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April 18, 2012

CFTC mutual fund rule faces court challenge

“Two industry groups have sued the US Commodity Futures Trading Commission to prevent implementation of a rule requiring registration by mutual fund advisers, arguing that the agency failed to conduct a required cost-benefit analysis.”

“Already, the US Securities and Exchange Commission has warned its rule writers to consult more with the agency’s staff economists in writing new regulations to avoid industry lawsuits and criticism from influential Republican lawmakers, who help set the agency’s annual budget.”

“’It’s one of the key pillars in their war on financial regulation,’ said Dennis Kelleher, president of Better Markets, a group dedicated to reforming financial regulation, of Dodd-Frank critics. ‘They have been using it in Congress, in the regulatory agencies and now in the courts.’”


Read the full Financial Times story here.

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