Latest articles from Simon Turmaine

Newsletter October 2010: SEC seeks more disclosure on asset-backed issues

WASHINGTON – New regulations on issuers of asset-backed securities are being proposed by the Securities and Exchange Commission (SEC), as the US securities watchdog moves to flesh out the requirements of the Dodd-Frank Reform Act, which became law in July.

Newsletter October 2010: Focus on key regulatory issues, urges FSA chief

BRUSSELS – Policymakers in the EU have been urged by Britain’s top regulator not to lose sight of the really important regulatory reform issues by focusing too much on lesser areas of concern that were not at the root of the global financial crisis. The crisis had many causes, including those on which popular attention often focuses, such as absurd banker bonuses, excessive risk-taking and exotic products that were not understood, Adair Turner, head of Britain’s Financial Services Authority (FSA) told a Brussels conference in late September.

Newsletter October 2010: Carry on reforming – and quickly – urges IMF

WASHINGTON – Although policymakers have agreed important regulatory reforms, much still needs to be done, and the sooner the better, says the International Monetary Fund, (IMF), the Washington multilateral agency that monitors global economic and financial conditions. Policymakers cannot afford to relax their efforts to reduce refinancing risks, strengthen balance sheets, and reform regulatory frameworks, the agency says in its twice-yearly Global Financial Stability Report, (GFSR)* released in early October.

Newsletter October 2010: Accounting rule-makers close on insurance contracts

NEW YORK - Comments expected in coming weeks are likely to show that US and international accounting rule-makers are very close to a high quality set of standards for life insurance and property and casualty accounting, according to a top US insurance industry spokesman.

Newsletter October 2010: Bankers continue attack on economic cost of reforms

WASHINGTON – Bankers returned to the fray in October in their continuing clash with regulators over the economic costs of the tougher regulation that’s coming their way in the wake of the global financial crisis.

Newsletter October 2010: G30 urges action on systemic regulation

WASHINGTON - Governments must take urgent action to strengthen systemic regulation, including giving clear mandates and political independence to regulators to develop system-wide action plans, according the Group of 30 think tank of leading financiers and academics.

Newsletter October 2010: Better settlement would help repo market

BASEL – More resilient ‘repo’ markets would result from measures to bolster clearing and settlement infrastructure, according to a study into why repo markets proved a less reliable source of funding liquidity than expected in some countries during the global financial crisis.

Newsletter October 2010: FDIC finalises 5% retention rule for asset-backed issues

WASHINGTON – US regulators issued final rules in September on a ‘safe harbour’ for securitisations that require originating banks to keep a ‘skin-in-the-game’ 5% interest in the issues to aid market stability.

Newsletter October 2010: Speculation over hybrid solution to global split

Global accounting goal still threatened. But departure of American standard-setter's chairman may mean changes in fair value stance By David Keefe

Newsletter October 2010: Bank regulators back US accounting critics

Basel Committee lays it on the line for America’s accounting rule-maker, as it worries about global convergence