DOCSLIB.ORG

Volcker Rule (May 24, 2012), Available 2010)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Volcker Rule (May 24, 2012), Available 2010) Vol. 79 Friday, No. 21 January 31, 2014 Part III Commodity Futures Trading Commission 17 CFR Part 75 Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds; Final Rule VerDate Mar<15>2010 23:00 Jan 30, 2014 Jkt 232001 PO 00000 Frm 00001 Fmt 4717 Sfmt 4717 E:\FR\FM\31JAR3.SGM 31JAR3 emcdonald on DSK67QTVN1PROD with RULES3 5808 Federal Register / Vol. 79, No. 21 / Friday, January 31, 2014 / Rules and Regulations COMMODITY FUTURES TRADING be deemed to refer to the final rule of b. Overview COMMISSION the Commission as herein adopted. 1. Proposed Underwriting Exemption 2. Comments on Proposed Underwriting DATES: The final rule is effective April 17 CFR Part 75 Exemption 1, 2014. 3. Final Underwriting Exemption FOR FURTHER INFORMATION CONTACT: Erik c. Detailed Explanation of the RIN 3038–AD05 Remmler, Deputy Director, Division of Underwriting Exemption Swap Dealer and Intermediary 1. Acting as an Underwriter for a Prohibitions and Restrictions on Distribution of Securities Proprietary Trading and Certain Oversight (‘‘DSIO’’), (202) 418–7630, a. Proposed Requirements That the Interests in, and Relationships with, [email protected]; Paul Schlichting, Purchase or Sale Be Effected Solely in Hedge Funds and Private Equity Funds Assistant General Counsel, Office of the Connection With a Distribution of General Counsel (‘‘OGC’’), (202) 418– Securities for Which the Banking Entity AGENCY: Commodity Futures Trading 5884, [email protected]; Mark Acts as an Underwriter and That the Commission. Fajfar, Assistant General Counsel, OGC, Covered Financial Position Be a Security ACTION: Final rule. (202) 418–6636, [email protected]; i. Proposed Definition of ‘‘Distribution’’ Michael Barrett, Attorney-Advisor, ii. Proposed Definition of ‘‘Underwriter’’ SUMMARY: The Commodity Futures iii. Proposed Requirement That the DSIO, (202) 418–5598, mbarrett@ Covered Financial Position Be a Security Trading Commission (‘‘CFTC’’ or cftc.gov; Stephen Kane, Research b. Comments on the Proposed ‘‘Commission’’) is adopting a final rule Economist, Office of the Chief Requirements That the Trade Be Effected to implement Section 619 of the Dodd- Economist (‘‘OCE’’), (202) 418–5911, Solely in Connection With a Distribution Frank Wall Street Reform and Consumer [email protected]; or Stephanie Lau, for Which the Banking Entity is Acting Protection Act (the ‘‘Dodd-Frank Act’’), Research Economist, OCE, (202) 418– as an Underwriter and That the Covered which contains certain prohibitions and 5218, [email protected]; Commodity Financial Position Be a Security i. Definition of ‘‘Distribution’’ restrictions on the ability of a banking Futures Trading Commission, Three entity and nonbank financial company ii. Definition of ‘‘Underwriter’’ Lafayette Centre, 1155 21st Street NW., iii. ‘‘Solely in Connection With’’ Standard supervised by the Board of Governors of Washington, DC 20581. c. Final Requirement That the Banking the Federal Reserve System (the SUPPLEMENTARY INFORMATION: Entity Act as an Underwriter for a ‘‘Board’’) to engage in proprietary Distribution of Securities and the trading and have certain interests in, or Table of Contents Trading Desk’s Underwriting Position Be Related to Such Distribution relationships with, a hedge fund or I. Background i. Definition of ‘‘Underwriting Position’’ private equity fund. Section 619 also II. Notice of Proposed Rulemaking: Summary ii. Definition of ‘‘Trading Desk’’ requires the Board, the Federal Deposit of General Comments iii. Definition of ‘‘Distribution’’ Insurance Corporation, the Office of the III. Scope iv. Definition of ‘‘Underwriter’’ Comptroller of the Currency, and the IV. CFTC-Specific Comments v. Activities Conducted ‘‘In Connection Securities and Exchange Commission to V. Overview of Final Rule With’’ a Distribution also issue regulations implementing A. General Approach and Summary of 2. Near Term Customer Demand section 619 and directs the CFTC and Final Rule Requirement B. Proprietary Trading Restrictions those four agencies to consult and a. Proposed Near Term Customer Demand C. Restrictions on Covered Fund Activities Requirement coordinate with each other, as and Investments appropriate, in developing and issuing b. Comments Regarding the Proposed Near D. Metrics Reporting Requirement