The current Financial Regulatory agenda is largely being set by the G20 governments under the leadership of the Financial Stability Board and the Basel Committee on Banking Supervision (the "Basel Committee"). In Europe the Commission is engaged in a wide programme of reform of financial regulation both directly and through the newly established European System of Financial Supervision. As well, in the UK, institutional reform of financial regulation due to be implemented in 2013 will replace the existing regulators with a new 'twin peaks' structure focussed on prudential supervision and market conduct together with a new role for the Bank of England in respect of macro-prudential risks.
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