France calls for tighter int’l finance rules

A draft
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
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.

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Fiona Westwood of Smith and Williamson.