In the wake of the worldwide financial crisis and election of the UK's coalition govrnment, HM Treasury proposed a wholesale overhaul of the financial regulatory system in the UK in a consultation document issued in July 2010 entitled "A new approach to financial regulation: judgement, focus and stability".
On 22 September 2010, the European Parliament approved a sweeping overhaul of financial supervision in Europe, including the creation of a new supervisory authority for insurance and reinsurance - the European Insurance and Occupational Pensions Authority (EIOPA) - and a European Systemic Risk Board (ESRB) which will monitor threats to the EU economy as a whole.
HM Treasury has today (26 July 2010) launched its consultation on the implementation of financial regulation reforms, originally announced by the Chancellor on 16 June 2010.
In the early morning hours of June 25, House and Senate conferees completed action on financial regulatory reform legislation (H.R. 4173) by approving a final conference report by a vote of 20-11 among House conferees and a vote of 7-5 among Senate conferees.
In the annual Mansion House Speech on 16 June 2010, the UK Chancellor announced his intention to abolish the tri-partite system of financial regulation established by the former Labour government.
China is considering reviving its plan to set up a super regulator in order to make the government's oversight of the financial sector more efficient and expedient and improve the lack of integration and co-ordination between existing regulators.
Top lawmakers met with President Obama Wednesday in order to regain momentum on financial regulatory reform legislation in Congress.
Senate Banking, Housing and Urban Affairs Committee Chairman Christopher Dodd (D-CT) announced Thursday morning that he will release his updated financial regulatory reform bill on Monday.
As efforts to produce a bipartisan deal on sweeping financial regulatory reform legislation inch forward, Senator Bob Corker (R-TN) offered an alternative proposal that aims to end the impasse over one of the legislation's most controversial issues - consumer financial protection.
On Thursday morning, President Obama unveiled a proposal that takes aim at the size of the nation’s major financial institutions and seeks to limit the proprietary trading and other risks taken by such institutions.