Financial Regulatory Forum

US Congress gets pay bill as bank bonuses swell

   By Kevin Drawbaugh
   WASHINGTON, July 16 (Reuters) – With the smell of fat bonus checks again wafting down Wall Street, the Obama administration and Democrats in Congress on Thursday moved closer to a clampdown on U.S. corporate executive pay.

Major U.S. exchange chief urges SEC-CFTC merger

seccftc    By Kevin Drawbaugh
   WASHINGTON, July 16 (Reuters) – The two main regulators of U.S. financial markets should merge, the chief executive of America’s largest options exchange says in remarks to be delivered to a congressional panel on Friday.

Fed says it should keep consumer protection role

A man walks in front of the U.S. Federal Reserve building in Washington   By Tim Ahmann
   WASHINGTON, July 16 (Reuters) – The Federal Reserve on Thursday pushed back against a White House plan to give some of its consumer protection powers to a new agency, arguing there was a “compelling case” for the central bank to keep them. 

U.S. Congress gets Obama “say on pay” proposal

    WASHINGTON, July 16 (Reuters) – The U.S. Treasury on Thursday sent Congress a bill that would give corporate shareholders an annual non-binding vote on executive compensation and require more independence for boardroom compensation committees.

US Justice Dept. confirms credit derivatives probe

   WASHINGTON, July 15 (Reuters) – The U.S. Justice Department confirmed on Wednesday that its Antitrust Division is investigating possible anti-competitive practices involving credit derivatives.
   “The Antitrust Division is investigating the possibility of anti-competitive practices in the credit derivatives clearing, trading and information services industries,” spokeswoman Laura Sweeney said in a statement.

Obama bill seeks to shine spotlight on hedge funds

   By David Lawder
   WASHINGTON, July 15 (Reuters) – The Obama administration on Wednesday sent Congress legislation that would pry open hedge funds to wider scrutiny, requiring those with more than $30 million under management to register with the government and greatly boost disclosure.

SEC to require more US muni disclosure -chairman

USA/    WASHINGTON, July 14 (Reuters) – The Securities and Exchange Commission will consider ways to increase disclosure of information about U.S. municipal bonds at a meeting on Wednesday, its chairman told Congress on Tuesday.

Proposed commods regs could boost volatility -CME

CME   NEW YORK, July 13 (Reuters) – Rules proposed by the U.S. Commodities Futures Trading Commission to limit speculation in commodities markets could boost volatility, the executive chairman of exchange giant CME Group Inc said on Monday.
   “The less participants you have in the marketplace the greater the bid/offer spread is going to be,” Terry Duffy said in an interview with Reuters TV.

New US consumer agency won’t cause bank fee hikes

   WASHINGTON, July 13 (Reuters) – Banks will not have to pay higher supervisory fees if the Obama administration’s proposed new Consumer Financial Protection Agency gets off the ground and they will not have to seek the regulator’s pre-approval for “plain-vanilla” products, an administration official said on Monday.

U.S. judge delays UBS tax trial, parties in settlement talks

ZURICH/MIAMI, July 13 (Reuters) – A federal judge in Miami approved a delay in a high-profile trial on Monday in which U.S. tax authorities hoped to force UBS AG to reveal the identities of thousands of Americans suspected of using the Swiss bank to evade taxes. (more…)