CFTC Commissioner Chilton made a speech reviewing and addressing the final implementation phases of the Dodd-Frank Act. Commissioner Chilton discussed his ideas as to how the process can move forward quickly, responsibly and effectively in implementing financial market reform. Specifically, he suggests the following two points: Compliance with Dodd-Frank rules should be required by those that have requested guidance or relief when individual, reasonable requests for clarification or other relief have been addressed sufficiently, which could happen in the next few days, or it could take longer

The European Securities and Markets Association has published a list of shares which will be exempt from requirements under the EU regulation on short selling and credit default swaps in relation to (i) transparency of net short positions, (ii) public disclosure of significant net short positions, (iii) restrictions on uncovered short sales and (iv) buy-in procedures. Queries regarding the content of the list should be directed to the relevant competent national authority for the applicable share. The list will be published on a bi-annual basis, subject to more frequent updates on a case-by

The CFTC Division of Swap Dealer and Intermediary Oversight ( DSIO) released a letter to all futures commission merchants ( FCMs) to clarify the record keeping requirements for customer segregated and secured funds maintained in carrying broker omnibus accounts in accordance with CFTC Regulations 1.20 and 30.7. Specifically, the Commission notes that a few FCMs have maintained a single combined customer omnibus account with a carrying FCM for segregated and secured customer trading and assets. The CFTC stated that a single account holding both segregated and secured assets, regardless of memo

The European Banking Authority has published the final results of its EU-wide recapitalization exercise, including data on all individual banks. Although the exercise resulted in an increase of more than €200 billion in banks’ capital positions, the EBA stressed that the market environment remains challenging, and announced that it will be issuing a new recommendation for banks to maintain an absolute amount of CT1 capital equivalent to the level of 9% Core Tier One ratio at the end of June 2012. Banks will also be required to set out their plans to ensure compliance with the upcoming Capital

The Financial Reporting Manual - prepared by the staff of the Division of Corp. Fin. - has been updated and revised. The Manual is designed to be an internal reference document and to provide general guidance to Division staff. Click here to view manual and summary of changes (links externally to SEC website).