They're operating like banks, but they're not regulated as banks, so Basel II doesn't apply to them and they can do what they want.

它们像银行一样运作,但并不纳入银行监管,所以它们不在新巴塞尔协议监管范围之内,它们可以为所欲为

耶鲁公开课 - 金融市场课程节选

Bankers' pay wasn't part of the Basel agreements, but lawmakers in the European Parliament insisted on limiting payouts linked to short-term profits because they were seen as driving bankers to take excessive risks in the lead-up to the crisis.

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It won't be Europe that undermines Basel III.

WSJ: Agenda: Basel III��Don't We Have Enough Problems?

The Basel rules don't fully kick in until 2019, but banks across Europe are under pressure from regulators and investors to comply with the rules before then.

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