FSB: OTC derivative reforms lagging
Wednesday 12 October 2011 - by Will Henley
The Financial Stability Board has said it is unacceptable for countries to simply wait and see how over the counter derivatives rules turn out in the US and EU before starting to reform their own regimes.
"Nevertheless, it is important that all jurisdictions advance development of their legislative and regulatory frameworks as far as they are able even before finalisation of the US and EU regimes, to be in a position to act expeditiously once rules are finalised in these two largest OTC derivatives markets."
It continues: "With only just over one year until the end-2012 deadline for implementing the G20 commitments, few FSB members have the legislation or regulations in place to provide the framework for operationalising the commitments.
"While recognising the implementation challenges and the complexity of the needed laws and regulations, the report concludes that jurisdictions should aggressively push forward to meet the G20 end-2012 deadline in as many reform areas as possible."
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