As the European Union doubles down on its commitment to reducing greenhouse gas emissions, EU Emission Trading System (EU ETS) allowances have become not only an environmental tool but also a valuable financial asset. While...more
On March 26, 2024, the President of Mexico published the reform passed by the Mexican Congress to the General Law of Negotiable Instruments and Credit Transactions (Ley General de Títulos y Operaciones de Crédito, “LGTOC”),...more
This week, Federal Deposit Insurance Corporation (“FDIC”) Director Jonathan McKernan gave remarks to the ISDA Conference on Trading Book Capital on Basel III Implementation....more
The Federal Deposit Insurance Corporation (“FDIC”) published its annual Risk Review this past Monday, providing an overview of banking conditions for 2022 through early 2023. The FDIC started providing Risk Reviews to the...more
The UK Financial Conduct Authority (FCA) has issued decision notices to Banque Havilland and three individuals for failing to act with integrity by preparing advice recommendations involving manipulative trading strategies. ...more
Law Decree implementing EU Regulation 2022/858, containing urgent provisions on issuance and circulation of financial instruments in digital form, was published in the Official Gazette on 17 March 2023. It provides for the...more
The FCA has warned cryptoasset firms to get ready for new rules controlling their financial promotions that reach UK residents. Regardless of whether they are operating from the UK or from abroad, cryptoasset providers are...more
In its last regulatory action for 2022, on December 23, the U.S. Commodity Futures Trading Commission (“CFTC”) published its staff no-action letter No. 22-21 (“NAL”) allowing commodity brokers – Futures Commission Merchants...more
I wrote a week or two back about my expectation that significant economic dislocation awaits us. I still think that. The morning after I published, hordes (ok, maybe not hordes) of PhD Villeins were outside my house with...more
Innovate Finance and Shearman & Sterling has submitted a comprehensive evidence paper to the House of Commons Treasury Committee inquiry into crypto-assets. Analysis produced by Innovate Finance specially for the...more
On 14 September 2022, K2 Integrity hosted a webinar on considerations in the digital assets space. K2 Integrity Board Member Christopher Brummer and AML/CFT experts Mariano Federici and Alex Levitov discussed the current...more
On July 11, 2022, the Alternative Reference Rates Committee (the “ARRC”) published a “Playbook” to assist market participants in transitioning their legacy LIBOR contracts to an alternative rate by June 30, 2023. The...more
The interagency "policy sprints" are designed to give banks guidance on how to navigate crypto-assets moving forward. On November 23, 2021, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance...more
Draft Markets in Financial Instruments, Benchmarks and Financial Promotions (Amendment) (EU Exit) Regulations 2021 HM Treasury has published a draft version of the Markets in Financial Instruments, Benchmarks and Financial...more
SMCR: PRA PS11/21 and FCA Handbook Notice 88 on temporary, long-term absences - The UK Prudential Regulation Authority (PRA) has published a policy statement, PS11/21, which confirms its final policy relating to temporary,...more
The Mexican Senate voted on May 6, 2021, to approve a bill to reform various provisions of the General of Negotiable Instruments and Credit Transactions (Ley General de Títulos y Operaciones de Crédito or LGTOC), the Federal...more
In recent years, importers, exporters, and their financial institutions have shifted away from traditional, document-based trade finance instruments and toward non-documentary, “open account” settlement through clean wire...more
Members of the US Congress announced on December 2 the proposal of a new consumer protection bill to increase the oversight and regulation of existing stablecoin issuers, potential stablecoin issuers, and stablecoin-related...more
While there are many challenges associated with the prospective LIBOR transition at the end of 2021, one of the most daunting challenges has to be the impact of the prospective transition on outstanding financings and other...more
The European Banking Authority has announced that it will clarify by mid-2020 the position of instruments that were both issued and qualified as "own funds" for capital purposes before December 31, 2011. When the Capital...more
On August 20, 2019, the Office of the Comptroller of the Currency (“OCC”) and the Federal Deposit Insurance Corporation (“FDIC”) adopted final regulations (the “Amended Final Regulations”) revamping the regulations...more
The Financial Stability Board has published a user's guide to overnight risk free rates, providing an overview of such rates and how they can be calculated, as well as proposals for how they can be used in cash products. The...more
• Following the 2008 crisis, Switzerland launched a legislative project to create uniform competitive conditions for financial intermediaries and improve client protection. • Swiss Parliament adopted the FinIA on 15 June...more
• Following the 2008 crisis, Switzerland launched a legislative project to create uniform competitive conditions for financial intermediaries and improve client protection. • Swiss Parliament adopted the FinSA on 15 June...more
A recent case in New York State Supreme Court, One Williams Street Capital Management LP v. U.S. Education Loan Trust IV, LLC (Sup. Ct. N.Y. Cty. May 15, 2015), affords a useful opportunity to review the applicability and...more