CFTC and SEC join forces on Disclosure Requirements

The Commodity Futures Trading Commission (CFTC) join forces with the Securities and Exchange Commission (SEC) to require hedge funds and private equity funds to increase their disclosures to regulators. The proposed new regulation, required by the Dodd-Frank financial regulation reform law, was written jointly by the two regulators.     More specifically, the CFTC proposed a rule that would require private fund advisers to provide an array … [Read more...]

House Backs Financial Regulatory Reform

The House of Representatives yesterday gave its final approval to a bill increasing regulation of the U.S. financial industry.   The bill was widely described as the most comprehensive reorganization of financial regulation since the Great Depression, passed by a vote of 237 to 192, with all but three Republicans in opposition.    The legislation now moves to the Senate, where a vote is expected later this month.  The bill is not expected … [Read more...]

Banks worry that Volcker Rule might become a Volcker Law

Although, it is still unclear what role the Volcker rule will play in the final financial regulation bill, banks are beginning to face the idea that the Volcker rule might become the Volcker law.        The Volcker rule, named after former Federal Reserve Chairman Paul Volcker, has been advocating an aggressive reform for Wall Street: to re-draw the line between commercial and investment banking. Since the repeal of the New Deal-era … [Read more...]

Senate Republicans Put the Brakes on Financial Reform Bill Debate

Financial regulatory reform is postponed, as Senate Republicans united yesterday to deprive Democrats of the votes needed to start debate on a bill out of the Banking Committee.   However, debate on the bill could begin as soon as this week. Democrats needed 60 votes to begin the debate, but only 57 senators voted to take up the bill, while 41 voted against it.   All Republicans voted against the bill.  Not voting were Sens. Christopher … [Read more...]

The SEC Plans to Expand its NY Office

According to several news sources, the Securities and Exchange Commission plans to expand its New York office by about 8 percent this year as the financial regulator focuses more heavily on regulating hedge funds and brokerages. The SEC stated that it plans to hire 18 people on the enforcement side, where it currently employs about 150 people in New York, and add 15 people to its examinations staff, which currently numbers about 210 in New York. … [Read more...]