Introduction
On 16 June 2011, the UK government, via HM Treasury, published its planned White Paper, A new approach to financial regulation: the blueprint for reform. The Paper sets out further details of the government’s proposals for establishing a new system of more specialized and focused financial services regulators and was prepared taking into account responses the government received during two previous rounds of consultation during the summer of 2010 and in February 2011.
Weil’s Peter King and Heath Tarbert have written an overview of Basel III in Aspen Publishers’ May 2011 Banking and Financial Services Policy Report: A Journal on Trends in Regulation and Supervision.
The article highlights the major aspects of Basel III and outlines how these regulatory changes will likely impact financial institutions around the world. In so doing, the article focuses on the following goal-driven features of Basel III:
The European Union’s directive on the regulation of alternative investment fund managers (AIMF) directive has not yet been formally adopted. This is not a reflection of the lack of EU commitment to implement the directive. In fact, work continues apace on its implementation. The reason the directive has yet to be formally adopted, despite its approval by the EU Parliament last November, is that it is currently being translated into various different EU languages and the subject of review by a panel of legal experts/linguists. It is expected to be formally approved by the EU Council this summer. Once formally approved, member states will have two years within which the directive must be implemented (i.e. summer 2013). [click to continue…]
“Adapting Your Compliance Programs to Key Portions of Dodd-Frank”
American Conference Institute, Regulatory Compliance & Risk Management for Financial Services
May 5-6, 2011, New York, NY | Register Now
Weil’s Heath Tarbert will participate in the 3:50 p.m. panel on May 5 titled “Adapting Your Compliance Programs to Key Portions of Dodd-Frank.” The panel will address new and evolving regulation on proprietary trading (Volcker Rule), whistleblower and “bounty” strategies, risk retention, and international regulatory frameworks, including Basel III requirements.
On April 11, 2011, the UK’s Independent Commission on Banking (ICB), chaired by Sir John Vickers, gave an indication of the future of British banking and the status of the City of London as a premier financial services centre. Initial industry reactions suggest that banks who had hinted they would relocate overseas if the ICB’s conclusions were too damning are breathing a sigh of relief as the report failed to call for the break-up of Britain’s largest banks. The ICB believes its recommendations support the competitiveness of the UK’s financial services sector and have a “broadly neutral effect” on London’s position as a leading global financial center. [click to continue…]
DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT
U.S. Regulatory Agencies
