United States

New York City PACE administrator provides program update

As we discussed in our October blogpost “Advances in New York City PACE programs,” the New York City Department of Finance (“NYCDOF”) has published for comment proposed rules that would establish criteria and program guidelines for the New York City Commercial Property Assessment Clean Energy (“C-PACE”) Program. The proposed rules establish eligibility criteria for obtaining … Continue Reading

IOSCO consultation on market data in the secondary equity markets

On 3 December 2020, the International Organisation of Securities Commissions (IOSCO) issued a consultation report on market data in the secondary equity markets. The consultation report describes several issues relating to market data in equity markets and asks for industry views on both the issues and possible solutions. These issues include: What market data is … Continue Reading

OTC Derivatives Market Reforms – 2020 Note on Implementation Progress

By Hannah Meakin (UK) on December 4, 2020 Posted in Africa, Asia, Australia, Canada, Clearing and settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, Clearing and Settlement, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 3 December 2020, the Financial Stability Board (FSB) published a note regarding the progress made in implementing the over-the-counter (OTC) derivatives market reforms. The key message in the note is that overall implementation of the G20’s OTC derivatives reforms is well advanced, but there has been limited progress since October 2019 across Financial Stability … Continue Reading

Monthly Global FinTech regulatory updater

By Hannah Meakin (UK) on December 4, 2020 Posted in Africa, Asia, Australia, Canada, Fintech, Fintech, FinTech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought … Continue Reading

UNEP FI draft guidance document – reporting on the principles for responsible banking

By Simon Lovegrove (UK) on December 4, 2020 Posted in Africa, Asia, Australia, Canada, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

The United Nations Environment Programme Finance Initiative (UNEP FI) is a partnership between UNEP and the global financial sector to mobilize private sector finance for sustainable development. The Principles for Responsible Banking (PRB) are a unique framework for ensuring that signatory banks’ strategy and practice align with the vision society has set out for its … Continue Reading

Navigating the US presidential transition: Cross-border business and regulatory perspective

By Jonathan Herbst (UK) and Samuel Ramer (US) on December 3, 2020 Posted in Africa, Asia, Australia, Canada, France, Germany, Italy, Seminars, webinars and podcasts, The Netherlands, United Arab Emirates, United Kingdom, United States

On the 10th December we will be holding the first in a two-part webinar series which will see George E. Pataki, former Governor of New York and Sam Ramer, former Senior Associate Counsel to President Trump, discuss the latest developments regarding the US presidential election and what policies we can expect from the new administration … Continue Reading

FINRA (and selected SEC) regulatory matters at a glance: What compliance officers need to know

By Glen Barrentine (US) on December 2, 2020 Posted in Brokers and Intermediaries, Regulation and compliance, United States

Access the November issue for an overview of FINRA and SEC regulatory developments of interest to broker-dealers. Glen Barrentine is Of Counsel in the New York office of Norton Rose Fulbright. His practice focuses broadly on SEC regulated financial service clients, including broker-dealers, securities exchanges, municipal advisors and investment advisers. Glen frequency represents clients in … Continue Reading

Conduct Healthcheck | Take our questionnaire

By John Coley (UK) and Iain Hawthorn on December 1, 2020 Posted in Africa, Asia, Australia, Canada, France, Germany, Italy, Retail, Retail, Retail, Retail, Retail, Risk consulting, The Netherlands, United Arab Emirates, United Kingdom, United States

The global pandemic has brought the importance of good conduct and fair customer outcomes firmly into the spotlight. Whilst this principle is clear, how to interpret it effectively across different sectors, customer service arrangements and delivery models can be challenging. Businesses have also had to rapidly adapt to the broad and growing range of guidance … Continue Reading

The LIBOR Transition — What US municipal securities issuers should know

By Kathleen Scott (US) on November 29, 2020 Posted in General, LIBOR, Securities, United States

The UK Financial Conduct Authority has warned that the London Interbank Offered Rate (LIBOR) is not likely to be published after 2021. What will happen to LIBOR-based municipal securities, loans, and derivatives that extend beyond 2021, if and when LIBOR goes away? The contracts could be remediated by pending New York and possible federal LIBOR … Continue Reading

Capital treatment of securitisations of non-performing loans

On 26 November 2020, the Basel Committee on Banking Supervision published a technical amendment ‘Capital treatment of securitisations of non-performing loans’. The technical amendment closes a gap in the Basel framework by setting out prudent and risk sensitive capital requirements for non-performing loan securitisations. The Basel Committee has agreed to add the following elements to … Continue Reading

Global comparative guide – Senior management responsibility in financial services

We have updated our cross border comparative guide on individual accountability which is located on the NRF Institute. The comparative guide, Senior management responsibility in financial services, allows clients to better understand how senior management responsibility in different types of financial services firm other than insurers is being treated in different jurisdictions around the world. … Continue Reading

FSB examines financial stability implications of climate change

By Simon Lovegrove (UK) on November 24, 2020 Posted in Africa, Asia, Australia, Canada, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 23 November 2020, the Financial Stability Board (FSB) published a report that discusses the potential implications of climate change for financial stability. It investigates channels through which climate-related risks might impact the financial system. The report: Sets out the ways in which physical and transition risks from climate change can affect financial stability, as … Continue Reading

