Financial Regulatory Forum

Global regulation 2011: a review of policies that shaped the business world

Jan. 10 (Business Law Currents) — Global regulators have been anything but idle in 2011. Predictably, the U.S. regulatory landscape was dominated by the 800-lb. statutory gorilla, the Dodd-Frank Act. Canada busied itself trying to accommodate Basel III’s coming capital requirements. Anti-bribery regulation managed to elbow its way into UK headlines in spite of a phone hacking scandal and a royal wedding. China cracked down on loopholes for variable interest entities, while Australia’s new tax regime found few friends in the mining sector down under. (more…)

Banker-author warns overseers to keep ‘extreme money’ in check

By Stuart Gittleman and Emmanuel Olaoye

NEW YORK, Sept. 19 (Thomson Reuters Accelus) – The “extreme money” and “voodoo banking” that are dominating the global financial system are too smart, too fast, too greedy, too self-absorbed and far too dangerous for traditional legislation and regulation, a veteran banker told Thomson Reuters.

Efforts to prevent another financial crisis are likely to fail unless lawmakers and regulators understand that the forces that drove the crisis of 2008 go back several decades. While keeping an eye on the past, the overseers should also look for the potential risks of proposals claiming to promote growth, and how they are disclosed, Satyajit Das says in his book, Extreme money: masters of the universe and the cult of risk (FT Press, August 2011). (more…)

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