Financial Regulatory Forum

New Iran sanctions most threaten non-U.S. banks

* U.S. Treasury under pressure to draft tough Iran sanctions

* New law targets banks including central banks

* Impact seen strongest on non-U.S. banks

 

By Brett Wolf

ST. LOUIS, Jan 20 (Thomson Reuters Accelus) – The U.S. Treasury Department is under bipartisan pressure to draft tough rules implementing an Iranian sanctions law enacted in December. While the effect on U.S. financial institutions is likely to be minimal, foreign financial institutions may take a hit. (more…)

EU joins U.S. call for more oil market transparency

By Jan Strupczewski and Pete Harrison
BRUSSELS, Sept 16 (Reuters) – The European Union has joined the United States in calling for action to improve transparency in oil markets, a draft EU document shows. (more…)

Brazil’s Lula moves to boost state control over new oil wealth

Brazilian President Luiz Inacio Lula da Silva attends a meeting with mayors in Sao Bernardo do Campo August 25, 2009. REUTERS/Paulo Whitaker (BRAZIL POLITICS)By Brian Ellsworth and Denise Luna
BRASILIA, Aug 31 (Reuters) – Brazilian President Luiz Inacio Lula da Silva proposed legislation on Monday to boost the role of the state in managing huge new oil finds that could drive the country’s development for decades to come.

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FTC issues rule to fight oil manipulation

NEW YORK, Aug 6 (Reuters) – The U.S. Federal Trade
Commission said on Thursday it would impose $1 million per day fines on energy traders engaged in price manipulation, a strong signal of the Obama administration’s desire to crack down on fraud in the oil markets.

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ANALYSIS – New sovereign funds to emerge from crisis wreckage

Executive Director Tony Tan Keng-Yam of the Government of Singapore Investment Corporation, the world's third largest sovereign wealth fund. (File photo) By Natsuko Waki
LONDON, Aug 4 (Reuters) – As the world emerges from financial crisis, a new generation of sovereign wealth funds is set to be born, and it may act as a catalyst for the recovery of global markets.

An estimated $3 trillion is currently parked in state-owned funds which manage nations’ windfall earnings from sources such as oil, commodities and trade surpluses. Newly established funds could help to double that figure in coming years. (more…)

UK, oil groups to meet on U.S. regulation pressure

Fuel tanker in Britain (file) By Christopher Johnson
LONDON, Aug 4 (Reuters) – Britain’s financial watchdog and the UK Treasury will meet oil industry representatives on Wednesday in response to U.S. pressure for more regulation of commodities markets. (more…)

U.S. CFTC supports some limit exemptions – Gensler

CFTC Chairman Gary Gensler (file photo)By Ayesha Rascoe and Christopher Doering
WASHINGTON, July 29 (Reuters) – Commodity Futures Trading Commission Chairman Gary Gensler said Wednesday he supports exemptions from tough new investor limits for bona fide hedgers but he is concerned about allowances for those managing financial risk.

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U.S. futures regulator to swiftly curb excessive speculation

Futures trader in Chicago By Christopher Doering
WASHINGTON, July 10 (Reuters) – The Commodity Futures Trading Commission will move aggressively to rein in excessive speculation in energy and commodity markets by focusing on expanding its existing authority and could have new regulations in place by late October. Bart Chilton, one of five commissioners at the CFTC, said he could not predict what the agency will do, but he would like to see the proposed rules issued in September, then implemented by late October or November after a period of public comment. (more…)

UK, France seek ways to curb oil price volatility, end tax havens

  By Estelle Shirbon 
  EVIAN, France, July 6 (Reuters) – France and Britain called for action to curtail oil price volatility on Monday as part of a move towards tougher global governance to prevent a return to economic problems that existed before the financial crisis.   Speaking at a Franco-British summit ahead of a meeting of G8 leaders in Italy this week, British Prime Minister Gordon Brown also said that tax havens should accelerate their reforms towards greater transparency for the good of the world economy. (more…)

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