Leaders’ Declaration – G20 Riyadh Summit

On 22 November 2020, the G20 leaders issued a declaration following their summit in Riyadh on 21 – 22 November 2020. Paragraphs 16 to 18 of the declaration cover financial sector issues. Key points include: The pandemic has reaffirmed the need to enhance global cross-border payment arrangements to facilitate cheaper, faster, more inclusive and more … Continue Reading

FSB sets out progress on interest rate benchmark reform

On 20 November 2020, the Financial Stability Board (FSB) published a progress report on implementation of reforms to major interest rate benchmarks. Among other things the report notes: Production of LIBOR cannot be guaranteed after the end of 2021. The administrator of LIBOR, ICE Benchmark Administration, has recently announced that it will consult on its … Continue Reading

IOSCO final report – thematic review on consistency in implementation of money market funds reforms

On 20 November 2020, the International Organisation of Securities Commissions (IOSCO) published a diagnostic report analysing the events that occurred in the money market funds (MMFs) sector during the market turmoil in March 2020. At the same time, IOSCO has also published a thematic review assessing the implementation of selected IOSCO recommendations issued in 2012 … Continue Reading

US SEC amends rules to simplify and expand the exempt offering framework

By Andrew Lom (US), Kathleen Scott (US) and Rachael Browndorf (US) on November 20, 2020 Posted in Asset management, Brokers and Intermediaries, General, Regulation and compliance, Securities, United States

On November 2, 2020, in an effort to harmonize and modernize the exempt offering framework under the Securities Act of 1933 (the Securities Act), the US Securities and Exchange Commission (SEC) adopted a final rule entitled “Facilitating Capital Formation and Expanding Investment Opportunities by Improving Access to Capital in Private Markets.” In a new legal … Continue Reading

FSB highlights need for resolution preparedness

By Simon Lovegrove (UK) on November 19, 2020 Posted in Africa, Asia, Australia, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Canada, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 18 November 2020, the Financial Stability Board (FSB) published its 2020 Resolution Report. In relation to banks the report notes that global systemically important banks (G-SIBs) are estimated to already meet the final 2022 minimum external total loss absorbing capacity (TLAC) requirement. While disclosure of external TLAC levels by G-SIBs has improved over the … Continue Reading

MiCA: Regulating provision of services in crypto-assets

By Hannah Meakin (UK) and Anna Carrier (BE) on November 19, 2020 Posted in Africa, Asia, Australia, Canada, Fintech, Fintech, FinTech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On September 24, 2020 the European Commission published its long-anticipated Digital Finance package, comprising legislative proposals and non-legislative communications. One of the legislative proposals published included a draft regulation on markets in crypto-assets (MiCA). MiCA is the first European-level legislative initiative aiming to introduce a harmonized and comprehensive framework for the issuance, application and provision … Continue Reading

FSB acts to address issues highlighted by March market turmoil

On 17 November 2020, the Financial Stability Board (FSB) published a letter from its Chair and two reports delivered to G20 Leaders ahead of their summit this week: Chair’s letter. The letter sets out three responses to financial stability vulnerabilities highlighted by the COVID-19 pandemic: (i) coming to a shared diagnosis – the market turmoil … Continue Reading

Monthly Global FinTech regulatory updater

By Hannah Meakin (UK) on November 18, 2020 Posted in Africa, Asia, Australia, Canada, Fintech, Fintech, FinTech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

FSB releases guidance on CCP financial resources for resolution and announces further work

On 16 November 2020, the Financial Stability Board (FSB) published final guidance on financial resources to support central counterparty (CCP) resolution and on the treatment of CCP equity in resolution. Ensuring the availability of adequate resources and tools for CCP resolution and understanding the potential for certain resources and tools to have an adverse effect … Continue Reading

FSB publishes annual report on implementation and effects of financial regulatory reforms

On 13 November 2020, the Financial Stability Board (FSB) published its 2020 report on the implementation and effects of the G20 financial regulatory reforms. Key points in the report include: Greater resilience of major banks at the core of the financial system has allowed the system largely to absorb, rather than amplify, the macroeconomic shock … Continue Reading

The LIBOR Transition – US Banking Agencies issue statement on replacement rates

By Patrick Dolan (US), Kathleen Scott (US) and Mary Kate LeViness (US) on November 16, 2020 Posted in Banking, General, LIBOR, United States

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency (collectively, the “Banking Agencies”) issued a statement (“Statement”) on November 6, 2020, regarding the upcoming discontinuation of LIBOR as a reference rate. Referencing a recent statement on the LIBOR transition issued by … Continue Reading

2020 list of global systemically important banks

By Simon Lovegrove (UK) on November 12, 2020 Posted in Africa, Asia, Australia, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Canada, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 11 November 2020, the Financial Stability Board (FSB) issued a press release confirming the 2020 list of global systemically important banks (G-SIBs). The list of G-SIBs is based on end-2019 data and the updated assessment methodology published by the Basel Committee on Banking Supervision in July 2013. The overall number of G-SIBs remains 30. … Continue Reading