International Law

Applying international financial reforms locally

By David Jacobson

In Reform of global banking regulation: Balancing national and international interests, Wayne Byres, Executive General Manager, Diversified Institutions Division, Australian Prudential Regulation Authority, explains how APRA decides whether international banking reforms will be imposed in Australia or whether they should be modfied or not adopted at all, depending on our national interest.

In discussing this topic, he makes it clear that the Basel II capital adequacy framework will not be changed.

APRA recently wrote to locally incorporated general insurers and authorised non-operating holding companies under the Insurance Act 1973 in relation to the application of the December 2009 Basel proposals on regulatory capital requirements to Australian general insurers. It noted that APRA has sought to maintain a broadly consistent approach to the definition of capital for general insurers and authorised deposit-taking institutions.

Full post as published by Australian Regulatory Compliance Review on April 10, 2010 (boomark / email).