Bullet points include: Basel III (globally active banks) and Solvency II (all EU insurers). Both well advanced and have much in common. But different histories, driving forces and business models of industries being regulated lead to substantive differences in detail. Substantially independent development but largely coincident implementation timing. Paper seeks to engage financial and regulatory community to consider possible unintended consequences, including: Cost of capital, Funding patterns and interconnectedness, Product and/or risk migration. Paper focuses on Pillar 1 aspects (minimum capital requirements)
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