On Wednesday, the Commodity Futures Trading Commission (CFTC) issued, for public comment, a proposal for a weekly CFTC Swaps Report that, when finalized, will give the public a comprehensive look at the size, risks and activities of the swaps market. The proposal grew out of the swaps market reforms of the Dodd-Frank Act. While that legislation only […]
Joe Mont
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Stepping in Where SEC Failed, FSOC Pitches Money Market Fund Reforms
In an effort to address the threats money market mutual funds (MMFs) can pose to the financial system, the Financial Stability Oversight Council on Tuesday unanimously voted to propose structural reforms for the $2.4 trillion domestic marketplace. The Council, through its authority under the Dodd-Frank Act, is proposing three alternatives that are intended to reduce […]
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Politics of Dodd-Frank Legal Challenges Downplayed by Lawyers
Last week’s reelection of President Barack Obama, with Democrats maintaining control of the Senate, was a blow to Republican efforts to chip away at the Dodd-Frank Act and reshape its financial reforms. For now at least, what happens next on The Hill may not be as damaging to those rules as what happens in courtrooms. […]
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Election Results Could Lead to Swifter Rulemaking
What do last week’s election results mean for business regulation, enforcement, and other issues important to the compliance function? For the most part, more of the same, say compliance experts and lawyers. Indeed, last week’s election appeared to be a vote for the status quo; Not only was President Barack Obama re-elected, the composition of […]
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Volcker Rule Under Attack
Months after the July 1 deadline to finalize the Volcker Rule—a cornerstone of the Dodd-Frank Act that places limits on proprietary trading by banks and on other activity that regulators consider risky—the provision remains in limbo, leaving open the door for those pitching alternatives and others demanding its demise. Section 619 of the Dodd-Frank Act, […]
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SEC Refuses to Postpone Effectiveness of Extraction Payments Rule
The Securities and Exchange Commission will not voluntarily postpone the implementation of a recent rule requiring oil, gas and mining companies to disclose payments made to governments for extraction rights. On Oct. 25, the American Petroleum Institute, the Independent Petroleum Association of America, the National Foreign Trade Council, and the U.S. Chamber of Commerce hand-delivered […]
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Bank Regulators Delay Basel III Capital Requirements
Federal banking regulators on Friday took a step back from efforts to meet the international standards and capital rules promoted by the international Basel Committee on Banking Supervision (Basel III), delaying new rules that were set to begin at the start of the year. No alternative timeline was suggested. “Many industry participants have expressed concern […]
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Despite Say-on-Pay Successes, Companies Still Tinker With Plans
Even though most U.S. public companies received strong shareholder support for their executive compensation programs during the most recent proxy season, nearly half of the respondents to a new survey by professional services company Towers Watson say they will revisit their approach to linking pay and performance ahead of the 2013 proxy season. Despite that […]
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Election Results Raise as Many Questions as Answers
Yes, we now know that President Obama will have another four years in office, that Democrats have retained a Senate majority, and Republicans still hold their grip on the House of Representatives. But what do the election results mean for business regulation, tax law, and other issues important to the compliance function? We’ll be reporting […]
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KPMG: Community Bankers Focus on M&A as Compliance Costs Rise
A new survey of community bankers by audit firm KPMG finds executives lashing out at new regulatory requirements, blaming them for stifling growth and driving mergers and acquisitions. Nearly one-third of those surveyed, however, admitted that they still haven’t taken a hard look at the direct impact of new capital requirements. Also, despite plans for […]
