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December 21, 2010

A revised proposal by the Commodity Futures Trading Commission for how private swaps can be traded will prevent dealers from losing billions of dollars in revenue, according to Moody's Investors Service analyst Alexander Yavorsky. The commission rewrote a prior attempt at the rule last week after Chairman Gary Gensler pulled the proposal from consideration at a Dec. 9 meeting. The original rule would have required dealers to provide executable prices to all market users of credit-default, interestrate and other swaps prior to any trade being done on an electronic system that mimics how futures

January 15, 2011

FSOC The Financial Stability Oversight Council published a report on steps that should be taken to implement § 619 of the Dodd-Frank Act, also known as the Volcker Rule. The section generally prohibits banking entities from engaging in proprietary trading and from investing in or sponsoring hedge funds and private equity funds. Among the report's recommendations to regulatory agencies are (1) requiring banking entities to sell or wind down impermissible trading desks; (2) requiring strong compliance and supervisory programs at banks to address concerns relating to the Volcker Rule; (3)

January 26, 2011

Section 622 of Dodd-Frank establishes a financial sector concentration limit that would prohibit a financial company from merging or consolidating with, or acquiring, another company if the resulting company's consolidated liabilities would exceed 10 percent of the aggregate consolidated liabilities of all financial companies. This concentration limit is intended, along with a number of other provisions in the Dodd-Frank Act, to promote financial stability and address the perception that large financial institutions are "too big to fail." Date January 18, 2011 Cross References (links may

January 26, 2011

The FSOC conducted a study on how best to implement Section 619 of Dodd-Frank (commonly known as the "Volcker Rule"), which is designed to improve the safety of our nation's banking system by prohibiting proprietary trading activities and certain private fund investments. The FSOC's study puts forward recommendations designed to effectively and comprehensively implement the Volcker Rule in a manner that constrains risk-taking by, and promotes the safety and soundness of, banking entities. Date January 18, 2011 Cross References (links may require a Cabinet subscription) Section 619 Study

January 26, 2011

Dodd-Frank mandated that the FSOC ensure that all financial companies whose failure could pose a threat to the financial stability of the United States - not just banks - will be subject to strong oversight. Using the considerations set forth in the Dodd-Frank Act, as well as taking into account public comments on a previously issued Advance Notice of Proposed Rulemaking, the FSOC today approved a proposed rule outlining the criteria that will inform the FSOC's designation of such firms and the procedures the FSOC will use in the designation process. Under the FSOC's proposed rule, if