Therefore, I support the recommendations envisaged at global level to increase regulatory reporting and public disclosure requirements for financial institutions’ securities financing activities. With the results of thoroughly conducted impact assessments at hand, the imposition of somewhat tougher regulatory measures, such as minimum standards for calculating collateral haircuts, can be considered.
In the latter, the acts implementing the ECB’s rules, it lies clearly with the NCBs. In other words, in the first case there is unification of law, in the latter approximation. The justification for this balanced approach is the following.