Week InAdvance: November 17, 2014

MONDAY | Cross-trading on the Hong Kong and Shanghai stock exchanges begins, opening China's $4.2 trillion equity market more broadly to overseas investors. And the 17th annual "Euro Finance Week" kicks off in Frankfurt, Germany.


TUESDAY | The House Financial Services Committee returns to the issue of a proposed international insurance regulatory framework and whether it could harm U.S. insurance companies' competitiveness. At previous hearings, lawmakers and insurance industry representatives expressed concern over the transparency of the process. Recent decisions by the International Association of Insurance Supervisors ("IAIS") are likely to stoke those criticisms at the upcoming hearing.


WEDNESDAY | Lawmakers may use a Senate Banking Committee hearing to share policy concerns with FHFA director Mel Watt from Republicans' trepidation about three percent down payments to Democrats applauding FHFA efforts, chiding Watt for not acting aggressively enough. And the SEC will consider whether to adopt Regulation SCI, which would require market participants and exchanges to ensure that their technology systems can weather market disruptions.


THURSDAY | Senator Carl Levin, chairman of the Senate's Permanent Subcommittee on Investigations, will reveal details of Wall Street banks' increasing involvement and ownership of commodity businesses in a two-day hearing. The SEC will host their annual forum to focus on the capital formation concerns of small business. Fed Governor Daniel Tarullo, Deutsche Bank AG Co-Chief Executive Officer Anshu Jain and CFPB Director Richard Cordray are scheduled to speak on the second day of The Clearing House's annual conference in New York.


FRIDAY | NY Fed President William Dudley will be among those testifying at a Senate Banking subcommittee hearing following new reports of secretly taped conversations in which NY Fed officials disagree over supervision of regulated firms.



On the Hill


Senate Banking, Housing and Urban Affairs Committee


On Wednesday, Nov. 19, the Senate Banking Committee will meet in Executive Session to consider the nomination of Lourdes Maria Castro Ramirez to be an Assistant Secretary of HUD. Following the Executive Session the Committee will hold a full committee hearing on "The Federal Housing Finance Agency: Balancing Stability, Growth, and Affordability in the Mortgage Market." Witness testimony will be given by Federal Housing Finance Agency Director Melvin Watt. Read more. 


On Friday, Nov. 21, the Subcommittee on Financial Institutions and Consumer Protection will hold an open hearing on "Improving Financial Institution Supervision: Examining and Addressing Regulatory Capture." The witness on Panel I will be William C. Dudley, New York Fed president and CEO. Witnesses on Panel II will be David O. Beim, Professor of Professional Practice, Columbia Business School; Mr. Robert C. Hockett, Edward Cornell Professor of Law, Cornell Law School; and Dr. Norbert J. Michel, Research Fellow in Financial Regulations, Heritage Foundation. Read more. 


Senate Homeland Security and Governmental Affairs Committee


On Thursday, Nov. 20 (Part 1) and Friday, Nov. 21 (Part 2) the Permanent Subcommittee on Investigations will hold a hearing on "Wall Street Bank Involvement with Physical Commodities" to examine the extent to which banks, holding companies, own commodities such as oil, natural gas, aluminum and industrial metals. The panel will also examine their ownership or control of power plants, oil and gas pipelines, and commodity warehouses. Read more. 


Senate Small Business and Entrepreneurship Committee


On Wednesday, Nov. 19, the Senate Small Business Committee will hold a full committee hearing on the nomination of Gilberto de Jesus to be chief counsel for advocacy at the Small Business Administration. Read more. 


House Financial Services Committee


On Tuesday, Nov. 18, the Subcommittee on Housing and Insurance will hold a hearing on "The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers, Part II." Witness testimony will be given by: Michael McRaith, director of the Federal Insurance Office, U.S. Department of the Treasury; Neil D. Breslin, Senator, State of New York; Michael F. Consedine, Commissioner, Pennsylvania State Insurance Department; Thomas Sullivan, Senior Advisor, Board of Governors of the Federal Reserve System. Read more. 



At the Agencies


Commodity Futures Trading Commission


On Friday, Nov. 21, the CFTC will hold a closed meeting on surveillance, enforcement, and examinations issues. Read more. 


