US adopts rules banning proprietary trading by banks. US financial services regulators voted to adopt regulations implementing the Dodd-Frank Act’s “Volcker rule,” which prohibit deposit-taking banks from engaging in proprietary trading. According to Bloomberg, the adopted regulations include a broader exemption for banks’ market making activities while tightening the requirements for the hedging exemption. The rules also include a chief executive certification provision which requires a bank’s CEO to attest to the bank’s compliance with the rules. Firms will be required to comply with the rule by July 21, 2015. (12/10/2013) Summary. The Washington Post republished the full text of the regulation as well as the US agencies’ joint press release which summarizes the adopted regulations’ provisions. (12/10/2013) Republication.
OSC to hold derivatives reporting seminar. The Ontario Securities Commission announced that it will hold a seminar on January 15, 2014, on the reporting requirements under the new Derivatives Trade Repositories and Data Reporting rule. OSC press release.
Canadian regulators propose amendments to registration rules. The Canadian Securities Administrators requested comment on proposed amendments to National Instrument 31-103, Registration Requirements, Exemptions and Ongoing Registrant Obligations, the regulatory framework for firms and individuals who trade in securities, provide investment advice or manage investment funds. The proposals address proficiency requirements for registrants, the exempt market dealer category of registration, the sub-adviser exemption, the review of notices acquisitions of shares or assets of registered firms, and conflicts of interest. Comments should be submitted by March 5, 2014. (12/5/2013) CSA press release.