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Second warning raised this week on banking red tape deadlines 

August 31, 2016

Hayley Kirton, City A.M.

G20 leaders have received their second warning in a week that some jurisdictions may miss deadlines for implementing new banking rules.

Today's report by the Financial Stability Board (FSB), which is chaired by Bank of England governor Mark Carney, notes issues which have been raised with rolling out rules, in particular, those still left to be brought in under Basel III.

The FSB's warnings were trailed in a report published earlier this week by the Basel Committee on Banking Supervision at the Bank for International Settlements (BIS). Problems flagged in the BIS report include difficulties transposing Basel III into domestic legislation because of complicated legal systems and some banks being unable to update their IT systems in time to meet deadlines on reporting requirements.

The FSB report highlights further problems with talent shortages, as some jurisdictions do not have enough skilled staff to be able to apply and enforce to rules effectively.

However, the FSB also reassured those concerned there were mechanisms in place to help sidestep any major issues. Read more

 
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