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January 17, 2014

Exclusive: SEC may seek more power to enforce Volcker rule

U.S. securities regulators fear they do not have the full range of enforcement powers to police Wall Street’s compliance with the controversial Volcker rule, and told Reuters they are considering new rules to fill the gap.

Officials at the U.S. Securities and Exchange Commission say the rule, which generally bans banks from making speculative bets with their own money, does not currently allow the agency to police brokerages for technical violations.

While such violations may seem minor, those types of enforcement actions are an important part of the SEC’s mission, and they can deter or prevent more egregious behavior and send markets a strong regulatory warning.

“‘If we want to sanction a firm for not keeping the records or documents they are required to keep or provide reports to us in the form (it is) required, we need to take further action,’ John Ramsay, acting director of the Trading and Markets Division at the Securities and Exchange Commission, told Reuters in an interview this week.”

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Read full Reuters article here

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