Financial Regulatory Forum

Regulatory forbearance looms as next big supervisory risk for financial giants

By Guest Contributor
September 9, 2011

By Susannah Hammond

LONDON/NEW YORK, Sept. 9 (Thomson Reuters Accelus) – Regulatory forbearance is not a concept that has hit many headlines. It is, however, emerging as an underlying theme in publications by a range of bodies, from the International Monetary Fund (IMF) to the European Union and beyond. Regulatory forbearance is not about supervisory incompetence but, rather, the potential for a fully briefed regulator to decide not to intervene. There may be many legitimate occasions when non-intervention is the right call but, when judged with the benefit of hindsight, more supervisory interventions, made sooner, could have ameliorated some of the worst of the issues arising out of the financial crisis.

COLUMN-Europe’s Speculator Full Employment Act: James Saft

By Reuters Staff
May 11, 2010

(James Saft is a Reuters columnist. The opinions expressed are his own)

By Jim Saft

HUNTSVILLE, Ala., May 11 (Reuters) – Far from setting a trap for the “wolfpack,” Europe’s $1 trillion bailout package amounts to a full employment act for speculators, or should that be the reality-based community, for the foreseeable future.

from The Great Debate:

Taxing spoils of the financial sector

April 22, 2010

If you want less of something, tax it.

That truism is often used as an argument against a tax on profits, or health benefits, or employment, but in the case of the rents extracted from the economy by the financial services industry here's hoping it proves more of a promise than a threat.

SCENARIOS – G20 efforts to agree on a bank levy

By Reuters Staff
March 31, 2010

By Huw Jones

LONDON, March 31 (Reuters) – France backed Germany’s plans for a bank levy on Wednesday to boost momentum for a global deal among the G20 group of leading countries later this year.

G7 wants banks to pay for rescue

By Reuters Staff
February 8, 2010
G7 on Ice

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.

UK’s Brown sees growing support for bank levy

By Reuters Staff
January 25, 2010

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.

EU presses IMF over financial transaction tax

December 14, 2009

   By David Brunnstrom and Timothy Heritage
   BRUSSELS, Dec 11 (Reuters) – The European Union increased pressure on the International Monetary Fund on Friday to consider a global tax on financial transactions to limit the risk of another economic crisis.
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EU backs global financial transaction tax

December 11, 2009

By David Brunnstrom and Timothy Heritage

BRUSSELS, Dec 11 (Reuters) – The European Union urged the International Monetary Fund on Friday to pursue a global tax on financial transactions to limit the risk of another economic crisis, despite U.S. opposition.

IMF chief: “simplistic” financial tax won’t work

October 2, 2009

Dominique Strauss-Kahn, managing director, International Monetary Fund (IMF), is introduced at the International Economic Forum of the Americas conference in Montreal, June 8, 2009.  REUTERS/Christinne Muschi (CANADA BUSINESS POLITICS)    ISTANBUL, Oct 2 (Reuters) – International Monetary Fund Managing Director Dominique Strauss-Kahn said on Friday a “simplistic” tax on financial transactions would not be a good idea, but the IMF will continue work on proposals for systemic risk funding from the financial sector. (more…)

G20 to task IMF to probe “Tobin tax” on financial transactions -G20 source

By Reuters Staff
September 25, 2009

Economist James Tobin, who conceived the idea of a global tax on financial transactions that now bears his name. PITTSBURGH, Sept 25 (Reuters) – G20 leaders have tasked the International Monetary Fund to investigate ways the financial markets could pay for the effects of the economic crisis, such as a tax on all international financial transactions, a G20 source said on Friday.