Financial Regulation >>>
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U.K. banks, under pressure from the Bank of England to increase capital, may do exactly what the central bank doesn’t want them to do: Cut lending. While trimming or delaying dividends, selling assets, reducing pay or raising equity would also bolster capital, banks such as government-owned Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc may [...]
Standard Chartered Plc expects U.K. regulations requiring it to hold capital against theoretical stress scenarios will cost $300 million in lost earnings by the end of the year, said Richard Meddings, the bank’s finance director. Click here to continue reading.
The Australian Securities and Investments Commission in a report on client money handling practices in the retail over-the counter derivatives sector found a number of compliance weaknesses, including a small number of licensees that issue OTC contracts for difference or margin foreign exchange contracts to retail clients that didn’t perform client money reconciliations on a daily basis [...]
Brokers would have to tell customers about recruiting bonuses and other compensation arrangements they earn when moving to a new firm, under a plan the Financial Industry Regulatory Authority voted yesterday to put out for comment, according to a person familiar with the meeting. Click here to continue reading this sample article from Financial Regulation.
By Dana Wilkie Principal Financial Group Inc., the seller of life insurance and retirement products, is seeking to exit banking to limit U.S. oversight. The insurer filed a draft application to end its status as a savings and loan holding company to avoid Federal Reserve regulation that may limit investing and require the Des Moines, Iowa-based company to [...]
Investment adviser firms registering for the first time as commodity pool operators (CPOs) or commodity trade advisers (CTAs) may spend up to $450,000 to get new computer systems, software and employees up to speed with U.S. Commodity Futures Trading Commission requirements, according to Karen Barr, general counsel of the Investment Advisers Association. The costs, which include figuring [...]
Codification of the U.S. Securities and Exchange Commission’s so-called automation review policy, or ARP, program is attracting more attention as a next step to strengthening market technology rules for exchanges and clearing agencies. The voluntary ARP program, which most market centers already treat as mandatory, has long deserved revisiting in the form of a mandatory set of rules, according [...]