Embarrassed Agency Would Get Much Needed Funding “The SEC’s failure to catch Bernie Madoff shows a level of incompetence unseen since FEMA’s handling of Hurricane Katrina” — Charles Schumer To say that the SEC is or should be embarrassed about the Madoff scandal is an understatement (please see our most [...]

President Discusses Future Financial Regulations in Advance of G20 Earlier today President Obama gave a speech in New York discussing the administration’s future plan for greater regulation of the financial markets in the wake of the financial crisis of 2008/2009.  Speaking strongly the President said: So I want everybody here [...]

Assistant Secretary Michael Barr Testifies Before House Committee Regarding President’s Proposal to Establish New Consumer Financial Protection Agency On July 8th, 2009, Assistant Secretary Michael Barr delivered a statement before the House Committee on Energy and Commerce regarding the Administration’s recent proposal to establish a new financial regulatory agency designated [...]

SEC Commissioner Aguilar Proposes Registration For Funds with as little as $25MM of AUM Just today I had an opportunity to review the transcript of a speech by SEC Commissioner Aguilar in which he advocates that funds with as little as $25MM of AUM should register with the SEC.  Such [...]

Draft Speaks of IA Registration for Hedge Fund Managers As you have probably heard by now, Obama will be presenting his plan for an overhaul of the financial system later today.  I have reviewed a copy of Obama’s Financial Regulation Proposal Draft and have reprinted some of the important aspects [...]

CFTC Reports to US Senate Subcommittee on Financial Services – Testimony Provided by Chairman Gary Gensler On June 2nd, 2009 Gary Gensler of the Commodity Futures Trading Commission (CFTC) addressed the US Senate Subcommittee on Financial Services with a discussion of the issues related to the CFTC’s 2010 Budget.  Gensler [...]

President-elect Brarack Obama’s choices for the head of the SEC and the CFTC have been generally well-received.  Mary Schapiro and Gary Gensler have very large jobs ahead of them as Congress is expected to require hedge fund registration with the SEC, and the CFTC also has the mandate to regulate [...]