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Global Regulatory Briefing Global Regulatory Briefing OCTOBER 15 (I) REGULATORY REFORM & STRUCTURES BRAZIL - Brazil's Vale raises investment under government US – U.S. Congress panel approves OTC derivatives rules, pressure step toward final bill CHINA - China to standardise Open-End Mutual Funds EU - EU directive may cost hedge funds 3.2 billion euros - Fees – report FSA report (IV) TAX EU - EU wary on some derivatives market reforms - sources US – U.S. offshore tax amnesty draws 7,500 evaders, GERMANY - Deutsche CEO says Europe banks should crackdown expands consolidate US – Obama committed to ending international corporate tax GLOBAL - WTO-style body may be needed for banking “loopholes” sector – British regulator CAYMAN ISLANDS - Cayman Islands woo French business UK – British banks unclear on how supervision will work with tax accord US – U.S. stock, futures regulators mull joint enforcement CHINA - US Treasury declines to call China a forex squad - sources manipulator (II) FINANCIAL CRISIS JAPAN - Japan's Fujii defends right to speak out on forex US - U.S. warns on commercial real-estate, urges loan THAILAND - Thai central bank says to act on forex, diversify modifications reserves NETHERLANDS - Dutch bank DSB collapses, buyers CHINA – China to permit partnerships to buy stocks – draft withdraw rules JAPAN - Japan plans incentives for loan moratorium ASIA – South Korea says agrees with China to consider free- JAPAN – Japan central bank delays exit from corporate trade deal finance support RUSSIA - Joint bid delays Russian WTO entry significantly, IRELAND - Irish "bad bank" to get down to work next month negotiator says NIGERIA - Bad loans at 5 Nigerian banks total $2.6 billion – US - U.S. trade deals could languish for another year central bank CHINA - China bans foreign investment in online games BAHRAIN - Algosaibi's TIBC owes $2 bln to banks, source industry says MEXICO - Mexican senators to seek ruling in Citigroup UK – Royal Bank of Scotland considering branch sale to ownership debate appease EU - source GLOBAL - New data technology trade rules needed -Microsoft ICELAND - Iceland prime minister says UK, Dutch holding up US - Republicans urge Obama to roll back "Buy American" IMF aid over bank losses plank in stimulus UK – UK REGULATOR discouraged foreign banks IT saw as (VI) EXCHANGES & TRADING INFRASTRUCTURE risky – report US – Securities regulator to consider U.S. rules for dark pools GLOBAL - US falls to 3rd in financial development ranking, Oct. 21 after UK, Australia US - Fast traders push alternative US risk oversight plan (III) ENFORCEMENT, CORPORATE GOVERNANCE & SOUTH KOREA – Korea Exchange head resigns, cites FINANCIAL REPORTING pending end of monopoly UK - FSA wants to vet top bank appointment shortlists (VII) FUNDS MANAGEMENT & PRIVATE EQUITY UK – Regulator’s censure on trading practice may set new US – California pension-fund giant launches probe of precedent placement agent fees UK – Major foreign banks in Britain agree to G20 pay rules (VIII) COMMODITIES & ENERGY HUNGARY – Hungary to hold talks with banks on currency - CHINA / RUSSIA China, Russia bolster ties with gas, trade lending limits deals EU - EU to strictly apply state aid, competition rules - Barroso TAIWAN - Taiwan to study whether to increase gold in FRANCE - France's Lagarde dissatisfied with international reserves accounting rule plan (IX) ISLAMIC FINANCE CHINA – Major bank loans slow as regulator hits brakes MALAYSIA – Sukuk plan by Malaysia’s PAAB signals market UK – UK halts business with Iran firms on nuclear fears may be thawing US – Bank of America agrees to give U.S. more details on (X) STATE ENTERPRISES AND WEALTH FUNDS Merrill GERMANY - New German coalition aims to review JAPAN - Japan regulator investigates BNP Paribas - government stakes - document newspaper CHINA – China Development Bank may acquire Stockfly GERMANY - Hypo Real Estate is nationalised with squeeze Securities – report out CHINA – China wealth fund to keep buying shares in major Chinese banks GLOBAL REGULATORY BRIEFING OCT. 15 GLOBAL - Excessive transparency push for sovereign funds POLAND - Poland drafts legislation to expand broadband harmful - China BRAZIL - Brazil plans new rules on broadband speeds MEDIA & PRESS FREEDOM FRANCE - France moves towards opening up online CHINA - China’s Hu, global media, differ at Beijing forum gambling CHINA - Battle for control shakes China's Caijing magazine PEOPLE UK – Twitter campaign forces retreat on UK media gag order CHINA - Bank of China exec to take up senior IMF post - ARGENTINA - Argentine Senate passes media reform bill source TURKEY - Dogan Yayi n says bank accounts frozen in tax row FRANCE - Bank of France's Noyer to get second term TELECOMS & INTERNET US - U.S. Senate confirms three nominees to futures