FDIC Extension of Comment Period on Stress Test Rule
On March 21, the FDIC extended the comment period on its proposed rule to require state, non-member banks and savings associations with more than $10 billion in consolidated assets to conduct annual stress tests, pursuant to Section 165 of the Dodd-Frank Act. Comments must now be submitted by April 30. FDIC Release. Proposed Rule Extension.
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FDIC Proposed Rule on Receivership Powers
On March 20, the FDIC proposed a rule, pursuant to section 210(c)(16) of the Dodd-Frank Act, that would permit the FDIC as receiver for a failed systemically important financial institution to enforce and prevent termination of the contracts of the institution's subsidiaries or affiliates. Comments must be submitted within 60 days of publication in the Federal Register. FDIC Release. FDIC Rule on Receivership.
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FDIC Proposed Rule on Assessment Rates
On March 20, the FDIC proposed a rule to modify the deposit insurance assessment system for insured depository institutions with more than $10 billion of assets. The proposed rule would amend the definitions of leveraged loans and subprime loans used to identify concentrations of higher-risk assets, without materially affecting the overall assessments that large institutions pay. Comments must be submitted within 60 days of publication in the Federal Register. FDIC Release. FDIC Rule on Assessment Rates.
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CFTC No-Action Letter on Reporting
On March 22, the CFTC issued a letter to market participants providing temporary and conditional no-action relief for less than fully compliant reporting under the CFTC's large trader reporting system for physical commodity swaps and swaptions. This relief is intended to give sufficient time for the industry and the CFTC to have fully compliant reporting by July 2. CFTC Release.
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OCC Testimony on Foreclosure Enforcement Orders
On March 19, the OCC's Deputy Comptroller for Large Bank Supervision Morris Morgan testified before the House Committee on Oversight and Government Reform about the comprehensive enforcement orders about mortgage servicing and foreclosure deficiencies. Oral Statement. Written Testimony.
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SEC Risk Alert for Municipal Securities
On March 19, the SEC issued a Risk Alert on compliance measures to help broker-dealers fulfill their due-diligence duties when underwriting offerings of municipal securities. The SEC also issued an Investor Bulletin to help educate investors about municipal bonds. Risk Alert. Investor Bulletin. SEC Release.
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SEC Oversight Cooperation Arrangements with Foreign Regulators
On March 23, the SEC issued two memoranda of understanding ("MOUs"), agreed to with each of the Cayman Islands Monetary Authority ("CIMA") and the European Securities Markets Authority ("ESMA") as part of its long-term strategy to improve the oversight of regulated cross-border entities. The memoranda seek to foster better information sharing among the regulators about investment advisers, investment fund managers, broker-dealers and credit rating agencies. SEC Release. EMSA MOU. CIMA MOU.
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MSRB Publication of Inter-Dealer Yield Data for Municipal Securities Transactions
On March 21, the MSRB received approval from the SEC to display price and yield data from inter-dealer municipal securities transactions on the EMMA website, which currently only displays yield data for municipal securities transactions between dealers and customers. Data from inter-dealer municipal securities transactions will be published on the EMMA website beginning April 30. MSRB Release.
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