SEC considers Volcker rule exemption for insurersPosted by RJ and Makay on Mar 14, 2012 |
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The Securities and Exchange Commission (SEC) is considering industry demands to exempt insurance companies from the Volcker rule, a provision spawned by the Dodd-Frank Act that prohibits financial institutions from certain types of speculative investing. Insurers may face severe financial stress unless the exemption is granted, according to industry trade associations.
Wall Street cash bonuses for 2011 are believed to have fallen 14% from 2010 and are likely to have dropped to their lowest level since the financial crisis of 2008, according to a recently released New York state comptroller report. Wall Street securities firms will dish out $19.7 billion in cash bonuses to employees, significantly down from $22.8 billion in 2010.
The Financial Industry Regulatory Authority (FINRA) has issued a request for comment pertaining to potential changes to BrokerCheck, its online system of broker information available to the general public. The changes will include the addition of new data as suggested by the SEC. FINRA is considering adding BrokerCheck features such as the cause and comments associated with a broker’s termination and broker scores on industry exams.
