SEC Announces February 19 Proxy Roundtable

Tuesday, January 27, 2015

Today, the Securities and Exchange Commission announced that it will hold a February 19 public roundtable discussion on improving the proxy voting process. The roundtable, which will be held at the SEC’s Washington, DC headquarters, will focus on universal proxy ballots and retail participation in the proxy process.

SEC Adopts New Rules Governing Security-Based Swaps Transactions

Wednesday, January 21, 2015

The SEC has issued final rules governing security-based swap data repositories (SDRs) prescribing reporting to regulators and setting public disclosure requirements for security-based swap transaction data.  These new rules implement mandates under Title VII of the Dodd-Frank Act requiring the SEC and CFTC to regulate swaps markets. The final rules approved by the Commission on January 14, 2015 "provide a powerful framework for trade reporting and the public dissemination of information that addresses blind spots exposed by the financial crisis.”   

Open Consultation Papers and Rule Proposals: Winter 2014/15

Tuesday, January 06, 2015

The global regulatory calendar for the first quarter of 2015 includes comment deadlines for a number of consultation papers and rule proposals.  We have compiled a list of the closing dates of many, if not all, of the major comment periods. 

BIS Takes a Look Back at 2014

“Buoyant, Yet Fragile"

Monday, January 05, 2015

On December 7, 2014, the Bank for International Settlements (BIS) issued its latest quarterly review.  Looking back at the year, and the quarter in particular, BIS sees signs of a buoyant global economy; however tempered by indications of some fragility.

A Cloud of Doubts About the Net Stable Funding Ratio

The NSFR is Flawed, Yet Still Fixable

Tuesday, December 30, 2014

In October 2014, the Bank for International Settlements (BIS) adopted final standards for the “net stable funding ratio” (NSFR), the last plank in the Basel III banking reforms.  The NSFR was first proposed in 2009, and elicited much concern from the industry regarding its potential effects on financial market functioning and the economy; so much so that BIS reproposed a new version in January 2014.  The final NSFR retains the structure of the January 2014 consultative proposal, but with changes giving national regulators more scope to exempt particular assets from the general funding requirement if that asset is linked to a particular funding source, and including rules for funding short-term interbank loans, derivatives trades, and assets posted as initial margin on derivatives contracts.  Despite these changes, there still remains what may be considered widespread concern in the financial industry that the final NSFR is improperly focused, subject to ...
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