The Financial Services Authority ("FSA") has published a revised Remuneration Code ("revised Code") to comply with the remuneration requirements under the Capital Requirements Directive ("CRD3") and guidelines of the Committee of European Banking Supervisors ("CEBS"). Subject to grandfathering for some provisions, the new requirements apply from 1 January 2011. The existing Code is applicable to the largest banks, building societies and broker dealers and requires the application of 'remuneration policies, practices and procedures that are consistent with and promote effective risk management'

CFTC Commissioner Jill Sommers explains her reasons for opposing the CFTC's proposed rule regarding swap execution facilities, noting that the proposed rule requires that an SEF provide market participants "with the ability to post both firm and indicative quotes on a centralized electronic screen accessible to all market participants who have access to the swap execution facility," something that in her view is not mandated by Dodd-Frank and may limit competition by shutting out applicants who wish to offer request for quote services without this functionality. She also reiterates her

Citing a letter from Senator Harkin, stating the that position limit requirement is "mandatory rather than 'permissive,' and has a specified deadline," CFTC Commissioner Bart Chilton declares that the "right" path for the Commission is to head "True North," and put in place the limits within the statutory deadline as Congress intended. Date December 16, 2010 Cross Reference (links require a Cabinet subscription) Dodd-Frank Act, Title VII, Sec. 737

Asking "what are position limits supposed to do, exactly, and how?" economist Craig Pirrong explains why limits currently being considered by the CFTC appear to be "the financial equivalent of leeches or faith heeling." In particular, Pirrong argues that the rationale for the imposition of limits to control "excessive speculation" is "dubious theoretically and empirically," and "will have little, if any effect, on the size, strength, or price impact of [speculative] waves." Pirrong also points out that the concerns with positions held by large funds such as ETFs " is misplaced": "If prices

Funding boosts for U.S. federal securities and futures regulators working to implement the new Dodd-Frank financial law are now in doubt after a Senate spending measure collapsed late Thursday. The SEC and CFTC were set to get big funding increases to hire hundreds of staff and make technology upgrades. But time is running out on a Senate deal to approve the increases, making it likely that the two agencies' funding will remain frozen at 2010 levels, along with the rest of the federal government, until next year. Date December 17, 2010