Reforming Wall Street – now the hard work begins
From Efinancialnews.com: The hard work in reforming the US banking sector may have seemed to be behind Wall Street when President Barack Obama signed the 2,319 page Dodd-Frank Wall Street Reform and Consumer Protection Act last week.
But with more than 70 commissioned studies and many new responsibilities, the agencies that regulate US financial markets now have to start work on formulating and putting into practice hundreds of new rules in the biggest regulatory overhaul of the financial markets since the Great Depression… Full article (subscription required): Source
Schapiro: SEC working closely with UK FSA on hedge fund reporting
From Imarketnews.com: The U.S. Securities and Exchange Commission is eager to implement the sweeping Dodd-Frank Act governing regulatory reform and has been working with the UK's Financial Services Authority on reporting requirements for hedge funds, Chairman Mary Schapiro said Tuesday.
As directed by the newly enacted legislation, the agency also continues to address conflicts of interests at credit rating agencies, Schapiro said in remarks prepared for delivery at the U.S. Chamber of Commerce's Center for Capital Markets Competitiveness. And in an effort to make the rulemaking process open and inclusive, "I expect we will hold public h......................
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