Financial Regulatory Forum

Bank of America-SEC bonus pact rejected; Cuomo eyes charges

Bank of America CEO Kenneth Lewis pauses as he speaks at the National Urban League Conference in Chicago July 30, 2009. REUTERS/John Gress By Jonathan Stempel and Grant McCool
NEW YORK, Sept 14 (Reuters) – A federal judge rejected Bank of America Corp’s $33 million settlement with the U.S. Securities and Exchange Commission over Merrill Lynch & Co bonuses as a contrivance, and New York’s top legal officer prepared to sue senior bank executives.

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Congress to probe SEC’s lapse on Madoff

MADOFF/    WASHINGTON, Sept 3 (Reuters) – An investigative panel in the U.S. Congress will hold hearings on the failure of the U.S. Securities and Exchange Commission to follow clues that could have uncovered Bernard Madoff’s $65 billion Ponzi scheme.
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US SEC, CFTC told to align rules to police markets

sec1   By Christopher Doering and Rachelle Younglai
   WASHINGTON, Sept 3 (Reuters) – The two main U.S. regulators policing the securities and futures markets were urged on Thursday to align their rules for ferreting out fraud, protecting investors and punishing wrongdoers.
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Citing Madoff miss, US Sen Schumer eyes SEC reform

USA-NAACP/   WASHINGTON, Sept 3 (Reuters) – Legislation to overhaul the U.S. Securities and Exchange Commission and prevent another Madoff-style fraud from escaping notice will be offered by U.S. Senator Charles Schumer, he said in a statement on Thursday.
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Exchanges differ on SEC-CFTC rule alignment

cftc   By Christopher Doering and Rachelle Younglai
   WASHINGTON, Sept 2 (Reuters) – Major exchanges differ on how far U.S. securities and futures regulators should align their rules, with CME Group <CME.O> – the largest derivatives exchange operator – arguing against a one-size-fits-all rule.
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U.S. internal review blasts SEC over Madoff

Defrauded investors and their supporters hold signs during a rally near the United States Courthouse in lower Manhattan, June 29, 2009, after the sentencing hearing for convicted swindler Bernard Madoff. BOSTON/WASHINGTON, Sept 2 (Reuters) – U.S. securities
regulators missed repeated chances to uncover Bernard Madoff’s Ponzi scheme, a sharply critical review by a federal watchdog said on Wednesday.

A summary of a report by the U.S. Securities and Exchange Commission’s Inspector General, released by the SEC, described five investigations the SEC launched into Madoff’s business because of complaints dating to 1992, and said “a thorough and competent investigation or examination was never performed.”

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Exchanges differ on harmonization of U.S. regulators

Gary Gensler (R), chairman of the Commodity Futures Trading Commission, and Mary Schapiro, chairman of the Securities and Exchange Commission, testify before the House Financial services committee during a hearing on   the Obama Administration's financial regulatory reform proposals  on Capitol Hill in Washington July 22, 2009. REUTERS/Yuri Gripas (UNITED STATES POLITICS BUSINESS) By Christopher Doering and Rachelle Younglai
WASHINGTON, Sept 2 (Reuters) – Major exchanges differed on how far U.S. securities and futures regulators should align their rules, with the world’s largest – the Chicago Mercantile Exchange – arguing against a one-size-fits-all rule.
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U.S. market regulators in bid to end turf war

sec   By Rachelle Younglai and Christopher Doering
   WASHINGTON, Sept 1 (Reuters) – The two main U.S. agencies regulating securities and futures markets will begin an unprecedented meeting on Wednesday in an attempt to resolve longstanding conflicts laid bare by the financial crisis.
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Banks may bear U.S. FDIC special charges until 2013 – report

Aug 28 (Reuters) – The U.S. banking industry may have to continue to bear the burden of replenishing a top regulatory fund, used to back insured deposits when a bank fails, as Federal Deposit Insurance Corp’s (FDIC) special assessments could persist through 2013, investment bank Fox-Pitt Kelton said.

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SEC chair: Derivatives data key for probes -report

USA/    Aug 28 (Reuters) – Getting better access to information on derivative transactions was a “critical” factor in U.S. regulators’ efforts to curb market abuses, Securities and Exchange Commission Chairman Mary Schapiro told Bloomberg in an interview.
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