Friday, December 9, 2011

Senate Finance Committee Asks for Volcker Rule Delays and Revisions

Author: David Schwartz J.D. CPA

In a December 7 letter to the Fed, SEC, CFTC, OCC, and FDIC, House Financial Services Committee Chair Spencer Bachus (R-ALA) requested that the comment period for the proposed regulations implementing the Dodd-Frank Volcker Rule be extended for at least 30 days to accommodate a January 18, 2012 Financial Services Committee hearing. At present, the comment period for the regulations expires on January 13, 2012. Senator Bachus's letter claims the proposed regulations go too far, and that the proposals "are not clear and need much work."

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Thursday, December 8, 2011

US Banking Regulators Seek Additional Comment on Market Risk Capital Rules

Author: David Schwartz J.D. CPA

The Fed, the FDIC and the OCC have issued a release seeking additional comment on proposed modifications to the agencies’ market risk capital rules for banks with significant trading activities. This release amends a December 2010 proposal, and includes alternative standards of creditworthiness to be used in place of credit ratings to determine the capital requirements for certain debt and securitization positions covered by the market risk capital rules. 

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Tuesday, December 6, 2011

House Subcommittee Approves Legislation Allowing Pension Plans to Use Swaps to Hedge Risks

Author: David Schwartz J.D. CPA
On November 15, the House Capital Markets Subcommittee approved legislation that would amend the Employee Retirement Income Security Act, the Commodity Exchange Act, and the Securities Exchange Act to ensure that pension plans can use swaps to hedge risks.  HR 3045 creates an exception for ERISA pension plans allowing them to engage in swap transactions without their swap dealer counterparties incorrectly being labeled as fiduciaries.
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Friday, December 2, 2011

Taiwan Moves to Discourage Short Selling and Securities Lending

Author: David Schwartz J.D. CPA
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Tuesday, November 29, 2011

Widening CDS Spreads Worry Global Financial Markets

Author: David Schwartz J.D. CPA
Over the past few months, spreads for credit default swaps (CDS) have widened quite dramatically. These widening CDS spreads are a clear sign of stress on banks, and that the cost of protecting financial
institution and government debt against default is steadily rising, causing worry across the global financial markets.
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