November’s code is seen as a major departure in pan-European regulation. It could be a model for the future. Will it work? And what is the benchmark of success? Oonagh Leighton reports

European Commission claims an open mind on the regulation of commodity firms as consultation with industry begins - By David Keefe

Supervisors are determined that the crucial third test of the Europe’s Solvency II insurance regime will start in April despite time pressures. Many consultation papers issued.

Co-ordination committees of national European Union insurance regulators should now be able to appoint a lead supervisor for each cross-border insurance group, the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) said in mid-December.

Leading industry associations seek to reverse ‘bad’ decisions from international Trading Book Review. Calls for less prescription - By Melvyn Westlake

Sophisticated banks allowed to use internal techniques to manage liquidity risks. An approach that could have EU-wide application - By Melvyn Westlake

Edgar Meister, Bundesbank board member responsible for banking supervision, explains the significance of an innovation allowing banks to use internal liquidity management techniques.

Satisfaction and dismay likely to greet Europe\'s impending capital adequacy proposals. Op risk insurance to be restricted By David Keefe

Implementation of the new capital standard slowed by language difficulties and inertia. Bankers’ association takes leading role.

Regulators are backing moves to cap auditor liability, which is fine for auditors but where does it leave investors?