France calls for tighter int'l finance rules

A draft French EU presidency paper to be presented on Friday at a meeting of the EU leaders in Brussels, will call for a tightening of international supervision and regulation of the finance sector.

The document is said to call for stricter supervision of rating agencies, a harmonisation of accountancy rules and stronger risk-management tools for the securitisation of credit, according to Bloomberg, citing the German Handelsblatt.

The document also says national supervisory bodies should improve cross-border co-ordination to control global operators in the financial market.

‘No financial institution, market or jurisdiction’ should be tolerated ‘outside regulation or supervision,’ the document reportedly said.