Term Customer Demand Requirement the implementing rules, for the E. Compliance Program Requirement c. Final Near Term Customer Demand purposes of assuring, to the extent VI. Final Rule Requirement possible, that such rules are comparable A. Subpart B—Proprietary Trading 3. Compliance Program Requirement and provide for consistent application Restrictions a. Proposed Compliance Program and implementation. To that end, 1. Section 75.3: Prohibition on Proprietary Requirement although the Commission is adopting a Trading and Related Definitions b. Comments on the Proposed Compliance a. Definition of ‘‘Trading Account’’ Program Requirement final rule that is not a joint rule with the b. Rebuttable Presumption for the Short- other agencies, the CFTC and the other c. Final Compliance Program Requirement Term Trading Account 4. Compensation Requirement agencies have worked closely together c. Definition of ‘‘Financial Instrument’’ a. Proposed Compensation Requirement to develop the same rule text and d. Proprietary Trading Exclusions b. Comments on the Proposed supplementary information, except for 1. Repurchase and Reverse Repurchase Compensation Requirement information specific to the CFTC or the Arrangements and Securities Lending c. Final Compensation Requirement other agencies, as applicable. In 2. Liquidity management activities 5. Registration Requirement particular, the CFTC’s final rule is 3. Transactions of Derivatives Clearing a. Proposed Registration Requirement numbered as part 75 of the Organizations and Clearing Agencies b. Comments on Proposed Registration 4. Excluded Clearing-Related Activities of Commission’s regulations, the rule text Requirement Clearinghouse Members c. Final Registration Requirement refers to the ‘‘Commission’’ instead of 5. Satisfying an Existing Delivery 6. Source of Revenue Requirement the ‘‘[Agency]’’ and one section of the Obligation a. Proposed Source of Revenue regulations addresses authority, 6. Satisfying an Obligation in Connection Requirement purpose, scope, and relationship to With a Judicial, Administrative, Self- b. Comments on the Proposed Source of other authorities with respect to the Regulatory Organization, or Arbitration Revenue Requirement Commission. Furthermore, it is noted Proceeding c. Final Rule’s Approach to Assessing that the supplementary information 7. Acting Solely as Agent, Broker, or Source of Revenue generally refers to the ‘‘Agencies’’ Custodian 3. Section 75.4(b): Market-Making 8. Purchases or Sales Through a Deferred collectively when referring to Exemption Compensation or Similar Plan a. Introduction deliberations and considerations in 9. Collecting a Debt Previously Contracted b. Overview developing the final rule by the CFTC 10. Other Requested Exclusions 1. Proposed Market-Making Exemption together with the other four agencies 2. Section 75.4(a): Underwriting Exemption 2. Comments on the Proposed Market- and references to the ‘‘final rule’’ should a. Introduction Making Exemption VerDate Mar<15>2010 23:00 Jan 30, 2014 Jkt 232001 PO 00000 Frm 00002 Fmt 4701 Sfmt 4700 E:\FR\FM\31JAR3.SGM 31JAR3 emcdonald on DSK67QTVN1PROD with RULES3 Federal Register / Vol. 79, No. 21 / Friday, January 31, 2014 / Rules and Regulations 5809 a. Comments on the Overall Scope of the b. Comments Regarding the Proposed b. Permitted Trading Activities of a Foreign Proposed Exemption Compensation Requirement Banking Entity b. Comments Regarding the Potential c. Final Compensation Requirement 9. Section 75.7: Limitations on Permitted Market Impact of the Proposed 6. Registration Requirement Trading Activities Exemption a. Proposed Registration Requirement a. Scope of ‘‘Material Conflict of Interest’’ 3. Final Market-Making Exemption b. Comments on the Proposed Registration 1. Proposed rule c. Detailed Explanation of the Market- Requirement 2. Comments on the Proposed Limitation Making Exemption c. Final Registration Requirement on Material Conflicts of Interest 1. Requirement to Routinely Stand Ready 7. Source of Revenue Analysis a. Disclosure to Purchase and Sell a. Proposed Source of Revenue b. Information Barriers a. Proposed Requirement to Hold Self Out Requirement 3. Final rule b. Comments on the Proposed Requirement b. Comments Regarding the Proposed b. Definition of ‘‘High-Risk Asset’’ and to Hold Self Out Source of Revenue Requirement ‘‘High-Risk Trading Strategy’’ i. The Proposed Indicia