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Tag >> CFTC
Nov 19
2010

FX management could become more complex under Dodd-Frank

Posted by dbedell in Riskforeign exchange swapforeign exchange managementDodd-FrankCFTCCash

dbedell

Companies with international operations could see an impact when it comes to their foreign exchange management should legislation under Dodd-Frank go forward which would require that all standardized FX swaps be moved onto regulated exchanges, and additional legislation requiring the market to be jointly overseen by the CFTC as well as the Federal Reserve system.

Three large trade organizations are lobbying the US Treasury to exempt foreign exchange swaps and forwards from the new regulations—which will require many other OTC derivatives to be moved onto exchange trading systems.

Oct 05
2010

Two accounting firms fined $1.7 million for audit

Posted by Stephen Taub in McGladrey & Pullen, LLP, complianceCommodity Futures Trading CommissionCFTCauditAccounting

Stephen Taub

Two accounting firms agreed to pay a total of $1.7 million and a certified public accountant (CPA) agreed to a permanent bar stemming from Commodity Futures Trading Commission charges of failing to audit properly a client that was earlier accused of fraud and misuse of customer funds.

According to the CFTC, McGladrey & Pullen, LLP and Altschuler, Melvoin & Glasser LLP and partner G. Victor Johnson II failed to properly audit Sentinel Management Group, a Northbrook, Ill.-based futures commission merchant that declared Chapter 11 bankruptcy in August 2007. M&P acquired assets relating to AMG's audit practice in 2006.

Jul 01
2010

Gensler: financial reg bill "strong, comprehensive and historic."

Posted by Stephen Taub in swaps dealersGary GenslerderivativescomplianceCommodity Futures Trading CommissionCFTC

Stephen Taub

Gary Gensler said the financial legislation reported by the Conference Committee earlier this week is "strong, comprehensive and historic."

In his first detailed analysis of the legislation he worked tirelessly to support, the chairman of the Commodity Futures Trading Commission (CFTC) applauded the legislation for including strong regulation of over-the-counter derivatives dealers for the first time. "This includes both bank dealers on Wall Street and nonbank dealers, such as the next AIG," he said in testimony Thursday before the Financial Crisis Inquiry Commission.





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