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US tax reforms ‘could exacerbate bank cyclicality’

Recent changes to the US tax code involving less generous treatment on certain deductions could result in greater cyclicality of higher leveraged banks and non-financial firms making them more sensitive to swings in the economic cycle and potentially undermining bank capital buffers. By Justin Pugsley.

CFTC moves to streamline rules for swaps dealers

CFTC published proposal to streamline rules for swaps dealers and asks for views on segregated accounts

CFTC consults on setting position limits for security futures products

The CFTC is asking for views on its proposal to provide more discretion on the setting of position limits for security futures products

SEC proposes simplifying disclosure requirements for certain debt securities

The SEC is proposing to simplify rules on financial disclosure requirements for certain debt securities to encourage issuers to go down the registered route, which provides greater investor protection

OFR seeks comment for proposed data repo market reporting requirement

OFR seeks comment on its proposal to introduce a rule to collect data on US repo markets, though if immediately implemented would only impact one market participant

SEC to require alternative trading systems to improve transparency

Alternative trading systems in the US focused on stocks will have to produce more detailed disclosures so users can evaluate potential conflicts of interest and risks of their information being leaked

US regulatory framework for big banks to become more risk sensitive

US Federal Reserve vice chairman of supervision advocates a more risk sensitive approach to regulating and supervising big banks by taking more account of complexity and interconnectedness.

CFTC commissioners soon to be at full strength

US Senate swears in two new commissioners for the CFTC, enabling it to tackle controversial measures designed to restrict commodity speculation

SEC enforcement cases face retrial following improper procedure

The SEC faces revisiting more than 100 enforcement cases because it failed to follow proper procedures for appointing in-houses judges.

SEC moves to simplify disclosure requirements to investors

SEC votes unanimously to simply disclosure requirements to investors by covered firms to reduce their reporting burden