i. Potential Restrictions on Inventory, 1. Proposed Rule ii. Treatment of Block Positioning Activity Increased Costs for Customers, and Other 2. Comments on Proposed Limitations on iii. Treatment of Anticipatory Market Changes to Market-Making Services High-Risk Assets and Trading Strategies Making ii. Certain Price Appreciation-Related 3. Final Rule iv. High-Frequency Trading Profits Are an Inevitable or Important c. Limitations on Permitted Activities That c. Final Requirement to Routinely Stand Component of Market Making Pose a Threat to Safety and Soundness Ready to Purchase and Sell iii. Concerns Regarding the Workability of of the Banking Entity or the Financial i. Definition of ‘‘Trading Desk’’ the Proposed Standard in Certain Stability of the United States ii. Definitions of ‘‘Financial Exposure’’ and
Load more

Recommended publications
  • Copyright by Judith A. Thomas 2012
    Copyright by Judith A. Thomas 2012 The Thesis Committee for Judith A. Thomas Certifies that this is the approved version of the following thesis: Live Stream Micro-Media Activism in the Occupy Movement Mediatized Co-presence, Autonomy, and the Ambivalent Face APPROVED BY SUPERVISING COMMITTEE: Supervisor: Karin Gwinn Wilkins Joseph D. Straubhaar Live Stream Micro-Media Activism in the Occupy Movement Mediatized Co-presence, Autonomy, and the Ambivalent Face by Judith A. Thomas, BFA Thesis Presented to the Faculty of the Graduate School of The University of Texas at Austin in Partial Fulfillment of the Requirements for the Degree of Master of Arts The University of Texas at Austin May 2012 Dedication For my husband, inspiration and co-conspirator, Rob Donald. (Photo: The First Adbusters’ Poster for Occupy Wall Street, September 2011. Acknowledgements The work of Manuel Castells on autonomous networks and communication power has had a profound impact on this scholarship. The breadth of his vision and theoretical analysis is inspiring and insightful. I hope this work contributes to the continuing critical cultural discussion of the potential of citizen micro-media in all contexts but especially the international uprisings of 2010-2012. Most especially, my sincere thanks to the following University of Texas at Austin professors whose knowledge and curiosity inspired me most: Joe Straubhaar, Paul Resta, Shanti Kumar, Sandy Stone, and especially my generous, gifted and patient supervisor, Karin Gwinn Wilkins. I will miss the depth and breadth of debate we shared, and I look forward to following your challenging work in the future. v Abstract Live Stream Micro-Media Activism in the Occupy Movement Mediatized Co-presence, Autonomy, and the Ambivalent Face Judith A.
    [Show full text]
  • Popular Movements in Public Space a Geographical Analysis of Occupy Wall Street
    Department of Global Studies and Geography Popular Movements in Public Space A Geographical Analysis of Occupy Wall Street James Yantis Geography Honors Essay Advisor: Kari B. Jensen Received High Honors 2012 Contents Introduction .................................................................................................................................................. 2 Popular Movements...................................................................................................................................... 2 Beginning of OWS ......................................................................................................................................... 8 Methodology ............................................................................................................................................... 10 Regional Analysis......................................................................................................................................... 17 Public Space ................................................................................................................................................ 19 Public Identities ........................................................................................................................................... 24 Public eviction ............................................................................................................................................. 27 Concluding Remarks...................................................................................................................................
