Headlines and news rundowns from my personal reading...
The Dodd Frank Report studies the resolution of financial institutions as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (U.S. Courts Page)
"I don't support going back to Glass-Steagall as is," Mnuchin told the Senate Finance Committee. "When we talked about policy with the president-elect, our view is we need a 21st century version."
Away from that....A paper from Federal Reserve staff released in December that found that the Volcker rule had a negative effect on corporate-bond liquidity, or the ease with which buyers and sellers can find each other. Federal Reserve Paper: Volcker Rule and Market-Making - Link
The head of CME Group on the Volcker Rule: Everybody thinks Dodd-Frank is in full swing, so people want to dismantle something that's not even 100% enacted today. So I think we have to wait and see how this plays out. But the pendulum definitely swung a little too far against the dealers, in my opinion. The Volcker Rule is something that needs to be looked at. They need to be able to proprietary trade. But when they have taxpayers backing up their deposits, and they're proprietary trading, there's some issues there. We are going to have to see what happens. - Business Insider
Jamie Dimon and Lloyd Blankfein are saying the SAME thing...Link at Dealbreaker
Sixth Circuit Declines to Address the Definition of Dodd Frank “Whistleblower
Background & Links -
On January 13, 2017, the Sixth Circuit in Verble v. Morgan Stanley Smith Barney, LLC, declined an opportunity to be the third federal appellate court to address the definition of “whistleblower” under Dodd Frank’s anti-retaliation provision. Background In 2013, the Fifth Circuit in Asadi v. G.E. Energy (USA), LLC, 720 F.3d 620 (5th Cir. 2013) held that the text of Dodd-Frank’s anti-retaliation provision (Section 922) requires that a “whistleblower” report an alleged violation to the SEC to be covered. Some district courts have followed Asadi while others have rejected Asadi and held that an internal complaint of an alleged securities law violation is sufficient to invoke Dodd-Frank’s anti-retaliation protection. In response to the growing disagreement amongst courts, the SEC issued an interpretive rule on August 4, 2015, clarifying that for purposes of Dodd-Frank’s employment retaliation protections, individuals who have not reported alleged misconduct to the SEC may nevertheless qualify as “whistleblowers.” Over one month after the SEC issued this guidance, the Second Circuit in Berman v. Neo@Ogilvy held that Dodd-Frank’s whistleblower protection provision applies to individuals who did not bring the complaint to the SEC, but instead reported internally within the company. Within that decision, the Second Circuit recognized the contrary holding in Asadi and reasoned that the Fifth Circuit’s opinion too narrowly limits the scope of whistleblower protections under Dodd-Frank.
The National Law Review - http://www.natlawreview.com/article/sixth-circuit-declines-to-address-definition-dodd-frank-whistleblower
Article posted here, a few months back on Dodd-Frank Wall Street Reform - http://www.chaganomics.com/2016/12/dodd-frank-rollback-despite-ny-fed.html
The Dodd Frank Report studies the resolution of financial institutions as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (U.S. Courts Page)
"I don't support going back to Glass-Steagall as is," Mnuchin told the Senate Finance Committee. "When we talked about policy with the president-elect, our view is we need a 21st century version."
Away from that....A paper from Federal Reserve staff released in December that found that the Volcker rule had a negative effect on corporate-bond liquidity, or the ease with which buyers and sellers can find each other. Federal Reserve Paper: Volcker Rule and Market-Making - Link
The head of CME Group on the Volcker Rule: Everybody thinks Dodd-Frank is in full swing, so people want to dismantle something that's not even 100% enacted today. So I think we have to wait and see how this plays out. But the pendulum definitely swung a little too far against the dealers, in my opinion. The Volcker Rule is something that needs to be looked at. They need to be able to proprietary trade. But when they have taxpayers backing up their deposits, and they're proprietary trading, there's some issues there. We are going to have to see what happens. - Business Insider
Jamie Dimon and Lloyd Blankfein are saying the SAME thing...Link at Dealbreaker
Sixth Circuit Declines to Address the Definition of Dodd Frank “Whistleblower
Background & Links -
On January 13, 2017, the Sixth Circuit in Verble v. Morgan Stanley Smith Barney, LLC, declined an opportunity to be the third federal appellate court to address the definition of “whistleblower” under Dodd Frank’s anti-retaliation provision. Background In 2013, the Fifth Circuit in Asadi v. G.E. Energy (USA), LLC, 720 F.3d 620 (5th Cir. 2013) held that the text of Dodd-Frank’s anti-retaliation provision (Section 922) requires that a “whistleblower” report an alleged violation to the SEC to be covered. Some district courts have followed Asadi while others have rejected Asadi and held that an internal complaint of an alleged securities law violation is sufficient to invoke Dodd-Frank’s anti-retaliation protection. In response to the growing disagreement amongst courts, the SEC issued an interpretive rule on August 4, 2015, clarifying that for purposes of Dodd-Frank’s employment retaliation protections, individuals who have not reported alleged misconduct to the SEC may nevertheless qualify as “whistleblowers.” Over one month after the SEC issued this guidance, the Second Circuit in Berman v. Neo@Ogilvy held that Dodd-Frank’s whistleblower protection provision applies to individuals who did not bring the complaint to the SEC, but instead reported internally within the company. Within that decision, the Second Circuit recognized the contrary holding in Asadi and reasoned that the Fifth Circuit’s opinion too narrowly limits the scope of whistleblower protections under Dodd-Frank.
The National Law Review - http://www.natlawreview.com/article/sixth-circuit-declines-to-address-definition-dodd-frank-whistleblower
Article posted here, a few months back on Dodd-Frank Wall Street Reform - http://www.chaganomics.com/2016/12/dodd-frank-rollback-despite-ny-fed.html
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