“FOIA provision in Dodd-Frank Bill: foiled?”
Article from The Wall Street Journal - Senators have introduced legislation to strip a provision of the Dodd-Frank statute that allows the Securities and Exchange Commission to deny requests to make public certain information obtained from financial institutions.
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“President signs Dodd-Frank Wall Street reform bill”
Press release from Senator Chris Dodd - President Obama signed the financial reform bill, bringing the Wall Street reforms into effect. The Senator stated that the bill will protect taxpayers and consumers, and compel regulators to act on emerging threats to the economy.
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“Law remakes US financial landscape”
Article from The Wall Street Journal - The financial overhaul bill has been approved by Congress. The legislation will provide ten regulatory agencies with the discretion to write hundreds of new rules governing finance.
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“Finance Bill close to passage in Senate”
Article from The Wall Street Journal - Two Senate Republicans said Monday they would support the Obama administration's financial-overhaul legislation, and Democrats now believe they have the 60 votes needed to push the sweeping bill into law by the end of the week.
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“Revisiting the regulations affecting business”
Article from The Wall Street Journal - As part of a broad policy review, White House administration officials asked business leaders to identify specific rules that could be streamlined, although the administration hasn't yet proposed revisions for any of the rules at issue.
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“European bankers' bonuses reined in as MEPs vote in tough new limits”
Article from The Australian - Europe’s bankers will be hit with the world's toughest curbs on bonuses as part of moves to curtail casino banking. The European Parliament voted yesterday to limit the cash element of the payouts to 30 per cent and to cap bonuses according to salary.
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“Deep divisions over G20 bank plans”
Article from The Australian - G20 leaders have scrambled together a basic accord to toughen financial regulations, but the summit also sowed a fair degree of discord. In general, countries whose banks survived the recent financial crisis are taking the view that they have already proven the worth of their regulatory frameworks and so aren't willing to pay the price for others' errors.
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“US Congress agrees to new finance rules”
Article from The Australian - Congressional Democrats and White House officials in Washington have reached agreement on legislation that would transform US financial regulation.
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“Fed chief Ben Bernanke praises progress on US financial reforms”
Luca Di Leo from: Dow Jones Newswires - US Federal Reserve chairman Ben Bernanke has praised Congress for making progress in drawing up financial regulatory-overhaul legislation. (The Australian online).
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“Latest BIS Quarterly Review discusses financial turbulence”
The BIS Quarterly Review for June 2010 attributes the recent surge in volatility in global financial markets to a loss of investor confidence due to fiscal concerns and the risk of weaker growth.
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“Hungary seeks to calm global markets”
The Australian online, sourced from The Wall Street Journal - Hungary’s new cabinet huddled in an emergency session over the weekend to devise an economic plan aimed at restoring confidence in the nation's creditworthiness, as the government backtracked on officials' earlier comments that the country could default on its debts.
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“G20 delay on Basel III bank curbs”
The Guardian - G20 finance ministers agree Basel III anti-speculation rules for banks will be phased in over several years.
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“Italy approves $A35.9b austerity program”
SMH.com article sourced from AFP - The Italian government announces it has approved austerity measures worth 24 billion euros ($A35.99 billion) for 2011-2012.
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“Senate passes U.S. financial reform bill”
CBC News article - U.S. Senate passes landmark legislation to further regulate banks and Wall Street in what is considered the largest attempt to overhaul the U.S. financial system since the 1930s.
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“CPSS and IOSCO consult on policy guidance for central counterparties and trade repositories in the OTC derivatives market”
Press release from the Bank of International Settlements - The Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organization of Securities Commissions (IOSCO) have issued two consultative reports containing proposals aimed at strengthening the OTC derivatives market.
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“Regional Economic Outlook: Europe Moving to Restore Growth and Sustainability”
IMF European Department article on the new European Stabilization Mechanism.
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“CESR takes a coordinated effort to respond to the recent market turmoil”
News item from the Committee of European Securities Regulators (CESR) website - Members of the CESR have decided to intensify their close monitoring of the securities and derivatives markets.
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“China's deleveraging pain”
Article from Business Spectator - Chinese regulators have finally decided to clamp down on the massive build-up in local government debt, but many fear that Beijing’s actions may be too late to prevent a surge in problem loans in the Chinese banking system.
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“IOSCO releases disclosure principles for asset-backed securities”
The global umbrella group of securities regulators, the International Organization of Securities Commissions, has published new disclosure principles for asset-backed securities. IOSCO’s technical committee Thursdah published a final report setting out principles designed to provide guidance to securities regulators who are developing, or reviewing, their regulatory disclosure regimes for public offerings and listings of ABS.
