On 1 January 2011, Europe will get a new financial supervision system: the European System of Financial Supervisors ("ESFS").
In a welcome u-turn on 17 November, HM Treasury dropped its proposal to transfer the Financial Services Authority's ("FSA") powers of prosecution to the new Economic Crime Agency ("ECA").
On Thursday November 18, the Ontario Minister of Finance, Hon. Dwight Duncan, released the much anticipated Fall Economic Statement and Fiscal Update (the Update) as required by statute.
Canada's Minister of Finance has announced that the scheduled 5-year review of federal financial institutions legislation has commenced and has called for comments from interested parties to be submitted by Friday, November 19, 2010.
An informal meeting of European Economic and Finance Ministers exchanged views with representatives of credit rating agencies (CRAs) on continuing efforts to deal with the risks of over-reliance on credit ratings, the pro-cyclical nature of CRA assessments, and conflicts of interest within CRAs stemming from their remuneration models.
On 1 September 2010, Ken Hogg, the director for the insurance sector at the FSA, delivered a speech at the CILA II Seminar regarding the future of the life insurance industry.
Today, the International Monetary Fund (IMF) issued a report at the conclusion of its 2010 "Article IV consultation" with the United Kingdom.
When fully implemented, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 promises, in President Obama's words, "clearer accountability in supervision and regulation so that financial firms can operate under a coherent set of rules and expectations," and "certainty to everybody, from bankers to farmers to business owners to consumers."
On 26 July 2010, HM Treasury (“HMT”) published a consultation paper entitled “A New Approach to Financial Regulation: Judgement, Focus and Stability.”
George Osborne spoke on proposals to improve the economy and change financial regulation.