    [Show full text]
  • Revisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests In, and Relationships With, Hedge Funds and Private Equity Funds
    DEPARTMENT OF TREASURY Office of the Comptroller of the Currency 12 CFR Part 44 Docket No. OCC-2018-0010 RIN 1557-AE27 FEDERAL RESERVE SYSTEM 12 CFR Part 248 Docket No. R-1608 RIN 7100-AF 06 FEDERAL DEPOSIT INSURANCE CORPORATION 12 CFR Part 351 RIN 3064-AE67 SECURITIES AND EXCHANGE COMMISSION 17 CFR Part 255 Release no. BHCA-[#]; File no. [###] RIN 3235-AM10 COMMODITY FUTURES TRADING COMMISSION 17 CFR Part 75 RIN 3038-AE72 Revisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds AGENCY: Office of the Comptroller of the Currency, Treasury (OCC); Board of Governors of the Federal Reserve System (Board); Federal Deposit Insurance Corporation (FDIC); Securities and Exchange Commission (SEC); and Commodity Futures Trading Commission (CFTC). ACTION: Final rule. SUMMARY: The OCC, Board, FDIC, SEC, and CFTC are adopting amendments to the regulations implementing section 13 of the Bank Holding Company Act. Section 13 contains certain restrictions on the ability of a banking entity and nonbank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. These final amendments are intended to provide banking entities with clarity about what activities are prohibited and to improve supervision and implementation of section 13. DATES: Effective Date: The effective date for this release is January 1, 2020. Compliance Date: Banking entities must comply with the final amendments by January 1, 2021. The 2013 rule will remain in effect until the compliance date, and a banking entity must continue to comply with the 2013 rule.
    [Show full text]
  • Looking Back on 2013
    THIS WEEK IN WALL STREET REFORM December 28 – January 3, 2014 We encourage you to forward this weekly compilation to friends and colleagues. To subscribe, email [email protected], with “This Week” in the subject line LOOKING BACK ON 2013 Financial Reform Went Way Better than Expected Mike Konczal, New Republic, 12/29/13. “[N]obody thought that banks would face tougher holding requirements for capital, that regulations of the financial derivatives markets would advance, or that the final Volcker [Rule] would be a pretty good start instead of an incoherent mess. Yet that is what appears to have happened in 2013.” “JPMorgan had been leading the charge against reform, arguing that the effort was over-harsh and destructive, and that Wall Street had already cleaned up its act on its own. Indeed, the big concern in 2012 was that Wall Street would convince enough moderate Democrats that Dodd- Frank had gone too far… and Congress would stop regulatory action before it was even completed. This fell apart right alongside the multi-billion dollar losses in JPMorgan’s position. “Though small compared to Wall Street and the right, groups like Americans for Financial Reform and Better Markets show up extensively in the comments on the Volcker Rule. In the final rule, there are hundreds of references to the detailed comment letter the Occupy the SEC group sent. These groups didn’t exist before the crisis, and their existence is a major piece of what makes solid final rules happen.” Regulators Halfway Home on Dodd-Frank Peter Schroeder, The Hill, 1/2/14 “More than half of the Dodd-Frank financial reform law has been fully implemented three and a half years after its enactment.
