Towards the end of 2023, non-bank financial intermediaries ("NBFIs") accounted for approximately 41% of the EU’s total financial assets, against a figure for banks of 36%. This dominance and growth, together with the...more
The Situation: The European Securities and Markets Authority ("ESMA") has fined several banks for negligently issuing credit ratings on a professional basis without obtaining the necessary authorization to be a credit rating...more
Financial Industry Developments - CFTC Division of Market Oversight Reminds Market Participants of the Upcoming Expiration of Certain No-Action Relief From the Ownership and Control Final Rule - On November 16,...more
In the aftermath of the financial crisis, the national and international response by legislators and regulators has been to substantially overhaul and increase financial regulation applicable to banks and other financial...more
This article considers the recent European Banking Authority Shadow Banking Guidelines (the “Guidelines”), seeks a definition of shadow banking and discusses some of the potential consequences of the Guidelines for...more
The trail-blazing and transcendent David Bowie died this weekend after an 18-month battle with cancer. Incredibly, his reach extended beyond music, cinema, holiday duets, fashion, and stage and into our world of finance, as...more
The European Banking Authority (“EBA”) has published the following documents in connection with the Capital Requirements Regulation (Regulation 575/2013) (“CRR”): Final guidelines on limits on exposures to shadow...more