Financial Regulatory Forum

Singapore punishes 10 firms over Lehman notes sale

Monetary Authority of Singapore   SINGAPORE, July 7 (Reuters) – Singapore’s central bank banned 10 financial institutions on Tuesday from selling structured notes, saying they sold investment products linked to Lehman Brothers without adequately highlighting the risks. (more…)

G8 plus G5 agree to conclude Doha in 2010 – draft

World Trade Organization Director-General Lamy    (The following story contains no dateline to protect the sources of the information) 
    July 7 (Reuters) – G8 leaders plus Brazil, India, China, Mexico and South Africa will agree at a summit on Thursday to conclude the Doha round of world trade talks successfully in 2010, according to a draft communique seen by Reuters. (more…)

EU ministers agree on flexible bank capital rules

European Monetary Affairs Commissioner Joaquin Almunia and Sweden's Finance Minister Anders Borg (R)    By Dave Graham and Marcin Grajewski
   BRUSSELS, July 7 (Reuters) – European Union finance ministers agreed in principle on Tuesday to make capital rules for banks more flexible to reduce their likelihood of worsening boom-and-bust cycles in the economy.  The ministers also raised doubts about a German proposal to relax temporarily the Basel II rules on capital requirements for banks to boost lending and accelerate a recovery from the worst economic crisis since World War Two. (more…)

US Treasury ready to twist arms over consumer agency

    By Patrick Rucker
   WASHINGTON, July 6 (Reuters) – The U.S. Treasury Department is warning the financial services industry that it will not back down from its proposal to create a new consumer protection agency, even while lobbyists build a warchest and strategy to defeat the plan.

US says has far less than 52,000 UBS account names

UBS    WASHINGTON, July 6 (Reuters) – U.S. tax authorities have discovered far fewer than the 52,000 accounts with Swiss bank UBS AG suspected of being used by Americans to avoid taxes, the U.S. government said in a court filing on Monday.

EU to unveil new banking reforms in October-FT

    LONDON, July 6 (Reuters) – New European Union laws designed to force banks to strengthen capital buffers will be unveiled in October, part of a regulatory drive stop a repeat of the global financial crisis, the Financial Times reported on Tuesday.

Fink: EU funds rules may spark regulatory war-FT

    LONDON, July 6 (Reuters) – The adoption of tough European Union restrictions on hedge funds could provoke a transatlantic regulatory war, one of the sector’s leading figures told the Financial Times newspaper in an interview.

World policymakers urge banks to lend, express concern

                World Bank President Robert Zoellick                         By Laura Macinnia and Patricia Zengerle
  (GENEVA/SHINGTON, July 6 (Reuters) – World economic leaders called on commercial banks on Monday to step up lending to revive an economy pitched into recession by failure of the global financial system.  The World Bank, in a letter to Group of Eight nations due to meet this week, said interventions by central banks and governments appeared to have “broken the fall in the global economy,” but 2009 remained a dangerous year. 


ECB official urges deadline for switch to pan-EU payments

   LONDON, July 6 (Reuters) – A deadline is needed to ensure full switchover to a single pan-EU system of bank payments and help industry and public authorities plan ahead, a top European Central Bank official said on Monday. (more…)

ECB confident UK will sign up to settlement plan

    By Huw Jones
   LONDON, July 6 (Reuters) – The European Central Bank expects the Bank of England to join its stock and bond settlement project and bring down costs for investors even further, ECB Executive Board member Gertrude Tumpel-Gugerell said.  (more…)