    [Show full text]
  • Congressional Record United States Th of America PROCEEDINGS and DEBATES of the 104 CONGRESS, SECOND SESSION
    E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 104 CONGRESS, SECOND SESSION Vol. 142 WASHINGTON, WEDNESDAY, MARCH 6, 1996 No. 29 House of Representatives The House met at 11 a.m. Mr. TRAFICANT led the Pledge of required that he remove those sections The Chaplain, Rev. James David Allegiance as follows: of the Palestine National Covenant Ford, D.D., offered the following pray- I pledge allegiance to the Flag of the Unit- which call for the destruction of Israel. er: ed States of America, and to the Republic for Until such time as Arafat lives up to Your goodness to us, O God, is be- which it stands, one nation under God, indi- those agreements he has signed and yond our measure and Your grace to us visible, with liberty and justice for all. eliminates Hamas from areas for which is not restrained. In spite of missing f he bears responsibility, the United the mark and seeing too much our own MESSAGE FROM THE SENATE States should know that there is little way, You allow your blessings to flow A message from the Senate by Mr. good in negotiating with him. and Your mercies never to cease. We Lundregan, one of its clerks, an- f pray that this day we will open our nounced that the Senate agrees to the hearts and minds to the daily gifts of report of the committee of conference HEALTH INSURANCE COVERAGE faith and hope and love and pray that on the disagreeing votes of the two (Mr.
    [Show full text]
  • December 13, 2013
    THIS WEEK IN WALL STREET REFORM December 7 – December 13, 2013 We encourage you to forward this weekly compilation to friends and colleagues. To subscribe, email [email protected], with “This Week” in the subject line VOLCKER RULE Regulators Adopt Final Volcker Rule Limits on Bank Trading Danielle Douglas, Washington Post, 12/10/13 “Government regulators ushered in a new era of oversight Tuesday aimed at reining in Wall Street risk-taking, voting to prevent big banks from trading for their own benefit. “The ‘Volcker rule,’ named after former Federal Reserve chairman Paul Volcker, also bars banks from owning hedge funds and private-equity funds. The centerpiece of the 2010 Dodd- Frank financial overhaul law took three years to complete as government infighting and intense lobbying by banks slowed the process. “’The strength of the rule is the scope of the compliance regime,’ said Marcus Stanley, policy director of Americans for Financial Reform. ‘The regulators correctly realized that most proprietary trading is hidden within supposedly innocent activities like hedging or market- making.’ “He said the rule offers guidelines that are only as effective as the regulators that implement them.” Banks Need the Volcker Rule Editorial, USA Today, 12/9/13 “Wall Street lobbyists worked furiously for three years to water the rule down, ultimately producing a complex document of nearly 1,000 pages, including the preamble. A simpler rule would have been less easily abused. But the basic principle remains sound: High-risk trading should be left to hedge funds and other institutions that are small enough to fail without bringing down whole economies.
    [Show full text]
  • Occupy Together
    #OCCUPYTOGETHER who we are. read our blog. Like 223k Follow LEARN ABOUT #OCCUPY //////////////////////////////////////// BACKGROUND & TIMELINE the #occupy movement is an international movement driven by individuals like you. All of us have many different backgrounds and political beliefs but feel that, since we can no longer trust our elected officials to represent anyone other than their wealthiest donors, we need real people to create real change from the bottom up. Organized in over 100 cities in the United States, #occupy aims to fight back against the system that has allowed the rich to get richer and the poor to get poorer. We no longer want the wealthiest to hold all the power, to write the rules governing an unbalanced and inequitable global economy, and thus foreclosing on our future. how did #occupy start? The #occupy movement, originally initiated by a call from Adbusters to "Occupy Wall Street," was inspired by several international protests, most notably, the Arab Spring protests. Thousands answered the call and arrived in Zuccotti Park, at the heart of New York City's financial district, to protest the damaging influence of corporations on politics as well as social and economic inequality. Hundreds stayed every night for two months and created an encampment in the park, a model that was adopted by people all over the country as the movement spread to well over 500 cities. DEC 17 JAN 25 FEB 17 MAY 15 MAY 25 Tunisia December 17, 2010 Twenty-six-year old produce vendor Mohammed Bouazizi sets himself on fire in response to years of petty police harassment in Sidi Bouzid, Tunisia.
