The global financial industry's regulatory framework has changed in recent years, moving from rules-based to principles-based compliance regulation. In the US, companies have relied for years on guidelines and rulebooks from the Security Exchange Commission (SEC) in order to ensure they are meeting their compliance obligations. Six years ago, the UK also had rules-based regulation -- until the Financial Services Authority (FSA), the UK's equivalent regulatory watchdog to the SEC, began to overhaul its regulatory processes. The FSA has become a principles-based regulator. It provides a list of high-level obligations, or principles, that firms must fulfill in order to stay compliant. The SEC will help drive the US adoption of principles-based regulation, although it will likely be a slow ...
Title XIV of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203 (the Dodd-Frank Act), charges the Bureau of Consumer Financial Protection (the CFPB or the Bureau) with regulating ``the offering and provision of consumer financial products or services under the Federal consumer financial laws.'' \1\ Specifically, the Dodd-Frank Act grants regulatory authority to the Bureau for the Electronic Funds Transfer Act,\2\ except with respect to section 920 of that Act, and the Truth in Savings Act,\3\ which taken together, in part, govern consumer transaction accounts. Accordingly, the Bureau is reviewing existing regulations and supervisory guidance issued by various regulators pertaining to the use of overdraft programs by financial institutions. To support this ...
BONN, Germany (HedgeWorld.com) - The German alternative investments association, Bundesverband Alternative Investments e.V. (BAI), on Wednesday [April 30] condemned "short and distort" tactics that a number of as yet unnamed hedge funds have been accused of using against certain banking stocks. Investigations begun recently by the U.S. Securities and Exchange Commission, the United Kingdom's Financial Services Authority and the Irish Financial Services Regulatory Authority are looking into allegations that certain market participants have attempted to spread false rumors against the financial solidity of certain banking stocks in an attempt to force the price down.
The UK a decade ago began the long and tedious process of combining its nine different financial regulatory agencies into the Financial Services Authority. The US, meanwhile, maintained its same old regulatory structure, with the Securities and Exchange Commission (SEC) keeping dominion over securities at the federal level, the Commodity Futures Trading Commission (CFTC) holding sway over futures, and more than 100 state securities and insurance regulators holding onto some degree of control over securities and insurance business on their turf. After airing his concerns in June, US Treasury Secretary Henry Paulson put out a formal request for comments on October 11, asking the financial services industry whether the US should keep its separate regulators for securities and futures on th...
... by the Australian Prudential Regulation Authority (APRA) to operate as a branch insurer to underwrit... authorized and supervised by the Irish Financial Services Regulatory Authority, and its branch in A...
A Georgia-based operator of gasoline stations has won an arbitration award of $3.4 million for losses in one of two Bear Stearns & Co. Inc. funds managed by Ralph Cioffi that collapsed in 2007, costing investors $1.6 billion. An arbitration panel for the Financial Industry Regulatory Authority (FINRA), an independent regulator for the financial services industry, ruled in favor of Atlanta, Ga.-based RaceTrac Petroleum Inc. in the case involving Bear Stearns and two subsidiaries.
Beginning next January 1, the UK FinanCial Services Authority will assume regulatory control over travel insurance policies sold by travel agents and tour operators -- rules likely to change an industry that agents once dominated. The change has the support of the British Insurance Brokers Association, which views the current situation as unfair to its members. BIBA maintains that firms selling travel insurance should be subject to the same regulatory environment as specialist insurance intermediaries. Much of the dissatisfaction with the travel insurance market has focused on the way policies have been sold. The disinclination of agents to sell a trip unless a customer has travel insurance has brought suggestions that agents use this moment of decision to push their own products onto c...
LONDON (Reuters) - Hector Sants, the head of Britain's financial watchdog, met U.S. counterpart Mary Schapiro on Thursday [Oct. 13], days before the European Commission is expected to unveil a draft law on sweeping reform of EU securities trading rules. The Financial Services Authority said the two chiefs discussed topics such as cross-border enforcement cases, regulatory reform, oversight of over-the-counter derivatives trading and clearing, high- frequency trading, market surveillance and short selling.
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