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Governance

December 20, 2011 - The Federal Reserve Board on Tuesday proposed steps to strengthen regulation and supervision of large bank holding companies and systemically important nonbank financial firms. The proposal, which includes a wide range of measures addressing issues such as capital, liquidity, credit exposure, stress testing, risk management, and early remediation requirements, is mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

December 16, 2011 - Over 80% of US banks and credit unions plan to invest in new technologies to help them conform to new FFIEC online banking security guidance, according to a survey from vendor Guardian Analytics.

December 5, 2011 - OTC clearing reform will not reduce systemic risk, according to 50% of market participants surveyed at a recent industry debate. Nevertheless, 79% have identified the need for collateral optimisation within their organisations, driven by regulatory changes on the horizon.

November 8, 2011 - Governance protocols within the Bank of England (BoE) need to be reformed sooner rather than later in the aftermath of the global economic downturn. That is according to a new report published today (8 November) by MPs on the Treasury Committee, which has stated that the financial institution is currently controlled under outdated internal rules and regulations

December 15, 2011 - Regulatory bodies are not acting with enough intelligence to resolve the ongoing issues in the global financial system.

November 14, 2011 - Rules relating to accounting practises among banks in Europe and the US should be amended to make sure they give a clearer representation of the truth.

November 4, 2011 - Regulators should be granted significantly more powers when overseeing the activities of banks following the global economic downturn. That is according to Mervyn King, governor of the Bank of England (BoE), who has called for the government to respond to the issues that contributed to the recession in the banking industry by creating fresh rules.

December 15, 2011 - Speakers at Wolters Kluwer Financial Services' FRSGlobal breakfast briefing advised industry to participate in consultation and ensure preparation is on track for COREP before 1st January 2013 deadline.

November 11, 2011 - Following its bungled and abandoned attempt to scrap cheques, the UK Payments Council looks set to face new government-imposed regulations. In July, Britain's banks scrapped their plans to abolish cheques by 2018 after pressure from MPs, consumer groups and charities.

November 3, 2011 - Big banks and card schemes are among a list of 26 companies that are working with the UK government on the creation of a new personal identity system for consumers transacting online.

December 8, 2011 - Financial services firms may have to appoint chief data protection officers under new rules being drawn up the European Commission.Bureaucrats in Brussels are putting the finishing touches to a new set of legislation designed to reform data protection laws across the EU.

November 10, 2011 - Federal financial regulators are required to conduct a variety of regulatory analyses, but the requirements vary and none of the regulators are required to conduct benefit-cost analysis. All financial regulators must analyze the paperwork burden imposed by their rules and consider the impact of their rules on small entities as part of their rulemaking process. The Commodity Futures Trading Commission and the Securities and Exchange Commission are also required under their authorizing statutes to consider certain benefits and costs of their rules.

October 31, 2011 - The Commodity Futures Trading Commission (CFTC) today approved a final rule requiring certain advisors to private funds that are dually registered with the CFTC and the Securities and Exchange Commission (SEC) to report information to the SEC for use by the Financial Stability Oversight Council (FSOC) in monitoring risks to the U.S. financial system. The SEC approved the joint rule on October 26, 2011.

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