    [Show full text]
  • Occupy the SEC Marches in Support of a Strong Volcker Rule
    Occupy The SEC Marches In Support Of A Strong Volcker Rule Posted: 02/14/2012 5:17 pm NEW YORK -- A crowd of some 60 people were milling outside the Federal Reserve Bank of New York in the Financial District Monday afternoon. They listened to Alexis Goldstein, a small woman with a voice that bounced off the buildings. "We are here today to send a message to the Fed, to the SEC," Goldstein announced, the crowd echoing her words in a call-and-response pattern made familiar by the Occupy Wall Street movement. "Protect the public, not the banks." "Yes to Volcker, not the vultures!" someone called back. They were part of one of the latest and most sophisticated attempts yet by OWS protesters to influence the political dialogue. Goldstein is one of the core members of a group known as Occupy the SEC, a collective that includes lawyers and people with years of financial industry experience -- such as Goldstein herself, who has worked in technology at a number of Wall From www.huffingtonpost.com/2012/02/14/occupy-sec-volcker-rule_n_1276903.html 18 February 2012 Street firms. The group, which takes its name from the U.S. Securities and Exchange Commission, had organized this rally in lower Manhattan to focus attention on a key piece of financial regulation. "Volcker," as shouted out by someone in the crowd, referred not to Paul Volcker, former chairman of the Federal Reserve, but rather the edict named after the man -- the so-called Volcker rule, a yet-to-be-finalized section of the 2010 Dodd-Frank financial reform package that aims to stop banks from making risky trades with their own money, otherwise known as proprietary trading.
    [Show full text]
  • Suppressing Protest
    Suppressing Protest: Human Rights Violations in the U.S. Response to Occupy Wall Street The Global Justice Clinic (NYU School of Law) and the Walter Leitner International Human Rights Clinic at the Leitner Center for International Law and Justice (Fordham Law School) as part of the Protest and Assembly Rights Project About the Protest and Assembly Rights Project In January 2012, international human rights and U.S. civil liberties experts at seven law school clinics across the United States formed the Protest and Assembly Rights Project. This joint project investigated the United States response to Occupy Wall Street in light of the government’s international legal obligations. The participating law clinics are: Project Directors and Coordinators: The Global Justice Clinic (GJC) at NYU School of Law provides high quality, professional human rights lawyering services to individual clients and non-governmental and inter-governmental organizations, partnering with groups based in the United States and abroad, or undertaking its own projects. Serving as legal advisers, counsel, co-counsel, or advocacy partners, Clinic students work side-by-side with human rights activists from around the world. The Walter Leitner International Human Rights Clinic at the Leitner Center for International Law and Justice at Fordham Law School aims to train a new generation of human rights lawyers and to inspire results-oriented, practical human rights work throughout the world. The Clinic works in partnership with non-governmental organizations and foreign law schools on international human rights projects ranging from legal and policy analysis, fact-finding and report writing, human rights training and capacity-building, and public interest litigation.
    [Show full text]
  • Occupy the SEC
    Occupy the SEC http://www.occupythesec.org January 13, 2012 Ben S. Bernanke Mary Schapiro Chairman Chairman Federal Reserve Board Securities Exchange Commission 20th Street and Constitution Avenue, N.W. 100 F Street, N.E. Washington, D.C. 20551 Washington, D.C. 20549 Martin J. Gruenberg John Walsh Acting Chairman Acting Comptroller of the Currency Federal Deposit Insurance Corporation Office of Comptroller of the Currency 550 17th Street, N.W. 250 E Street, S.W. Washington, D.C. 20429 Washington, D.C. 20219 Re: Prohibitions and Restrictions on Proprietary Trading and Certain Interests in and Relationships With, Hedge Funds and Private Equity Funds (RIN 1557-AD44; RIN 7100 AD 82; RIN 3064-AD85; RIN 3235-AL07) Dear Sirs and Madam: Occupy the SEC1 submits this comment letter in response to the above-mentioned regulatory agencies’ (“Agencies”) notice of Proposed Rulemaking (“NPR”, “Proposed Rule”)2 implementing Section 619 of the Dodd-Frank Act (“the Act”).3 Occupy the SEC is a group of concerned citizens, activists, and financial professionals with decades of collective experience working at many of the largest financial firms in the industry. Together, we make up a vast array of specialists, including traders, quantitative analysts, compliance officers, and technology and risk analysts. Like much of the 99%, we have bank deposits and retirement accounts that are in need of protection through vigorous enforcement of 1 Occupy the SEC (http://occupythesec.org) is a group within the New York-based Occupy Wall Street (“OWS”) protest movement. This letter represents the opinion of our group’s members, and does not represent the viewpoints of OWS as a whole.
