The Federal Reserve has released FAQs covering its recently revised control regulation, which became effective on September 30, 2020 (the “Control Rule”). For more on the specifics of the Control Rule, please refer to our...more
With fewer than 18 months until the expected cessation of the London Interbank Offered Rate (LIBOR), regulators have developed a keen interest on how financial institutions are preparing to transition from what has been...more
On June 25, 2020, the Federal Reserve Board (the “Fed”) released (i) the results of its supervisory stress tests for 2020; and (ii) aggregate, not bank-specific, results of a special “sensitivity analysis” conducted under a...more
In the face of the coronavirus (COVID-19) pandemic, the U.S. Federal Reserve Board (the Fed) and the U.S. federal banking agencies have announced several market and supervisory actions to address the sudden market stress and...more
On March 31, 2020, the Board of Governors of the Federal Reserve System (the “Board”) announced that it has decided to delay the effective date of its final rules revising the Board’s framework for determining whether a...more
The New York Department of Financial Services (“NYDFS”) promulgated regulations (“Part 119”) on March 24, 2020, to provide financial relief to individuals who can demonstrate a financial hardship as a result of the COVID-19...more
In the face of the coronavirus (COVID-19) pandemic, the U.S. Federal Reserve Board (the Fed) and the U.S. federal banking agencies have announced several market and supervisory actions to address the sudden market stress and...more
In the face of the coronavirus (“COVID-19”) pandemic, the U.S. Federal Reserve Board (the “Fed”) and the U.S. federal banking agencies have announced several market and supervisory actions to address the sudden market stress...more
3/21/2020
/ Banking Sector ,
Banks ,
Capital Requirements ,
Commercial Paper ,
Coronavirus/COVID-19 ,
Emergency Response ,
FDIC ,
Federal Register ,
Federal Reserve ,
Financial Crisis ,
Financial Institutions ,
Financial Markets ,
FRBNY ,
Liquidity ,
OCC
The economic and operational stresses caused by the Novel Coronavirus (COVID-19) are highlighting the need for regulated financial institutions to formulate responses to address significant business disruptions (SBDs) and to...more
At the end of December, the New York Department of Financial Services (the NYDFS) published an industry letter to regulated institutions regarding LIBOR cessation. The NYDFS is requiring that each “regulated institution”...more
On July 3, 2019, Chairman Jay Clayton of the Securities and Exchange Commission (SEC) issued a Statement Regarding Offers of Settlement (the “Public Statement”) to announce a significant shift in the SEC’s process of...more
8/8/2019
/ Bad Actors ,
Cease and Desist Orders ,
Enforcement Actions ,
Financial Institutions ,
Investment Company Act of 1940 ,
Proposed Legislation ,
Public Statements ,
Rulemaking Process ,
SEC Commissioner ,
Securities and Exchange Commission (SEC) ,
Settlement Agreements ,
Settlement Negotiations
In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
11/5/2018
/ Banking Sector ,
BSA/AML ,
Competition ,
Corporate Governance ,
EU ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Prudential Regulation Authority (PRA) ,
Prudential Standards ,
Recovery Plans ,
Securities ,
UK ,
UK Brexit
In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
9/24/2018
/ AML/CFT ,
Banking Sector ,
Corporate Governance ,
EU ,
Financial Institutions ,
FinTech ,
Prudential Standards ,
Recovery Plans ,
Securities ,
UK ,
UK Brexit
In this newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and...more
Throughout his campaign, Donald Trump wavered between populist and business-friendly policies and expressed seemingly conflicting plans for Wall Street—on the one hand advocating for less regulation with a repeal of the...more
In this newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and...more
11/21/2016
/ Anti-Money Laundering ,
Bank of England ,
Banking Sector ,
Basel Committee on Banking Supervision (BCBS) ,
CFTC ,
Credit Ratings ,
Cybersecurity ,
Department of Financial Services ,
EU ,
European Banking Authority (EBA) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Federal Bank Regulatory Agencies ,
Federal Reserve ,
Financial Action Task Force ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
FinCEN ,
FinTech ,
FSMA ,
HM Treasury ,
Mary Jo White ,
MiFID II ,
OCC ,
Prudential Regulation Authority (PRA) ,
Retail Banks ,
Ring-Fencing ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs) ,
Technical Standards ,
UK ,
Universal Proxy Cards
In this newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and...more
9/30/2016
/ Asset Management ,
Banking Regulators ,
Banking Sector ,
Banks ,
Broker-Dealer ,
EU ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Global Market ,
Investment Firms ,
MiFID
Since the UK voted to leave the EU on 23 June 2016, there has been much speculation about the form of the future access arrangements between the UK and the EU for financial institutions. In a scenario where no new deal is...more
On June 30, 2016, the New York State Department of Financial Services (“NYSDFS”) adopted a final regulation outlining the attributes of a risk-based transaction monitoring and filtering program that certain New York...more
To date, five of the six federal regulators (the “Agencies”) charged with promulgating rules under Section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) have approved a joint proposed...more
In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
4/22/2016
/ Competition ,
Consultation Periods ,
Consumer Financial Protection Bureau (CFPB) ,
Derivatives ,
Enforcement Actions ,
Enforcement Authority ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
FDIC ,
Federal Reserve ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
GAO ,
Global Systemically Important Financial Institutions (GSIFI) ,
High Frequency Trading ,
Richard Cordray ,
Securities and Exchange Commission (SEC) ,
Securitization ,
Standing ,
Stress Tests ,
Swaps ,
U.S. Treasury ,
UK
In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
11/4/2015
/ Banking Sector ,
Confidential Information ,
Consumer Lenders ,
Crowdfunding ,
Federal Reserve ,
Financial Institutions ,
FSB ,
Global Systemically Important Banks (G-SIBs) ,
Prudential Regulation Authority (PRA) ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Shadow Banking ,
UK ,
UK Competition and Markets Authority (CMA)
The UK Government recently announced that it would introduce a new statutory duty of responsibility on senior managers in all financial institutions and repeal the presumption of responsibility that would have applied to...more