MUMBAI – Indian banks are likely to have to hold additional liquid assets under the Basel III reforms, which the country is committed to adopting. In mid-February, the Reserve Bank of India (RBI), the central bank, issued a consultation paper on the new liquidity standards, which form a key part of the package of capital and liquidity rules for banks agreed by regulators on the 27-country Basel Committee in 2010.

BASEL – Experts working with global regulators have agreed that a 20-character alphanumeric code is a good basis for the global Legal Entity Identifier (LEI) code that would uniquely identify parties to financial transactions as demanded by world leaders.

LONDON – Britain’s financial sector watchdog faces a bumpy ride following the mid-March resignation of Hector Sants as the agency’s chief executive, according to one law firm.

BASEL – UK central banker Paul Tucker is the new chairman of the Committee on Payment and Settlement Systems (CPSS), the central bank forum that monitors developments in the financial sector’s payment and settlement systems.

LONDON – Although considerable progress has been made by banks in drawing up recovery and resolution plans (RRP) or ‘living wills,’ the approaches adopted vary considerably by cost, timescales, and by definition of what a ‘complete’ plan looks like. This is the primary conclusion that emerges from a survey of the world’s largest banks published in early March by Ernst & Young, the professional services firm.

WASHINGTON/BRUSSELS – As insurers face the uncertainties of new regulation at both national and global level, two industry bodies are seeking to beef up their presence, one with key appointments and the other with a name change.

Regulators take more focused approach to reports seen as crucial to promoting financial stability and a “race to the top”

As the US takes its time and Europe loses patience, the chief standard-setter seeks a new path to a global set of rules Success in achieving the G20 goal of a single set of global accounting rules could now hang on plans for a new multilateral framework for formalising relations between international and national standard-setters.

Agreement by lawmakers brings some relief to insurers and may rescue a directive adrift on a sea of troubles

US Congressman asks state insurance regulators to explain their role; does it foreshadow a burgeoning turf war?