The SEC had just adopted an obscure accounting regulation known as mark to market in 2006 (also known as fair value accounting).

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How can a rogue trader and risky transactions survive risk management systems absolutely required by Dodd-Frank, existing law, compliance, regulation and accounting standards?

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Deloitte Fireside Chats are interactive programs on current issues in financial regulation of interest to the accounting and auditing professions.

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Moreover, foreign banks accustomed to sound regulation, prudent oversight and honest accounting in their home countries may lobby for the same things abroad.

ECONOMIST: Economics focus

In an odd twist, the current regulation doesn't require mark-to-market accounting in every situation.

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Watch this space, but I think that within a relatively short period the European Union will claim back the right to set accounting standards for itself, in the public interest, to ensure effective regulation.

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The working group will gather scientific evidence to determine the role of coastal vegetated ecosystems in carbon storage and sequestration, encourage the inclusion of these systems in national carbon accounting, and consider their conservation and restoration as a viable mitigation strategy under existing climate regulation policies.

UNESCO: Social and Human Sciences

Some may argue that the risk premium these banks are charging is too high, even accounting for the risk, but what are the chances they will suddenly see the light after this regulation is passed, and drop rates across the board?

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The European version calls for an end to auditors' self-regulation, requiring individual countries to set up regulators similar to America's newish Public Company Accounting Oversight Board.

ECONOMIST: This time in Europe