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In 2002, PIFS embarked on a study of worldwide capital adequacy
regulation of financial institutions. The project, supported by Swiss
Reinsurance Company, published its final findings in Capital Adequacy Beyond
Basel: Banking, Securities, and Insurance (Oxford University Press, 2004).
Conference on
Risk-Based Capital: The Tension Between Regulatory and Market
Standards
Harvard Law School June 10, 2003
The conference was held at the culmination of the study.
Leading scholars in economics, finance, and law analyzed the use of subordinated
debt and internal models as part of the new capital regulatory regime. They also
examined the effect on capital of reinsurance, securitization, credit derivatives,
and similar instruments. The conference addressed the enforcement of capital
regulations and how to apply the rules to a conglomerate. Panel discussions were organized around the following
three topics:
1) Effectiveness of regulatory standards for
various risks, including credit risk, position risk, and operational risk;
2) Challenges to applying and enforcing capital adequacy regulations,
including supervision of financial conglomerates; and
3) The benefit of market discipline as opposed to formal administrative
regulation.
Agenda
Participant List
Colloquium on Risk-Based Capital
Harvard Law School June 26, 2002
The colloquium brought together experts on the topic of risk-based capital to discuss drafts of papers on the following subjects: capital for securities companies and banks; capital for insurance and re-insurance companies (U.S. and elsewhere); the use of market instruments (e.g. subordinated debt or stock); the use of internal models; the level
of application of capital requirements within a conglomerate: consolidated holding company, individual subsidiaries; enforcement of capital regulations; and operational risk. The research covered some key issues at stake in Basel II but also considered capital requirements for insurance and securities firms.
Agenda
Participant List
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