Financial Regulatory Forum

Goldman makes financial reform passage certain: John Kemp

      By John Kemp — John Kemp is a Reuters columnist. The  views expressed are his own – 
   LONDON, April 16 (Reuters) – It is now virtually certain financial reform legislation will go sailing through the Senate, following the complaint filed against Goldman Sachs <GS.N> and an employee in the U.S. District Court for the Southern District of New York by the Securities and Exchange Commission this afternoon. (more…)

ANALYSIS – Obama tackles Wall Street reform in next big push

By Caren Bohan

WASHINGTON, March 25 (Reuters) – Fresh from his victory on landmark healthcare legislation, U.S. President Barack Obama is ready to take on Wall Street.

In the same week Obama signed into law his sweeping healthcare plan, his administration began a publicity blitz to sell his proposal to reshape the financial regulatory system.

Obama held a strategy session on Wednesday with two Democrats, Senate Banking Committee Chairman Christopher Dodd and House of Representatives Financial Services Committee Chairman Barney Frank, who are leading the effort to pass the plan in Congress.

U.S. futures regulator wants ‘Eddie Murphy’ insider-trading ban

By Roberta Rampton and Charles Abbott

WASHINGTON, March 3 (Reuters) – The top U.S. futures regulator wants Congress to include as part of its financial regulatory reform package new securities-style firewalls and insider trading bans for commodities, the chairman of the Commodity Futures Trading Commission said on Wednesday.

The CFTC and Securities and Exchange Commission proposed the harmonized rules in October, many of which require authority from Congress. This is the first time CFTC Chairman Gary Gensler has indicated how soon he wants to begin implementing the new measures.

The CFTC is calling its insider trading ban the “Eddie Murphy rule” after the actor’s role in the movie “Trading Places,” in which traders stole an Agriculture Department report on the U.S. orange crop and then placed positions on the market.

U.S. government to enhance municipal market regulation

WASHINGTON, March 2 (Reuters) – The Internal Revenue Service has agreed to work more closely with the Securities and Exchange Commission to regulate the U.S. municipal bond market, the IRS said on Tuesday, adding the two federal agencies had signed memorandum of understanding.

“This memorandum reflects the commitment both agencies have in using all means possible to ensure the municipal bond market operates in accordance with all the laws that govern it,” said IRS Commissioner Doug Shulman in a statement.

Under the agreement, the two agencies will identify issues and trends in the municipal securities industry and “enhance performance” in regulating the $2.8 trillion market.

U.S. government to enhance municipal market regulation

    WASHINGTON, March 2 (Reuters) – The Internal Revenue Service has agreed to work more closely with the Securities and Exchange Commission to regulate the U.S. municipal bond market, the IRS said on Tuesday, adding the two federal agencies had signed memorandum of understanding. (more…)

U.S. SEC delays plan to adopt IFRS

   By Rachelle Younglai
   WASHINGTON, Feb 24 (Reuters) – U.S. securities regulators on Wednesday delayed plans to allow domestic companies to use international accounting standards because it will take businesses at least four years to switch to new rules. (more…)

SEC short-sale curb may apply to market makers -sources

   WASHINGTON, Feb 23 (Reuters) – U.S. securities regulators are considering new short-sale restrictions with no exemptions for market makers, people familiar with the regulators’ plans said on Tuesday. (more…)

State Street says U.S. requested info on funds

   By Svea Herbst-Bayliss
   BOSTON, Feb 22 (Reuters) – State Street Corp <STT.N> reported on Monday that federal securities regulators and federal prosecutors had asked it to supply information about several of its funds. (more…)

INTERVIEW – Proxy access for all, U.S. SEC Commissioner says

By Rachelle Younglai

WASHINGTON, Feb 9 (Reuters) – All publicly traded companies should be required to give shareholders a way to influence the composition of their corporate boards, a top U.S. Securities and Exchange Commission official said on Tuesday.

Luis Aguilar, one of five officials who decides on federal securities rules, said companies should not be given the option to opt out of potential rules being considered by his agency.

“It’s a slippery slope,” SEC Commissioner Aguilar told Reuters in an interview. Aguilar said giving companies such an option could lead to other exemptions.

US SEC to mull short-sale curbs in coming weeks

WASHINGTON, Feb 5 (Reuters) – U.S. securities regulators will consider short selling curbs in “coming weeks,” Securities and Exchange Commission Chairman Mary Schapiro said on Friday.

The SEC has proposed a number of ways to curb short-selling, or investors making bearish bets on stocks.

Those proposals include market-wide curbs and so-called circuit breakers that would impose a restriction on short-selling if a stock fell by a certain percentage.

  •