Law curbs risk- taking
THE Securities and Exchange Commission took steps towards curbing risk-taking at big Wall St firms and reducing the influence of credit-rating agencies, two factors that contributed to the financial crisis. The commission voted to back a rule that would make executives wait at least three years to be paid at least half of their annual bonuses. The rule would apply to financial firms with $ A49.27 billion or more in assets. The Federal Deposit Insurance Corp advanced the rule last month. The SEC is also proposing the elimination of a requirement that money-market funds invest only in securities that have credit ratings.