Economist Craig Pirrong ( " With 'Fixes' Like These," Streetwise Professor) analyzes the CFTC's proposed rule on protection of customer funds. If adopted, such rule will require FCMs to maintain residual interest in segregated accounts in an amount which exceeds the sum of all margin deficits for futures customers. Noting that the proposal is intended to prevent another MF Global or Peregrine, Pirrong observes that having more excess margin in customer accounts will only increase the money that a Corzine or Wasendorf might tap to cover a company's losses. Pirrong argues that the near

European Commissioner Michel Barnier, responsible for Internal Market and Services, delivered a speech at the Transatlantic Finance Initiative in New York. Commissioner Barnier discussed the progress of his recent discussions with the Fed, Treasury and the Regulatory Agencies in Washington.According to Commissioner Barnier, international standards are largely agreed upon in a few areas, including (i) margin on derivatives, (ii) shadow banking and (iii) the regulation of systemically important banks. However, he was critical of U.S. regulation in a number of areas, including what he described

SEC Commissioner Luis A. Aguilar delivered remarks regarding the importance of robust proxy disclosure to shareholders, and highlighted areas in which disclosure can be improved in light of annual shareholder meetings soon taking place for many public companies. Commissioner Aguilar stated that the SEC requires issuers and other parties that solicit proxies to provide shareholders with a proxy statement with specific information regarding the meeting, the proxy process, and the matters to be voted on, including director qualifications and compensation. Aguilar also discussed the following

The SEC staff of the Division of Corporation Finance released a report on accessing the U.S. capital markets. The report provides a general outline of various U.S. federal securities law issues applicable to "foreign private issuers," as well as additional matters these issuers may wish to take into account when considering having their securities trade in the U.S. capital markets. In addition, it includes links to various statutes and rules. Lofchie Comment : It's a very helpful little guide, but it barely mentions Sarbanes Oxley, and for many foreign private issuers that might have an

The SEC published in the Federal Register an order approving the 2013 budget of the PCAOB ($245.6 million) and the related annual accounting support fee as required by the Sarbanes-Oxley Act of 2002. Click hereto view our original story on the Order and related SEC speeches. Cross-Reference(s): Dodd-Frank Section 982 ("Oversight of Brokers and Dealers"). See: 78 FR 11915. See also: Chairman Walter's Opening Remarks and Commissioner Aguilar's Speech on Resources. Related Materials: Public Company Accounting Oversight Board Strategic Plan: Improving the Relevance and Quality of the Audit for the