On July 22, 2011, the U.S. Court of Appeals for the District of Columbia Circuit struck down Rule 14a-11 under the Exchange Act, which the SEC adopted last year to broaden “proxy access” for shareholders seeking to place their own nominees to boards of directors on a company’s proxy.
While Treasury Secretary Geithner warned against undermining efforts to stall or water down financial regulation, Senate Republicans are refusing to confirm nominees to crucial financial regulatory posts.
On May 12th, the New York Times reported that a growing number of leadership vacancies at the financial regulatory agencies is creating regulatory uncertainty.
On Thursday, the Senate Banking Committee called all representatives of the Financial Stability Oversight Council (FSOC) to testify, ostensibly for an oversight hearing on Dodd-Frank implementation.
In July 2010, Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act").
The French Parliament adopted on 22 October 2010 a Law for banking and financial regulation (the Banking and Financial Regulation Law or the New Law) designed to regulate financial activities further to the G20 recommendations on the matter, and to bolster the French economy during the financial and economic crisis.
Last week, U.S. Representatives and a group of large insurance companies sent letters to U.S. Treasury Secretary, Timothy Geithner, and other key lawmakers requesting that decisions affecting insurers under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) be postponed until all appointments are made to the newly created Financial Stability Oversight Council (the “Council”).
On January 27th, the Financial Crisis Inquiry Commission released its report on the causes of the financial crisis.
On 5 January 2011, Governor Andrew Cuomo of New York delivered his initial State of the State address, outlining his vision for New York in the upcoming years.
HM Treasury issued a summary of responses (the "Summary") that it had received to the Government's consultation document "A new approach to financial regulation: judgement, focus and stability" (the "Consultation") on 24 November 2010.