Thursday, May 31, 2012

Reuters: Regulatory News: U.S. lawmakers blast UN "power grab" for the Net

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
U.S. lawmakers blast UN "power grab" for the Net
May 31st 2012, 19:18

Thu May 31, 2012 3:18pm EDT

* U.S. to participate in telecom treaty talks in December

* U.S. to fight giving UN more control over Internet

* Lawmakers show bipartisan agreement

By Jasmin Melvin

WASHINGTON, May 31 (Reuters) - U.S. lawmakers on Thursday said they are united when it comes to keeping the Internet free from centralized control and preventing the United Nations from gaining power over Web content and infrastructure.

The U.S. government wants to bring as much ammunition as possible to a December meeting in Dubai where delegations from 193 countries will discuss whether to hand governance of the Internet over to the United Nations.

The United States fears December's treaty-writing conference could turn the Internet into a political bargaining chip and could empower efforts by countries like China, Russia and Iran to erode Internet freedoms and isolate their populations.

"We may have our differences on domestic telecommunications policy, but having those policies decided at the international level would be the worst thing that could happen," Representative Marsha Blackburn said at a hearing before a House Energy and Commerce subcommittee.

The Tennessee Republican commended the Obama administration's efforts to thwart giving an international governing body power over the Internet.

A bipartisan group of lawmakers on Wednesday introduced a resolution to reject the proposed international takeover of the Internet and preserve the current "multi-stakeholder" model of governance.

"In many ways, this is a referendum on the future of the Internet," Republican Representative Mary Bono Mack said at Thursday's hearing.

"If this power grab is successful, I'm concerned that the next Arab Spring will instead become a Russia Winter where free speech is chilled, not encouraged, and the Internet becomes a wasteland of unfilled hopes, dreams and opportunities," said Bono Mack, a sponsor of the resolution.

Social media sites Twitter, Facebook and Google's YouTube played a big role in last year's "Arab Spring" revolution.

"LETHAL THREAT"

The Internet is currently policed loosely, with technical bodies such as the Internet Engineering Task Force, the Internet Corporation for Assigned Names and Numbers and the World Wide Web Consortium largely dictating its infrastructure and management. The United States holds significant sway with those bodies.

When the delegations gather in Dubai in December, they will renegotiate a U.N. treaty last revisited in 1988, and debate proposals that would consolidate control over the Internet with the United Nations' International Telecommunications Union (ITU).

"During the treaty negotiations, the most lethal threat to Internet freedom may not come from a full-frontal assault but through insidious and seemingly innocuous expansions of inter-governmental powers," said Federal Communications Commissioner Robert McDowell.

Proposals out of the Middle East, McDowell said, would change the definition of telecommunications in a way that arguably would include the Internet, and would suddenly sweep an entire industry into the rubric of ITU rules.

The Republican commissioner blasted claims from ITU leadership that no nations have proposed expanding the ITU's jurisdiction to the Internet.

"An infinite number of avenues exist to accomplish the same goal, and it is camouflaged subterfuge that proponents of Internet freedom should watch for most vigilantly," he said.

The lawmakers fear that countries like China, Russia, Iran, Saudi Arabia and others could politick smaller nations who have little interest in the issue to back them in giving them greater ability to isolate their populations and silence political dissidents.

The United States fears that authoritarian regimes will campaign for their initiatives by promising to back proposals from developing countries that would like to see tariffs on content-heavy Internet companies such as Google, Facebook and Netflix.

"Some ITU officials have dismissed our concerns over these issues as mere election year politics, and nothing could be further from the truth," McDowell said. "The threats are real and not imagined."

  • 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-Top SEC enforcement lawyers leaving

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-Top SEC enforcement lawyers leaving
May 31st 2012, 19:13

Thu May 31, 2012 3:13pm EDT

* SEC's Sporkin, Kaplan going to law firms

* Sporkin to work for BuckleySandler LLP

* Kaplan to work for Debevoise & Plimpton

* Both were instrumental in enforcement overhaul

By Aruna Viswanatha and Sarah N. Lynch

WASHINGTON, May 31 (Reuters) - Two U.S. Securities and Exchange Commission senior officials who played an integral role in implementing a major structural overhaul of the agency's enforcement division are departing for private practice.

Thomas Sporkin, the head of the SEC's Office of Market Intelligence, will be heading to BuckleySandler LLP, a financial services law firm founded by a former Skadden, Arps, Slate, Meagher & Flom attorney, Andrew Sandler.

Robert Kaplan, the co-head of the enforcement division's asset management unit, is taking a job with Debevoise & Plimpton LLP.

The departure of Sporkin and Kaplan at the same time marks a major loss of talent for the SEC's enforcement division, which under Director Robert Khuzami has been trying to reform its operations following the SEC's failure to detect Bernard Madoff's Ponzi scheme.

In response, the SEC created five new specialized units as well as an Office of Market Intelligence, which serves as a triage center for handling all of the tips, complaints and referrals that come into the agency.

Sporkin, the son of former SEC Enforcement Director Stanley Sporkin, helped oversee the creation and implementation of the SEC's new tips, complaints and referrals database.

He was also instrumental in establishing a deal with the Federal Bureau of Investigation to allow agents to be embedded with his group to help improve cooperation at the pre-investigation level.

Kaplan, meanwhile, led the specialized asset management unit along with co-director Bruce Karpati.

Under his leadership, the division has been developing initiatives used to help get out ahead of high-risk areas for hedge funds, private equity firms and mutual funds.

Sporkin said, "It's been the best years of my life working at the commission - the epicenter of securities regulation - and working with the top people in the field."

