Financial Regulatory Forum

Financial reforms gain traction in U.S. Congress

October 14, 2009

Committee Chairman Edolphus Towns (D-NY) (C), ranking member Rep. Darrell Issa (R-CA) (L) and Rep. Dennis Kucinich (D-OH) (R) talk to reporters after testimony by U.S. Federal Reserve Chairman Ben Bernanke about his role in Bank of America's acquisition of Merrill Lynch, at a hearing of the House Oversight and Government Reform Committee on Capitol Hill in Washington, June 25, 2009.    REUTERS/Jonathan Ernst    (UNITED STATES POLITICS BUSINESS) By Kevin Drawbaugh
WASHINGTON, Oct 14 (Reuters) – A senior U.S. lawmaker lashed out anew over the rich pay packages awarded to executives of bailed-out banks on Wednesday, as Congress took steps to move ahead on financial regulatory reform.

Chief executive to quit UK body holding state bank stakes

July 28, 2009

By Sumeet Desai and Steve Slater
LONDON, July 28 (Reuters) – The body that manages Britain’s multi-billion pound stakes in the country’s part- and fully nationalised banks, said on Tuesday that John Kingman would quit as its chief executive.

ANALYSIS – UK bank bonus limits depend on global reforms

July 22, 2009

By Kirstin Ridley
LONDON, July 22 (Reuters) – Regulatory attempts to stamp out long-term guaranteed bank bonuses in Britain could founder unless they dovetail with global reforms to curb the return of a culture of risk-taking that has destabilised economies. (more…)

US Congress gets pay bill as bank bonuses swell

July 17, 2009

   By Kevin Drawbaugh
   WASHINGTON, July 16 (Reuters) – With the smell of fat bonus checks again wafting down Wall Street, the Obama administration and Democrats in Congress on Thursday moved closer to a clampdown on U.S. corporate executive pay.

U.S. Congress gets Obama “say on pay” proposal

July 16, 2009

    WASHINGTON, July 16 (Reuters) – The U.S. Treasury on Thursday sent Congress a bill that would give corporate shareholders an annual non-binding vote on executive compensation and require more independence for boardroom compensation committees.

EU drafts sanctions for risky bonuses, tighter capital rules

July 13, 2009

Flags at EU Parliament
By Huw Jones
LONDON/BRUSSELS, July 13 (Reuters) – The European Union on Monday unveiled a new law that punishes banks who encourage too much risk-taking with their policies on pay, in an effort to put an end to the practices blamed for the credit crunch.
A draft law published by the European Commission tightens EU rules on bank capital and requires banks to improve disclosure of the holdings in securitised products, bidding to apply lessons from the worst financial crisis since the 1930s. (more…)

Britain to unveil banking reform blueprint

July 7, 2009

    By Christina Fincher and Huw Jones
   LONDON, July 8 (Reuters) – Britain is to set out its blueprint for beefing up financial regulation later on Wednesday in a bid to prevent a re-run of the crisis that forced it to bail out banks with billions of pounds of taxpayers’ money. (more…)

US SEC moves to shake up corporate governance

July 2, 2009

   By Rachelle Younglai
   WASHINGTON, July 1 (Reuters) – U.S. securities regulators moved to change how companies elect board members and govern themselves, tilting the corporate playing field toward investors who have complained of weak boards and lavish pay for top executives.

SEC may tighten executive pay rules-sources

July 1, 2009

   By Rachelle Younglai and Jonathan Stempel
   WASHINGTON/NEW YORK, June 30 (Reuters) – U.S. securities regulators are considering changing how companies are required to disclose stock options awarded to executives, people familiar with the Securities and Exchange Commission’s thinking told Reuters on Tuesday.