Jan. 10 (Business Law Currents) — Global regulators have been anything but idle in 2011. Predictably, the U.S. regulatory landscape was dominated by the 800-lb. statutory gorilla, the Dodd-Frank Act. Canada busied itself trying to accommodate Basel III’s coming capital requirements. Anti-bribery regulation managed to elbow its way into UK headlines in spite of a phone hacking scandal and a royal wedding. China cracked down on loopholes for variable interest entities, while Australia’s new tax regime found few friends in the mining sector down under. (more…)
Financial Regulatory Forum
By Susannah Hammond
LONDON, Jan. 9 (Thomson Reuters Accelus) – This year will be a year of clarifying, evaluating and beginning to implement the practical detail that underpins the sweep of regulatory change due in 2012 and beyond. The changes are not limited to the rulebooks but encompass the regulatory bodies, required structural changes (to banks in particular), the identification of systemic financial services firms and, last but not least, changes to the regulatory perimeter.
By John Mackie
NEW YORK, Dec. 22 (Business Law Currents) – The global push for increased transparency by public issuers continued in 2011, with developments on a number of fronts. U.S disclosure trends included Dodd-Frank related mandates and event-driven disclosures. Canada continued to refine its disclosure regime, seeing voices weigh in from the Canadian Securities Administrators and the Supreme Court. Regulators in the UK, meanwhile, pressed issuers to emphasize clarity over quantity in their disclosures. Business Law Currents takes a closer look at the global disclosure picture in 2011, highlighting this year’s trends, developments, concerns and challenges.
NEW YORK, Dec. 22 (Thomson Reuters Accelus) – I was recently involved in a case brought by the Securities and Exchange Commission to revoke the registration of a company’s common stock. But the company’s publicly held common stock had been revoked by a bankruptcy court order issued some seven years before the SEC proceeding began.
By Rachel Wolcott
NEW YORK/LONDON, Dec. 22 (Thomson Reuters Accelus) - Considering the cost of the financial crisis to the American taxpayer — anywhere between $700 billion and $12.8 trillion depending on who you talk to — the proposed capital rules the Federal Reserve published yesterday seem pretty lenient, compare to those mooted by some European countries.
NEW YORK/LONDON, Dec. 21 (Thomson Reuters Accelus) - The bankruptcy trustee for collapsed U.S. brokerage firm MF Global Inc. is looking into how the firm re-pledged customer collateral as part of its search for $1.2 billion of missing customer funds.
By Rachel Wolcott
NEW YORK, Dec.16 (Thomson Reuters Accelus) – When congressman Barney Frank announced he would not seek another term, enemies were quick to predict the demise of the wide-ranging financial reform act that the Massachusetts Democrat penned with former Connecticut Senator Chris Dodd. These pronouncements are not just premature, but according to regulatory experts, probably wrong. Unless there is a real seismic political shift to the right after the 2012 elections, they say, the Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 will survive, perhaps with a little tinkering, and firms had better be prepared to deal with it.
By Nick Paraskeva
NEW YORK, Dec. 16 (Thomson Reuters Accelus) – Several recently adopted rules in the U.S. are going into effect for specific types of firms in 2012. These rules include ones released by the Securities and Exchange Commission, Commodity Futures Trading Commission and Federal Reserve, issued to implement the Dodd-Frank Act and as a response to market developments.
NEW YORK, (Thomson Reuters Accelus) - The soon-to-be-implemented U.S. Foreign Account Tax Compliance Act, or FATCA, will have a bigger impact on foreign financial institutions than on U.S. ones, financial industry participants were told at a panel discussion on the law, which is placing new duties on compliance officers.
By Nick Paraskeva
NEW YORK/WASHINGTON, (Thomson Reuters Accelus) – A financial industry lawsuit seeking to block new U.S. rules on commodity position limits on the grounds that they lack an adequate cost-benefit analysis could cause regulators to slow their implementation of the Dodd-Frank financial regulatory overhaul and be an indicator of more such challenges. Meanwhile, the Obama administration is saying it will resist efforts to block the law. (more…)