Resources for Basel II Capital Accord (Basel II)

Business wants tougher global regulation of finance sector

www.ft.com

Business leaders in the UK have pushed for more forceful international regulation of the financial services industry as the world's finance leaders meet in Washington this weekend. Most of the 286 UK-based respondents to a survey carried out by Allen & Overy, the law firm, said they would welcome a comprehensive rewrite of the Basel II agreement, which implemented international regulations for banks in 2004. The respondents also said they would welcome increased regulation of hedge funds and ratings agencies, more transparency from the financial sector and a better-resourced financial ombudsman. But there was resistance to the ideas that bonuses should be restricted or short selling banned.

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