ISDA has published a survey assessing market fragmentation and liquidity dissipation consequent upon confusion and uncertainty surrounding the controversial Footnote 88. The footnote expands the scope of the SEF mandate to effectively include all electronically traded OTC derivatives, obliging even those platforms that do not trade “required products” to register and their clients to abide […]

The five main U.S. regulatory agencies have issued final rules[1], implementing Section 619 of Dodd-Frank- the Volcker Rule. Implementation is delayed by a year, giving banks until 21st July 2015 to be fully compliant. However, the order specifies that proprietary trading operations should be closed “promptly” and that the largest banks must begin reporting various […]

Four of the five regulatory agencies needed to enact the Volcker Rule are voting on the 10th December 2013. The SEC has said it will vote on or near the same date. The CFTC has scheduled a public meetingat 9.30 am EST to discuss proprietary trading and other business. In what is almost certain to […]

On July 26, 2013, the Commodity Futures Trading Commission (“CFTC”) published its “Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations” (“Interpretive Guidance”).  The Interpretive Guidance details the circumstances in which CFTC will assert jurisdiction over swap transactions that occur outside of the United States. Parties to swap transactions which are subject to […]

Introduction On 10 December 2012, the Federal Deposit Insurance Corporation (FDIC) and the Bank of England (BOE) published a joint strategy paper on the resolution of globally active, systemically important, financial institutions (G-SIFIs). Broadly speaking, there are two main approaches to the resolution of G-SIFIs: “Single point of entry” (or “top down”) resolution pursuant to […]

Introduction On 24 July 2012, the European Banking Federation (“EBF”) published a “Study on the issue of possible reforms to the structure of the EU Banking Sector”.  The report is related to the ongoing work of the High Level Expert Group established by the EU Commission to examine the same issue. The report distinguishes regulatory […]

As required by Parts 360.10 and 381.8(c) of Title 12 of the Code of Federal Regulations, the resolution plan of every insured depository institution with USD 50 billion or more in total assets and every systemically important financial institution is required to split into a public section and a private section.  The Federal Deposit Insurance Corporation […]

2 July 2012 was the deadline for nine of the largest US and foreign banks to submit their first resolution plans to the FDIC and the Federal Reserve Board pursuant to requirements enacted under the Dodd-Frank Act.  An executive summary of each resolution plan will be published by close of business on 3 July 2012.  […]

On 17 January 2012 the Federal Deposit Insurance Corporation (the “FDIC”) approved a final rule requiring insured depository institutions with USD 50 billion or more in total assets to periodically submit to the FDIC contingency plans for resolution in the event of the institution’s failure.  This rule follows a separate final ruling, adopted jointly by […]