KPMG,
a
leading global company in the financial services industry, and a
diversity company member of DiversityWorking.com,
enjoins the G20 in helping the industry create jobs and promote
economic growth, according to The FINANCIAL.
A
new KPMG report has called for the G20 to focus on the role the
financial services industry can play in creating jobs and stimulating
economic growth. The report also warns that the unintended
consequences of the financial regulatory reform agenda are not being
recognised. The report was presented to the G20 heads of summit ahead
of their meeting in Brisbane on the 15th and 16th November. It calls
for:
Re-evaluating the cost-benefit analysis of some regulatory reforms based on the evidence of their outcomes
Prioritising future reforms, and giving greater certainty on the timing for implementation
Agreeing to reduce inconsistencies between national regulations which add cost and slow growth
Re-evaluating the cost-benefit analysis of some regulatory reforms based on the evidence of their outcomes
Prioritising future reforms, and giving greater certainty on the timing for implementation
Agreeing to reduce inconsistencies between national regulations which add cost and slow growth
The
KPMG report considered promoting “high quality” securitisation of
bank lending, in the context of SME lending and more generally. “A
recent paper by the European Central Bank and the Bank of England set
out the arguments here, but did not follow this up with specific
proposals to reverse the many post-financial crisis regulatory
constraints on securitisation (high capital requirements, retention
requirements, and limited scope to use securitisation as high-quality
liquid assets under the liquidity coverage ratio),” the report
said. Read
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