EU deviating from global bank rules: Basel

Brussels

GLOBAL banking regulators rebuked the European Union for failing to properly implement capital rules, including some used to back swaps trading, that are intended to avert another financial crisis.

The Basel Committee on Banking Supervision said that EU legislation to apply the international standards known as Basel III is "materially non-compliant", the lowest grade given by the group so far in its review process of member nations. The regulator has no power to compel countries to follow its rules.