Tuesday, 27 January 2015
Last updated 27 min ago
Jan 12 2012 | 5:07am ET
The Commodity Futures Trading Commission has finally acted on the Volcker rule, proposing a new regulation that would ban banks from trading their own capital and severely restrict their investments in alternative assets.
The CFTC voted, along party lines, to propose the measure. The regulator's rule is similar to a joint rule proposed last year by the Federal Reserve, Federal Deposit Insurance Corp., Office of the Comptroller of the Currency and Securities and Exchange Commission. Those four regulators extended their comment period on that proposal until next month in an effort to coordinate with the CFTC, whose own proposal is subject to a 60-day comment period.
"I think our role here is important, it's significant, but it's actually just a supporting member," Chairman Gary Gensler said. "The bank regulators have the lead role."
Scott O'Malia, one of the two dissenting Republicans on the panel, disagreed, calling the rule "so bad it really merits re-proposal."
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…