Monthly Archives: May 2010

CFTC-SEC Advisory Committee to Meet on May 24

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The Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC) announced that the first meeting of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues will be held on Monday, May 24.

The Joint Committee will discuss the preliminary findings of the staffs of the CFTC and SEC related to the unusual market events of May 6.  Monday’s meeting will be webcast live on the Internet at www.sec.gov.

For a list of members of the Joint Committee please go to http://www.sec.gov/news/press/2010/2010-79.htm

FCIC Probes Hedge Funds

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As reported on CNBC, The Financial Crisis Inquiry Commission has turned its attention to hedge funds, as it continues to examine the causes of the financial meltdown.

In the last few days, the FCIC sent a detailed survey to the member list of the Managed Funds Association (the main lobbying arm of the hedge fund industry), according to people who have received the survey. Continue reading →

Hedge Fund Rules Update from Across the Pond..

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According to the BBC -  A key committee of Euro MPs is preparing to vote on a controversial new directive regulating hedge funds and venture capitalists.

London-based fund managers have said the proposals will make it impossible for funds based outside the EU to raise money within Europe.

The US government has argued those plans are protectionist.

Britain’s new government wanted to delay the vote, but a report suggests efforts failed. Continue reading →

SEC, CFTC Announce the Creation of a new Joint CFTC-SEC Advisory Committee

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Securities and Exchange Commission Chairman Mary Schapiro and Commodity Futures Trading Commission Chairman Gary Gensler recently announced the formation of a joint committee that will address emerging regulatory issues.  The establishment of this committee was one of many recommendations included in the agencies’ harmonization report issued last year.  The first item on the committee’s agenda will be to review last Thursday’s market events and to make recommendations related to market structure issues, disparate trading conventions and rules across various markets.

Read More: http://www.sec.gov/rules/other/2010/33-9123.pdf
Continue reading →

No Summer Vacation for the Senate?

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Capital Hill news website TheHill.com is reporting that Senate Democratic Whip Dick Durbin (Ill.) said earlier today that the August recess is at risk because of Republican obstruction of Wall Street reform and executive branch nominees.  To read more about this story, click here.

Does Dodd Face Opposition From His Own Party?

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In addition to facing continuing opposition from the GOP, the financial reform bill could also face opposition from within.

Sen. Ben Nelson (D-Neb.), a centrist whose vote fellow Democrats might need in order to secure 60 or more votes to pass the bill, said today that the bill is not yet at a place where he could support it on final passage.

Notably, Senator Nelson joined with Republicans in three procedural votes last week in an effort to block beginning debate on the reform bill.  He was the only Democrat to do so.  Although Sen. Nelson did concede that the  amendments approved earlier today are bringing him closer to supporting the legislation, he also said that he still has “a lot” of concerns with the bill, including how the legislation would affect small and community banks.

Here Come the Amendments . . .

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Earlier today the Senate voted to approve an amendment to the portion of the financial regulatory reform bill dealing with “too big to fail” financial institutions.  The amendment is the result of an agreement reached earlier today between Senator Chris Dodd (D-Conn.), the chairman of the Senate Banking Committee, and Senator Richard Shelby (R-Ala.), the ranking member of that committee.

Today’s vote was the first formal movement on the reform bill since Republican senators allowed debate to begin late last week on the legislation, and has cleared the way for voting to proceed on the hundreds of other amendments being proposed by senators from both sides of the aisle.

Amendments approved: