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Aug 4, 2011

Analysis: Bruised regulators brace for Dodd-Frank court fights

WASHINGTON (Reuters) – U.S. regulators are scrambling to bulletproof dozens of financial reforms after a court last month tossed out an important part of the Dodd-Frank financial oversight law.

The federal appeals court ruling faulted the Securities and Exchange Commission for conducting a flawed economic analysis to support a rule to make it easier for shareholders to nominate directors to corporate boards, a process called “proxy access.

Aug 4, 2011

Bruised regulators brace for Dodd-Frank court fights

WASHINGTON, Aug 4 (Reuters) – U.S. regulators are
scrambling to bulletproof dozens of financial reforms after a
court last month tossed out an important part of the Dodd-Frank
financial oversight law.

The federal appeals court ruling faulted the Securities and
Exchange Commission for conducting a flawed economic analysis
to support a rule to make it easier for shareholders to
nominate directors to corporate boards, a process called “proxy
access.” [ID:nN1E76L0LS]

Aug 2, 2011

Senate panel approves CFTC nominee Wetjen

WASHINGTON (Reuters) – The U.S. Senate Agriculture Committee approved on Tuesday and sent to the Senate for a final vote the nomination of Mark Wetjen as a commissioner at the U.S. futures regulator, where he would play a key role in crafting dozens of new financial reform rules.

Wetjen’s appointment comes at a crucial time for the U.S. Commodity Futures Trading Commission, which is working to put in place the Dodd-Frank law, enacted in July 2010, that gives the agency oversight of the $600 trillion global swaps market.

Aug 1, 2011

SEC drafting guidance on swaps for global firms

WASHINGTON (Reuters) – U.S. securities regulators said on Monday they are crafting a proposal to help allay confusion in the derivatives industry over how new regulations will apply to companies with global operations.

“We recognize the uncertainty that currently exists in this area,” Robert Cook, the Securities and Exchange Commission’s director of trading and markets, told industry representatives at a panel discussion in Washington.

Jul 26, 2011

Americans answer Obama’s call, contact lawmakers

WASHINGTON (Reuters) – Americans wasted little time answering President Barack Obama’s request to make their voice heard on the looming debt crisis, crashing websites with e-mails and flooding the telephone lines of lawmakers in Washington with thousands of calls on Tuesday.

Some lawmakers’ websites went down due to the high traffic, including those for House of Representatives Speaker John Boehner, the top Republican in Congress, and Republican presidential candidate Michele Bachmann, a favorite of the conservative Tea Party movement that has steadfastly rejected compromise.

Jul 25, 2011

Trader gets $1 million penalty for metals manipulation

WASHINGTON (Reuters) – A former portfolio manager for Moore Capital Management agreed on Monday to pay the U.S. futures regulator $1 million to settle charges that he attempted to manipulate prices of palladium and platinum futures contracts on the New York Mercantile Exchange.

Christopher Louis Pia attempted to manipulate the settlement prices of palladium and platinum futures contracts from at least November 2007 until May 2008 while working for Moore Capital, the Commodity Futures Trading Commission said.

Jul 21, 2011

CFTC rules should mirror intent of Dodd-Frank – Wetjen

WASHINGTON, July 21 (Reuters) – Mark Wetjen, facing
skeptical lawmakers in his nomination bid for a post on the
U.S. Commodity Futures Trading Commission, said on Thursday the
regulator should not stray from the wishes of Congress.

Wetjen’s appointment to the CFTC is seen as pivotal as he
could be a swing vote that bridges a growing divide among the
five commissioners in their overhaul of financial regulations
ranging from investor position limits to end-user exemptions.

Jul 19, 2011

CFTC proposes clearing rules, lawmaker challenge looms

WASHINGTON (Reuters) – The U.S. futures regulator on Tuesday approved proposals giving clearinghouses more time to accept a trade, along with risk-management guidelines for clearing members, as a top Republican lawmaker warned legislation to correct the agency’s missteps was imminent.

The measures, which passed by a vote of 3-2, are among the last expected from the Commodity Futures Trading Commission as it carries out the Dodd-Frank financial reform law that gave it oversight of the $600 trillion global swaps markets. The CFTC has largely moved beyond the proposal phase and is now finalizing rules.

Jul 7, 2011

A year after Dodd-Frank, CFTC tackles manipulation

WASHINGTON (Reuters) Futures regulators will gain much more muscle to crack down on market manipulation under a rule set to be finalized on Thursday as part of the financial overhaul passed a year ago.

The rule would expand the CFTC’s ability to prosecute market manipulation by requiring that it show a trader acted recklessly — a less burdensome standard of proof than it faces now. For the first time, it would allow the CFTC to prosecute fraud-based manipulation.

Jun 29, 2011

Analysis: CFTC’s Gensler stickhandles to keep influence

WASHINGTON (Reuters) – Gary Gensler, head of the U.S. futures regulator, risks losing influence in Congress as his Wall Street reform efforts become bogged down in the details, possibly impairing progress on his ambitious agenda.

Gensler has enjoyed broad support among Democratic lawmakers while Republicans, who have never liked efforts to rein in Wall Street, have accused him of moving too quickly on a plan that could carry longer-term ramifications.

    • About Christopher

      "Currently based in Washington, Christopher reports on agriculture in Congress and the U.S. Agriculture Department. He also is actively involved in covering regulatory reform, with a focus on the U.S. Commodity Futures Trading Commission."
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