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…)
Financial Regulatory Forum
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.
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.
By Jonathan Stempel and Joe Rauch
NEW YORK/ORLANDO, Fla., Feb 4 (Reuters) – New York’s attorney general charged Bank of America Corp former Chief Executive Kenneth Lewis and former Chief Financial Officer Joe Price with fraud for allegedly misleading shareholders about the acquisition of Merrill Lynch & Co.
The U.S. Securities and Exchange Commission separately said Bank of America agreed to pay a $150 million civil fine and bolster disclosure and governance practices to settle its two lawsuits alleging poor disclosure of Merrill’s losses and $3.6 billion of bonus payouts. That accord requires court approval.
Thursday’s civil lawsuit by New York Attorney General Andrew Cuomo could complicate efforts by new Bank of America CEO Brian Moynihan to revive the largest U.S. bank.
By Rachelle Younglai
WASHINGTON, Jan 27 (Reuters) – U.S. securities regulators adopted rules aimed at making money market funds a safer investment after the collapse of the Reserve Primary Fund triggered a run on the $3.24 trillion market in 2008.
The Securities and Exchange Commission voted 4-1 on Wednesday to bolster the funds’ liquidity, limit their riskier investments and to show investors the funds may not always maintain a stable $1 share value.
The fund industry was pleased the new rules were less restrictive than the agency initially proposed last year, but the new rules were likely to come at the expense of some yield.
By Rachelle Younglai and Aaron Pressman
WASHINGTON/BOSTON, Jan 26 (Reuters) – U.S. regulators are preparing new rules to limit the risks taken by money market funds, aiming to ensure investors can always withdraw their money, two people familiar with the plans said on Tuesday.
The Securities and Exchange Commission wants to avoid a repeat of the run on the $3.24 trillion market that occurred during 2008′s collapse of the Reserve Primary Fund.
The agency is considering requiring money market funds to hold a minimum of 10 percent of their assets in liquid securities and may shorten the average maturity of debt the funds can hold to 60 days from 90 days, the sources said.
LONDON, Jan 18 (Reuters) – London’s status as a world financial centre is at risk due to a combination of rising regulation and global economic shifts, according to senior executives polled by Britain’s biggest business lobby.
London has emerged from the 2008 banking crisis but it faces fresh threats from a transfer of economic power to Asia, as well as potential unilateral regulatory action aimed at prevening a repeat of the financial meltdown, the Confederation of British Industry quoted company executives as saying in a report.
“London will lose market share, though it won’t diminish in importance,” Stephen Green, chief executive of HSBC, Europe’s biggest bank, told the CBI. “This is not because of the financial crisis, but because of shifts in the global economy.”
NEW YORK, Jan 14 (Reuters) – Big players in the $450 trillion derivatives markets agreed to increase transparency and expand the volume and type of contracts they route to central counterparties, the New York Federal Reserve said on Thursday. (more…)
By Kevin Drawbaugh
WASHINGTON, Jan 14 (Reuters) – Senior U.S. regulators, including outspoken Federal Deposit Insurance Corp Chairman Sheila Bair, will tell their side of the story on Thursday to a commission examining the origins of the 2008 financial crisis.
The 10-member panel, in its first public hearing, heard a tale of misjudgments and regret from top Wall Street bankers on Wednesday, but did not get an outright apology or any new explanations for the debacle that shook world markets.
Four of Wall Street’s top bankers acknowledged taking on too much risk and having choked on their own financial cooking in the subprime mortgage market, but they defended their pay packages and the huge size of their businesses.