Jan 30, 2013
Washington, January 26th 2013 - BAFT-IFSA, an international financial services association, has formed a new Global Regulatory Affairs and Public Policy Committee, which held its first meeting in London today. The Committee, which consists of the major transaction banking institutions worldwide, is designed to be a key interlocutor with regulators around the world, and will provide timely insight on topics important to the transaction banking industry.
The Committee initially discussed the impact of issues concerning Basel III capital and liquidity requirements, the bearing of Eurozone stability concerns on trade finance and international payments, and the potential effect of banking sector restructuring on the provision of transaction banking services.
“This is the one of the first trade association committees to act as a coordinator of global regulatory and government affairs professionals in the financial services community in order to advocate on behalf of the transaction banking industry,” said Tod Burwell, BAFT-IFSA president and CEO.
As a standing committee under the direction of BAFT-IFSA’s board, it will interface with and provide subject matter expertise to regulators and legislators on public affairs and regulatory matters important to the association’s membership.
“Having one voice for bankers concerned with trade finance, international payments, financial institutions and liquidity management will provide positive, timely and consistent feedback to regulators as they formulate new rules for the global banking system,” said Ruth Wandhofer, global head of regulatory & market strategy for Citi Global Transaction Services and the first chair of the Committee. “Ensuring these rules are both well-formed and devoid of unintended consequences for the real economy are the main goals of this type of industry committee.”
The Committee will support and coordinate with the BAFT-IFSA Regional Councils and the BAFT-IFSA Global Trade Industry Council, and any other industry bodies, as appropriate and will use their input to create positioning of industry issues for effective advocacy.
Re-disseminated by The Asian Banker