"It was a very difficult decision, but the challenge of going to a relatively young and talented firm and being able to have an impact is an opportunity I couldn't pass up."

Andrew Sandler, chairman of BuckleySandler, said Sporkin brings significant experience on federal civil and criminal enforcement and securities investigations to the firm.

At Debevoise, Kaplan will join a group of securities and white-collar enforcement lawyers that include former SEC associate director Paul Berger, and the former U.S. attorney for Manhattan, Mary Jo White

Kaplan said he "enjoyed his time tremendously" at the SEC and that helping to lead the new asset management unit was a "highlight" of his career. Michael Blair, presiding partner of Debevoise, said he was excited to be bringing Kaplan on board.

An SEC spokesman did not immediately respond to a request for comment.

  • 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: SunTrust Bank, U.S. reach settlement in discrimination case

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
SunTrust Bank, U.S. reach settlement in discrimination case
May 31st 2012, 18:34

WASHINGTON | Thu May 31, 2012 2:34pm EDT

WASHINGTON May 31 (Reuters) - SunTrust Bank Inc's mortgage-lending unit will pay $21 million to compensate African-American and Latino borrowers who were charged more for home loans based on race, the U.S. government said on Thursday.

The U.S. Justice Department alleged that SunTrust charged higher fees to more than 20,000 minority borrowers. The government reviewed prime loans during a four-year period and found between 2005 and 2009, SunTrust violated anti-discrimination laws while financing homeowners.

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-Exxon's Hebron project approved by regulators

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-Exxon's Hebron project approved by regulators
May 31st 2012, 18:00

Thu May 31, 2012 2:00pm EDT

* Hebron oil project approved by regulators

* Cost last pegged at C$5 bln to C$7 bln

* Will initially produce up to 150,000 bpd

CALGARY, Alberta, May 31 (Reuters) - The Canada-Newfoundland and Labrador Offshore Petroleum Board said on Thursday it approved plans by an Exxon Mobil Corp-led group to develop the Hebron oil field offshore Newfoundland.

The decision means Exxon and its partners can proceed with development of the 707-million barrel field, which will be the province's fourth offshore oil project.

The cost of the project, which will use a heavy gravity-based structure sitting on the seabed because of the icebergs that sail through the area, was estimated in 2008 to range between C$5 billion ($4.85 billion) and C$7 billion.The field is operated by ExxonMobil, which has a 36 percent interest in the project. ExxonMobil took control of the project from Chevron in October 2008.

The Hebron field lies under 92 meters (300 feet) of water 350 kilometers (217 miles) southeast of St. John's, Newfoundland and contains heavy oil. It was discovered in 1981, but development was delayed by low oil prices and squabbles over royalty rates with the provincial government.

The facility will produce up to 150,000 barrels per day and may be increased to handle as much as 180,000 bpd according to regulatory documents.

Exxon could not be immediately reached for comment.

The other joint venture partners are Chevron Corp, with a 26.7 percent interest; Suncor Energy Inc, with 22.7 percent; Statoil ASA, with 9.7 percent; and the provincially owned Energy Corporation of Newfoundland and Labrador, which has a 4.9 percent stake.

  • 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: Top SEC enforcement lawyers leaving - 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
Top SEC enforcement lawyers leaving - sources
May 31st 2012, 17:57

WASHINGTON | Thu May 31, 2012 1:57pm EDT

WASHINGTON May 31 (Reuters) - Thomas Sporkin and Robert Kaplan, two of the Securities and Exchange Commission's senior officials who played an integral role following the major structural overhaul of the enforcement division, are departing for private practice, people familiar with the matter said.

Sporkin, the head of the SEC's Office of Market Intelligence, will be heading to BuckleySandler LLP, a financial services law firm founded by former Skadden, Arps, Slate, Meagher & Flom attorney Andrew Sandler.

Kaplan, the co-head of the enforcement division's asset management unit, is taking a job with Debevoise & Plimpton LLP.

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: US Chamber wants SEC review of proxy adviser

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
US Chamber wants SEC review of proxy adviser
May 31st 2012, 17:43

Thu May 31, 2012 1:43pm EDT

May 31 (Reuters) - The U.S. Chamber of Commerce on Thursday called for regulators to review the proxy adviser firm Glass, Lewis & Co, adding fuel to a simmering dispute in corporate governance.

The Chamber, which represents U.S. companies large and small, said it asked the U.S. Securities and Exchange Commission to "monitor" the activities of Glass, Lewis and its owner, the Ontario Teachers Pension Plan, for potential conflicts of interest.

In a case earlier this month, the Ontario pension fund opposed directors at Canadian Pacific Railway Ltd.,, the Chamber noted. Glass, Lewis then recommended that shareholders vote in favor of the Ontario pension fund.

The recommendation "calls in question the role of proxy advisory firms in corporate governance" and could pose a conflict of interest, the Chamber said.

Glass, Lewis did not immediately comment .

The San Francisco firm is one of the two largest that advise institutional shareholders how to vote their proxies at annual corporate shareholder meetings. The firm and others have drawn the ire of the U.S. Chamber, which says the advisers are often too critical of company managers and deserve more oversight themselves.

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: House committee plans June 19 hearing with Dimon

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
House committee plans June 19 hearing with Dimon
May 31st 2012, 18:14

WASHINGTON | Thu May 31, 2012 2:14pm EDT

WASHINGTON May 31 (Reuters) - The House Financial Services Committee has scheduled a hearing for June 19 with JPMorgan Chase & Co Chief Executive Jamie Dimon to discuss the bank's recent trading losses, a committee spokeswoman said on Thursday.

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.