US regulators scorned over "prescriptive" proposal
Washington DC –- The financial services industry's reaction to a new proposed statement from US regulators on complex structured finance activities was "somewhere between terrified and scornful", according to one industry association executive. Another industry association expert says: "The general reaction was, 'what the hell?' It is both too general and too prescriptive at the same time."
The proposed policy statement, issued by the Securities and Exchange Commission, the Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Office of Thrift Supervision, landed on desks in mid-May. It "describes the types of internal controls and risk management procedures that should help financial institutions effectively manage and address the reputational, legal and other risks associated with their complex structured finance
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