Regulatory reform

What's the Holdup With Dodd-Frank Rulemaking?

May 08, 2012

The Volcker rule is slated to go into effect this July. One problem: A final version of the rule still doesn't exist. In fact, many of the final Dodd-Frank Act rules still aren't written. So what's the holdup? One impediment is that regulators must do better cost-benefit analysis after a court ruling last year. "That's a huge undertaking, and it's going to slow things down," says Hal Scott, a professor at Harvard Law School.
 

Compliance Departments Overburdened; No Relief in Sight

February 23, 2011

Two new surveys that examine the explosion of compliance costs don't bring much good news. Their conclusions: Companies are struggling to keep pace with regulation, the cost of non-compliance is staggering, and the situation isn't likely to improve any time soon.
 

SEC Dodd-Frank Derivatives, ABS Rulemaking Underway

October 18, 2010

The Securities and Exchange Commission has begun a wave of Dodd-Frank Act-mandated rulemaking aimed at closing the regulatory gaps in the over-the-counter derivatives market and giving investors better information about the loans backing asset-backed securities.The reform law requires the Commission to issue a slew of rules to bring the complex...
 

The SEC's Busy Dodd-Frank Rulemaking Schedule

September 21, 2010

Those involved in any facet of corporate compliance, governance, and/or financial reporting now have a roadmap of sorts for what they can expect to fill up their calendar—and to submit comments on—in the coming months.The Securities and Exchange Commission has laid out a schedule of how it plans to tackle...
 

SEC Ramping Up to Implement Dodd-Frank Reforms

July 21, 2010

As compliance officers mull the impact of the Dodd-Frank Act on their organizations, the Securities and Exchange Commission is ramping up to do its part in implementing the various rulemakings and studies required under the law, which is slated to be signed by the President today.While the dollar cost of full...
 

Conference Committee Reaches Agreement On Proxy Access

June 24, 2010

After much debate and numerous counter offers, the conference committee working on the financial regulation reform bill finally reached agreement Thursday night to adopt the original Senate bill language on proxy access, with a modification requested by Sen. Mike Crapo (R-Idaho) that would allow the Securities & Exchange Commission to exempt small...
 

Proxy Access Up in the Air, Majority Voting Out

June 24, 2010

As negotiations on the massive financial reform bill continue this afternoon, what, if anything, the legislation will say about proxy access is still very much up in the air.The issue is one of few remaining items left for conferees to hammer out as they try to wrap up their work...
 

SEC Investor Advisory Committee to Meet May 17

May 11, 2010

Environmental, social, and governance disclosure issues, fiduciary duty as it relates to investment advisers and registered broker-dealers, investor education, and money market funds are among the items on the agenda for next week, when a committee created to offer input on investor concerns to the Securities and Exchange Commission holds...
 

Senators File Amendment to SOX 404(b) Exemption

May 07, 2010

Gear up for more fighting on SOX 404: An amendment to Senate financial reform bill would exempt companies with less than $150 million in public float from Sarbanes-Oxley's outside auditor attestation requirement, which would include some companies already complying with the provision.Sen. Kay Bailey Hutchison (R-Texas) and Sen. Mary Landrieu (D-La.), chair of the Committee...
 

Some Cos. Moving to Get Ahead of Regulatory Reform

May 05, 2010

As members of Congress continue to hash out the details of legislation to overhaul U.S. financial regulation in response to the economic crisis, at least some U.S. businesses are taking steps to get ahead of the slew of regulatory activities and proposals coming out of Washington D.C., according to a...
 

Supporters Stump for SEC Self-Funding Before Senate Vote

April 16, 2010

In anticipation of the financial reform legislation heading to the Senate floor in the coming weeks, current and past Securities and Exchange Commission chairmen are among those pressing lawmakers to keep the SEC self-funding provision in the bill.Section 991 of the bill passed by the Senate Banking Committee would allow...
 

FCIC to Focus on Subprime Lending, Securitization, GSEs

March 31, 2010

As Congressional lawmakers continue political maneuvering on the sweeping legislation to overhaul U.S. financial services regulation in the aftermath of the financial crisis, the independent panel investigating the causes of the crisis is setting its sights on sub-prime lending, securitization, and government-sponsored enterprises.Representatives from the Board of Governors of the...
 

SOX Clock Ticking, Senate Financial Reform Bill Advances

March 22, 2010

A key Senate committee has passed sweeping financial reform legislation, advancing the Dodd regulatory bill for consideration by the full Senate, moving lawmakers a small step forward in their effort to overhaul the U.S. regulatory system.The Senate Banking Committee on Monday evening voted 13-10 along party lines to approve the...
 

SEC's Aguilar on SEC, Financial Regulation Reforms

February 08, 2010

Despite the progress made during the last year, both with respect to financial reform and reform of the Securities and Exchange Commission's enforcement program, there's more work to do, according to at least one SEC official.While he praised some of the progress made to date, SEC Commissioner Luis Aguilar, in...
 

Proposed Budget May Mean SEC Gets $1.258B, Adds Staff

February 01, 2010

The President's budget request of $1.258 billion for the Securities and Exchange Commission for fiscal 2011 would increase the Commission's coffers by roughly $139 million, or 12 percent over its fiscal 2010 funding level, and would enable the agency to add about 380 staff positions.That's according to the report, Congressional...
 

