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Friday, June 13, 2014

SEC Commissioner: Quicker Implementation of DFA Rules

SEC Commissioner Kara Stein remarked that, although some headway has been made with regards to systemic risk, far too many reforms mandated by the Dodd-Frank Act are not yet implemented. In her speech before the Peterson Institute of International Economics, the commissioner listed derivatives reforms, credit rating agency reforms and mortgage rules on risk retention as just some of the Dodd-Frank Act systemic risk reforms that still need to be implemented, saying: “We need to finish these rules now; we cannot afford to wait.”

Stein continued, saying that the regulators’ responsibility to address new and emerging systemic risk does not end with the completion of the Dodd-Frank Act rules, and that:

We need to continue to work with our fellow regulators around the world to identify and address systemic risks in whatever form they arise.

Read the speech.

In related news, 58 Democratic House members are calling on the SEC to initiate rulemaking on a faster, more definite timeline, especially with regards to the SEC’s commitment to propose a rule on extractive industry transparency within the next 10 months.

Read more.

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