The UK Treasury on Wednesday announced the publication of a consultation document on the EC's draft proposals for a new Capital Adequacy Directive (known as CAD3), designed to convert the proposed new Basel Accord into European law.
According to the Treasury, CAD3 is expected to extend the scope of the new Basel regime to all credit institutions and investment firms. However, it will also take into account issues specific to the European Union, which were not fully examined during the Basel Review.
Speaking earlier this week, Financial Secretary, Ruth Kelly announced that:
"The Treasury welcomes the Basel Committee's objectives in updating the existing Basel Accord and the work undertaken by the European Commission to prepare for implementation of Basel II. A more modern and risk-sensitive approach to setting prudential capital requirements should bring significant benefits."
"However the proposals are complex and it is therefore important that all interested parties engage in the consultation process."
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment