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Global Regulatory Briefing May 26, 2011

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GLOBAL REGULATORY BRIEFING MAY 26, 2011 WEEK IN BRIEF The U.S. futures regulator launched one of its biggest crackdowns ever on oil price manipulation, while the European Commission made plans to control a commodity speculation. An EU parliament committee approved legislation to standardize derivatives for central clearing. Asian regulators worried that Dodd-Frank controls on derivatives trading will give Washington more power over Asian banks. IN THIS ISSUE IN THIS ISSUE QUOTES TOP STORIES U.S. sues big oil traders for 2008 manipulation EU lawmakers back derivatives crackdown Asia regulators fear Dodd-Frank stepping on their turf -ISDA EU's Barnier eyes commodity speculation controls FINANCIAL SERVICES REGULATORY REFORM US may be year ahead of EU on swaps -CFTC's Sommers UBS plans to move investment bank overseas –report UK bank commission consulting BoE, FSA on ring-fencing Big U.S. banks face more exposure to state laws U.S. muni board focuses on advisors, posting information India central bank sees limit to non-bank business in holding companies Ex-policy makers concerned over BoE regulation powers Lawmakers urged not to rashly unwind Fannie, Freddie Deutsche Bank exec urges politicians to back off banks Too strict regulation risks flight -Lagarde ENFORCEMENT Divided U.S. SEC approves whistleblower rule U.S. senator probes SAC Capital trading, presses SEC Russian court upholds Khodorkovsky conviction FINRA fines Credit Suisse, Merrill Lynch $7.5 million over subprime FSA fines repeat offender for share scam, wins first injunction Bank of America $410 million overdraft settlement wins court OK China's Longtop says auditor, CFO quit; SEC probes Ex-fund manager in Galleon case helps with new insider suspects California ethics watchdog probes Calpers on gifts Legal challenge delays UK FSA's probe into Keydata U.S. mortgage servicers get subpoenas NY Fed probing Goldman mortgage servicing unit Goldman still a trophy for crisis investigators NY questions more banks in mortgage probe -source States to ask banks for larger mortgage settlement Finra fines Nuveen over auction-rate securities Egypt prosecutor unfreezes assets of 13 businessmen Online poker "payment processor" admits U.S. charges GLOBAL REGULATORY BRIEFING, MAY 26, 2011 2 New York attorney general expands graft-hunting powers Businessmen jailed for Tanzania central bank fraud HSBC U.S. client to plead guilty to hiding account OECD makes no progress against bribes –Transparency Florida Attorney General investigating 5 prepaid debit card companies RBS to co-operate with UK watchdog over ex-CEO Lloyds' Bank of Scotland arm fined 3.5 million pounds Ex-lawyers, tax firm CEO guilty in tax shelter case Croatian regulator brings charges against MOL Montenegro bank resumes lending after ban ends India Infosys gets subpoena from U.S. court on visas SUPERVISION US House panel votes for 15 percent cut in US CFTC budget Bank-picked experts take on US foreclosure reviews UK banks fall short of lending goal to small firms SEC seeks to ban felons from private placements Finra CEO to brokerages: Don't skimp on compliance Watchdog: SEC could owe millions over lease deal ACCOUNTING & FINANCIAL STANDARDS BIS: no going back on Basel bank liquidity rule, but tweaks possible ECB's Mersch warns of Basel III capital-requirement costs Swiss finance minister ok with some delay on bank rules EU finance ministers blast Barnier's bank rule plan –report Moody's may cut UK lenders as regulators get tough GOVERNANCE Companies try to herd shareholder suits to Delaware DERIVATIVES Europe property loses carve-out in derivatives bill U.S. House panel votes to delay swaps market rules OTC swaps face legal void as CFTC misses deadline EXCHANGES & TRADING PRACTICES LSE faces TMX tussle as Maple goes hostile As exchange deals die, signs of thorny new era Brazil clearinghouse tie-up to free $19 billion -paper Austria extends short-selling ban again FINRA's Ketchum sees progress on flash crash prevention FUNDS MANAGEMENT EU securities watchdog eyes hedge funds Bank of Canada warns pension funds of risky buys India’s stability council to bolster wealth-management oversight FINANCIAL CRISIS & ECONOMY Signs of division between IMF, Europe over bailouts GLOBAL REGULATORY BRIEFING, MAY 26, 2011 3 EU policy options narrow to avert Greek default S&P warning heralds tough times ahead for Italy Ireland says won't yield on corporate tax Chrysler repays bailout money to U.S. Treasury Stimulus money recipients owe billions in US taxes -GAO Debt clearer to take on up to $2.3 billion sour loans Hartford sells bank unit used for TARP EU regulators clear Greece's ATEbank revamp Egypt forms committee to settle investment deals Independent experts take control of RBS report CURRENCY SEC deepens probe of forex trading -report Taiwan central bank seeks power to cancel forex broker licences Iceland to hold first auction of currency Thai