Basel leaves lawyers waiting for G20, BofE

Author: | Published: 17 Sep 2010

Key detail covering grandfathering provisions and the treatment of structured instruments are still missing from the agreed Basel guidelines. Instead, lawyers are looking for guidance from the G20 and a Bank of England report.

In the UK in particular, firms are holding back on giving definite advice to clients until they hear from the team at the Bank of England and UK Financial Services Authority (FSA) that is drafting national measures on capital allocations.

“Since late July there’s been a team at the Bank of England and the FSA frantically drafting rules on how...