Report title: U.K. FSA May Impose New Rules On Banks' Disclosures
from Moody's Global Credit Research
3 page (1480 word) report published Nov 09, 2009

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...On 26 October, the UK's Financial Services Authority (FSA) published a discussion paper outlining a proposal for a new bank disclosure framework. The proposal includes a draft code for financial reporting disclosures prepared by the British Banking Association that, at the request of the FSA, will be implemented by the large UK banks in their 2009 financial reports. As a follow-up to international recommendations, the FSA clearly signals its intention to take action in its own market without waiting for the European Union. The FSA initiative goes in the right direction as the mechanisms being contemplated, if adopted, would enhance the quality and consistency of UK banks' disclosures. Therefore, the initiative could improve market transparency and confidence and hence be positive for investors. The success of the FSA's disclosure initiative rests with the supervisor's commitment to ensure that banks do not merely comply with the letter of the new regulation, but first and foremost with...

Report Type: Sector Comment
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