Financial Industry Compliance - Calendar of Financial Regulatory Reform

Calendar of Financial Regulatory Reform The following table sets out the proposed dates for issues to be addressed and work done in relation to the Obama Financial Reforms announced in June 2009.
Date	Group	Focussing Issue	Ref
Jul/2009	IASB	Develop new financial measurement standard that would replace IAS 39, Financial Instruments: Recognition and Measurement	P86
Sep/2009	U.S.	Host 3rd leaders' summit to see progress made on the rest of issues addressed in G-20	P83
Sep/2009	FSB	Complete restructuring and institutionalize new mandate to promote global financial stability	P83
9/30/2009	CFTC and SEC	Complete report which identifies existing conflicts in statutes and regulations regarding similar types of financial instruments	P50
10/1/2009	Federal Reserve	Propose recommendations to better align its structure and governance with its authorities and responsibilities	P27
10/1/2009	Treasury lead group	Conduct fundamental reassessment of the supervision of banks and BHCs	P28
Oct/2009	IASB	Publish draft of improvements to impairment requirements as part of comprehensive financial instrument project	P86
End of 2009	BCBS	Integrate the FSB principles on compensation into its risk management guidance	P85
End of 2009	BCBS	Expedite work to improve cross-border resolution of global financial firms and develop recommendations	P82
End of 2009	BCBS	Modify and improve Basel II by refining risk weights applicable to trading book and securitized products, introducing supplemental leverage ratio, improving definition of capital	P80
			P80
End of 2009	FSB,BCBS,CGFS	Implement the G20's recommendations to mitigate procyclicality	P81
End of 2009	G-20	Register and oversee CRAs consistent with the IOSCO Code of Conduct Fundamentals for CRAs	P87
End of 2009	G-20	Require hedge funds to register and disclose appropriate information	P85
End of 2009	Accounting standard setters	Clarify and make consistent application of fair value accounting standards	P86
End of 2009	Accounting standard setters	Develop of a single set of high quality global accounting standards	P86
12/31/2009	Treasury lead group	Conduct fundamental reassessment of existing regulatory capital requirements for banks and BHCs, including new Tier1 FHC	P27
2010	BCBS	Improve regulatory capital framework for trading book and securitization exposures; develop recommendations on minimum capital levels	P80
2010	BCBS	Develop a global framework for promoting stronger liquidity buffers at financial institutions	P83
End of 2010	U.S. issuers	Achieve broad convergence of IFRS and U.S. GAAP	P87
Acronym
BCBS	Basel Committee on Banking Supervision
BHC	Bank Holding Company
CFTC	Commodity Futures Trading Commission
CGFS	Committee on the Global Financial System
CRA	credit rating agencies
FSB	Financial Stability Board
GAAP	Generally Accepted Accounting Principles