central bank aims to diversify foreign reserves investment TRADE & CROSS BORDER Hong Kong working to simplify listing rules for international firms -government official NYSE working with Shanghai on international board, keen to list EU, US step on sanctions on Iran shippers, Venezuela’s PDVSA targeted STATE ENTERPRISES South Korea may ease rules for Woori stake sale -regulator COMMODITIES & ENERGY UK lawmakers alert watchdog on LME warehouses US House Democratic staff: focus on oil speculators, not drilling EU finalises "stress tests" for nuclear reactors Japan says power saving to take effect from July 1 New Jersey pulls out of northeast US carbon market -Point Carbon California carbon market put on ice Australia introduces laws for sole petroleum regulator TELECOMS & MEDIA TELECOMS India court rejects bail pleas of execs in telecoms case INTERNET & MASS COMMUNICATIONS Morgan Stanley OKs broker use of social media Twitter says to protect users' right to self-defence US lagging in broadband adoption, speed -FCC report Italian TV shows fined for pro-Berlusconi bias INTELLECTUAL PROPERTY RIGHTS EU wants ISPs to police copyright breach -document GLOBAL REGULATORY BRIEFING, MAY 26, 2011 4 PEOPLE Battle begins for trio of top regulatory jobs Tempers flare with consumer ally Warren in U.S. hot seat US SEC taps Vanderbilt professor for economic post COMING UP GLOBAL REGULATORY BRIEFING, MAY 26, 2011 5 GLOBAL REGULATORY BRIEFING, MAY 26, 2011 6 QUOTES "We're watching and we'll come and get you." Bart Chilton, a commissioner for the U.S. Commodity Futures Trading Commission, in a warning to commodity-market manipulators after the commission accused. Parnon Energy and Arcadia Energy of manipulating the oil market to the tune of $50 million. “This is rubbish. It's entirely normal to operate like this, this is Obama having a go.” Norwegian billionaire John Fredriksen, who controls Parnon and Arcadia, via Norwegian newspaper Dagens Naeringsliv "I really worry that with the bank becoming so much more powerful that there is going to be an accountability deficit and we should do all we can to increase the checks and balances." Sushil Wadhwani, former member of the Bank of England policy committee, on new powers proposed for the bank "It doesn't appear that Chinese companies have withstood the types of scrutiny by auditors that American companies have faced -- for decades. As these companies get bigger, they get more attention, and inconsistencies, anomalies or things that don't make sense may become more apparent." Richard Riley, an accounting professor at the West Virginia University College of Business & Economics in Morgantown, West Virginia, on accounting scandal at China’s Longtop Financial Technologies "They're unpopular. They're big. They're sort of the face of Wall Street. They're very profitable. And there's the perception they did quite well from the financial crisis." Robert Hillman, a law professor at the University of California, Davis on Goldman Sachs being in the SEC's sights again. “We are going to make sure you are not having a dominant operator on the market. We will go along the same lines as the Americans … We are going to make proposals for limits." EU intermal markets commissioner Michel Barnier, discussing plans to limit trading by big investors to control speculation in commodities GLOBAL REGULATORY BRIEFING, MAY 26, 2011 7 TOP STORIES US | REUTERS, MAY 24-25 U.S. sues big oil traders for 2008 manipulation U.S. regulators launched one of the biggest ever crackdowns on oil price manipulation, suing two well-known traders and two trading firms owned by Norwegian billionaire John Fredriksen for allegedly making $50 million by squeezing markets in 2008. The Commodity Futures Trading Commission (CFTC) said high-profile traders James Dyer of Oklahoma's Parnon Energy, and Nick Wildgoose of Europe-based Arcadia Energy, amassed large physical positions at a key U.S. trading hub to create the impression of tight supplies that would boost oil prices. Later they dumped the oil back onto the market, causing prices to crash and racking up profits from short positions they had accrued in futures markets, the suit said. Both Parnon and Arcadia are controlled by Fredriksen. The lawsuit says that the CFTC may seek damages of as much as triple the monetary gains derived from the illicit trading violations, among other potential fines and injunctions. If the CFTC won damages of $150 million it would match the second-largest fine in the agency's history. Arcadia Energy rejected the U.S. futures regulator's claims, and said it would fight them in court. Fredriksen said the CFTC accusations were "rubbish" and suggested that U.S. President Barack Obama was trying to score political points. The Obama administration has assured Americans it is trying to curb high U.S. gasoline prices and ensure they aren't being artificially driven up. Fredriksen’s quick rebuttal set up a rare public showdown over trading practices in the opaque physical oil market.
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