Monday, April 30, 2012

Reuters: Regulatory News: Maple renews bid for Canada's TMX Group, buys Alpha

Reuters: Regulatory News
Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com
Maple renews bid for Canada's TMX Group, buys Alpha
Apr 30th 2012, 21:10

TORONTO, April 30 | Mon Apr 30, 2012 5:10pm EDT

TORONTO, April 30 (Reuters) - Maple Group, the consortium of 13 Canadian financial institutions bidding for buy the operator of the Toronto Stock Exchange, ex tended i ts C$3.8 billion ($ 3.85 billion) of fer for a seventh time on Monday.

Maple also said it had agreed to buy Alpha Trading Systems, Canada's second biggest stock trading venue, and the CDS clearing system.

Its bid for TMX Group, which also runs the TSX Venture Exchange and the Montreal Exchanges for derivatives, now expires on May 31

You are receiving this email because you subscribed to this feed at blogtrottr.com.

If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions
Read more »

Reuters: Regulatory News: UPDATE 3-US EPA official resigns after crucifixion comment

Reuters: Regulatory News
Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com
UPDATE 3-US EPA official resigns after crucifixion comment
Apr 30th 2012, 21:08

Mon Apr 30, 2012 5:08pm EDT

* Republicans had railed against the 2010 comments

* Obama administration has been easing back on rules

* Sen Inhofe says EPA tarnished reputation of companies

By Timothy Gardner

WASHINGTON, April 30 (Reuters) - A regional Environmental Protection Agency chief based in Dallas resigned on Monday, days after Republican lawmakers uncovered comments in which he compared his enforcement of energy companies with crucifixion.

Al Armendariz, who was the chief of EPA's Region 6 office, which includes refinery-rich Texas, Louisiana and three other states, sent a letter of resignation to EPA Administrator Lisa Jackson late on Sunday. She accepted it on Monday.

"I have come to the conclusion that my continued service will distract you and the agency from its important work," Armendariz said in the letter.

He became a casualty in a war Republicans in Congress have waged against a raft of EPA rules on pollution from fossil fuel plants they say risk damaging the economy.

Lawmakers including Senator James Inhofe, a Republican and long-time critic of the EPA, circulated a link to a video of an Armendariz speech in May 2010, in which he compared his enforcement strategy on energy companies that had broken the law to that of Romans taking over towns in the Mediterranean.

"They'd go into a little Turkish town somewhere, they'd find the first five guys they saw, and they'd crucify them," he could be heard saying in the video, shot months after he had taken the job. "And that town was really easy to manage for the next few years."

He said his strategy was to make an example of companies that were not complying with the law, in the comments made at a council meeting in a small Texas town.

Republicans in the House of Representatives have battled the EPA this year, introducing bills that would slow or stop the agency's rules on pollution.

They say the rules will lead to shutdowns of power plants and refineries and higher energy costs for consumers as they struggle to recover from the weak economy. The measures have faced an uphill battle in the Democratic-led Senate.

EPA EASING UP

Still, as businesses and Republicans have complained, the EPA has delayed several of its measures on energy. This month the EPA delayed until 2015, part of a rule that requires natural gas drillers that do hydraulic fracturing, or fracking, to add equipment to tackle air pollution.

Ahead of the Nov. 6 election, President Barack Obama has been walking a fine line between promoting drilling of vast new resources of gas that can be accessed through fracking and regulating an industry environmentalists say can pollute air and water supplies.

Armendariz was in charge when his office brought several actions on drillers that were fracking for natural gas. In one case his office brought an emergency order on Range Resources alleging its operations had polluted drinking water in Parker County, Texas.

But in the past two months the EPA has backtracked on at least three pollution claims related to fracking, including dropping the charges against Range.

This year the EPA conducted tests on water at 61 homes in the small Pennsylvania town of Dimock, where Cabot Oil & Gas Corp had fracked for gas in 2008. Since mid-March, the agency has released test results from most of the homes showing that the water was safe.

But Inhofe, the ranking member of the Senate Committee on Energy and Public Works, said resignation did not go far enough. "His resignation in no way solves the problem of President Barack Obama and his EPA's crucifixion philosophy," Inhofe said in a release.

Inhofe is conducting an investigation into the EPA which "tarnished the reputation of companies" by accusing them of water contamination, he said.

The Sierra Club, an environmental group that has fought the building of new coal plants and gas export terminals, was unhappy with the resignation.

"The only people who will celebrate this resignation are the polluters who continue to foul Texas air and the politicians who serve those special interests," said Ken Kramer, director of the Sierra Club in Texas.

