Attempts to create global accounting standards have fractured once again in disputes over how banks should account for expected credit losses, finds Charles Piggott.

Industry broadly supports the global capital concept, but needs clarification on interaction with other regulations, says Philip Alexander.

Non-eurozone countries to conduct asset quality review in line with ECB methods, but fundamental philosophies still differ, writes Philip Alexander.

The US Commodity Futures Trading Commission has eased concerns about the treatment of foreign trading venues, but tensions remain.

BRUSSELS, Belgium, February 28 – The European parliament is struggling to pass two major pieces of regulation on financial markets before elections in May 2014. Legislation on financial benchmarks is now set to be passed only in the next parliament, while the likelihood of new rules for money-market funds (MMFs) being passed at parliament’s last plenary session in April is receding.

MELBOURNE - Australian banking supervisors are likely to take a tougher stance than the international average on many of the national discretion items in the Basel II upgrade of international capital rules for bank safety.

Singapore regulators made it clear in October that they might set the rules on what constitutes receipts, income liabilities or expenses of an insurance fund under a new risk-based regulatory framework for the insurance industry.

LONDON - The UK Treasury issued a consultation paper in early December seeking the banking and investment industry\'s views on the European version of the complex Basel II update of international rules for bank safety.

SINGAPORE - Regulators in the city- state plan to extend new valuation rules for insurance liabilities to the life insurance business under their proposals for a risk-based capital regime for insurers.

The knock-on effects of a delay in agreeing new accounting rules for insurance contracts could be far reaching and create opportunities for regulatory arbitrage. David Keefe reports