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IAS 39
The European Commission
is considering a "partial" adoption of IAS 39, "carving-out" controversial
provisions on the fair value option and hedge accounting. This could
move the union away from internationally agreed upon accounting
standards and slow down convergence with U.S. standards. The Commission
will continue discussions with the International Accounting Standards
Board, and hopes to adopt IAS 39 in its entirety in 2005.
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ISDA
Comments on Interagency Guidance on
Complex Transactions
In July, ISDA, the Securities Industry Association and The Bond
Market Association, submitted a joint comment letter on guidance
relating to complex structured finance transactions proposed by
a group of U.S. regulatory agencies in May 2004.
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Basel Focus for Regional
Conferences
The impact of Basel
II on ISDA member firms will be the basis for discussions at the
Association’s Regional Member Conferences this fall. The annual
Regional Member Conferences this year will focus on the implications
of the Accord across the range of disciplines in the industry and
across the ISDA membership.
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