An industry group said Armendariz was the one serving special interests. "There's a role for activists and there's a role for regulators," said Steve Everley, a spokesman for Energy in Depth, an industry-backed group that promotes natural gas drilling. "When one becomes the other, that's when you can run into problems."

  • Link this
  • Share this
  • Digg this
  • Email
  • Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com.

If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions
Read more »

Reuters: Regulatory News: UPDATE 1-FDA extends review for Salix diarrhea drug

Reuters: Regulatory News
Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com
UPDATE 1-FDA extends review for Salix diarrhea drug
Apr 30th 2012, 19:10

April 30 | Mon Apr 30, 2012 3:10pm EDT

April 30 (Reuters) - Salix Pharmaceuticals Ltd said U.S. health regulators have extended the review date by three months for its experimental pill for HIV therapy-related diarrhea.

The U.S. Food and Drug Administration was to review the drug, crofelemer, on June 5.

The FDA has notified Salix that it requires additional time for a full review but did not seek any additional studies, the company said in a statement.

Salix holds the North American and European rights to the drug.

India's Glenmark Pharmaceuticals Ltd holds the rights to sell the drug in 140 other countries but is in arbitration to retain them after initial developer U.S.-based Napo Pharamaceuticals Inc terminated their agreement in November.

Shares of Salix Pharmaceuticals were trading down about 3 percent at $49.28 on Monday afternoon trade on the Nasdaq.

You are receiving this email because you subscribed to this feed at blogtrottr.com.

If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions
Read more »

Reuters: Regulatory News: REFILE-Industry cries for leniency on fee disclosure

Reuters: Regulatory News
Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com
REFILE-Industry cries for leniency on fee disclosure
Apr 30th 2012, 18:26

Mon Apr 30, 2012 2:26pm EDT

* Providers ask for one-year transition

* With two months left, firms fret

By Jessica Toonkel

NEW YORK, April 30 (Reuters) - The retirement planning industry is asking once again for leniency from federal fee disclosure regulations that take effect July 1.

The American Society of Pension Professionals and Actuaries (ASPPA) sent a letter to the U.S. Labor Department on Monday requesting a one-year transition period by which the agency would allow for "good faith efforts" by the service providers to comply with the regulations.

The Securities Industry and Financial Markets Association, the brokerage industry trade group, sent the department a similar letter on April 16.

The two groups, which represent thousands of financial advisers, are worried that even though the rule takes effect in 60 days, there are a lot of unknowns about the details, officials said.

The SPARK Institute, the trade group for retirement plan administrators, sent the Labor Department a similar letter in March. The American Bankers Association has also asked for a one-year transition period in conversations, said Tim Keehan, vice president and senior counsel of the ABA.

This is not the first time the industry is pushing back on the fee disclosure rules.

The Labor Department issued the current rule in July 2010 and gave providers 12 months to comply. After industry opposition, the department extended the deadline to April 2012. The final rule was released in February.

Under the rule, starting in July service providers will have to disclose all of their fees to retirement plan sponsors. In August, retirement plan sponsors will have to disclose their fees to plan participants.

Retirement plan advisers worry the rules require advisers to disclose historical performance and fees for model portfolios, which are customized managed accounts designed for specific plans.

The way the rules are written, it is unclear whether it is sufficient to just disclose the performance and fees of the funds that make up these model portfolios, said Craig Hoffman, general counsel of ASPPA. Trying to disclose the performance and fees of the actual model portfolios is "expensive and problematic," he said.

ASPPA's members have voiced concerns that regulators could construe the historical investment performance of their model portfolios "as misleading advertising," Hoffman said.

A one year "good faith transition period," would allow firms to try to comply with the new regulations with the promises that the agency will have "an understanding of the ambiguities present and take that into account," Hoffman said.

The agency could still enforce against poor practices, but any enforcement action "would be tempered with a more liberal application," he said.

A Labor Department spokesman declined to comment.

But the department seems to recognize these issues. Speaking at ASPPA's annual 401(k) conference in March, Michael Davis, deputy assistant secretary of the department's Employee Benefits Security Administration, said it would provide some answers that would address the industry's concerns about model portfolios "within weeks".

  • Link this
  • Share this
  • Digg this
  • Email
  • Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com.

If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions
Read more »

Reuters: Regulatory News: UPDATE 1-Ignite Restaurant sees IPO at $12-$14/share

Reuters: Regulatory News
Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com
UPDATE 1-Ignite Restaurant sees IPO at $12-$14/share
Apr 30th 2012, 17:39

April 30 | Mon Apr 30, 2012 1:39pm EDT

April 30 (Reuters) - Joe's Crab Shack operator Ignite Restaurant Group said it expects its initial public offering of 5.8 million shares to be priced at $12 to $14 per share.

