derivative market, US Federal Reserve vice chairwoman Janet Yellen has hinted. Plans for an increasing proportion of over-the-counter (OTC) contracts to be cleared through central counterparties are moving ahead around the world. But proposed requirements for the large sector of customised and illiquid business that cannot be cleared remains highly contentious (see story on left).

BRUSSELS – Phasing-in Europe’s delayed Solvency II regime for insurers will be legally and technically challenging, according to a leading insurance industry trade body.

BASEL – The governing body of the planned global financial trade-tagging system is expected to have its first meeting at the end of January as the scheme remains on track for launch by March, according to the progress report on the project issued in December.