Financial Regulatory Forum

US SEC, CFTC to police OTC derivatives -document

US Treasury Secretary Timothy Geithner    By Rachelle Younglai
   WASHINGTON, July 10 (Reuters) – U.S. Treasury Secretary Timothy Geithner is set to propose on Friday giving securities and futures regulators authority to police the over-the-counter derivatives market, according to a document obtained by Reuters.

Fed’s Kohn’s systemic risk testimony to House panel

Vice Chairman of the Board of Governors of the Federal Reserve System Donald Kohn     WASHINGTON, July 9 (Reuters) – Following is the full text of Federal
Reserve Vice Chairman Donald Kohn’s testimony delivered on Thursday before a
House Financial Services subscommittee hearing on systemic risk regulation: 

US banks must mind commercial real estate book-Fed

   By Patrick Rucker
   WASHINGTON, July 9 (Reuters) – Many U.S. banks need to check their commercial real estate holdings more carefully and ensure that a continued decline in the property market does not threaten the lender, a Federal Reserve bank examiner said on Thursday.

UK’s FSA says new liquidity rules hinge on economy

   By Kirstin Ridley
   LONDON, July 9 (Reuters) – Britain’s top financial watchdog said on Thursday it was on track for introducing tough new liquidity rules for banks from the fourth quarter, but full implementation would depend on the economic climate.

UK’s FSA to expose banks’ complaint handling flaws

   LONDON, July 9 (Reuters) – Britain’s financial regulator plans to expose any failings in the way banks and insurers handle complaints by forcing them to reveal how many gripes they receive and how quickly they are dealt with.

China private equity yuan funds seek clearer rules

A Chinese bank clerk counts renminbi banknotes at a branch of the China Minsheng Banking Corporation Limited (CMBC) in Nanjing, Jiangsu province,    BEIJING, July 9 (Reuters) – Fuzzy regulations are stunting the spread of yuan-denominated private equity and venture capital funds in China despite growing demand for financing from fast-expanding firms, leading industry figures said on Thursday.

Rep. Frank introduces U.S. consumer agency bill

U.S. Representative Barney Frank (D-MA), Chairman of the House Financial Services Committee   By Karey Wutkowski
   WASHINGTON, July 8 (Reuters) – The powerful chairman of the U.S. House of Representatives Financial Services Committee on Wednesday introduced legislation to create a new consumer financial protection agency that would strip some powers away from current regulators.

S.Korea toughens rules over cash-managing accounts

    SEOUL, July 9 (Reuters) – South Korea will tighten supervision over cash-managing accounts provided by brokerage companies, a regulator said on Thursday, as concerns rise about heightened competition for banking services.

CIT urges FDIC on issue of guaranteed debt – FT

    July 9 (Reuters) – CIT Group Inc, a commercial U.S. lender struggling to finance its business, is pressing U.S. regulators to allow it to issue government-backed bonds to allay concerns over its financial health, the Financial Times reported on its website late on Wednesday.

Judge asks if US govt would shut UBS in tax fight

By Lisa Jucca and Tom Brown

ZURICH/MIAMI, July 8 (Reuters) – A judge ordered the U.S. government to say whether it was prepared to shut Swiss bank UBS AG in the United States as part of a battle to learn the identity of 52,000 secret accounts suspected of being used by Americans to avoid taxes. (more…)