Mark Sumner, Director of Banking at the Jersey Financial Services Commission, outlines the principles behind the Jersey regulator’s insistence that in the financial services industry “fit and proper” includes having adequate business contingency plans in place.
For most observers, the Basel II process is over: the final version of the New Accord was issued about a year ago, the Commission proposed its capital requirements directives in July 2004, and the EU Council came to a provisional agreement in November 2004. For others, the process is only beginning and the problems related to it can be expected to lead to delays, and possibly to some changes, in the application of the New Accord. Karel Lannoo from the Centre for European Policy Studies focuses on the role of the European Parliament, the home-host issues in the implementation of the Accord, and the issue of supervisory convergence.
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