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Report: Basel IV should wait for clarity on US approach, says EU lawmaker

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Report: Basel IV should wait for clarity on US approach, says EU lawmaker

Global regulators should wait until the new U.S. government has made its approach to banking rules clear before finalizing so-called Basel IV, according to a top European lawmaker.

Edward Scicluna, the chairman of European Union finance ministers, was cited by Reuters as saying it would be wrong to strike an agreement when things remain unclear.

The Basel Committee on Banking Supervision said a meeting of its governing body due in early January had been postponed to allow more work on a deal, which will overhaul rules on how banks weight risk and assign capital against loans and other assets. European regulators are concerned that the continent's banks will be disproportionately impacted by the new rules.