It could also play a useful role in identifying financial firms that may deserve designation as systemically important and thus subject to consolidated supervision, as suggested above. 4  BIS Review 123/2009  These and other actions by Congress and the regulatory agencies, completed and proposed, offer a real and welcome prospect of broad reform in the financial regulatory system.
I am suggesting the need for increased focus on qualitative disclosure covering an institution’s governance and risk management practices and the challenges it faces. As regards timing, currently the law requires banks to report annually, but many report semi-annually on a voluntary basis.