MEXICO - Mexico body rules Telmex dominant in long regulator distance US - US top court to hear appeal by Enron's Skilling GERMANY - Germany gives green light for 2010 digital US - Lazard CEO Bruce Wasserstein dies at 61 frequency auction US – U.S. regulator questions Google Voice after lawmakers seek probe WEEK IN BRIEF Regulatory reform took a big step in the United States when a congressional committee passed an overhaul of derivatives regulation. Japan’s new government, testing its economic impact, made waves with pressure on the central bank not to ease a stimulus measure and comments about currencies. Britain’s securities regulator showed news signs of its ambition, including by telling bankers it intended to vet the shortlists for senior financial industry hires. QUOTES "While the U.S. and China use the (financial) crisis to create large and competitive institutions, Europe threatens to be left behind." Deutsche Bank Chief Executive Josef Ackermann "While there have been some positive signals of late, the financial system remains fragile and key trouble spots remain (such as commercial real estate).” U.S. Federal Reserve Board Governor Daniel Tarullo. "I am still not convinced who will have the appetite and legal wherewithal to take away the punchbowl for an individual institution." British Bankers’ Association deputy chief executive, Sally Scutt, expressing doubt about government plans for a new national body to safeguard financial stability. "Those one-off costs, they are very significant and we do not think they can be justified." UK Financial Services Authority official Dan Waters, discussing an agency finding that proposed EU regulations cost the funds industry 3 billion euros and shrink fund choices by 40 percent. "One of the key questions we expect relevant senior management of a firm to be able to answer is: 'What are the circumstances under which the firm will fail?'” UK Financial Services Authority, in letter to financial institutions outlining its expectation to vet shortlists of their senior appointments. This Briefing is produced by Reuters News service. Contact [email protected] for more information, or to be added to the distribution list. © Thomson Reuters 2009. All rights reserved. This information is being distributed free of charge. Thomson Reuters is not liable for any inaccuracies or other errors or delay in the information or for any reliance on it. This Global Regulatory Briefing contains headlines and summaries only and therefore you should refer for more detail or verification to the original sources. Republication or redissemination of this information without Thomson Reuters prior written consent is prohibited. GLOBAL REGULATORY BRIEFING OCT. 15 "You add all of this up and it means increased risk for anyone still hiding assets offshore. The IRS has new momentum in this entire area and in the coming months our efforts will only intensify." U.S. Internal Revenue Service Commissioner Doug Shulman, announcing an expanded international crackdown on offshore tax evaders, after an amnesty program drew about 7,500 wealthy Americans. "I knew back in October or November, the worst of times, it was a good time to invest. But could we do it? I don't think so, because the whole country would be accusing us, 'Are you crazy? Everyone thinks cash is king.'" Jin Liqun, chairman of the board of supervisors of sovereign wealth fund China Investment Corp, in interview with Reuters. "SWFs are not publicly traded companies. We do not have obligations to publish quarterly information to the public. Indeed, this kind of quarterly disclose has done more harm than good. It has encourages managers to do reckless things." Jin, same interview. "China will ultimately decide its own fate, but unless the digital door is opened opportunities will be lost and potential will not be realized." News Corp chief Rupert Murdoch, in a speech delivered in the Great Hall of the People in Beijing. "The United States talks about a strong dollar, but in reality the currency is becoming weak. American people have a sense of crisis about their own currency." Japanese Finance Minister Hirohisa Fujii "(Treasury) Secretary (Timothy) Geithner's often spoken with the administration saying a strong dollar is in our interest. That's a true statement about America ... and that's our policy." U.S. National Economic Council Director Lawrence Summers. "Some newspapers describe me as a rare finance minister who speaks out on currency policy. That's wrong. It's the past finance ministers who didn't speak out on currency policy who were wrong." Fujii FINANCIAL SERVICES (I) REGULATORY REFORM & STRUCTURES US – U.S. CONGRESS PANEL APPROVES OTC DERIVATIVES RULES, STEP TOWARD FINAL BILL The Obama administration scored its first financial regulation
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