In Europe many initiatives have been or are being taken to strengthen the regulatory and supervisory framework. Amendments to the Capital Requirements Directive (CRD) have been made to correct the adverse incentives relating to securitisation and remuneration. A further review of the CRD is under way, aligning the European regulatory framework with the  3  Goodhart, C.A.E. (2009).
The issuance of debt-paper with relatively longer maturity, outside the Government of India’s normal borrowing programme, is yet another recent dimension added to the debt-market developments in the country. BIS Review 17/2005  1  Finally, several legislative changes on the anvil provide new opportunities for further development of fixed income markets.