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On May 20, 2010, the Senate passed the Restoring American Financial Stability Act of 2010 (the “Senate bill” or the “bill”) by a vote of 59 to 39. Four Republicans voted with the ...
On April 14, 2010, the Securities and Exchange Commission (the “SEC”) proposed a new rule to establish a large trader reporting system.1 The rule would require large traders of exchan...
In an action that potentially affects the business models of the U.S. options exchanges and major option market participants, the Securities and Exchange Commission (the “SEC”) recent...
Bank Holding Company Amendments (Title VI)
Volcker Rule
All purely technical and uninteresting, except for the following changes (insertions underlined):
Definition of proprietary tr...
I. Institutional Arrangements
Financial Stability Oversight Council. Interagency Council, consisting of 9 voting members – the Treasury Secretary (Chairperson) and the heads of Fed, OCC...
Senators Merkley (D-OR) and Levin (D-MI) proposed a bill yesterday that would substantially expand the prohibitions on proprietary trading and certain asset management activities recently...
After months of deliberation and consideration of several alternatives, the Securities and Exchange Commission (the “SEC” or “Commission”) announced on February 24, 2010 the adopt...
On March 3, 2010, the Department of the Treasury delivered to the Hill proposed legislative text to implement the “Volcker Rule” announced by the Obama Administration on January 21st....
At an open meeting on February 24, 2010, the Securities and Exchange Commission adopted a new short sale price test by a 3-2 vote. Commissioners Casey and Paredes opposed the rule in forc...
On January 4, 2010, the Financial Industry Regulatory Authority (“FINRA”) proposed for public comment new rules (the “Proposed Rules”) that would govern FINRA’s New Membership A...