US digs in heels for Basel III
13 November 2012 New York
Image: Shutterstock
SIFMA released a statement from president and CEO Tim Ryan in response to the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), saying that the 1 January 2013 effective date of Basel III capital rules would be pushed back.
“Regulators have appropriately acted to give the industry more time to implement these new capital standards and ensure that each of their systems is updated to comply with Basel III. We remain committed to working with the regulators to ensure compliance with Basel III capital standards to ensure the safety and soundness of the financial system while not constricting bank’s ability to lend, facilitate capital formation, and significantly contribute to our economic recovery.”
However, it has been reported that both European Union and Chinese lawmakers have been accelerating their efforts to finalize their respective interpretations of Basel III capital requirements.
“Regulators have appropriately acted to give the industry more time to implement these new capital standards and ensure that each of their systems is updated to comply with Basel III. We remain committed to working with the regulators to ensure compliance with Basel III capital standards to ensure the safety and soundness of the financial system while not constricting bank’s ability to lend, facilitate capital formation, and significantly contribute to our economic recovery.”
However, it has been reported that both European Union and Chinese lawmakers have been accelerating their efforts to finalize their respective interpretations of Basel III capital requirements.
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