Friday, April 6, 2012

FSOC Adopts Final Rules Governing Nonbank Financial Companies

Author: David Schwartz J.D. CPA
The Financial Stability Oversight Council (FSOC) has adopted final rules on Supervision and Regulation of Certain Nonbank Financial Companies.  These final rules and the accompanying interpretive guidance lay out in detail the manner in which the FSOC intends to implement the statutory standards and the processes and procedures that the Council intends to follow.
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Monday, April 2, 2012

SEC Chair Lays Out the Future of OTC Derivatives Regulation

Author: David Schwartz J.D. CPA
In an address in February before the Practicing Law Institute, SEC Chairman Mary Schapiro outlined for the audience the Commission's plans to build, from the ground up, a new regulatory regime for over-the-counter derivatives. The innovative and heretofore lightly regulated OTC derivatives market has long been seen by Schapiro as a risk to the financial system. In particular, she sees systematic risks posed by: the opacity of the derivatives market; weak or non-existent capital, margin and clearing and settlement requirements; and the concentration of derivative transactions among a relatively small number of institutions.
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Friday, March 30, 2012

Senators Introduce Legislation to Delay Volcker Rule

Author: David Schwartz J.D. CPA

A bi-partisan group of six Senators introduced a bill on March 22 that would postpone the implementation of the Volcker Rule set for on July 2.  Instead, the S. 2223 links the effective date of the Volker Rule to the date regulators finish drafting their Volker Rule regulations. Based on their concerns that Federal Reserve Chairman Ben Bernanke and others have said the regulations implementing the rule may not be completed by the current deadline, Sens. Mike Crapo (R-ID), Mark Warner (D-VA), Kay Hagan (D-NC), Tom Carper (D-DE), Pat Toomey (R-PA), and Bob Corker (R-TN) proposed the legislation. 

 
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Saturday, March 24, 2012

Proxy Season 2012 Issues & Resources

Author: David Schwartz J.D. CPA
With all the legislative changes, additional required disclosures, say on pay and corporate governance issues percolating in the background, investors, companies, and investment managers are faced with a challenging 2012 proxy season. Today we alert you to two issues involving proxy advisory services and point you to a resource for navigating the 2012 proxy season.
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Wednesday, March 21, 2012

IOSCO Issues Consultation Paper on Distribution of Complex Financial Products

Author: David Schwartz J.D. CPA
Last week, the Technical Committee of the International Organization of Securities Commissions (IOSCO) issued a consultation paper on the distribution by intermediaries of complex financial products to retail and non-retail customers.  The paper focuses on customer protections, proposing nine principles governing suitability and disclosure obligations, and will carry much weight as jurisdictions and IOSCO member regulators design or strengthen their regulatory regimes governing complex securities.
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