Arab Today, arab today ceos could be hit by volcker rule
Last Updated : GMT 14:29:17
Arab Today, arab today
Arab Today, arab today

CEOs could be hit by Volcker rule

Arab Today, arab today

Arab Today, arab today CEOs could be hit by Volcker rule

Washington - Arabstoday

US regulators are considering holding Wall Street chief executives legally liable if they allow certain types of proprietary trading on their watchRegulators due to reveal the Volcker rule proposal this week are expected to ask whether CEOs should have to certify, or ‘attest\', that their bank has put in place the proper systems to make sure no proprietary trading is taking placeThe idea is that holding CEOs personally accountable will add a strong deterrent effect to the Volcker rule. The rule, called for in last year\'s Dodd-Frank financial oversight law, bans banks from trading for their own profit in securities, derivatives and some other financial instruments.The bank industry is already baulking at the legal burden and compliance headache that would come with a CEO certification.\"The whole Volcker rule proposal envisions having an army of nannies overlooking the work of the people who actually work with customers,\" said Wayne Abernathy, a senior official with the American Bankers Association. \"How much more does an attestation bring that that doesn\'t bring?\"A CEO certification approach may be similar to 2002\'s Sarbanes-Oxley law.That law, put in place after major accounting scandals at Enron and Worldcom, has the power to send executives to prison and make them pay multimillion-dollar fines for submitting false certifications on corporate disclosures.It is unclear if regulators will seek CEO imprisonment or hefty fines as potential penalties for violating the Volcker rule. Whatever regulators might put in place, fines would be a far more likely punishment if any are ever doled out, banking lawyers saidSupporters of the proposal contend it would force the CEO to be more involved and accountable\"Placing personal and legal responsibility directly with a corporation\'s top executive is key to ensuring financial firms comply with the Volcker Rule and stop engaging in the risky activities that led to billion-dollar taxpayer bailouts,\" Senator Carl Levin said in a statement to Reuters. Despite banks\' concerns, regulators may go easier on the issue of CEOs\' legal liability than the industry\'s worst fears.In January the Financial Stability Oversight Council, the panel of regulators headed by the Treasury Department, released recommendations for enforcing the Volcker rule.Included in this list was requiring a CEO to certify their compliance efforts\' ‘effectiveness.\'A draft of the rule to be considered this week by regulators does not explicitly call for a CEO certification and instead solicits feedback on whether it should be in a final rule.The draft, first posted online by the American Banker on Wednesday, could be changed before the Federal Deposit Insurance Corp meeting on Tuesday and the Securities and Exchange Commission meetings on Wednesday on the proposal.Banking lawyers say the certification could work similarly to Sarbanes-Oxley. \"The idea is they want to have a human being on the line saying it is true,\" said Bradley Sabel, a partner with Shearman and Sterling law firm.But even some critics of the banking industry who argue the government has not done enough to respond to the 2007-2009 financial crisis question whether upping a CEO\'s legal responsibility will make much of a difference.The crackdown on proprietary trading, which has some exemptions, is known as the Volcker rule after former Federal Reserve Chairman Paul Volcker, who championed the reformThe rule will mostly impact large banks including Goldman Sachs, JPMorgan Chase and Citigroup.Supporters contend that large banks whose customers receive deposit insurance from the government should not be engaging in risky trading activities that could put these deposits in jeopardy.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ceos could be hit by volcker rule Arab Today, arab today ceos could be hit by volcker rule

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday