International regulatory bodies, working alongside their regional and national counterparts, have spent over three years attempting to mend the global financial system by strengthening its stability and resilience. In the latter part of 2010 and in early 2011, the stream of regulations did not appear to be slowing. On 17 February 2011 the European Commission published a progress report on the programme of reforms which were detailed in its June 2010 Communication "Regulating Financial Services for Sustainable Growth". Critically, the report contains the strongest statement yet that the European regulators are pushing for a ‘Single European Rulebook' and the lengthy, annexed lists of proposed and current initiatives clearly indicate that 2011 will be an important year in the history of EU financial regulation.
This banking industry regulatory update, the fourth in the series, sets out the key banking industry reforms, and proposals for reform, in the international, European and UK spheres. This paper sets out the position as at February 2011. It should be noted that, as this is an ever changing regulatory environment, care should be taken when reading the paper as it will become out of date relatively quickly.
Download the .PDF to learn more!