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US Continues to Drag its Heels with Regards to a Decision on the Move to IFRS
In spite of the noises made last year by US regulators with regards to moving towards adopting International Financial Reporting Standards (IFRS), the US regulatory community has thus far failed to commit to a timeline for adoption or even indicate whether it is likely to move to the international accounting standards at all. In June…
SEC Deals Another Blow to the Ratings Agencies with Further Proposed Legislative Amendments
As part of its overall crackdown on the credit ratings agencies, the Securities and Exchange Commission (SEC) has this week proposed a series of amendments to the Securities Act of 1933 and the Investment Company Act of 1940 that will remove the requirements for mandatory credit ratings. The proposals are in accordance with the provisions…
Questionable Motives?
I’ve spent a lot of the first two months of this year discussing the Office of Financial Research (OFR) with various industry participants, but a recent conversation brought to light something that hasn’t yet been fully explored in my previous blogs: the US government’s real motivation for standardising legal entity identification, beyond tracking systemic risk….
2011 US GAAP and SEC Taxonomies Available
The 2011 US GAAP Taxonomy and related taxonomies maintained by the SEC are now available, and companies may submit their interactive data filings to EDGAR using these taxonomies. A listing of all taxonomies available for use, including the 2011 US GAAP taxonomy, is located at http://www.sec.gov/info/edgar/edgartaxonomies.shtml. The EDGAR validation and Previewer have been updated to…
Markit Calls for a Data Aggregator Within Swaps Data Repository Space
In its feedback to the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) joint proposals regarding reporting to swaps data repositories, derivatives specialist vendor Markit suggests the industry needs a data aggregator in order to gather together the data spread across the various repositories in the market. This indicates that Markit may…
Macbeth Talks up the DTCC’s Data Repository Ambitions for 2011: More Markets on the Agenda
The Depository Trust & Clearing Corporation (DTCC) will be focusing on taking its services forward this year in line with regulatory developments, according to Stewart Macbeth, general manager of the DTCC’s Trade Information Warehouse (TIW). At the start of this year, it launched its automated portal for regulatory access to global credit default swap (CDS)…
A Spectrum of Opinions
One thing became clear during this month’s series of interviews with industry participants on the subject of legal entity identification standards and when reading through the responses to the Office of Financial Research’s (OFR) proposals on the subject: there is not much agreement on which way to proceed with regards to standardisation. As I noted in…
UK FSA’s Response to MiFID Warns Against a One Size Fits All Approach to Data Standardisation
The recent joint response by the UK Financial Services Authority (FSA) and the UK Treasury to the European Commission’s MiFID proposals indicates that the regulators are concerned that a “one size fits all” approach towards data standards may be applied to non-equity instruments, as the directive is expanded beyond equities. The response, which comes in…
SEC and CFTC on User Fees, Data Utilities and Obama’s Recent Budget Request
Following on from the recent high profile discussions within the US regulatory community about challenges facing the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) regarding funding over the last few weeks, president Barack Obama has this week proposed to include user fees in next year’s budget for the regulators. The…
SEC Proposes First in Series of Rule Amendments to Remove References to Credit Ratings
The Securities and Exchange Commission today voted unanimously to propose amendments to its rules that would remove credit ratings as one of the conditions for companies seeking to use short-form registration when registering securities for public sale. Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act requires federal agencies to review how…