February 3, 2003 News Archive

Vice Chairman Ferguson to Head Committee on the Global Financial System
The Bank for International Settlements announced that the governors of the central banks of the Group of Ten countries appointed Fed Vice Chairman Roger W. Ferguson, Jr., as Chairman of the Committee on the Global Financial System (CGFS). The appointment is for a 3-year term starting March 11, 2003. The CGFS is a forum for monitoring and examining broad issues related to financial markets and systems to support the central banks in the fulfillment of their responsibilities for monetary and financial stability.

SEC Adopts Rules and Amendments Related to Provisions in the Sarbanes-Oxley Act
The Securities and Exchange Commission announced the adoption of rules and amendments concerning provisions of the Sarbanes-Oxley Act of 2002. These actions cover non-GAAP financial information, including Form 8-K amendments; restrictions on insider trading during pension fund blackout periods; and disclosure requirements to implement Sections 406 and 407 of the Act. The latter would require public companies to disclose information about corporate codes of ethics and audit committee financial experts.

SEC Adopts Various Rules Related to the Sarbanes-Oxley Act of 2002

• Strengthening auditor independence
• Disclosure of off-balance sheet arrangements and aggregate contractual obligations
• Retention of records relevant to audits and review

BIS Issues Third Quarter 2002 Consolidated Banking Statistics
The Bank for International Settlements (BIS) released consolidated banking statistics for the third quarter of 2002 providing insight into the nature and extent of banks' foreign exposures, as well as supplementary information about countries' external indebtedness. The 44-page report (PDF) noted that Japanese banks increased their activities during the third quarter, while US banks were cutting back. Also noted was the continued divergence in sectoral distribution of claims on emerging markets.