The China Securities Regulatory Commission will allow initial public offerings to resume after a nine-month break, having set new rules that are expected to level the playing field for smaller investors. The new IPO regime is intended to make sure retail investors, who often have been virtually shut out of major deals, have better opportunities and protection. (Associated Press via Los Angeles Times)
The Securities and Exchange Commission and the Commodity Futures Trading Commission are drafting legislation to implement the U.S. government’s planned crackdown on over-the-counter derivatives, according to people familiar with the matter. The plan may see the SEC and CFTC splitting oversight of OTC derivatives under the legal language they are preparing for lawmakers. (Reuters via New York Times)
Officials this week said the Obama administration has decided not to get rid of the Securities and Exchange Commission or fundamentally change its structure. But Mary Schapiro, the agency’s chairman, is lobbying Congress to keep the agency’s full powers under legislation that is expected to overhaul the map demarcating the nation’s financial regulators. (Wall Street Journal)
The Obama administration appointed Kenneth Feinberg as its new “special master for compensation” to review, reject and even set pay levels at firms that took large amounts of federal aid. The government dropped, however, plans to set a $500,000 salary cap at these firms. Feinberg’s decisions will not be subject to appeal. The Treasury Department said he will follow certain principles in making these decisions. (Wall Street Journal)