CFTC analysis of Dodd-Frank costs 'non-existent', says Sommers

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Risk.net Regulation News Update 31 October 2011 This Week's Top Story CFTC analysis of Dodd-Frank costs 'non-existent', says Sommers Costs and benefits of proposals were not properly studied, according to CFTC commissioner Jill Sommers - a failing that could expose its rules to legal challenges, lawyers warn Categories: Regulation Topics: Commodity Futures Trading Commission (CFTC), Securities and Exchange Commission (SEC), Dodd-Frank Act, Gary Gensler, Derivatives clearing organisation (DCO) ... Mobile RSS Basel training course London: 16 – 17 February 2011 New York: 23 – 24 February 2012 This two day seminar offers a complete overview of these significant and challenging alterations to the trading book. More of this week's news Bermuda faces challenges to Solvency II equivalence Bermudan, Japanese and Swiss supervisory systems face European scrutiny Allianz CRO: industry and regulators 'in denial' over solvency levels Insurers' heads are in the sand regarding the impact of current market turmoil on their Solvency II-consistent balance sheets, says Tom Wilson Eiopa seeks funding for internal model experts to assist national supervisors Eiopa aims to help regulators struggling to understand internal models Market volatility 'biggest concern' for financial firms, finds survey Regulatory risk and political meddling also big concerns, says Norton Rose research Pressure mounts for 2013 opt-in on Solvency II models It looks increasingly likely that the full implementation of Solvency II will be delayed until 2014, but questions remain as to what is expected of firms in 2013 Eiopa to publish Pillar 3 and Orsa consultations as FSA warns of reporting ignorance Papers will provide welcome guidance on regulatory reporting and the own risk and solvency assessment US SEC slams Finra for altering documents Finra must improve after misleading regulator, order says Small banks need 'clear exit path' out of Tarp Sigtarp has called on the US Treasury to aid smaller banks in exiting Tarp German insurance association to conduct own Solvency II 'QIS 6' in 2012 Test will help implementation and aid association's lobbying effort; other trade associations may follow suit FBI arrests Gupta in Galleon insider-trading case Rajat Gupta surrendered to the FBI on October 26 after being accused of leaking information to Galleon founder Raj Rajaratnam Solvency II-type requirements for pension funds could be 'catastrophic' - LCP A Solvency II-type regime for pension funds could increase UK funding requirements by £500 billion and lead to company insolvencies, warns consultancy Finra fines UBS $12 million for failing to adequately supervise short sales Fine from Finra is latest indicator of UBS's control and supervisory issues Asia Risk Congress 2011: CCP users need tactical collateral planning due to Basel III capital squeeze The increasing need for liquid, high grade assets under Basel III capital requirements will likely squeeze liquidity in the types of eligible collateral required by central counterparty (CCP) clearings... CFTC will publish its own Volcker rule language, says Sommers Supervisor will publish its own Volcker rule for consultation – although little progress has been made so far, says CFTC commissioner ETFS criticises iShares call to rename ETCs ETF Securities has criticised iShares' proposals to rename some commodities products, but says that if ETPS are re-labelled, physically backed ETFs that lend securities should be in the same category... Related news this week from other categories Thai banks deploy continuity plans as settlement and liquidity risks rise due to floods The Bank of Thailand and the country's leading banks are moving to ensure the country's payments systems do not grind to a halt due to Thailand's worst flooding in 50 years. So far, Thailand's high... SEC appoints two trading and markets associate directors The US Securities and Exchange Commission has named heads of regulation for derivatives policy, and clearance and settlement UK FSA 'lacks interest' in dialogue with industry over FCA Industry insiders have warned a UK Treasury Select Committee hearing that the FSA has shown a distinct lack of interest in dialogue over the FCA   Related publications: Risk magazine, Operational Risk & Regulation, Life & Pension Risk, Central Banking Related categories: Risk Management, Investment

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