Editor’s Note: Federal agencies can benefit from studying foreign regulators’ work before deciding to undertake their own regulatory experiments.
From: Freshfields Bruckhaus Deringer
Article by Gunnar Schuster and Alexandra Dreibus
The German Parliament adopted new regulatory requirements for algorithmic and high frequency trading. In the future, high frequency traders on German regulated markets or MTFs will be subject to a license requirement.
From: DTCC
Survey Polls Industry Leaders on Biggest Challenges to Mitigating Risk
NEW YORK--(BUSINESS WIRE)--May 09, 2013--
The impact of new regulations in the financial services industry is by far the most important systemic-risk concern facing the global capital markets, according to a recent client survey conducted by The Depository Trust & Clearing Corporation (DTCC). The survey revealed that 82% of industry leaders ranked meeting new regulatory requirements as a top concern in mitigating systemic risks.
Editor’s Note: As CRE explained more than six years ago, regulation of payday-type loans requires strict agency compliance with the Data Quality Act and other “good government” laws.
From: The Guardian
Helaine Olen
A bill to reduce Alabama’s 456%-high interest rate failed this week, further proof that Washington needs to step in now
The latest evidence that we need Washington to step in and provide comprehensive reform of the payday loan industry came this weekend courtesy of the state of Alabama, where legislation that would have capped such loans at a 36% interest rate died in the final hours of the state legislative session.
From: News24
San Francisco – Twitter issued a warning to media organisations to improve the security of their tweeting procedures following several high profile hacks in recent weeks.
Meanwhile, federal financial market regulators meeting in Washington discussed risks to the financial market from such cyber attacks on social media channels.
In a memo sent to hundreds of media outlets and posted on the Buzzfeed.com website, the internet company said that the hacking incidents appeared to have stemmed from “spear phishing” attacks that masquerade as legitimate e-mails targeting the journalists running media organisations’ Twitter accounts.
From: Wall Street Journal
WASHINGTON–U.S. regulators have made gains in reducing the risks posed by the financial system but “much work still remains” as policymakers seek to tighten oversight four-plus years after the financial crisis, Treasury Secretary Jacob Lew said Thursday.
Mr. Lew, speaking at a meeting of the panel of regulators known as the Financial Stability Oversight Council, laid out a number of areas where officials need to focus, including further strengthening markets susceptible to runs, attracting private capital to the housing finance system, and monitoring operational risks such as cyber attacks.