The company, which intends to list its shares on the Nasdaq under the symbol "IRG," expects to raise about $65 million in net proceeds, at the midpoint of the price range.

The company, in its initial filing with the U.S. Securities and Exchange Commission in July, had said it intended to raise $100 million in the IPO.

Ignite Restaurant, which plans to use the net proceeds to repay debt, is offering 5.6 million shares, while its private equity owner J.H. Whitney is selling 196,528 shares.

Credit Suisse, Robert W. Baird and Piper Jaffray are acting as the lead underwriters for the offering.

You are receiving this email because you subscribed to this feed at blogtrottr.com.

If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions
Read more »

Reuters: Regulatory News: Spain Cenbank consulting with experts on toxic assets - sources

Reuters: Regulatory News
Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com
Spain Cenbank consulting with experts on toxic assets - sources
Apr 30th 2012, 15:29

MADRID, April 30 | Mon Apr 30, 2012 11:29am EDT

MADRID, April 30 (Reuters) - Spain's Central Bank is consulting with international bankers and with real estate experts for recommendations on how to set up a holding company that will evaluate and sell off toxic real estate assets from the country's troubled financial sector, two sources told Reuters on Monday.

The process will last a few weeks, one of the sources said.

"When we have those opinions we will use them for input on the formula for the entity," the source said.

You are receiving this email because you subscribed to this feed at blogtrottr.com.

If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions
Read more »

Reuters: Regulatory News: UPDATE 1-Oil pricing agencies propose self-regulatory code

Reuters: Regulatory News
Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com
UPDATE 1-Oil pricing agencies propose self-regulatory code
Apr 30th 2012, 15:47

Mon Apr 30, 2012 11:47am EDT

* PRAs seek comment on price reporting code

* PRAs face prospect of more regulatory oversight

LONDON, April 30 (Reuters) - Oil price reporting agencies Platts, Argus and ICIS have launched a draft price reporting code to avoid conflicts of interest and ensure transparency, moving to head off increased scrutiny proposed by international regulators.

The proposal comes as the International Organisation of Securities Comissions (IOSCO) decides whether to increase oversight of the agencies, whose prices are used for the world's biggest traded commodity.

Price assessments for over-the-counter oil trade and derivatives produced by industry reporters are used to settle billions of dollars worth of physical oil deals and to help settle trade on benchmark futures exchanges.

The draft independent price reporting organisations, or IPRO, code "provides for robust monitoring and compliance", the companies said on Monday. They believe the code will keep regulators at bay.

"This is a serious piece of work that really codifies what we've put in place over the years," said Adrian Binks, Chairman and Chief Executive of privately held Argus Media.

"Many of our customers are telling us they do not want to see us regulated - they are vehemently opposed to it. And it's essential that we be seen as completely neutral in the work that we do."

IOSCO, whose members regulate more than 95 percent of the world's securities markets, said last month that price reporting agencies (PRAs) might be regulated in an attempt to prevent market manipulation and increase transparency.

It asked for responses by March 30.

A top industry consultant said earlier this month that Platts, which is owned by McGraw-Hill, has too much power in the physical oil markets.

In a 16-page response, Liz Bossley, chief executive of Consilience Energy Advisory Group, said PRAs set high standards and by and large uphold them, but problems lie in the scope - rather than the quality - of their work.

But Platts President Larry Neal argues that market rivalry acts as a sufficient check to any one company's dominance.

"There's a lot of competition among PRAs and there are plenty of examples of where customers have switched," he said. "And the competition is really important to keep the firms on their toes."

IOSCO is looking at the role of price reporting agencies (PRAs) following a request last year by the Group of 20 (G20) top economies, under pressure to curb speculation blamed for rapid increases in oil prices.

Journalists at reporting agencies assess prices by calling up as many traders as possible and contacting them via instant messaging to ask where they see the market, trying to avoid pitfalls such as reflecting only a buyer's or seller's view.

That process has evolved over time and Platts and Argus publish methodologies detailing how they assess prices. But those steps have not satisfied some market participants who say it is still easy to influence reporters' price discovery.

"Trying to police this market is a thankless and very difficult task," said a physical oil products trader. "It's a problem the governments have let happen. There's been a lack of investment in regulation."

Veteran oil market commentator, Phil Verleger, has praised Platts and Argus price reports for their high quality and argued against the need for regulation of PRAs.

"Quite simply, IOSCO seeks to cure a nonexistent problem," Verleger wrote in an eight-page response to IOSCO.

The three companies are seeking comments from the industry on their draft code. Neal said the IPRO code has been sent to IOSCO for its feedback.

  • Link this
  • Share this
  • Digg this
  • Email
  • Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com.

If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions
Read more »

 
Great HTML Templates from easytemplates.com.