•  In May, the Basel Committee issued revised guidance on liquidity risk management that materially raises standards for sound liquidity risk management and measurement – including requiring banks to maintain a robust cushion of unencumbered, high quality liquid assets as a safeguard against protracted periods of liquidity stress.
•  IOSCO and the SEC has set out fundamental changes to its requirements on credit rating agencies to address the quality of ratings, as well as proposals concerning how ratings are used in regulatory guidelines. •  Regarding transparency, over this summer, the larger banks have been using our recommended disclosures to provide expanded information on their risk exposures and valuations.