Here are some recent compliance-related stories that caught my eye.
Investment Advice from George Carlin by Kent Thune in The Big Picture
Try not to live in a hypothetical world.
“What if there were no hypothetical questions?” ~ George Carlin
Regulatory Delay Stokes Unease Over Dodd-Frank by Deborah Solomon and Victoria McGrane in the Wall Street Journal
Banks, investors and companies are scrambling to cope with uncertainty caused by regulators’ delays in fleshing out the Dodd-Frank financial-overhaul law, amid fears the holdup might disrupt the $583 trillion derivatives market and spark a wave of lawsuits. More than 100 new derivatives requirements in the law take effect on July 16, even though regulators have yet to issue final rules in the affected areas. The holdup raises concerns that a large swath of the financial system might be thrown into legal gray areas.
Lockheed Martin Gets Into Step With UK Bribery Act With New Policy by Samuel Rubenfeld in WSJ.com’s Corruption Currents
In one of the first examples of a multinational company publicly adapting its compliance procedures to the U.K. Bribery Act, Lockheed Martin Corp. said in a regulatory filing late Monday on behalf of a former subsidiary that it is changing its internal policy in light of the new law.
US Senators and Rep. Frank Urge SEC to Exclude Banks from Municipal Advisor Regulatory Regime in Jim Hamilton’s World of Securities Regulation
In the view of the Senators and Rep. Frank, this broad requirement would move the regulations beyond the intent of the legislative language and have the unintended consequence of subjecting many banks and bank personnel to onerous regulation regardless of whether they provide the type of advice that would warrant regulation under Dodd-Frank. Many banks provide a broad range of banking services to municipalities, they noted, including deposit, basic cash management, lockbox, and short-term lending services.
