Saturday, January 28, 2012

NYSE Further Restricts Broker Discretionary Voting

Author: David Schwartz J.D. CPA
Citing “recent congressional and public policy trends disfavoring broker voting of uninstructed shares," the NYSE has severely limited broker discretionary voting of uninstructed shares with regard to corporate governance proposals.  Effective January 25, 2012, matters which would have previously been designated “Broker May Vote” will instead be designated “Broker May Not Vote.” 
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Monday, January 23, 2012

K&L Gates' Global Government Solutions 2012 Outlook

Author: David Schwartz J.D. CPA
K&L Gates' 2012 Annual Outlook provides a valuable collection of articles that address important industry and regulatory trends and their correlation with government and political developments. This edition highlights regulatory issues in areas such as: systemic financial risk regulation, anti-corruption and white-collar enforcement initiatives, tax policies, competition and antitrust law matters, intellectual property and international trade developments. Of particular interest in this year's report is the section on financial services. In this chapter, K&L Gates covers, among other things, updates on regulatory efforts and emerging developments that K&L Gates has identified as areas global financial professionals should keep on their radar screens
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Tuesday, January 17, 2012

Federal Reserve Proposes Enhanced Prudential Standards and Early Remediation Requirements

Author: David Schwartz J.D. CPA
On December 20, 2011, the Federal Reserve Board of Directors published its long awaited proposal on enhanced prudential standards and early remediation requirements.  This proposal, required by the Dodd-Frank Act, would impose greater levels of regulation and supervision on certain US bank holding companies and systematically important non-bank financial companies.  
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Monday, January 16, 2012

First FRB Financial Stability Analysis Serves as a Model for the Industry

Author: David Schwartz J.D. CPA
In a December 23, 2011 approval order in connection with the proposed acquisition of RBC Bank (USA), a North Carolina based unit of Royal Bank of Canada, by The PNC Financial Services Group, Inc. includes the FRB's first ever Dodd-Frank financial stability analysis.  This analysis may serve as a model for how the FRB will determine going forward “the extent to which a proposed acquisition, merger, or consolidation would result in greater or more concentrated risks to the stability of the United States banking or financial system” now required under Dodd-Frank.    

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Saturday, January 14, 2012

CFTC Adopts Business Conduct Standards for Swap Dealers and Major Swap Participants

Author: David Schwartz J.D. CPA
At its January 11 meeting, the CFTC adopted final business conduct standards for swap dealers and major swap participants.  These rules were proposed in December of 2010, and have garnered much attention and significant comment from the industry, prompting some significant changes from the proposal.
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