Mon, Nov 24, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

US government shutdown’s impact on financial regulators

Wednesday, October 02, 2013

amb
Bart Chilton
Benedicte Gravrand, Opalesque Geneva:

Yesterday, the US government started a partial shutdown after the two houses of Congress failed to agree a new budget plan. More than 700,000 federal employees from the departments of Defense, Commerce, Energy, Transportation, Museums, Parks, Research and others face unpaid leave with no guarantee of back pay once the deadlock is over, the BBC reports. The shutdown phase is now entering its second day.

However, the Securities and Exchange Commission (SEC) will stay open for business, at least for a while. According to the SEC’s website, it is currently "open and operational during the federal government’s lapse in appropriations."

The SEC expects to continue operating fully for a few weeks, a spokesman said on Monday, according to Reuters, even if the rest of the federal government starts shutting down when funding runs out at midnight.

"The SEC will be able to stay open in the event of a funding lapse," spokesman John Nester said, explaining that the SEC has funds that are not available to most other US agencies.

If the SEC ran out of funds, it would still be monitoring exchange activity, insider-trading and money funds, says the report, but......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - George Soros puts $500m of his money on Bill Gross, Soros, Paulson backed Hispania Activos mulls Realia takeover, Ex-Credit Suisse trader’s hedge fund sees yen shorts as crowded, Hedge hunters double default-swaps as views split, Large hedge fund positions come under pressure, Vikram Pandit's fund picks 50% stake in JM Financial's realty lending arm for $87m[more]

    George Soros puts $500m of his money on Bill Gross From WSJ.com: Before Bill Gross was fully settled in at his new firm, Janus Capital Group Inc., he received an unlikely visit from the chief investment officer of famed investor George Soros ’s firm, according to a person familiar with t

  2. Greenlight Re CEO says hedge fund reinsurance strategy buzz is validating[more]

    From Artemis.bm: The attention being paid to the hedge fund reinsurance business model and the fact that others are now looking to leverage bits of it within their own strategies, is validating for reinsurer Greenlight Capital Re, according to CEO Bart Hedges. There has been an increasing buzz

  3. Legal - Hedge fund manager fights £8m tax tribunal ruling[more]

    From FT.com: A hedge fund manager who may have to repay £8m in tax is trying to overturn a tribunal ruling that found he had attempted to shelter millions in an avoidance scheme. Patrick Degorce, chief investment officer at Theleme Partners, lost a tax tribunal case last year. HM Revenue & Customs c

  4. Europe - Hedge funds face exit tax as Iceland central bank discusses plan[more]

    From Bloomberg.com: Hedge funds and other creditors with claims against Iceland’s failed banks face an exit tax as the island looks for ways to unwind capital controls without hurting the economy. The government targets having a plan it can present by year-end that would map out how Iceland will sca

  5. People - Bessemer hires Frank Frecentese for hedge fund advisory role[more]

    From WSJ.com: Multi-family office Bessemer Trust has hired Frank Frecentese to help build out its business advising wealthy families on hedge-fund investments, nabbing him from Societe Generale’s Lyxor asset management arm. Mr. Frecentese, who was the head of hedge-fund investments at Citibank