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Legislative and Regulatory Affairs Archive
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MFA closely monitors legislative and regulatory actions and identifies the issues important to its members. MFA initiatives, on behalf of the industry, often result in comment letters, testimony, news releases and other relevant announcements which are announced and posted herein.  | Posting date | | | | 2.22.2010 |  | MFA Announces Alliance with New York Hedge Fund Roundtable. Click here to view our press release. | | 2.16.2010 | | MFA submitted comments to the Judicial Conference Committee on Rules of Practice and Procedure on the proposed amendment to Federal Rule of Bankruptcy Procedure 2019, Disclosure Regarding Creditors and Equity Security Holders in Chapter 9 and Chapter 11 Cases. MFA supports providing a bankruptcy court with greater transparency with respect to a creditor’s committee’s economic interests, but believe that amended Rule 2019 should not compel public disclosure of the date and price at which a party acquired its bankruptcy claim. MFA supports deletion of the disclosure requirements for the time and price at which a party acquired its economic interest. | | 2.12.2010 | | MFA submitted a letter to Treasury Deputy Secretary Neal Wolin, which set out several issues related to the treatment of OTC derivatives contracts in the context of bankruptcy and resolution authority. Specifically, the letter set out concerns regarding the segregation of collateral and portability of OTC contracts in the event that a clearing member of a central counterparty provider goes into bankruptcy. The letter summarized the analysis and proposed legislative amendments with respect to the U.S. central clearing proposals that are contained in a report prepared last year by Cleary Gottlieb Steen & Hamilton. The letter also set out differences in the treatment of derivatives contracts under the Bankruptcy Code and the Resolution Authority title passed by the House of Representatives, respectively. | | 2.9.2010 | | International management consultancy Oliver Wyman published a report today that provides the first clear evidence that rules requiring public disclosure of short positions make it more expensive and difficult for all participants to invest in equity markets. The report finds that the public short sale disclosure regime in effect in the United Kingdom has caused: (i) bid-ask spreads for UK stocks subject to disclosure to widen by over 45%, (ii) total trading volume in affected UK stocks – including long trades – to decrease by 13%, and (iii) short selling liquidity to be impaired by approximately 20%. Together, these effects limit the ability of businesses to raise capital and create jobs, and raise costs for pension funds, retail funds, and other investors. Click here to read MFA's news release about the report. Click here to read a description of the report. | | 2.5.2010 | | MFA submitted comments to the U.S. GAO in response to its request for comments on the “Joint Report of the SEC and CFTC on Harmonization of Regulation”. In our letter we discuss recommendations we support, such as aligning specific private fund reporting requirements, creating a joint information technology task force, facilitating portfolio margining, and creating a process that would facilitate the product approval process and provide legal certainty. We also discuss concerns with recommendations and areas that the Joint Report does not cover. | | 2.1.2010 | | MFA submitted a letter to the UK House of Lords in response to a Call for Evidence from the Subcommittee regarding the European Commission’s Communications on ensuring safe and sound derivatives markets. In our letter, we: (i) discussed the benefits of the derivatives markets; (ii) noted that derivatives helped market participants to hedge their risk exposures during the worst months of the financial crisis; (iii) agreed that the European Commission’s approach to monitor and, when appropriate, to impose minimum collateral levels with respect to non-cleared derivatives transactions is the correct level of oversight; and (iv) encouraged the European Commission to coordinate its regulation and oversight of the derivatives markets with other regulators around the world to prevent market segmentation | | 1.26.2010 | | MFA President and CEO Richard H. Baker will Co-chair the 12th Annual Hedge Funds Care charity benefit on February 25th, 2010. |
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Industry Pulse
- March 9, 2010
Politico
- Showdown looms for financial reform
- March 8, 2010
The Financial Times
- Bair seeks upfront levy on big banks
- March 8, 2010
Reuters
- Senators wrangle over OTC derivatives exemptions
- March 6, 2010
Reuters
- In Europe, Volcker makes case for bank trading limits
- March 5, 2010
The Wall Street Journal
- Six Steps Toward Financial Reform
- March 4, 2010
Politico
- Financial reform still on the table
- March 2, 2010
The Wall Street Journal
- Deal Near on Banking Rules
- March 2, 2010
The Washington Post
- Dodd wants Democratic support for consumer-protection regulator at Fed
- March 2, 2010
The Financial Times
- SEC’s new short selling rules ‘threaten liquidity’
- March 2, 2010
Politico
- Frank: Dodd deal like 'a bad joke'
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MFA Calendar
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