The SEC will sponsor a roundtable on July 7, 2011 to discuss benefits or challenges in potentially incorporating International Financial Reporting Standards (“IFRS”) into the financial reporting system for U.S. issuers.
The SEC requested comments on the effectiveness of its existing investor education efforts as part of a review mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”).
The CFTC has proposed rules establishing swap data recordkeeping and reporting requirements for counterparties to pre-enactment swaps (those executed prior to enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act) and transition swaps (those entered into between the enactment date and the future effective date for final rules concerning swap recordkeeping and reporting).
The Financial Stability Board, an organization established to coordinate at the international level the work of national financial authorities and international standard-setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies in the interest of financial stability (“FSB”), published a note on Potential financial stability issues arising from recent trends in exchange-traded funds (ETFs) (the “note”).
The staffs of the CFTC and the SEC announced that they intend to hold a two-day joint public roundtable on May 2-3, 2011, to discuss the schedule for implementing final rules for swaps and security-based swaps under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”).
The SEC and the CFTC delivered to Congress a joint study on the “the feasibility of requiring the derivatives industry to adopt standardized computer-readable algorithmic descriptions which may be used to describe complex and standardized financial derivatives,” pursuant to Title VII, Section 719(b) of Dodd-Frank Wall Street Reform and Consumer Protection Act (the “study”) conducted by their respective staff (the “staff”).
The SEC charged Perry A. Gruss (Gruss), the former chief financial officer of D.B. Zwirn & Co., L.P. (DBZCO), alleging aiding and abetting fraud in connection with the improper transfer of client cash.
The SEC's Division of Investment Management has indicated in an April 8th letter to the North American Securities Administrators Association that the SEC staff expects "that the Commission will consider extending the date by which [private fund] advisers must register and come into compliance with the obligations of a registered adviser until the first quarter of 2012."
The SEC will hold a roundtable in Washington, D.C. to discuss regulatory options for money market funds in response to a report last year by the President's Working Group on Financial Markets. The President's Working Group report recommended additional steps to reduce the risk of runs on money market funds, including the use of a floating net asset value, the creation of private emergency liquidity facilities and money market fund insurance.