Update

Financial Regulation

	Basel Proposals on Operational Risk

As foreshadowed in the last Update the FOA has initiated a review of the Basel proposals on Operational Risk in order to assess their impact on the membership and decide whether there is a need to produce guidance for members in this area. The initial steps are set out in the section entitled 'Operational Risk' on the Member Services page.

	Credit Risk Group

The Credit Risk Group met with representatives of the FSA to discuss the application of the ACMP requirements post N2. Other topics covered by the Group include credit, due diligence and the need for Credit Risk rating models for member firms. The group would welcome interest from other FOA members who should contact David Stuart on +44 (0)20 7426 7253 in the first instance.

	Financial Regulation Forum

The first Financial Regulation Forum of the year will take place on March 14th from 4.30pm - 6.00pm at Field Fisher Waterhouse, 35 Vine Street, EC3N 2AA. The topics and speakers will be advised in due course. If you wish to attend please email Sally Hughes or call +44 (0)20 7426 7256.