Major overhaul proposed for structured finance capital regs in wake of crisis. Critics say whole industry penalised for sub-prime debacle

Agreement by EU ministers on a supervisor mechanism is first step toward banking union. Next comes a resolution mechanism By Melvyn Westlake

High-level group's ring-fencing proposal gets mixed reviews from central banks and governments; bankers highly critical By David Keefe

Several countries around the world, from Asia and Africa to Australasia and the Americas began implementing Basel III on time, at the start of this year. The US and EU were among those that failed to do so. This is the status of a few countries monitored by GRR.

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

PARIS – Europe’s securities markets regulator, seeking to buttress financial stability, is demanding more consistency in the way banks account for contentious loan forbearance in their financial statements. The regulator has set out disclosure practices it wants banks to include in their accounts for 2012.

MADRID – International regulators are proposing the formation of supervisory colleges for large credit rating agencies with cross-border operations. This would promote information sharing between national supervisory bodies on credit rating agency (CRA) matters and enable collective risk assessments of these agencies to be undertaken, says a consultation paper issued by the International Organisation of Securities Commissions in late December. The Madrid-based IOSCO represents financial market watchdogs in over 100 countries.

BASEL, January 6 (Global Risk Regulator) – Global banking regulators confirmed a compromise deal today that means banks will get more time to build up cash buffers to protect against market shocks. The change followed pressure from banks and some regulators who feared the original version of the rule would drain too much liquidity from ailing economies.

LONDON, January 4 (Global Risk Regulator) - Banks will get more time to build up cash buffers to protect against market shocks under a rule change that could help free up credit for struggling economies, according to an anonymous European regulatory source cited by Reuters news agency.

LONDON, December 21 (Global Risk Regulator) – Global banking regulators have asked a task force to look further in the New Year at ways in which the regulatory capital aspects of the international Basel III bank reform package might be simplified without altering its underlying aims, regulatory sources say.