Editor, Global Regulatory Briefing
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Aug 20, 2010
via Financial Regulatory Forum

ANALYSIS – U.S. TARP program less costly, but not less controversial

By Dave Clarke

WASHINGTON, Aug 19 (Reuters) – The government’s $700 billion bailout of the financial system may still be politically toxic, but for those who voted for the program, there is some good news: the taxpayer bill continues to drop.

On Thursday, congressional scorekeepers projected the overall deficit impact of the Troubled Asset Relief Program — or TARP — will be about $66 billion.

Jul 12, 2010
via Financial Regulatory Forum

FACTBOX-EU to improve protection of financial consumers

July 12 (Reuters) – The European Union’s executive put forward proposals on Monday to bolster consumer confidence through better and faster protection of investors who face a run on their bank or have been the victim of fraud.

The European Commission’s plans are part of wider efforts to learn from the financial crisis, in which the savings of millions of people were hit by extreme market volatility and some banks had to be rescued by taxpayers.

Jun 29, 2010
via Financial Regulatory Forum

COLUMN-Even sober brokers can abuse markets out of hours: Kemp

– John Kemp is a Reuters market analyst. The views expressed are his own –

By John Kemp

LONDON, June 29 (Reuters) – With its decision to fine and ban a former oil broker for manipulating the price of Brent crude oil last year as a result of trading while drunk, Britain’s Financial Services Authority (FSA) has continued its push to introduce higher standards into trading on the London commodity markets.

Jun 29, 2010
via Financial Regulatory Forum

SNAP ANALYSIS-ECB’s Wellink vulnerable after report on DSB bank failure

By Ben Berkowitz

AMSTERDAM, June 29 (Reuters) – A scathing report on the failure of Dutch bank DSB is likely to revive calls for European Central Bank governing council member Nout Wellink to step down early from some or all of his roles.

Wellink, who is also the president of the Dutch central bank (DNB) and chairman of the Basel Committee of global central bankers, is not criticised directly in the report.

Jun 27, 2010
via Financial Regulatory Forum

Final text of Wall Street reform bill is posted by U.S. Congress

The House of Representatives Financial Services Committee has posted the text of the the Wall Street regulation overhaul agreed by U.S. House of Representatives and Senate negotiators on Friday. The bill is headed toward final congressional approval next week although implementation will be bogged down for months in regulatory rule-making.

Jun 25, 2010
via Financial Regulatory Forum

FACTBOX-Winners and losers in the U.S. financial bill

WASHINGTON, June 25 (Reuters) – U.S. lawmakers are close to finalizing legislation that will overhaul the country’s financial system and usher in new rules for Wall Street.

A joint House of Representatives and Senate committee approved a bank regulation bill that lawmakers expect to pass each chamber separately in the coming days. It will then be ready for U.S. President Barack Obama to sign into law, possibly by July 4.

Jun 25, 2010
via Financial Regulatory Forum

FED FOCUS-With broader powers, Fed to face greater scrutiny

By Pedro Nicolaci da Costa

WASHINGTON, June 25 (Reuters) – As officials at the Federal Reserve may soon discover, more isn’t always better.

On the face it, the results of the landmark regulatory reform bill finalized on Friday should have policymakers at the U.S. central bank running victory laps around Congress.

Jun 21, 2010
via Financial Regulatory Forum

FACTBOX-State of play on global bank levies pre-UK budget

June 21 (Reuters) – British Finance Minister George Osborne will unveil plans for an extra tax on banks to pay for bailouts on Tuesday as part of a budget expected to be the most austere in 30 years.

He has said the tax will be introduced regardless of whether other countries follow suit. The following is the state of play of plans elsewhere in the world to shield taxpayers from having to shore up banks again.

May 28, 2010
via Financial Regulatory Forum

ANALYSIS-Frustrated EU carbon traders play waiting game

By Michael Szabo

COLOGNE, Germany May 28 (Reuters) – Major changes proposed to the European Union’s emissions market could dramatically alter the landscape for traders, who are increasingly frustrated by regulatory uncertainty and political stalemate.

A deeper 2020 EU greenhouse gas reduction commitment, qualitative and quantitative restrictions on carbon offset eligibility and details on carbon permit auctioning in the scheme’s third phase are among the decisions expected to be made this year by the 27-nation bloc’s executive.

May 28, 2010
via Financial Regulatory Forum

ANALYSIS-South Korea steps nearer to controlling currency risks

By Jonathan Thatcher

SEOUL, May 28 (Reuters) – South Korea looks increasingly close to imposing some form of foreign exchange controls, albeit relatively moderate ones, to try to stop gyrations in the won and end the constant risk of sudden capital flight.

The issue has been on the boil for months, but the won’s dive this week on a mix of the euro zone tremors and North Korea’s war-like rhetoric, appears to be persuading policy makers they must do something, though the turbulence makes the timing tricky.