Delay of Basel II process in US will not affect Europe
The delay in the release of the Basel II Notice of Proposed Rulemaking (NPR) in the US is unlikely to affect the timeline of the Revised Framework in Europe, according to Patricia Jackson, the former head of the Financial Industry and Regulation Division at the Bank of England.
She said this at a recent Ernst & Young Forum on "The Impact of Converging Regulatory Requirements on the Financial Services Industry".
Jackson, who is now a partner in the financial services risk management practice of Ernst and Young, says Europe "has spent too much" to delay Basel II implementation timetable as a result of a delay in the US.
"The European Commission is proceeding with more binding provisions, and they will not be likely to delay any of the process as a result of
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