CFTC will publish its own Volcker rule language, says Sommers

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Risk.net Regulation News Update 27 October 2011 This Week's Top Story 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 Categories: Regulation Topics: Commodity Futures Trading Commission (CFTC), Securities and Exchange Commission (SEC), Federal Reserve, Volcker Rule, Dodd-Frank Act Mobile RSS Risk USA 2011 October 31 – November 3 The full agenda for this year's Risk USA is now available. Visit riskusa.com, topics to be discussed at this year's event include: Dodd-Frank implementation and its affect on the financial industry Market, liquidity and operational risk, portfolio management and asset allocation, systemic and credit risk, quantitative risk management strategies, risk and investment challenges facing banks institutional investors, asset managers; insurance firms, pension funds and large non-financial corporates. More of this week's news 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... 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... HK regulator clarifies extraterritorial impact of OTC derivatives rules A senior official at the Hong Kong securities watchdog says some exceptions are likely to be made to proposed new extraterritoriality rules on mandatory clearing and reporting OTC derivatives in Hong... Eiopa to publish Pillar 3 and Orsa consultations as FSA warns of reporting ignorance UK regulator's Raffle says non-executive directors do not understand the consequences of Solvency II reporting Hong Kong to start OTC derivatives clearing and reporting in January 2013 – HKMA's Lau Hong Kong will "tentatively" introduce centralised clearing and reporting for OTC derivatives in January 2013, said Edmond Lau, HKMA executive director, at the Isda Asia-Pacific Conference 2011 Asia Risk Congress 2011: 'Strong baseline supervision' a domestic priority, says CBRC head Chinese banking watchdog director-general Luo Ping says China should continue with its conservative regulatory approach, which insulated it against the worst effects of the global financial crisis 'No way' Asia can meet CCP deadline; probably the same for Europe Panellists speaking at a derivatives industry event in Hong Kong believe Asia is unlikely to meet its obligations to have full mandatory clearing in 14 months – the deadline established in the 2009... FSA fines Credit Suisse £5.95 million for failings in Scarp sales Credit Suisse "deeply regrets" the systems and controls failings in its sale of Scarps between 2007 and 2009 Isda: Inconsistency among regulators worrying Dodd-Frank's extraterritoriality and supervisory focus on market structure reforms that will not deliver systemic risk reduction are concerns, says Isda chair Stephen O'Connor Energy firms need to gear up for Remit insider-trading rules, lawyers warn As early as December, energy trading firms could be subject to a compliance regime for Europe's complex - and confusing - new insider-trading rules BofE's Tucker: weak CCP recovery plans risk mayhem Panellists at an EC conference in Brussels this morning warned CCPs have made little progress on detailed survival plans - leaving the system exposed Mixed reaction to Mifid II's proposals to improve trading transparency Firms say definition of "algorithmic trading" needs revising, while exchanges applaud new pre- and post-trade transparency framework for OTC derivatives Related news this week from other categories Asia Risk Congress 2011: Clashes with CFOs more likely as CRO role gains prominence in Asia The role of a chief risk officer (CRO) is becoming increasingly relevant at institutions in Asia – sometimes creating friction with the CFO. And Chinese CROs face additional challenges, according to... UBS 'rogue trading' prompts call for new regulation Recent events at UBS have prompted one industry expert to call for a specific rogue-trading regulation Industry split over CCPs' ability to face new risks There is discord in the industry over whether CCPs will be able to deal with the risks of clearing OTC derivatives as mandated by new regulation   Related publications: Risk magazine, Operational Risk & Regulation, Life & Pension Risk, Central Banking Related categories: Risk Management, Investment

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