Jan 8 (Reuters) – A forum of global financial regulators put forward 17 recommendations on Friday covering supervision of hedge funds, credit derivatives and mortgages in a bid to plug supervisory gaps highlighted by the financial crisis.
The G20 group of countries, which is spearheading reform of financial regulation at the global level, asked the forum last November to come up with recommendations.
Policymakers saw flaws in how supervisors of securities, insurers and banks worked together, with some firms able to exploit gaps. The recommendations comprise a marked shift in the parameters of regulation and supervision.
Some of the recommendations are already being acted on, such as forcing hedge fund managers to register and report to supervisors, and increasing transparency and central clearing of credit derivatives.
For report from the Basel Committee on Banking Supervision, the International Organisation of Securities Commissions and the International Association of Insurance Supervisors click on