Most big Asian banks will be exempted from a planned new global regulatory regime under the latest proposal for the industry from the world’s leading economies which aims to prevent another financial crisis.
People briefed on the agenda for the G20 summit, which begins in Seoul on Thursday, said officials have concluded that global regulators should focus on big banks with global businesses, stripping out domestically focused institutions without the reach of the industry’s cross-border giants.
According to this criteria, many big lenders in countries such as Japan and China, with a limited presence abroad will be exempted, leaving domestic regulators to deal with them as they see fit.
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