On May 26, 2010, the Financial Industry Regulatory Authority (“FINRA”) proposed for public comment new rules (the “Proposed Rules”) that would require, for the first time, that ce...
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...
The SEC has now addressed the contentious issue of short-selling in the wake of the financial crisis. While it did not adopt a full-time restriction on short sales, it instituted what tha...
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....
