Jonathan Faull News
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European Union finance ministers have reached a “historic agreement” on joint banking supervision, Financial Services Commissioner Michel Barnier said today in a message on Twitter.
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Global regulators will next month seek to broker an accord on bank liquidity rules that lenders and some central banks have warned might stymie economic growth and hamper monetary policy.
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Jonathan Faull, the European Commission’s director general for financial services, said the European Union is “reasonably well advanced” in preparing regulations to head off the next financial crisis.
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U.S. banks with more than $10 billion in assets may get more time to institute internal stress testing required by the Dodd-Frank Act, U.S. banking regulators said yesterday.
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The European Union’s proposals to overhaul bank-capital rules for the region don’t deviate from international agreements reached by the Basel Committee on Banking Supervision, said Jonathan Faull, the EU’s chief financial services official.
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The U.S. Commodity Futures Trading Commission, facing concerns from European and Asian regulators about the scope of new swaps rules, should rely on overseas authorities when possible, Commissioner Mark P. Wetjen said.
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European Union officials and lawmakers brokered a deal on rules to force trading of some over-the-counter derivatives through clearinghouses to safeguard financial markets.
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In the five months after the U.S. published results of its 2009 bank stress tests, the Standard & Poor’s 500 Financials Index rose 25 percent. Five months after the European Union released its version, the Bloomberg Europe Banks and Financial Services Index is down 4 percent.
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Britain’s Financial Services Authority, concerned that proposed new rules across the Atlantic may limit its powers, began quizzing firms last week on their plans to register as swaps dealers in the U.S., according to two people familiar with the talks.
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The European Commission is pushing to include tests on bank liquidity in next year’s round of European Union stress tests in the wake of Ireland’s financial turmoil, according to two people familiar with the discussions.
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