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“IMF targets banks with 'excess profits tax”
Article from the Daily Telegraph (UK) - The International Monetary Fund is poised to recommend an unprecedented new "excess profits tax" on banks worldwide. The Fund is expected to suggest the tax – which is effectively on banks' cashflow – as one of the best ways governments can raise significant amounts from banks without drastically distorting the financial system.
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“Chris Dodd: Regulation reform next month”
Senate Banking Committee Chairman Chris Dodd said Friday that he plans to bring the financial regulatory reform bill to the Senate shortly after Congress returns from recess in the second week of April.
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“How European CDS regulation will work”
Article from the International Financial Law Review - The contents of four European directives will determine the future of credit default swaps (CDS) in Europe. Lawyers and industry representatives are relieved that the focus is on transparency rather than bans, but are still uncertain what the detail will mean.
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“Europe Needs Authority to Deal with Failing Banks, says IMF Chief”
IMF website - European Union-wide authority to deal with failed banks is needed to strengthen the region’s post-crisis banking system, the head of the IMF, Dominique Strauss-Kahn said in a speech on March 19.
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“Greece raises stakes in quest for EU help”
Article from Business Spectator - Greece has raised the stakes in its quest for EU help to tackle its debt crisis, saying it cannot achieve promised deficit cuts if its borrowing costs remain so high and may have to call in the IMF.
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“FSA Chairman discusses potential for new macroprudential policy tools to manage credit and asset price instability”
New macro prudential policy tools are almost certainly needed to manage potentially unstable cycles of credit and asset prices and these tools may need to distinguish between different types of credit, according to Financial Services Authority (FSA) chairman, Lord Turner.
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“International regulators publish systemic risk data requirements for hedge funds”
Media release - The IOSCO Technical Committee has published details of an agreed template for the global collection of hedge fund information which it believes will assist in assessing possible systemic risks arising from the sector.
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“Rethinking Macroeconomic Policy”
IMF paper by Olivier Blanchard, Giovanni Dell’Ariccia, and Paolo Mauro.
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“The global regulatory outlook”
A speech by Greg Medcraft, Commissioner, ASIC at the American Securitization Forum Conference.
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“World Economic Outlook Update - A Policy-Driven, Multispeed Recovery”
The global recovery is off to a stronger start than anticipated earlier but is proceeding at different speeds in the various regions.
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“40th Davos meeting challenges decision-makers to ‘Rethink, Redesign, Rebuild’ ”
Press release on the 40th anniversary of the World Economic Forum Annual Meeting.
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“Joint Forum release of Review of the Differentiated Nature and Scope of Financial Regulation”
The Joint Forum today released its report, Review of the Differentiated Nature and Scope of Financial Regulation – Key Issues and Recommendations. The report analyses key issues arising from the differentiated nature of financial regulation in the international banking, securities, and insurance sectors.
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“Forum study finds no evidence of private equity investments impacting industry volatility”
Press release - Wolrd Economic Forum. Industries with private equity activity grow more rapidly (as measured by total production, value added and employment) and experience no more volatility in the face of industry cycles than other industries.
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“Fit and Proper Assessment - Best Practice - Final Report”
IOSCO Report from the Emerging Markets Committee of the International Organization of Securities Commissions.
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“US House approves financial reforms”
Article - Business Spectator. The US House of Representatives approved the biggest changes in financial regulation since the Great Depression, marking a win for the Obama administration and congressional Democrats.
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“Proposals for Global Redesign go forward as Summit on the Global Agenda closes”
Press release - World Economic Forum. Participants in the second Summit of the Global Agenda have put forward their ideas for redesigning the global system.
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“Tentative global economic recovery raises questions about reforms in the post-crisis world”
Press release - World Economic Forum.
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“OTC derivatives market activity in the first half of 2009”
Press release - Bank for International Settlements.
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“Dodd on Fed's new overdraft fee rule”
Newsroom - Senate Banking Committee Chairman Chris Dodd welcomed the release of a new Federal Reserve rule that will require banks to get a customer’s consent before enrolling them in an overdraft coverage program.
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“Summary: Restoring American Financial Stability – Discussion Draft”
Senate Committee on Banking, Housing, and Urban Affairs, Chairman Chris Dodd (D-CT).
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“Financial leaders at India Economic Summit endorse Indian Prime Minister’s reform agenda”
Press release - Top executives from Indian and international financial institutions endorsed the capital market reforms proposed by Manmohan Singh, Prime Minister of India, during his keynote address yesterday at the India Economic Summit.
