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Article: Reg Rage - Global Regulators Turn Up The Heat - The Financial Stability Forum Has Launched A Regulatory Assault On Bankers Which Includes An Attack On The Bonus System, Writes Michael Imeson.
- Article from:
- The Banker
- Article date:
- June 1, 2008
- Author:
CopyrightCOPYRIGHT 2008 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: MICHAEL IMESON
What is it?
Global regulators have recommended drastic changes to the way that countries supervise their financial systems to enhance "the resilience of markets and financial institutions". But banks and other industry players are dismayed at some of the proposals, which they regard as unwarranted bureaucratic meddling. They accept that steps need to be taken to improve supervision in light of the market turmoil but believe the industry should be able to put much of its own house in order.
Who dreamed it up?
The Financial Stability Forum (FSF), a body set up by the G7 finance ministers and central bank governors ...