Regulator will consider simplifying Basel III
Criticism that Basel III rules, which require banks to hold more capital against possible losses, are too complex is prompting the Basel Committee on Banking Supervision to re-examine the rules. "A vigorous public debate has developed recently as to whether the Basel regulatory framework strikes an appropriate balance among different desirable characteristics: simplicity, comparability and risk sensitivity," Chairman Stefan Ingves said. Reuters
(3/12), Bloomberg
(3/12), The Wall Street Journal/Dow Jones Newswires
(3/12)
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Webinar—The Time is Now: Mobilizing for Fixed Income & Options Reporting Requirements Wed Mar 20, 2013 @ 4PM EDT—Join Deanna Flores of KPMG and Artie Wolk of SunGardWall Street Concepts for an interactive webinar hosted by Scivantage. This complimentary, one-hour session will offer critical insight into how to best prepare for the final Fixed Income and Options cost basis reporting requirements to ensure your firm is fully mobilized for a successful 2014 tax season. Register Now! |
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DTCC seeks to accelerate end of paper stock certificates
Depository Trust & Clearing is striving to accelerate efforts to remove older paper stock certificates from circulation and end the issuance of new ones. "It's a much more costly and risk-prone way of holding assets," said Dan Thieke, managing director in asset services at DTCC. "Those assets can be destroyed. They can be lost. When they're lost, they need to be replaced, and there's costs associated with that." DTCC CEO Michael Bodson will be one of the featured speakers at SIFMA's 40th Operations Conference & Exhibit, April 28-May 1, in Boca Raton, Fla. Register today. The Wall Street Journal
(3/12)
Trading could be an addictive behavior, expert says
At an industry conference, John Coates, a senior research fellow in neuroscience and finance at the University of Cambridge, discussed the role biology plays in trading and risk taking. "Something happens to traders when they are on a winning streak that transforms them from something tame to something a lot more dangerous," Coates said. SmartBrief/SmartBlog on Finance
(3/12)
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Study finds improved economic analysis from SEC
The Securities and Exchange Commission's increased efforts to understand the economic effects of its regulations are paying dividends, according to a study commissioned by the U.S. Chamber of Commerce. The emphasis on relying on economists has made the SEC a model for other agencies, such as the Commodity Futures Trading Commission and Consumer Financial Protection Bureau, the report said. "The SEC's course of action is one that other financial regulators -- such as the CFTC, the CFPB, and the federal banking agencies -- can learn from and should follow," the study said. Reuters
(3/12)
SEC experiments with more specific penalties
The Securities and Exchange Commission may use more customized punishments when penalizing rule breakers, instead of its typical broad prohibitions. "We want to use all of the tools available to us to specifically discourage repeat misconduct and go beyond the injunctions we traditionally obtain," said George Canellos, the SEC's acting head of enforcement. Reuters
(3/12)
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New SIFMA White Paper: "The Evolving Role of Compliance"
SIFMA's latest white paper -- "The Evolving Role of Compliance" -- examines the responsibilities, opportunities and limitations of the Compliance function in the evolving financial industry. The financial crisis, globalization, the use of new technologies, and new, complex and expanded regulatory requirements have significantly altered securities firms and the operations of their Compliance functions. This change has led to an enhanced role for Compliance, but it has also created the risk of blurring the line between Compliance and business supervision. "The Evolving Role of Compliance" offers recommendations to assist senior management, regulators and compliance personnel in defining the appropriate role of Compliance in an increasingly complex and variable environment. This white paper is a collaborative effort between SIFMA, the SIFMA Compliance & Legal Society, and the SIFMA Compliance and Regulatory Policy Committee.
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Humor is an affirmation of dignity, a declaration of man's superiority to all that befalls him."
-- Romain Gary, French diplomat, novelist, film director and aviator
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