Financial Regulatory Forum

FACTBOX-Tax amnesties around the world

October 15, 2009

    Oct 15 (Reuters) – A U.S. voluntary disclosure programme that helps wealthy Americans avoid criminal prosecution when disclosing secret offshore bank accounts expires on Oct. 15. (more…)

US House begins assembly of financial reform plan

October 14, 2009

    WASHINGTON, Oct 14 (Reuters) – The House Financial Services Committee is to begin work on Wednesday on a top priority for the U.S. Congress — legislation to mend regulatory holes exposed by last fall’s financial crisis. (more…)

1-Year after slump, US lawmakers begin swaps reform

October 14, 2009

   By Rachelle Younglai and Charles Abbott
   WASHINGTON, Oct 13 (Reuters) – One year after financial markets faltered worldwide, U.S. lawmakers are determined to write a softer package of regulatory reforms than those requested by the Obama administration. (more…)

NYSE: No need to restrict high frequency trades

October 14, 2009

    WASHINGTON, Oct 13 (Reuters) – The head of the New York Stock Exchange said on Tuesday that it was not necessary to bring more oversight to high frequency trading, a split-second stock trading strategy that has come under regulatory scrutiny. (more…)

Obama to push consumer financial watchdog agency

October 8, 2009

FINANCIAL-REGULATION/    WASHINGTON, Oct 7 (Reuters) – President Barack Obama will seek this week to rally support for his proposal to create a watchdog agency that would protect consumers from risky financial products.

SEC standardizes rules for U.S. “erroneous trades”

October 6, 2009

USA-FED/   NEW YORK, Oct 5 (Reuters) – The U.S. Securities and Exchange Commission on Monday adopted a single set of rules for “clearly erroneous” trades, eliminating a mixed bag of standards that exchanges used to monitor increasingly electronic trading. (more…)

Draft US bill frees some from derivatives clearing

October 6, 2009

REGULATION-SUMMIT/   By Kevin Drawbaugh
   WASHINGTON, Oct 5 (Reuters) – Firms ranging from airlines to agribusiness would be exempt from new rules on compulsory clearing of derivatives transactions under a bill in Congress aimed at tightening oversight of the financial system. (more…)

U.S. banking regulator eyes bank creditor claims

October 5, 2009

USA/    ISTANBUL, Oct 5 (Reuters) –   Federal Deposit Insurance Corp Chairman Sheila Bair told a group of international bankers on Sunday that officials might want to consider “the very strong medicine” of limiting secured claims to 80 percent, although she said such a proposal would need to be carefully weighed. (more…)

New US Council, not just Fed, must eye risk

October 1, 2009

Chairman of the Federal Reserve Ben Bernanke speaks at the Congressional Black Caucus Foundation's 39th Annual Legislative Conference at the Washington Convention Center in Washington, September 25, 2009.   REUTERS/Larry Downing (UNITED STATES POLITICS BUSINESS)   By Kevin Drawbaugh
   WASHINGTON, Sept 30 (Reuters) – The head of the Federal Reserve will step back from one of the most controversial parts of the Obama administration’s drive for financial regulation reform, saying sweeping new oversight powers proposed for the U.S. central bank should be shared with other regulators. (more…)

NEWSMAKER-Bank of America CEO Lewis: Fallen hero

October 1, 2009

Bank of America's Ken Lewis joins TARP recipient financial institution leaders before they testify before House Financial Services Committee on Capitol Hill in Washington, in this  February 11, 2009 file photo. Bank of America Corp shareholders voted to oust Lewis as chairman of the board on April 29, 2009 after months of mounting criticism of his stewardship of the largest U.S. bank. REUTERS/Larry Downing/Files (UNITED STATES BUSINESS POLITICS HEADSHOT IMAGES OF THE DAY)   By Jonathan Stempel
   NEW YORK, Sept 30 (Reuters) – A little over a year ago, Bank of America Corp <BAC.N> Chief Executive Kenneth Lewis was a hero on Wall Street with his audacious purchase — some would say rescue from certain collapse — of Merrill Lynch & Co, following less than two days of talks. (more…)