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…)
Financial Regulatory Forum
(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…)
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…)
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.
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.
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.
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.
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.
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…)
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…)