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“IMF to Assess G-20 Progress on Recovery, Mulls Financial Levy - IMF Survey online”
In the News - International Monetary Fund.
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“European Council calls for progress on reforming EU supervision and regulation”
Presidency Conclusions of the Brussels European Council - 29/30 October 2009.
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“Standard Business Reporting Gains International Momentum”
Joint press release from Chris Bowen MP and Lindsay Tanner MP about the Standard Business Reporting (SBR) program attracting interest internationally.
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“EU weighs burden of rules for derivatives trading”
Article - The Australian online.
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“SIFMA’s Bentsen Statement on Committee Passage of Derivatives Regulation”
Press release - Securities Industry and Financial Markets Association.
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“Financial Services Committee Approves Legislation to Regulate Derivatives”
Press release - House Financial Services Committee.
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“Forum’s Financial Development Report shows global financial centres’ lead is weakening”
Press release - World Economic Forum.
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“Deal proposed to Lehman Brothers Europe creditors”
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“IMF says restarting securitisation is ‘critical’”
News article - IFR Securitisation Report.
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“Rating agencies under scrutiny by lawmakers”
Article - Financial Times online.
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“IMF World Economic Outlook October 2009”
Press release - Website of the Treasurer of the Commonwealth of Australia, The HonWayne Swan MP.
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“Special Purpose Entities: Joint Forum releases final report”
Press release - Bank for International Settlements website.
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“Corporate concerns about OTC derivative regulation”
Article - The Association of Corporate Treasurers (ACT).
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“FSA publishes guidelines on reporting on-exchange derivatives”
Legal update - PLC Financial Services.
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“Commissioner McCreevy gives speech on EU regulatory reform”
Legal update - PLC Financial Services.
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“SEC and UK FSA Discuss Approaches to Global Regulatory Requirements”
Press release - U.S.Securities and Exchange Commission.
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“Comprehensive response to the global banking crisis”
Press release - Bank for International Settlements.
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“Unregulated Financial Markets and Products”
Final Report - IOSCO’s Technical Committee.
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“Progress Report on the Actions of the London and Washington G20 Summits”
Click here for more G20 publications.
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“Fitch to review European CRE”
Article - International Securitisation Report.
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“Treasury, Financial System Supervisors and Regulators Issue Financial Sector Self-Assessment Reviews to IMF”
Press release - US Department of the Treasury.
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“Corporates lobby for flexibility”
Article - International Financing Review.
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“OTC reform legislation sent to Capitol Hill”
Article - IFR (International Financing Review).
“White House committed to curb Wall St risk taking”
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“Bank bonus fury erupts in France”
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“Geithner warns regulators to back reform plan”
“SFO adopts aggressive approach on banking fraud”
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“CESR publishes addendum to consultation on format and content of key information document disclosures for UCITS”
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“Bankers dismiss fee complaints”
Article - International Financing Review
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"Lord Mayor’s Banquet for Bankers and Merchants of the City of London"
Speech by Mervyn King - Governor of the Bank of England
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"ISDA Responds to Turner Review"
News release - International Swaps and Derivatives Association
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"Publication of the “Report by the Financial System Council’s Study Group on the Internationalization of Japanese Financial and Capital Markets"
"Current situation of Japan’s financial system and FSA’s policy response"
Speech by Dr Takafumi Sato Commissioner, Financial Services Agency (FSA)
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"CLN issuers reminded of risk-disclosure duties"
Media release from the Securities and Futures Commission, Hong Kong
"Draft White House plan for regulatory reform of the US financial system"
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“IOSCO finalises policy responses to the financial crisis” - Media release
Speech by SEC Chairman: Improving the Role of the Securities Regulators in a Changing Global Financial System
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"Unregulated Financial Markets and Products – Consultation Report "
The International Organization of Securities Commissions (IOSCO)
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“An Overview of the Legal, Institutional, and Regulatory Framework for Bank Insolvency”
International Monetary Fund (IMF) and the World Bank
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“Recommendations and Principles to Strengthen Financial Systems”
Group of 20 (G20) Financial Stability Forum (now Board).
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Release on “Initiatives in response to the crisis”
The Basel Committee on Banking Supervision
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“Framework for Regulatory Reform”
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“The Perimeter of Financial Regulations”
International Monetary Fund (IMF)
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“Financial Services Authority - The Turner Review”
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“Lessons of the Financial Crisis for Future Regulation of Financial Institutions and Markets and for Liquidity Management”
International Monetary Fund (IMF)
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“Financial Reform - A Framework for Financial Stability” International Monetary Fund (IMF)