Securities and Exchange Commission (SEC)
SEC approves NYSE merger
The US Securities and Exchange Commission (SEC) has cleared the New York Stock Exchange (NYSE) merger with Archipelago next month, opening the way for its transformation into a for-profit company.
BoA mis-states derivatives positions by $345 million
Bank of America has contravened Financial Accounting Standards Board (FASB) rules regarding its treatment of derivatives instruments and will recalculate all of its financial statements since 2002.
Asset managers warn of growing oversight burden
Compliance with new Securities and Exchange Commission (SEC) rules to be brought in next year under the Investment Advisers Act has doubled the cost of oversight at some US asset managers, a survey has found.
SEC puts GE's derivatives use under formal scrutiny
The Securities and Exchange Commission (SEC) has started a formal investigation into General Electric's use of derivatives.
A Shakespeare moment
There I was, sitting in a stuffy conference room in Brussels, watching what I like to call a ‘Shakespeare moment’ – when people interact in a way that captures a part of the essence of human behaviour.
Bayou fraud puts focus on due diligence
The filing of a civil complaint against Stamford, Connecticut-based hedge fund Bayou Management last month has reignited calls for increased regulation in the hedge fund sector.
SEC’s Atkins slams hedge fund rule again
Paul Atkins, a commissioner at the US Securities and Exchange Commission (SEC), has renewed his criticism of the regulator’s hedge fund registration rule – due to go into effect in February 2006.
Is Basel II a hurdle too far for US broker-dealers?
Broker-dealers in the US are having to cope with the SEC's capital requirements, while still being somewhat in the dark about the upcoming Basel II framework. By Choongo Moonga
Hedge fund panel advocates CRO function
The revelation of sizeable hedge fund losses in the structured credit market in May have prompted renewed calls from investors and regulators in the US and Europe for greater disclosure in the hedge fund sector.
SEC: What's Next?
William Donaldson's quick retirement from the chairmanship of the US Securities and Exchange Commission (SEC) last month brings to mind the pithy Italian proverb from the recent Papal Conclave: "After a fat Pope, a skinny pope."
Spitzer probe threatens MBIA bond guarantees
Regulatory scrutiny of accounting practices at MBIA has put pressure on the monoline insurer’s triple-A rating, undermining its guarantees. Hardeep Dhillon reports
Industry groups speak out on SEC rating agency rules
Financial industry bodies broadly greeted the Securities and Exchange Commission's proposed rules on approving nationally recognised statistical rating organisations (NRSROs), but voiced concern that the final rules could be too lax.
Industry groups speak out on SEC rating agency rules
Financial industry bodies broadly greeted the Securities and Exchange Commission's proposed rules on approving nationally recognised statistical rating organisations (NRSROs), but voiced concern that the final rules could be too lax.
SEC chief steps down
Chairman of the US Securities & Exchange Commission (SEC) William Donaldson has resigned his position to return to the private sector, leaving a demanding job at the country's lead regulatory agency of the securities industry.
Complaints over SOX compliance fall largely on deaf ears
WASHINGTON, DC – Recent protest from corporate executives about the expense and amount of time consumed by firms in their efforts to comply with Section 404 of the Sarbanes- Oxley Act (SOX) was met with mere acknowledgement at hearings held by the House…
Credit risk stress tests need more work, says BIS
Leading banks have yet to develop a solid framework for credit risk stress tests that deals with all the likely effects stress events would have on their businesses, according to the latest report by the Bank for International Settlements (BIS).
Protecting alpha, preventing omega
The process by which hedge funds do business is under increasing scrutiny from both regulators and investment institutions. Getting it right at the outset is essential if the industry is to develop. By Anthony Cowell
Below the radar
The upcoming Basel II capital Accord’s impact on the global banking industry is expected to be profound, and hardly painless. The Accord’s ramifications for the investment and hedge fund management sectors, while not nearly as obvious,could contribute…
The Carrots and Sticks of Compliance
Compliance on the buy side might reward the early adopters while penalizing firms that fall afoul of industry best practices and institutional investors' expectations.
SEC finalises rules on hedge fund registration
The much anticipated SEC decision regarding US-domiciled hedge fund registration raised few eyebrows when it was announced late last month. It was clear, therefore, that hedge fund registration was only a matter of time, but what is less clear is the…
Email and IM Compliance: Have you got mail?
A lot has been discussed and written about the Securities and Exchange Commission's (SEC's) proposed rule 203(b)(3)-2 that requires hedge fund advisers to register with the Commission under the Investment Advisers Act of 1940. But another SEC proposal…
SEC to examine for Basel II compliance, says Donaldson
The Securities and Exchange Commission (SEC) is on course to examine investment bank holding companies (IBHCs) for risk-based capital requirements under the new Basel Accord, also known as Basel II, according to SEC chairman William Donaldson.
Smothered by red tape
In response to a string of dubious structured finance transactions (remember Enron?), the ever-watchful regulators have proposed a set of guidelines which observers fear could choke the market.
SEC fund reforms may cost investors
Efforts by the US Securities and Exchange Commission (SEC) and legislators to reform mutual fund practices following late trading and market-timing scandals in the US last year may ultimately impair performance and cost investors more in fees and charges.