Financial Stability Forum News
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Wall Street’s insurance fund for failed brokerages is “the worst kind of insurance company,” according to an investor who lost money with Bernard L. Madoff.
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Michel Barnier , the European Union’s financial services commissioner, will confront U.S. Treasury Secretary Timothy F. Geithner over the lack of American rules to restrict bonuses for financial-services workers.
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Banks are to be quizzed by global regulators on how they have put in place international guidelines on pay and bonuses, following a review last year that showed implementation was incomplete.
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The U.S. Securities and Exchange Commission will return to work on mutual-fund fees “with full force” once it gets past the July deadline for many Dodd-Frank Act rules, SEC Commissioner Elisse Walter said.
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European insurers such as Allianz SE and Axa SA may face more volatile earnings on proposed changes to accounting rules, according to KPMG LLP.
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Global regulators endorsed plans to supervise so-called shadow banks to stop companies such as hedge funds escaping efforts to prevent another financial crisis.
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The Financial Stability Board said it’s seeking to add to the number of countries that implement its regulatory principles.
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Chairman of the Financial Stability Forum and Governor of the Banca d’Italia Mario Draghi comments on FSF plans, due to be published in detail tomorrow, to overhaul regulation in the wake of the financial crisis. The plans will apply to all financial companies that pose a risk to the economy if they fail, including hedge funds, he said. He spoke today to reporters in London.
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International regulators have agreed on a way to identify the banks that must hold extra capital reserves to avoid collapses that would undermine global financial stability.
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Mario Draghi ’s campaign to take charge of the European Central Bank must overcome Italy’s reputation as a country with a legacy of inflation and with a prime minister indicted for paying a minor for sex.
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