On January 10, 2020, the United States (US) imposed economic sanctions on: Iranian sectors that previously had not been specifically targeted, namely the construction, mining, manufacturing and textile sectors; Certain Iranian regime officials; Iran’s largest companies operating in the steel, iron, aluminum, and copper sectors ; and Non-Iranian entities for trade in Iranian metals. Norton … Continue Reading
Following up on our past posts, in this update on the transition away from LIBOR (London Interbank Offering Rate), and other interbank offering rates (“IBOR”) denominated in other currencies, we discuss some recent issuances by global and US government regulators on the LIBOR transition. The LIBOR transition requires considerable work from all market participants and … Continue Reading
Following up on our past posts, this update on the transition away from LIBOR (London Interbank Offering Rate), and other interbank offering rates (“IBOR”) denominated in other currencies, we discuss in this post the Alternative Reference Rates Committee (“ARRC”) and its role in potential New York State legislation with respect to the LIBOR transition. As … Continue Reading
Following up on our past posts, this update on the transition away from LIBOR (London Interbank Offering Rate), and other interbank offering rates (“IBOR”) denominated in other currencies, we discuss in this post the International Swaps and Derivatives Association (“ISDA”) Summary of Responses to the ISDA Consultation on Final Parameters for the Spread and Term … Continue Reading
Following up on our past posts, this update on the transition away from LIBOR (London Interbank Offering Rate), and other interbank offering rates (“IBOR”) denominated in other currencies, concerns the Alternative Reference Rates Committee (“ARRC”), and the adoption by Freddie Mac and Fannie Mae (which are US government-sponsored enterprises in the housing finance market) of … Continue Reading
On Nov. 1, 2019, the US federal banking regulators published three final rules for both US banks and non-US banks with banking operations in the United States regarding prudential standards, liquidity management and resolution planning. In this edition of her New York Law Journal International Banking column, Kathleen A. Scott discusses the history of the … Continue Reading
Following up on our past posts (available here and here) on the transition away from LIBOR (London Interbank Offering Rate), and other interbank offering rates denominated in other currencies (collectively with LIBOR, “IBOR”), we discuss in this post the US Internal Revenue Service’s (“IRS”) proposed “Guidance on the Transition From Interbank Offered Rates to Other … Continue Reading
Following up on our previous post of earlier this week, in this update on the transition away from LIBOR (London Interbank Offering Rate) as the reference rate of choice for financial transactions, we discuss one such alternative, the Secured Overnight Financing Rate (SOFR) issued by the Federal Reserve Bank of New York (”FRBNY”). On November … Continue Reading
Since its creation by the British Bankers Association in the 1980s, the London Interbank Offering Rate (“LIBOR”) has been used as a reference rate for borrowing costs between banks. The LIBOR calculation today is coordinated by the International Continental Exchange Benchmark Administration, which receives information on a daily basis from a group of global money … Continue Reading
On September 25, 2019, the US House of Representatives passed the Secure and Fair Enforcement Banking Act of 2019 (or the SAFE Banking Act). The bill, H.R. 1595, which was first introduced by Congressman Ed Perlmutter on March 7, 2019, generally prohibits US banking regulators from penalizing banks for providing financial services to legitimate cannabis-related … Continue Reading
The Volcker Rule prohibits “banking entities” (generally, insured banks and their affiliates, and non-US banks with US banking operations) from engaging in proprietary trading or sponsoring or investing in private equity funds. Regulations initially implementing the rule were adopted by the federal banking, commodities and securities regulators (Agencies) in 2014. In 2018, the Agencies proposed … Continue Reading
On August 20, 2019, the Federal Deposit Insurance Corporation (FDIC) and the Comptroller of the Currency (OCC) became the first two of the five agencies required to approve final amendments to the Volcker Rule that were proposed last year. Our blog post on the proposal may be accessed here. Highlights of the final rule include … Continue Reading
The US Government recently imposed additional economic sanctions with respect to Russia and Venezuela. Norton Rose Fulbright has prepared legal updates discussing these developments: US imposes second round of CBW Act sanctions on Russia, authored by Partners Stefan Reisinger and Steven McNabb, Senior Counsel Kimberly Caine, and Associate Wenda Tang in our Washington DC Office. … Continue Reading
On July 17, 2019, the time period for a no-action position with respect to enforcement action under the Volcker Rule for certain non-US funds was extended for two more years. On July 21, 2017, the Federal Reserve Board, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation (the “US Banking Agencies”), issued … Continue Reading
Issue 12 of the Norton Rose Fulbright Global Asset Management Quarterly is now available. You can also register to automatically receive each issue as it is released. This publication highlights key developments that will be of interest to, and affect, our asset management clients, including market trends and developments in tax and buy-side regulation globally. … Continue Reading
On July 9, 2019, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, and the Commodity Futures Trading Commission (collectively, the Agencies), announced that it had finalized a February 2019 proposed rule to make two amendments to … Continue Reading
The UK continues to be the global pioneer in open banking through the implementation of the EU PSD2 and the CMA open banking initiative. However, through regulatory reforms and/or market-led initiatives, many jurisdictions are now catching up. Working with our colleagues across the globe, we have produced a comparative guide to open banking as part … Continue Reading
US banking agencies published a permanent final rule regarding banking organizations being able to use municipal obligations to satisfy their bank’s LCR requirements.… Continue Reading
On April 23, 2019, the Federal Reserve Board announced that it had voted to issue a proposal for public comment that would simplify and make more transparent the standards under which the Federal Reserve Board determines that a company controls a banking organization or another company. The concept of control is important for determining if … Continue Reading
On April 17, 2019, the Treasury Department’s Office of Foreign Assets Control (OFAC) announced that it had designated Banco Central de Venezuela (Banco Central), the country’s Central Bank, as subject to U.S. economic sanctions. A current director also was sanctioned; several other Banco Central management and directors previously had been designated for economic sanctions. The … Continue Reading
With the next 10 days being crucial in the Brexit process, following the UK House of Commons rejecting the draft withdrawal agreement for a third time and the European Council calling an emergency summit for April 10, 2019, the Commodity Futures Trading Commission (“CFTC”) and the US banking, farm credit and housing agencies have issued … Continue Reading
Non-financial commercial companies often secure their derivatives transactions with financial institutions in a manner other than posting cash margin, such as by granting liens on a commercial end-user’s assets. A proposed regulation from the US federal banking regulators to revise risk-based capital rules regarding derivatives in order to implement an international standard may have the … Continue Reading
Issue 11 of our Global Asset Management Quarterly is now available. You can also register to automatically receive each issue as it is released. This publication highlights key developments that will be of interest to, and affect, our asset management clients, including market trends and developments in tax and buy-side regulation globally. Articles on US … Continue Reading
On February 8, 2019, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, and the Commodity Futures Trading Commission (collectively, the “Agencies”) published for public comment a Notice of Proposed Rulemaking (the “NPRM”) to amend the Volcker … Continue Reading