DoJ, SEC, FDIC Officials, Bank Execs Come Before FCIC

January 11, 2010

The autopsy of the financial crisis is set to commence this week, with several top federal officials slated to join banking executives, analysts, and others to testify before the independent investigatory panel led by former California State Treasurer Phil Angelides.U.S. Attorney General Eric Holder, Assistant Attorney General Lanny Breuer, Securities...
 

Top Wall St. Execs in Hot Seat at Financial Crisis Hearing

December 23, 2009

At least three Wall Street executives will ring in the new year in the hot seat: Top executives from Goldman Sachs, JP Morgan Chase, and Morgan Stanley are among those slated to testify in mid-January before a high-profile commission investigating the causes of the financial crisis.Goldman Sachs Chairman and Chief...
 

Financial Regulation Moves Ahead, With SOX Exemption

December 14, 2009

Congressional efforts to chart the future of U.S. financial services regulation continue to forge ahead with the passage by the House of Representatives of a mammoth regulatory reform bill that combines several previous proposals into a massive 1,279 page tome.The House on Dec. 11 voted 223-202 to approve the Wall...
 

Aguilar Rails Against Effort to Roll Back 404(b)

November 09, 2009

If it clears Congress, an amendment to pending legislation could roll back the auditor attestation requirement of Sarbanes-Oxley for more than 6,000 public companies, according to a Securities and Exchange Commission official.SEC Commissioner Luis Aguilar, who railed against an amendment to The Investor Protection Act passed by the House Financial Services...
 

SEC-CFTC Report, Recommendations Arrive

October 16, 2009

It's here: the joint report by the Securities and Exchange Commission and the Commodity Futures Trading Commission recommending ways to harmonize regulation of futures and securitiesThe 96-page report comes in response to a June white paper issued by the White House calling for the agencies to recommend legislative and regulatory...
 

SEC-CFTC Harmonization Report Coming Oct. 15

October 01, 2009

Stay tuned: An expected report recommending ways to harmonize regulation of futures and securities is due out shortly, according to the chairmen of the Securities and Exchange Commission and the Commodity Futures Trading Commission.In a press release issued on Sept. 30—the deadline given by the White House in its June...
 

Schapiro Says Stronger Regs Needed for OTC Derivatives

September 23, 2009

While the Treasury's proposed legislation to regulate over-the-counter derivatives is "an important step forward," the chairman of the Securities and Exchange Commission called for Congress to strengthen the plan to avoid regulatory gaps and eliminate regulatory arbitrage opportunities.In Sept. 22 testimony before the House Committee on Agriculture, SEC Chairman Mary...
 

SEC, CFTC Joint Meetings on Regulation Harmonization

August 20, 2009

Those who can't get enough of the ongoing haggling about how to bring over-the-counter derivatives under the regulatory umbrella are in luck: The Securities and Exchange Commission and the Commodity Futures Trading Commission announced two joint meetings next month to seek input from the public on the "harmonization of market...
 

Comp Bill Passed, Poll Reveals Cos. Unprepared for SOP

July 31, 2009

The House of Representatives in a 237-185 vote approved a bill that would give shareholders of public companies annual advisory votes on executive compensation and requires regulators to set disclosure requirements and incentive-based compensation standards for financial institutions with more than $1B in assetsThe bill, H.R. 3269, the Corporate and...
 

Comp Reform Bill Passes Key House Committee

July 29, 2009

Congress's push to overhaul financial services regulation has picked up speed with passage by a key committee of a bill that would reform financial institutions' executive pay practices.The House Financial Services Committee voted 40-28 on Tuesday to approve H.R. 3269, the Corporate and Financial Institution Compensation Fairness Act, which would,...
 

Financial Crisis Inquiry Commission Members Named

July 24, 2009

Congressional leaders have tapped former California State Treasurer Phil Angelides as chairman of the 10-member Financial Crisis Inquiry Commission tasked with examining the domestic and global causes of the financial crisis.Angelides served as California State Treasurer from 1999 to 2007. As required under the Fraud Enforcement and Recovery Act, the...
 

Investor Group Offers Views on Reg Reforms

July 15, 2009

A high-profile group of investors, led by two former Securities and Exchange Commission chairmen, has published its own views on how best to reform regulation of the U.S. financial markets, which include calling for the creation of an independent Systemic Risk Oversight Board.The Investors' Working Group, sponsored by the CFA...
 

SEC IG Offers Reform Ideas to Congress

July 02, 2009

The Securities and Exchange Commission's Inspector General offered lawmakers some ideas for revamping the federal securities laws, including extending the regulatory jurisdiction of the Public Company Accounting Oversight Board and amending the Investment Advisers Act to require the use of independent custodians by investment advisers and hedge funds.The recommendations, detailed...
 

Beware: Financial Crisis Inquiry Commission Ramping Up

June 23, 2009

The independent commission tasked with investigating the causes of the financial crisis is ramping up-and that means companies that may find themselves in its cross-hairs ought to be prepared, according to lawyers in the law firm Gibson, Dunn & Crutcher.The bipartisan Financial Crisis Inquiry Commission, which was created by the...
 

Congress Prods SEC IG to Issue Madoff Findings

June 17, 2009

The Securities and Exchange Commission's independent watchdog soon plans to issue three reports related to its investigation into allegations regarding Bernard Madoff and his firm, Bernard L. Madoff Investment Securities—but apparently not soon enough for some members of Congress.In response to prodding by House lawmakers, the SEC's Inspector General said...
 

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