ERM Frameworks and Responses to risk [26]

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Bullet points include: Basel III Solvency II Underlying source Regulator(s) (BCBS) EU Commission Coverage Globally active banks All EU insurers Legal status Must be transposed into local legislation EU Directive Main drivers Refines Basel II in reaction to recent financial crisis - Raised capital requirements (and quality of capital) - Harmonised liquidity standards - Capital buffer - Harmonise across Europe - Create comprehensive principles-based regulatory framework - Make capital requirements more risk-responsive and in line with underlying economic capital Transition period Relatively long Shorter, once in place Further reforms? E.g. BCBS reviewing trading book and securitizations Already broader in scope than Basel III, but still many details outstanding

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