Nichols said the international scandal could
lead regulators to harmonize their emissions testing protocols.
BNP Paribas has worked with the US authorities to resolve these issues and the resolution of these matters was coordinated by its home regulator (Autorite de Controle Prudentiel et de Resolution - ACPR) with its
lead regulators.
This could, in theory,
lead regulators to fine it up to 10% of the turnover of its letters business - pounds 670million.
However, scarce enforcement resources and the overlapping jurisdictions tend to
lead regulators, whether federal or provincial, to be cautious about asserting their authority and to take on only the most egregious cases.
Lead regulators from New York, Illinois and New Jersey Departments of Insurance as well as the Alabama SEC will detail 2009 agendas as well as highlight practices that will come under the regulatory microscope in the upcoming year.
It's far better than continuing to risk public criticism, which could ultimately
lead regulators to impose a one-size-fits-all solution.
However, the new information may
lead regulators to rethink the level of controls on ocean ships entering the freshwater Great Lakes.
