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Change Overview and Rationale

August 2013 Financial Services Legislative Update

by | Tuesday, August 13, 2013 | , , ,

As they depart for the August recess, Congress has left some financial regulatory issues open to occupy their time upon their return next month. Bills addressing high frequency trading, exempting banks as municipal advisers, and relief for brokers engaging in private mergers and acquisition transactions remain open items for the new session. In addition, Congress is still waiting for answers from the SEC and CFTC regarding new cross-border derivatives regulations.

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EU and US Announce Landmark Pact on Cross-Border Derivatives

by | Monday, July 29, 2013 | , ,

“As the market subject to these regulations is international, it is acknowledged that, notwithstanding the high degree of similarity that already exists between the respective requirements, without coordination, subjecting the global market to the simultaneous application of each other’s requirements could lead to conflicts of law, inconsistencies, and legal uncertainty.”

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US and EU Formally Implement Basel III Standards

by | Wednesday, July 24, 2013 | , ,

On July 2, 2013, the Board of Governors of the Fed issued final capital rules for banks implementing both the Basel III Capital Framework and certain additional requirements imposed by the Dodd-Frank Act. On July 17, 2013, the EU’s Capital Requirements Directive IV (CRD IV), which transposes Basel III into the EU legal framework, entered into force.

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Are Institutional Investors Voting Proxies with the Correct Mindset?

by | Monday, July 15, 2013 | , , ,

The federal government is not now and has never been in the business of telling you how you should vote your proxies. But it seems that through regulatory creep, the government may have indirectly given the power to tell investors how to vote their proxies to someone else entirely. Regulating disclosures and mechanics by which we vote proxies is plainly within the scope of the Securities and Exchange Commission’s mission.

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On Borrowed Time. BIS Urges “A Forceful Programme of Repair and Reform”

by | Wednesday, June 26, 2013 | ,

Central banks cannot repair the balance sheets of households and financial institutions. Central banks cannot ensure the sustainability of fiscal finances. And, most of all, central banks cannot enact the structural economic and financial reforms needed to return economies to the real growth paths authorities and their publics both want and expect. Only a forceful […]

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Coordination is Key, Says RMA of FSB Repo and Sec Lending Proposals

by | Wednesday, June 19, 2013 | , ,

The Risk Management Association’s Committee on Securities Lending has filed a 40-page response to the Financial Stability Board’s recent whitepaper on shadow banking, focusing on its recommendations regarding securities lending and repo. The January 14, 2013 comment letter represents the views of the RMA and major participants in the agency securities lending markets like BNY Mellon, BlackRock, Citigroup, Northern Trust, State Street, and others.

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Despite Reforms, Tri-Party Repo Remains a Fed Concern

by | Wednesday, June 19, 2013 | , ,

In an October 14, 2013 address, William C. Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, expressed some lingering concerns he and the Fed have about the tri-party repo market. Despite the reform efforts of both regulators and the tri-party repo industry, Mr. Dudley worries that tri-party repo still remains an area of significant systematic risk.

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Is There Such a Thing as “Too Big to Succeed?”

by | Monday, June 17, 2013 | ,

Sifting the rubble left by the financial crisis has turned up some revealing clues about the causes of the catastrophe. At the same time, this forensic examination has given us an opportunity to do some fundamental thinking about to what extent sheer size of the financial industry contributes to the growth and success of economies, or whether size does more harm than good.

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Is It Time to Rethink the Nature and Management of Financial Risks?

by | Wednesday, May 29, 2013 | ,

For the most part, regulators and policy makers around the globe have “bought in” to the global regulatory reform agenda brought about by the financial crisis. But, there are differences of opinion on whether the reforms that are underway are up to the task of enhancing the resilience and robustness of the global financial system.

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