Interconnectivities and regulatory impact [19]

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Bullet points include: Basel III Solvency II Underlying source Regulator(s) (BCBS) EU Commission (c.f. CRD IV) 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 -Harmonise across Europe - Raised capital requirements (and quality of capital) - Create comprehensive principles-based regulatory framework - Harmonised liquidity standards - Make capital requirements more risk-responsive and in line with underlying economic capital - Capital buffer Transition period Relatively long Shorter but has been growing Further reforms? E.g. BCBS reviewing trading book and securitizations Broader in scope than Basel III, but still many details outstanding

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