UK government plans Payments Council regulation
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.
GAO: Dodd-Frank Implementation Could Benefit from Additional Analyses and Coordination
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.
Bank of England 'needs better governance'
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by MPs on the Treasury Committee, which has stated that the financial institution is currently controlled under outdated internal rules and regulations
Regulators 'need more power over banks'
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.
Banks backing UK government online identity project
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.
CFTC and SEC Approve Confidential Private Fund Risk Reporting
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.
SEC rebukes Finra over altered documents
October 28, 2011 - US watchdog Finra has been given a taste of its own medicine, scolded by the Securities and Exchange Commission (SEC) for allegedly doctoring documents before passing them on.
SEC Orders FINRA to Improve Internal Compliance Policies and Procedures
October 27, 2011 - The Securities and Exchange Commission today ordered the Financial Industry Regulatory Authority (FINRA) to hire an independent consultant and undertake other remedial measures to improve its policies, procedures, and training for producing documents during SEC inspections.