    [Show full text]
  • Securities and Exchange Commission
    Vol. 79 Thursday, No. 157 August 14, 2014 Part II Securities and Exchange Commission 17 CFR Parts 230, 239, et al. Money Market Fund Reform; Amendments to Form PF; Final Rule VerDate Mar<15>2010 17:22 Aug 13, 2014 Jkt 232001 PO 00000 Frm 00001 Fmt 4717 Sfmt 4717 E:\FR\FM\14AUR2.SGM 14AUR2 tkelley on DSK3SPTVN1PROD with RULES2 47736 Federal Register / Vol. 79, No. 157 / Thursday, August 14, 2014 / Rules and Regulations SECURITIES AND EXCHANGE requiring money market funds to report C. Effects on Other Money Market Funds, COMMISSION additional information to the SEC and to Investors, and the Short-Term Financing investors. Finally, the amendments Markets 17 CFR Parts 230, 239, 270, 274 and require investment advisers to certain D. The Financial Crisis 279 E. Examination of Money Market Fund large unregistered liquidity funds, Regulation Since the Financial Crisis [Release No. 33–9616, IA–3879; IC–31166; which can have many of the same 1. The 2010 Amendments FR–84; File No. S7–03–13] economic features as money market 2. The Eurozone Debt Crisis and U.S. Debt funds, to provide additional information Ceiling Impasses of 2011 and 2013 RIN 3235–AK61 about those funds to the SEC. 3. Continuing Consideration of the Need DATES: Effective Date: October 14, 2014. for Additional Reforms Money Market Fund Reform; Compliance Dates: The applicable III. Discussion Amendments to Form PF A. Liquidity Fees and Redemption Gates compliance dates are discussed in 1. Analysis of Certain Effects of Fees and AGENCY: Securities and Exchange section III.N. of the Release titled Gates Commission.
    [Show full text]
  • R OBLAQU in TA
    QUEENS: BLOOMBERG’S FINAL FRONTIER, p6 Issue #190, September 23–october 21, 2013 THE INDYPENDENT A FREE PAPER FOR FREE PEOPLE Long Live Occupy THE MOVEMENT’S IMPACT CONTINUES TWO YEARS LATER By Ethan Earle, p8 rOB LAQUINTA SEARCHING FOR WHISTLEBLOWER BALANCING ART DE BLASIO POSTER SERIES PART 3 & POLITICS p5 p12 p22 the reader’s voice The IndypendenT NYC’S FRACKED FUTURE? P8 note on those high radon levels and BACkROOM ACTIONS war event, only a pro-peace event. It’s Issue #189, August 18 – September 16, 2013 THE INDYPENDENT A FREE PAPER FOR FREE PEOPLE why it’s a matter of serious concern I would have mentioned the U.S. a totally different energy and space. for NYC kitchens fed by Con Ed and backroom actions to get a friendly di- —Karen Chew National Grid: when fracked natural rector appointed to the International THE INDYPENDENT, INC. gas is extracted from the Marcellus Atomic Energy Agency to help slam I think Mr. Newton’s review is very 666 Broadway, Suite 510 shale, extremely radioactive radon Iran. (“Manning’s Top Ten Revela- well expressed. However, as a par- New York, NY 10012 gas is in the mix. If these pipelines tions,” August Indypendent). ticipant in the exhibit who has done 212-904-1282 start running, every time we turn on —Thomas Baxter both a broadside and a book for www.indypendent.org the oven or stove our young children, the project, I do disagree with Mr. Twitter: @TheIndypendent facebook.com/TheIndypendent our animals would be especially ex- EATINg OuR YOuNg Newton’s cavalier “But of course, Burdened posed, being closer to the ground and I would donate a year of incarcera- that’s not really true” in regard to the WHAT IT MEANS TO BE BLACK IN AMERICA BOARD OF DIRECTORS: By Nicholas Powers, p14 with smaller lungs.
    [Show full text]