FACTBOX: Major U.S. financial regulation initiatives

HEDGE FUNDS, PRIVATE EQUITY:

Lawmakers have introduced several bills in Congress to give the Securities and Exchange Commission authority to require hedge funds to register with the agency.

The Treasury wants advisers to hedge funds, private equity funds and venture capital funds, whose assets under management exceed a not-yet-determined level, to register with the SEC.

Political risk exposure: Bridgewater Associates, D.E. Shaw Group, Farallon Capital Management, Citadel Investment Group, Fortress Investment Group (FIG.N), many others.

SHORT-SELLING:

The SEC will meet soon to finalize an interim rule that requires large short sellers to disclose their positions to the agency. It is unclear if the agency will require the positions to be disclosed publicly.

The agency is also considering proposals to restrict short-selling, including restoration of an updated uptick rule, which allows shorting only when a stock's last sale price was higher than the previous price.

STUDENT LOANS:

President Barack Obama's 2010 federal budget proposed ending the federally-guaranteed student loan program and moving most of the country's $90 billion in student lending into the direct-loan program run by the Education Department.

The proposal is under review by Congress.

Political risk exposure: Sallie Mae (SLM Corp) (SLM.N), Student Loan Corp (STU.N), JPMorgan, Bank of America, ITT Educational Services (ESI.N), Corinthian Colleges (COCO.O).

BANK CAPITAL STANDARDS:

Regulators are expected to craft stricter capital standards for banks. Financial institutions will also face new liquidity requirements, about which bank regulators are expected to issue guidance during the first half of this year.

CREDIT RATING AGENCIES:

The SEC is considering reforms on potential conflicts of interest at credit rating agencies. Final action is likely months away.

Political risk exposure: Moody's Corp (MCO.N), Standard & Poor's (MHP.N), Fitch Ratings (LBCP.PA).

INSURERS:

Congress is studying changes to insurance industry oversight, but swift action looked unlikely with the industry deeply divided over whether to establish a national regulator to supplement the present state-based oversight system.

Political risk exposure: Allstate Corp (ALL.N), Travelers Cos Inc (TRV.N), Hartford Financial (HIG.N), MetLife Inc (MET.N), Prudential Financial Inc (PRU.N).

PROXY ACCESS:

The administration has urged the SEC to move forward on a proposal to give shareholders greater power to nominate corporate directors, a process now tightly controlled by company management. A final decision on the proposal will likely be made later this year.