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basel committee consultations April 16, 2009

Posted by Bradley in : Uncategorized , trackback

Yesterday the Basel Committee published Supervisory guidance for assessing banks’ financial instrument fair value practices. The announcement notes that “A consultative version of this paper was released in November 2008.” Although the consultative document invited comments by February 6, 2009, neither the paper nor the announcement stated where any comments should be sent (the CEBS, in contrast, provides an email address for the submission of comments on its documents). I suppose that if you are the sort of person whose comments the Basel Committee is interested in hearing from you knew whom to contact. And although there are some changes between the consultative and final versions (there’s a more detailed discussion of governance structures and control processes) there is no explanation in the final version about whether the changes resulted from comments or not. We are not told how many comments the Committee received, or from whom, or what the commentators said. This is clearly at the opaque end of the transnational standard-setting spectrum.

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