Regulation

The acting chair of the U.S. Securities and Exchange Commission has begun limiting the agency's enforcement division's ability to initiate investigations and issue subpoenas, a steep departure from the post-crisis policy initiated in 2009 by then-chair Mary Schapiro.

Former associate director of enforcement for the U.S. Securities and Exchange Commission Stephen Cohen has joined global law firm Sidley Austin as a member of the firm’s securities and derivatives regulatory practice. 

Daniel Tarullo, a voting member of the Federal Reserve Board of Governors and a strict advocate of post-crisis financial and banking industry regulations, resigned on Friday, giving President Donald Trump further ability to shape the composition of the board just as he begins a concerted effort to reform Dodd-Frank.

Details are emerging about Congressman Jeb Hensarling's plan to roll back a number of Wall Street regulations and consumer protections put in place following the 2008 financial crisis, as the House Financial Services Committee begins looking at ways to implement President Trump's executive order last Friday to ease banking rules.

Law firm Ogier has named Jersey funds and regulatory specialist Emily Haithwaite as a partner.

The Alternative Investment Management Association (AIMA) and law firm Schulte Roth & Zabel have published a guide for investment managers to help them understand and implement the dizzying number of requirements contained in the EU’s MiFID2 regulations ahead of the January 2018 deadline. 

Just two weeks into his presidency, Donald Trump turned his sights on Dodd-Frank on Friday, ordering reviews of major elements of the financial industry legislation put in place following the 2008 financial crisis and drawing criticism from Democrats who accused Trump of aligning with Wall Street bankers.

The investment funds industry in Guernsey grew for the fifth consecutive quarter in the final three months of last year amid concerns about the impact of Britain’s Brexit on the sector, according to research from law firm Ogier Group. 

Treasury Secretary nominee and Wall Street veteran Steven Mnuchin is reportedly looking closely at ways to narrow the Volker rule's definition of proprietary trading and broaden the ability for banks to engage in more speculative investments, both elements of post-crisis regulation that critics have said dampen market liquidity.

U.S. Treasury Secretary nominee Steven Mnuchin said on Thursday he would work to eliminate the need for offshore tax havens, even as Democratic senators accused the Wall Street veteran of using just such vehicles to benefit his Dune Capital Partners LLC hedge fund.