US securities laws are outdated and legislation is needed to govern new investment products that blew up during the financial crisis, SEC chairman Mary Schapiro said on Tuesday.   Speaking as Congress is already drafting legislation to wind down big financial companies, Ms Schapiro said laws were also needed to fill the gaps in the regulation of thousands of billions of dollars in securities backed by assets such as mortgages and credit cards. The ABS market, for example, needs its own new specific act, she said.

This entry was posted by Paul Murphy on Wednesday, October 28th, 2009 at 4:10 and is filed under Capital markets. Tagged with Mary Schapiro, sec. Edit this entry.