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US Congressional Committee Blasts Sifi Designation Process

By Louie Wodall
Published May 19, 2014 Risk

US insurance regulators and lawmakers are demanding to know more about how the Financial Stability Board (FSB) designates non-bank globally systemically important financial institutions (G-Sifis) amid concerns that FSB decisions are influencing the designation process for US systemically important financial institutions (Sifis).

The US House of Representatives Committee on Financial Services sent a letter on May 9 to secretary Jacob Lew of the US Treasury; Janet Yellen, chair of the Federal Reserve; and Mary Jo White, chair of the US Securities and Exchange Committee (SEC), requesting they disclose by May 16 every communication in their possession relating to the designation and methodologies used to designate and regulate G-Sifis.

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Modernizing our Regulatory Structure

By Richard H. Neiman and Mark Olson
Published April 14, 2014 The Hill's Congress Blog

Streamlining America’s financial regulatory architecture was a major missed opportunity in the Dodd-Frank Act. Our existing structure is a patchwork of reactions to past financial crises that date back more than 150 years. Modernizing this patchwork system would improve regulation, enhance financial stability and increase economic growth. Today, we propose a road map for how to achieve these goals.

Each major U.S. financial regulator was created following a crisis. The need for Civil War funding birthed the Office of the Comptroller of the Currency (OCC). The Panic of 1907 brought about the creation of the Federal Reserve. The Great Depression resulted in the Federal Deposit Insurance Corporation and the Securities and Exchange Commission (SEC).

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Nearly Half of Dodd-Frank Rules Still Unwritten

By Vipal Monga
Published April 8, 2014 Wall Street Journal

The Wall Street Reform and Consumer Protection Act, commonly known as the Dodd-Frank Act, remains a work in progress almost four years after it was signed into law.

As of April 1, only 52% of the 398 rules mandated by the law have been completed, according to law firm Davis Polk & Wardwell LLP.

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US SEC Proposes New Rules to Safeguard Clearing Agencies

Published March 13, 2014 Reuters

U.S. regulators proposed long-awaited rules on Wednesday designed to safeguard the country's largest clearing agencies from collapsing and spreading systemic market risks.

The Securities and Exchange Commission's plan primarily targets clearing and settlement agencies such as the Options Clearing Corp (OCC) and Depository Trust & Clearing Corp (DTCC), which are considered "systemically important" market utilities.

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Obama Scales Back Budget Request for CFTC, While Sparing SEC

By Sarah N. Lynch and Douwe Miedema
Published March 5, 2014 Reuters

The White House on Tuesday asked Congress to ramp up funding for the U.S. securities regulator, but caused an outcry from the top derivatives regulator by scaling back its prior request for a boost for that agency.

President Barack Obama proposed a fiscal year 2015 budget for the Securities and Exchange Commission of $1.7 billion, and a budget for the Commodity Futures Trading Commission of $280 million. The new fiscal year begins on Oct. 1.

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SEC Delays Approvals for Active ETFs with Derivatives

By Tom Lydon
Published January 29, 2014 ETF Trends

he Securities and Exchange Commission lifted a ban on derivatives in actively managed exchange traded funds a little over a year now, but the regulatory body has not made up its mind on how the change should be implemented, pushing back approval for some active products.

The SEC is requesting further details on derivatives or illiquid securities, along with how portfolio securities will be valued, reports Jackie Noblett for Ignites.

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Exclusive: SEC May Seek More Power to Enforce Volcker Rule

By Sarah N. Lynch
Published January 16, 2014 Reuters

U.S. securities regulators fear they do not have the full range of enforcement powers to police Wall Street's compliance with the controversial Volcker rule, and told Reuters they are considering new rules to fill the gap.

Officials at the U.S. Securities and Exchange Commission say the rule, which generally bans banks from making speculative bets with their own money, does not currently allow the agency to police brokerages for technical violations.

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Wall Street Regulators Face Budget Crunch Under New Spending Deal

By Sarah N. Lynch
Published January 14, 2014 Reuters

Two of Wall Street's top regulators are due to receive much smaller increases in their budgets than they requested, potentially hobbling their ability to police the markets for wrongdoing.

The $1.1 trillion spending bill unveiled by the U.S. House of Representatives and Senate would allot the U.S. Securities and Exchange Commission $1.35 billion for the fiscal year ending Sept. 30, 2014, a figure the agency said "falls far short of what we need to fulfill our responsibilities."

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House Lawmakers Fault SEC on Volcker

By Andrew Ackerman
Published January 13, 2014 WSJ Law Blog

Two key House Republicans said U.S. securities regulators violated federal law by approving the Volcker Rule without a detailed analysis of its economic consequences.

House Financial Services Committee Chairman Jeb Hensarling (R., Texas) and Rep. Scott Garrett (R., N.J.) wrote Securities and Exchange Commission Chairman Mary Jo White for an explanation. They cited a recent judicial ruling saying the agency has an obligation to assess the impact of its rules’ on market “efficiency, competition and capital formation.”

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Why I'm Voting No to Volcker: SEC Commissioner

By Catherine Boyle
Published December 9, 2013 CNBC

The Volcker Rule banning proprietary trading has plenty of well-known opponents, but not many as high up as one of the commissioners who has to vote on it on Tuesday.

Michael Piwowar, who was appointed to the Securities and Exchange Commission in August, told CNBC at the ICI Global Trading and Market Structure Conference in London that he would vote against the proposed rule in its current form.

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