Department of the Treasury


On Tuesday, Nov. 18, the Office of the Comptroller of the Currency ("OCC") will hold a meeting of the Mutual Savings Association Advisory Committee ("MSAAC") on the regulatory changes or other steps the OCC may be able to take to ensure the continued health and viability of mutual savings associations and other issues of concern to the existing mutual savings associations. Read more. 


Federal Deposit Insurance Corporation


On Tuesday, Nov. 18, the FDIC's board of directors will meet in open session to discussion of a final rule on revisions to the Deposit Insurance Assessment System. Read more. 


On Thursday, Nov. 20, the FDIC will hold a meeting of the Advisory Committee on Community Banking to discuss current issues affecting community banking. Read more. 


Securities and Exchange Commission


On Wednesday, Nov. 19, the SEC will hold an open Investor Advisory Committee meeting to consider whether to adopt Regulation Systems Compliance and Integrity ("Regulation SCI") under the Securities Exchange Act of 1934 and conforming amendments to Regulation ATS under the Exchange Act. Read more. 


On Thursday, Nov. 20, the SEC will hold a closed meeting to consider institution and settlement of injunctive actions; institution settlement of administrative proceedings; litigation matter; and other matters relating to enforcement proceedings. Read more. 



Around the Globe


Monday, Nov. 17


FRANKFURT | ECB Executive Board member Yves Mersch will open a risk management conference on securitisation and lending to the real economy during Euro Finance Week 2014. The five-day conference is dedicated to the finance, insurance and real estate industry in Europe and covers topics such as economic and financial stability in Europe, regulation and integration of the financial markets, risk management, and IT in financial institutes. Read more. 


Wednesday, Nov. 19


FRANKFORT, Germany | EIOPA Conference 2014: Speakers include ECB executive board member Peter Praet, Jan Parner of the Danish Financial Supervisory Authority, and the EU Commission's Mario Nava. Read more. 


LONDON, U.K. | ICMA European Repo Council General Meeting: Topics include the FSB's regulatory framework on haircuts on non-centrally cleared securities financing transactions, a legal update and CSD Regulation. Read more. 


Wednesday thru Friday, Nov. 19-21


BASEL, Switzerland | Seminar on Trading Book Issues & Market Infrastructure: Hosted by the Financial Stability Institute ("FSI") and the International Organization of Securities Commissions ("IOSCO"). Read more. 



Relevant U.S. Events


Sunday thru Wednesday, Nov. 16-19


WASHINGTON DC | NAIC Fall National Meeting: Topics include life insurance and annuities, principle-based reserving implementation and financial stability. Read more. 


Monday & Tuesday, Nov. 18-19


BOSTON | OCC Risk Workshops: Topics include major compliance risks and consumer protection regulations, and key elements of an effective compliance risk management program. Read more. 


Wednesday, Nov. 19


WASHINGTON DC | The Securities and Exchange Commission ("SEC") and the Small Business Administration ("SBA") hold an event to inform small business owners and entrepreneurs about new options that are and will become available for raising capital under the Jumpstart Our Business Startups ("JOBS") Act. Read more. 


Wednesday thru Friday, Nov. 19-21


NEW YORK CITY | Fed Governor Daniel Tarullo, Deutsche Bank AG Co-Chief Executive Officer Anshu Jain and CFPB Director Richard Cordray are scheduled to speak on the second day of The Clearing House's annual conference in New York. The conference will bring together regulators, executives and other industry professionals for discussions examining the post-Dodd-Frank era. Tarullo speaks at 07:45 ET, Jain at 10:15 ET and Cordray at 12:15 ET. Read more. 


FT. LAUDERDALE | FINRA's South Regional Compliance Seminar: Topics include municipal adviser rules, challenges of supervising independent contractors, cybersecurity and FINRA's new supervision and controls rules. Read more.


Thursday, Nov. 20


WASHINGTON DC | The SEC will host a public forum on "Government-Business Forum on Small Business Capital Formation." Panel topics will include secondary market liquidity for securities of small businesses and the definition of accredited investor. The forum will include remarks by SEC Commissioners and panel discussions that Commissioners may attend, and will be webcast on the SEC's website. Read more.


WASHINGTON DC | Commodity Futures Trading Commission ("CFTC") Commissioner Christopher Giancarlo will deliver remarks at an event held by the U.S. Chamber of Commerce. Read more.