Financial Regulatory Forum

EXCLUSIVE – UAE central bank tells lenders to raise provisions over Saad, Algosaibi

By Stanley Carvalho
ABU DHABI, July 23 (Reuters) – The United Arab Emirates central bank has directed banks to take provisions over a two-year period of up to 75 percent of their exposure to a pair of troubled Saudi firms, bankers told Reuters on Thursday. (more…)

State-aided banks may need to sell assets – EU commission

By Foo Yun Chee
BRUSSELS, July 23 (Reuters) – Crisis-hit banks may have to divest assets and hold back on acquisitions to gain European Union regulatory approval for their state bailouts, the European Commission said on Thursday. (more…)

UK market watchdog says time short for big change

    LONDON, July 23 (Reuters) – The “green shoots” of recovery must not distract regulators from pushing ahead with the radical changes needed to make markets safer again, Britain’s top financial supervisor said on Thursday. 

U.S. – Obama offers legislation to make Fed systemic risk police

OBAMA/ WASHINGTON, July 22 (Reuters) -  The Obama administration sent proposed legislation to the U.S. Congress on Wednesday which would put the Federal Reserve in charge of policing in charge of overseeing large, interconnected financial firms and “big picture,” or systemic, financial risk in the economy. (more…)

Obama picks private-equity figure for key U.S. Treasury post

By Patrick Rucker
WASHINGTON, July 22 (Reuters) – Jeffrey Goldstein, an executive at a New York private equity firm, has been tapped as President Barack Obama’s choice for Treasury undersecretary for domestic finance, two officials said on Wednesday. (more…)

Obama administration unveils U.S. insurance office language

WASHINGTON, July 22 (Reuters) – The Obama administration on Wednesday released proposed legislative language for its proposal to create an Office of National Insurance as a part of the U.S. Treasury Department.
The language says the office, part of the administration’s broad plan to reshape U.S. financial regulation, would “monitor all aspects of the insurance industry.” (more…)

ANALYSIS – Hollywood dealmaking risks antitrust scrutiny

HollywoodBy Sue Zeidler
LOS ANGELES, July 22 (Reuters) – As media giants band together to reinvent themselves in the digital age, potentially sharing everything from online video sites to DVD distribution, they have to be careful not to raise antitrust hackles. (more…)

Punches fly as South Korean MPs pass key laws

KOREA-PARLIAMENT/By Jonathan Thatcher
SEOUL, July 22 (Reuters) – A rowdy South Korean parliament on Wednesday passed a set of media and bank ownership laws that form part of the conservative government’s delayed reforms to shake up Asia’s fourth-largest economy and make it more competitive. (more…)

Democrats vow fight with banks over U.S. consumer protections

U.S. Representative Barney Frank (R) By Kevin Drawbaugh
WASHINGTON, July 22 (Reuters) – Congressional Democrats pledged on Wednesday to engage the banking industry in a summer-long debate over the Obama administration’s call for the creation of a U.S. Consumer Financial Protection Agency. (more…)

U.S. agencies unveil crackdown on OTC derivatives

By Kevin Drawbaugh and Christopher Doering h
WASHINGTON, July 22 (Reuters) – Over-the-counter derivatives markets, a “dark corner” of the U.S. financial system, would face much greater public and government scrutiny under proposals detailed by regulators on Wednesday.