Eye-catching initiative

31 March 2008 By Simon Nixon

The UK Treasury s proposals for supervisory colleges and a USUK working group look like the kind of eyecatching initiatives dreamed up by spin doctors. Here s what the Treasury should really be discussing with other countries.

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The UK and US are to increase cooperation over the recent financial crisis by setting up a joint UKUS working group to develop proposals for regulating the banking system.

The working group will look at the role of the ratings agencies and how to improve transparency in valuing complex financial products. It will comprise of senior regulatory and treasury officials from both countries.

Alistair Darling, the UK Chancellor, has also proposed a system of "supervisory colleges" for individual banks with significant crossborder actvities, that will bring together relevant national supervisors on a regular statutory basis.

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