Financial Regulatory Forum

   By Adrian Croft
   LONDON, April 18 (Reuters) – Prime Minister Gordon Brown said on Sunday he wanted Britain’s financial watchdog to investigate U.S. bank Goldman Sachs <GS.N> after it was charged with fraud by U.S. regulators. (more…)

– The author is a Reuters Breakingviews columnist. The opinions expressed are his own –

By Pierre Briançon

PARIS, March 17 (Reuters Breakingviews) – The unwritten rules of the gentlemen’s club called the European Union have won hedge funds and private equity a reprieve. Sitting leaders naturally sympathise with a colleague facing a tough election battle. This explains why France and Germany, who are leading the charge to impose strong new regulations on the alternative investment industry, have agreed to kick the matter into touch until after the UK election, expected in May.

But the regulation-heavy camp will then still be faced with the same problem. Should it renew the fight for draconian rules, or should it seek a quick compromise with the UK, home to most hedge funds operating in Europe?

G7 on Ice

By Louise Egan and Gernot Heller

IQALUIT, Canada, Feb 6 (Reuters) – The idea of a global tax on banks to recapture bailout costs gained ground over the weekend, boosted by the Obama administration’s latest proposals, but there was no agreement on a specific design.

Finance ministers and central bankers from the Group of Seven rich nations called on Saturday for closer study of a UK proposal for a bank levy to cover the cost of the bailouts of 2008 and 2009 that ran to hundreds of billions of dollars.

The ministers, meeting in a remote town in Canada’s Far North, said any tax that result must be internationally coordinated and avoid choking off world economic recovery. Further details are unlikely to emerge for weeks.

By Keith Weir

LONDON, Jan 25 (Reuters) – British Prime Minister Gordon Brown said on Monday he saw growing support for some form of international levy on banks to fund support for the industry.

A global transactions tax, floated by Brown at a meeting of the Group of 20 nations in Scotland in November, was on the agenda when Treasury Minister Paul Myners hosted officials from G7 finance ministries, the IMF, World Bank and the Financial Stability Board in London on Monday.

“As a result of the advancement by U.S. President (Barack) Obama and the financial secretary Tim Geithner about their levy on wholesale lending, I think the proposals that I made at St Andrews for an international levy … are now gaining currency around the world,” Brown told a news conference.

LONDON, Nov 18 (Reuters) – Britain’s opposition Conservative Party said it would ditch the core of a financial sector reform bill if it wins power next year, but lawyers expect other parts such as curbs on bankers’ pay would be introduced.
(more…)

   By Huw Jones
ST ANDREWS, Scotland, Nov 7 (Reuters) – Britain urged world governments on Saturday to consider a levy on banks to fund future bailouts, departing from long-held opposition, though there was little sign of the consensus needed to make it fly.

British Prime Minister Gordon Brown raised the idea at a weekend meeting of Group of 20 financial leaders in Scotland — ending London’s resistance to such moves on behalf of its huge financial sector.The United States, key to the success of any global initiative, rejected a tax on day-to-day transactions, though it left the door open to other ways to protect taxpayers from losses. Canada was also lukewarm.

“A day-by-day financial transaction tax is not something we are prepared to support,” U.S. Treasury Secretary Timothy Geithner told reporters.

By Madeline Chambers and Emily Kaiser
BERLIN/PITTSBURGH, Sept 24 (Reuters) – German Chancellor Angela Merkel warned on Thursday a U.S. drive to rebalance the global economy risked distracting the Group of 20 from a more urgent need for market regulation at their Pittsburgh summit.

(more…)

WASHINGTON, Sept 22 (Reuters) – Support grew on Tuesday for a U.S. plan to build a more balanced global economy and leaders warned against returning to business as usual once recovery takes hold.

British Prime Minister Gordon Brown said there was substantial support among the Group of 20 nations for creating a new framework aimed at shrinking surpluses in export-rich countries such as China and boosting savings in debt-laden nations including the United States.
(more…)

By Anna Willard
BRUSSELS, Sept 2 (Reuters) – European finance ministers pledged on Wednesday to clamp down on banker bonuses, raising the prospect of spreading such payouts over years or demanding back money if business turns sour.

(more…)

By Anna Willard
PARIS, Sept 1 (Reuters) – France is optimistic about upcoming G20 meetings because many leaders, including British Prime Minister Gordon Brown, have moved closer to the French position, Economy Minister Christine Lagarde said.

(more…)