Financial Regulatory Forum

German minister accuses Britain of hindering market reforms

German Finance Minister Peer Steinbrueck

By Matthias Sobolewski
BERLIN (Reuters) – German Finance Minister Peer Steinbrueck accused Britain on Wednesday of hindering efforts to reform global financial markets because it is too eager to pander to the City of London. While the U.S. administration was now interested in reforming financial markets, London was resisting change, said Steinbrueck, who last year sparked a diplomatic spat with Britain by criticising its economic stimulus plan.


Hedge Standards body tightens rules after Madoff

Antonio Borges   By Laurence Fletcher
   LONDON, July 1 (Reuters) – A heavyweight European hedge fund industry group said it plans to tighten disclosure and governance rules in response to investor demand for more transparency in the wake of the credit crisis.

UBS could still settle in US tax case-Swiss FinMin

UBS   BERNE, July 1 (Reuters) – UBS <UBSN.VX><UBS.N> can still settle a damaging U.S. tax case even though Washington is pushing ahead with a lawsuit to force the Swiss bank giant to identify offshore clients, the Swiss Finance Minister said.

N.Rock capital below minimum as waiver expires

Pedestrians walk past a branch of the Northern Rock bank in the City of London   LONDON, July 1 (Reuters) – UK state-owned bank Northern Rock’s capital has fallen below the regulatory minimum but it has been cleared to continue business as normal.

Israel plans financial sector pay overhaul

    JERUSALEM, July 1 (Reuters) – Israel’s Finance Ministry said on Wednesday financial institutions in the country would have to pay employees compensation based on long-term performance, as part of global efforts to stem excessive short-term risk taking.

EU derivatives plans focus on clearing

 Charlie McCreevy    By Huw Jones
   LONDON, July 1 (Reuters) – Centrally clearing the bulk of off-exchange derivatives contracts will be the core of Europe’s efforts to cut risk in the sector as further study is needed before forcing any trades onto exchanges, an EU document said.

Fed’s Hoenig – taking on ‘too big to fail’ is key

Hoenig   By Steven C. Johnson
   NEW YORK, June 30 (Reuters) – Policy-makers must focus on how to treat systemically important firms that are seen as too big to fail, Thomas Hoenig, president of the Kansas City Federal Reserve Bank, said on Tuesday.

ANALYSIS-Crusading U.S. FTC faces financial reforms setback

    By Diane Bartz
   WASHINGTON, June 30 (Reuters) – A White House plan to create a new U.S. agency to enforce consumer protection rules for banks and mortgage lenders is a bitter pill for the Federal Trade Commission, which had sought more power to fight financial fraud, but could now see the job taken away altogether.

ANALYSIS-Small US banks fear new regulations may be costly

First Savings  Bank of Perkasie   By Chavon Sutton
   NEW YORK, June 30  (Reuters) – Community banks that avoided the excesses of the lending boom and survived the financial crisis without too much trouble are now increasingly worried that they will get penalized by the U.S. government’s regulatory crackdown.

SEC may tighten executive pay rules-sources

   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.