Get ready my friends, change is coming!The Obama Administration is getting closer to rolling out some changes for the regulatory community and if you like bureaucratic, mind numbing regulation now, just wait until Barney Frank, Chris Dodd, and yes, even you, Maxine Waters, get their way.
Some of the usual suspects might not survive this thing, namely the Office of Thrift Supervision. This group of overachievers was responsible for
Chuck Schumer: "The Office of Thrift Supervision has very little political support given its track record".
So, unless that's politician code for, "These guys do a tremendous job of producing red tape. They're not going anywhere", it's good night nurse.
Then there's the small matter of the perverts over at the SEC and the wonks at the CFTC. Again, the general consensus is that these two were asleep at the wheel. Some want to see a merger between the two but lobbyists are saying no dice. Guess who wins that one?
Apparently the back room deal as it stands right now is that the SEC would register all hedge funds and oversee derivatives that relate to public companies while the CFTC would get commodity based derivatives. The Times claims that "many hedge funds already [are registered]" but The Gray Lady doesn't define "many". Some might say...few are registered.
So what does all this mean? It seems that the hedge funds are going to take the brunt of this, after years of worrying about the SEC putting the gun to their heads, looks like it's finally happening. If this means 10-K, 10-Q's, etc. for hedge funds, audit partners are going to par-tay.
Administration Is Near Finance Overhaul Plan [New York Times] Sphere: Related Content
No comments:
Post a Comment