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BASEL COMMITTEE
Consultation on counter-cyclical buffers
The Basel Committee has opened a new consultation on counter-cyclical capital buffers. In this proposal, banks would be required to hold an extra capital buffer above the minimum. This amount would be determined pro rata by the country of origin of the bank's loan portfolio, with each country setting a level to be used for all loans originated there. more

PUBLIC POLICY US
Dodd-Frank technical amendments likely
Dodd-Frank has been signed into law by President Obama. House Financial services Committee Chairman Frank and Senate Banking Committee Chairman Dodd have conceded that additional fixes are necessary to Dodd-Frank, likely through separate legislation making “technical” amendments. It is currently unclear when such legislation will be introduced. In the meantime, the implementing agencies, led by the CFTC and SEC, will begin the implementation process through a series of rule-makings, the majority of which are required within 360 days of enactment. more

PUBLIC POLICY EUROPE
ISDA responds to EC consultations
ISDA submitted a response to the EC, jointly with the Association for Financial Markets in Europe (AFME) and the British Bankers’ Association, on a consultation paper regarding market infrastructures and derivatives regulation (EMIR). ISDA also provided a response, jointly with AFME and International Securities Lending Association, on another EC consultation on short-selling and CDS. Based on these consultations, EC proposals for legislative texts are expected on September 8. more

TRADING INFRASTRUCTURE
Best practices in OTC derivatives collateral
ISDA published a document entitled Best Practices for the OTC Derivatives Collateral Process on June 30. The Best Practices are the result of the collaborative efforts of a working group of buy-side and sell-side market participants, under the auspices of the ISDA Collateral Steering Committee. more

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