SIFMA and U.S. banks are questioning implementation differences of global Basel III rules after the EU provided companies with a capital-charge exemption from over-the-counter derivatives regulations. "We don't think it is appropriate to have different interpretations in different jurisdictions," said acting SIFMA President and CEO Ken Bentsen. However, William Coen, deputy secretary general of the Basel Committee on Banking Supervision, says the industry has encouraged national supervisors to make changes to the rules, resulting in regulatory fragmentation.

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