Financial Regulation >>>

    CFTC CPO Rule May Cost Advisers Up to $450,000

    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 [...]


    Automation Rule for Exchanges to Be Revisited

    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 [...]


    Global Banks Caught in Basel III Rule Delays, Group Says


    Deutsche Bank Has Bigger Capital Burden

    Deutsche Bank AG would be required to hold more capital and Bank of America Corp.’s burden stands to be reduced as global regulators shuffled the competitive balance among the world’s biggest banks. Citigroup Inc., HSBC Holdings Plc and JPMorgan Chase & Co. join Deutsche Bank as firms that will be targeted for a capital surcharge of 2.5 [...]


    Percentage of Banks That Failed Rises in Basel III Stress Scenario


    Swaps Rule Sends Wall Street Into Clearing Limbo

    The securities industry misinterpreted rules it assumed allowed as many as nine months to start moving swaps into clearinghouses that are meant to limit risks to the financial system. Firms dealing in $648 trillion of outstanding swaps contracts expected that trading during a phase-in period wouldn’t need to be processed by central clearinghouses, according to an Oct. 5 [...]


    EU Said to Consider Delay in Basel Rules

    The European Union may consider pushing back when lenders need to start phasing in tougher Basel bank-capital rules by as much as a year after warnings that pressing ahead with the original timetable may drive up costs, according to three people familiar with the talks. EU lawmakers and officials, facing a Jan. 1 international deadline for incorporating the rules, [...]


    Verbatim: SEC Roundtable Discusses ‘Kill Switch’ to Cut Trading Errors

    Exchange and investment professionals discussed the use of “kill switches” – automated switches that would turn off trading at securities firms when their volume exceeded preset maximums – during a roundtable this week hosted by the U.S. Securities and Exchange Commission. Regulators are under pressure to prevent “kill switch” computer and software malfunctions from harming markets. Roundtable participants [...]


    Courts Find Cost of Rules Needs More Attention

    Last week’s decision by a federal judge to block the U.S. Commodity Futures Trading Commission’s speculation limits rule is the latest example of the key role that cost-benefit analyses have played in post-crisis regulatory proposals. U.S. District Court Judge Robert Wilkins ruled that it was not “plain and clear” that the Dodd-Frank Act allowed the CFTC to [...]


    Laws May Limit Employers’ Social Media Access

    Securities firms will find it harder to monitor their employees’ social media websites for evidence of mis-selling or other regulatory violations in states considering new privacy laws, say regulators, securities firm managers and regulatory attorneys. The Financial Industry Regulatory Authority (Finra) wrote in a letter to a California assemblywoman that her privacy legislation, which Governor Jerry Brown [...]


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