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Assessing the Effectiveness of Global Regulations
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- Jason Kravitt: Christine, what were the regulators trying to accomplish with their December 2012 Consultative Document on risk-based capital for securitization? In other words, what problems did they see and how did the proposal attempt to address them?
- Jason Kravitt: Alex, what issues do you see with the most significant aspects of the Consultative Document? Please focus on the MSFA (maturity adjustment, for example), and the simplified supervisory formula approach or SSFA (lack of sensitivity to high-quality assets, for example) in particular. Please also mention the industry’s proposed solutions to these problems
- Jason Kravitt: Jim, please make the same kind of analysis, but with regard to the internal assessment approach (IAA) and ratings-based approach (RBA)
- Jason Kravitt: Christine, would you like to comment on anything that Alex or Jim has said?
- Jason Kravitt: Alex, please explain the implications of the Consultative Document (CD) for Europe, Asia, and Australia
- Jason Kravitt: Alex, please discuss the AFA and how it might be a solution to many of the CD’s problems
- Jason Kravitt: Christine, do you have any comments on the AFA?
- Jason Kravitt: Frank, from a practical perspective, what has the impact of proposed capital regulations been on ABS investments for Aegon? (Aegon, as an insurance company, falls under Solvency II, and Aegon Bank, as a bank, will fall under Basel III.)
- Jason Kravitt: Jim, please explain the liquidity coverage ratio’s (LCR’s) problems
- Jason Kravitt: Christine, please comment on what Jim has to say
- Jason Kravitt: Kevin, let’s turn to the rating agencies. Please summarize the U.S. Securities and Exchange Commission (SEC)-sponsored roundtable’s material positions and what you took away from that. Please compare that to where you see rating agency regulation going in Europe
- Jason Kravitt: Frank, what have the practical implications of Article 122a of the EU Capital Requirements Directive been, and do you see any changes coming? 6
- Jason Kravitt: Christine, has there been too much regulation?
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