In this issue:

- Bank Prudential Regulation & Regulatory Capital

- Regulations on Methodology for Calculation of Fixed Costs by Investment Firms

- UK Bank of England Announces Details of 2015 Stress Test

- Financial Policy Committee Given Certain Macro-Prudential Powers of Direction

- Financial Conduct Authority Consults on Guidance on the Application of Performance Adjustment

- US Consumer Financial Protection Bureau Considers Proposal to End Payday Debt Traps

- Revised International Code of Conduct Fundamentals for Credit Rating Agencies

- US Commodity Futures Trading Commission Staff Issues No-Action Position Regarding Timing for Submission of Chief Compliance

Officer Annual Reports

- US Securities and Exchange Commission Proposes Rule to Require Broker-Dealers Active in Off-Exchange Markets to Become Members of National Securities Association

- UK Government and European Central Bank Agree to Cease Legal Action on CCP Location Policy

- UK Payment Systems Regulator Up and Running

- US Securities and Exchange Commission Adopts Final Rules Related to the JOBS Act

- Revised Code of Best Practice for the FX Market

- UK Financial Conduct Authority

- EU Regulations on Information on the Functioning of the EU Passport Regime under the AIFMD

- Proposed Guidelines on the Assessment of Financial Instruments as Complex under MiFID II

- Technical Standards on the Assessment of the Proposed Acquisition of an Investment Firm under MiFID I and II

- UK Government Consults on Transposing MiFID II

- Financial Conduct Authority’s Initial Policy Options for Conduct of Business and Organizational Requirements under MiFID II

- US Agencies Announce Living Will Results for Three Foreign Banking Organizations

- US Agencies Adjust Resolution Plan Filing Deadline for Nonbank Financial Institutions

- Single Resolution Board Announces Priorities for 2015

- Federal Reserve Bank of New York Appoints First Vice President

- Events

- Excerpt from Regulations on Methodology for Calculation of Fixed Costs by Investment Firms:

On March 24, 2015, a Commission Delegated Regulation was published in the Official Journal of the European Journal, which amends the Delegated Regulation on own funds requirements for investment firms based on fixed overheads. Under the Capital Requirements Regulation certain investment firms are able to use an alternative method based on a quarter of their fixed costs to calculate their total capital requirement. The amending Regulations insert into the Delegated Regulation the methodology for investment firms to calculate fixed overheads. The amending Regulations come into force on April 14, 2015.